Omaha daily bee., 1908-06-26
STATE LECISLATURESSCORED
Live Stock Laws Condemned by E. E.
0verstreet Of st. Louis.
ACTS OF CONGRESS APPROVED
speaker ScnthinEIy Arraigns At
tempted Trust Busting by the
Law Making Bodies Of
Various states.

Various states.
state legislatures. composed Of members
from the rural districts. were criticised in
s~cathing terms for attempts at trust
busting which have resulted in legis-
lation adverse to the interests OF the live
stock growers by President Edgar F.. over
street. Of the St. Louis Live Stock ex-
change, who addressed the Thursday after
noon session Of the National Live Stock
exchange at South Omaha.
President Overstreet commended the
many good federal nieasgres, which have
benefited the live stock and packing In
dustry. but with his merciless array Of
facts he declared the state legislatures and
"Montebank' politicians in the state legis-
latures, should keep their hands off legis-
lation until they have made a study Of the
conditions. He said the live stock bust
ness was too large and affected directly
too large a part of the consumers Of the
United States and the world to have
small legislative bodies tampering with
II. The federal legislature-the congress of
the United States, he said was the only
body which should pass laws to regulate
the live stock and packing house industry,
as the products are almost all turned into
interstate and export commerce.
Text of Address.
Continuing Mr.. Overstreet said:
l will have to submit this paper with
apologies to those who have not had suf-
ficient of what is now familiarl. called
"trust-busting legislation" l think the
country has had enough Of it and that we
are entitled to a good, long rest. l realize
that no matter what may be said in
regard to the injury done by continuous
and injudicious trust-husting legislation. Il
Will be unacceptable IN certain quarters,
who are engaged In the misdirected occupa-
ton OF hitting at imaginary trusts ard In
the prosecution of business interests Tor
revenue only. And there are such people
p~erience with them.
1t is very difficult to separate the good
from the bad in legislation, and even to-
day, by reason Of new conditions and the
establishment of gigantic enterprises 1t Is
not an easy matter to designate the good
from the bad. in railroad, manufacturing
and public-service corporations. The con-
sequences is that attacks have been d.
rected against some institutions which we
know to be good, and that Is why l am
here to say that although trust-oustlng leg
islation may be a good thing, 1t can De
ACKNOWLEDGEMENTS there can be
too much Of II at one time.
The stock yard interests, including live
stock commission men and Live Stock eX-
changes, are favorite subjects OF attack.
II there is 70 more ground for attack on
, the great and successful corporations which
employ large numbers OF men than mere
I ~ dkAlnN me LlNG oAONh 1890
! I am willing to go on record as saying
that there is no good in II at all, ana the
panic, which indiscriminate Legislation ana
official action brought upon us, was with
out reason.
small Hope of Carrying Day.
d, There is not much hope that our own
! particular views will be accepted outside
/, OF our business circle and our constituents
4 have a strong opinion OF the number of ouI
constituents. we only represent one-tniIu
D two-thirds of the people are against US
r One-third of the people are producers OF
farm and ranch products and desire tc
. the people who perform that service fol
; them, and the other two-thirds OF the
: population are in favor OF farm products
have TO buy and consume them. l have
. recently studied the figures of the lAst
. people of the United states can safely be
: classified as one-third farmers. orR-thirc
n jewellers in small towns. and one-thirc
, The true history Of the panic of 1907 viii
have to record that II was brought aoou
by continuous official interference will
: business Interests. 1t originated with a lo
Of magazine misinformers, who FIRST mlsln
formed themselves to prove thelr las
= theories, and then magnltled their mlslh'
formation to others.
In Sympathy with Congress.
The national government is the mos
y concerned in regard TO the conduct OF ran
road affairs and the interstate trade or TN
a large corporations. In this connection con
gress has enacted laws in which many o
y us are in sympathy. We do not wish IN
formation of giant trusts and uncontrollabl'
monopolies, but it appears that some o
these are the least affected They are no
, in violation Of law because they are large
) and cannot be dispensed with for the rea
son that kindergarten enterprises are M
longer adequate to conduct the commerc
he Whole trust question with the nationa
legislature, because. it Is too large 10
municipalities, counties or states 70 hahale
OF restrictive legislation from so many dit
y ferent authorities. all designed TO stamped
dustry. we are told that this is an "eri
a OF conscience" There is not a doubt abou
but too many at one time are placing good
a honest workingmen idle on the street cor
ners. The millionaire may yet be able. Z
u were not for a decided shortage in the bee
supply all our efforts TO obtain decen
Is prices for out customers cattle WOULD o p
favor of less reform and more work o
the meat-eating workfngman.
e Denies the statement.
saw recently In a government report
q sentence to the effect that farmers had no
that statement was true, l would not hav
come here today. As a matter Of fact. tn
r cents a pound on every hog in the Unite
States, and one OF the later effects was I
. bring WOOL down 10 the lowest range q
L prices and extremes OF stagnation. Eve
W as this paper Is written, stock owes are
a cents a pound lower than the~ were a yea
ago. The declines In beef and stock cattl
e. were equally apparent to every man In tn
ne trade. If we have been able 10 brin
,t about any reaction in live stock prices 1
: favor of our constituents, II Is because W
= are so organized, and armed with RICH
es truth. honor. skill and energy that for an
in behalf OF our constituents we fight
commercial battle every day, and we d
our duty regardless Of adverse influences
as and we often come out victorious. Tn
~. panic accounts for scarcity Of cattle o
N feed. and our skill accounts for the hig
ne prices paid to stockmen, about which ther
III e so much kicking. l would also like
have II recorded that when cattle do Sc
for high prices. II IL the countryman an
not the live stock commission man VIII
e gets the money.