The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1908-07-28


the executive business OF supervising
the operation OF railways.
Ihere should be classification OF
thal very small percentage OF indus
trlai eorporatlons having power and
or trade and monopolies, and legisla-
ton either inducing or compelling them
TO subject themselves To registry and
10 proper publicity regulations and su-
peryision OF the department OF COM
msrce and labor.
Reorganixe BUREAUS.
The field covered by the Industrial
combinations and by the railroads is
30 very extensive that the interests OF
the public and the interests OF the
businesses concerned cannot be prop
erly subserved except by reorganization
OF bureaus In the department OF COM
MERGE and labor, OF agriculture. and
the department. Of justice. and a chang
Ia the Jurisdiction OF the interstate
commerce commission 1t does not a.
sist matters To prescribe new duties
for the interstate commerce commission
which - IL practically impossible fog
IL In perform. or To denounce new OIL
lenses with drastic punishment. unless
subordinate and ancillary legislation
shall be passed making possible the
quick enforcement in the great variety
OF eases which are constantly arising.
OF the principles laid down by Mr.
Roosevelt, and with respect to winch
only typical instances OF prosecution
with the present machinery are pos-
sibie. Such legislation should and
would greatly promote legitimate bus
mess by enabling those anxious TO obey
the federal statutes To know Just what
are the bounds Of their lawful action.
work. therefore. of those who follow
MI Roosevelt is TO devise the ways
and means by which the high level or
business integrity and obedience 10
law which he has established may %
maintained and departures from II re-
strained without undue Interference
with legitimate business.
Hallway TraMic Agreements.
Ii is agreeable to note In this regard
that the Republican platform expressly
and the Democratic platform impliediy'
approve an amendment TO the inter-
state commerce law, by which inter
state railroads may make useful traffic
agreements IL approved by the commis-
sion. This has been strongly recon-.
mended by President Roosevelt ana
will make for the benefit OF the bust
ness -,
Some of the suggestions OF the Dem :
ocratic platform relate really TO TINS
subordinate and ancillary macht merry 70
stance the so called physical valus-
ton OF railways" IT Ia clear that the
sum OF all rates or receipts OF ran
limited to fair profit upon the rea.
sonable value Of It's property. and that
II the gum exceeds this measure. "
ought to be reduced. the uiIncunts -
ing what Is the reasonable value Oh -
company's property. and In nNlhs whn.
is fair profit. IL Is clear that ~
nhysical value OF railroad and its
piant Is an element to be given weient
in determining it's full value: nut as
President Roosevelt In ms lnuiahapoi. -,
speech and the supreme court nave III
effect po,nted out. the value or tns
railroad Is q going concern. inciudihk
it's good will due TO efficiency OF scr
vice and many other circumstances
Of its tangible property. and II 10 the
FORMER that measures the investmen'
onNwhich a fair profit must be aiioweu
Then. too, the question WHAT ~, 81, :
rate Of interest usually earned or
normally safe investments put ALSO
sufficient allowance to MAKE ", ~
the risk OF loss both o. CAPRI, These ""u con- On,
alterations will have Justified the con-,
pany in Imposing charges hieh enous
I. secure a fair income on o ,my a,
unarket pricee will have passed inc
tbe hands Of subsequent purcnasris
from the original investors. sicn -, ~
cumstances shou,n pr%peo gca in de.
,arminine whether the total'ty OF ra'e'
charaed IL reasonable or excessive.
The question of rates ana tne az,
won't Of railways ~ one rc a en-
,i,,od 10 reasonable rates: ent ,"ss
an Injustice to the carriers too. =,
ness for the railroad, , ~ css 70 then
&c not alone injustice to stocknoinr,.
and CAPITALISTS. whose further lhses n,
merts NAV be necessary TOT IN. 80
Of the whole country, ou. :. ra,I.
way employees. and indeed may deprive
them OF their places entirely
From what has been said. the prope'
,onc,usior would seem to he that In NJ
Aatc
tire schedule OF rates OF raiiWFy
excessive the physical valuation OF ~.
road Is relevant and imnortant "u'
not necessarily on Jnncro' seems 70 he
tina. railroad rates In this country are
reasonably low.
Control III Interstate Com. Corporation
Anoiher suggestion IN respect 70 SUI
bordinate and ancillery machine'N
necessary TO carry out Republican poll
cies Is that Of the incorporation uhue'
national law or the licensing ~ ma,
tional license or enforced registry OF
comppnies engaged In Interstate trade
The fact Is that nearly All corpora
lions doing commercial business ~
engaged IN interstate commerce, an" :,
thew all were required to take out Q
federal license or n federal chatter. IN,
burden upon the interstate business 81
the country would h.come in!oierenlr
IT Is necessary. there,ore '" nev,s'
some means for classifying and insur
ing federal supervision of such CORPORA
tions az have the power and temptatlnr
to effect restraints ~ interstate traa.
and mononoHes, .m msIn ne r%', o,
AL engaged I'm interstate business.
Mr. R0osevelt's Proposed CIassincaHon
with such classification In view. Mr.
Roosevelt recommended an Amendment
TO the arti-trust law, known AZ .n'
Hepburn bill which provided for Volun.
tarv classification, and created a stron
motive therefor by granting immunit,
from prosecution for reasonable re-
straints OF Interstate trade TO all cor.
porations which would register and
submit themselves to the publicity reg
ulations of the department or com
merce and labor.
Antitrust Law.
The possible operation OF the anti
trust law under existing rulings or th'
supreme court has given rise TO sug
gestions for its necessary amendment
to prevent It's application TO cases
contemplation OF the trainers of tbs
statute Take for instance: A merchan
or manufactures engaged In Legitimate
business that covers certain states
wishes to sell his business and his 5000
will. and so In the terms OF the sal'
obligates himself to the purchaser no
to go into the same business In THOSE
states Such restraint or trade hai
always been enforced at common law
Again. the employees OF an Interstate
railway combine and enter upon
peaceable and lawful strike to secure
better wages At common law this wal
not a restraint OF trade or commerce
or a violation Of the rights OF the com
pany or OF the public. Neither case
ought to be made violation or tn
| antitrust law NV own Impression u
that the supreme court would hold tina
neither OF these Instances are within
its Inhibition. but, II they are TO be 81
regarded. general legislation auendin,
the law Is necessary.
Democratic Plank Faulty.
The suggestion OF the Democrat;
nlatform that trusts be ended by for