Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1909-09-21

in advance and on their initiative and
without complaint filed and investigation
made, as is done in some of the states.
think it great deal better to proceed
cautiously in this matter and feel our
way to a satisfactory act which shall
accomplish the purpose without too dras-
tic or radical action.
under the interstate commerce law a
new rate classification is to be filed
with the commission. 1t is proposed now
to authorize the commission to postpone
the date that such new rate classification
is to take effect, provided that within
30 days OF the date OF the order, a COM
plant be filed that such rate or classifi-
cation is unreasonable or unjust. 1 am
Inclined to think that this is a fair
change in the provisions of law. 1t gives
to the public the same right to have
changes which affect them injuriously
before they GO into erect
as it does the railroad. by appeal to the
courts, to have the order of the commits
sion subjected to investigation and hear
ing. Railroads ought not to be permitted
to change rates unless they can give a
reason for It, l -
"A third amendment to the act should
provide that the commission may by or
der suspend, modify, or annul any
change IN the rules or regulations which
doubt ought to be left with respect to
the power of the commission on such a
subject because the rules and regula-
lions OF railway are the means by
which injustice may be done to the shin
per. 1t would seem well to empower the
commission to compel connecting carriers
to unite In forming a through route and
TO fix the rate and apportionment there
of among the carriers. The commission
should also be empowered to prescribe
the rules to designate the route over
which the shippers shall have the privi-
lege to designate the route over which
thelr shipments shall be carried to the
destination beyond that of the first car
rier.
PROVISION AGAINST STOCK.
Another most important amendment
or the interstate commerce law-part
or which was specifically promised IN
the Platforms a prohibition against
any Interstate railroad company ccouir-
ing stock in any competing railroad in
the future and a further provision that
no railroad engaged in interstate COM
merce shall after a certain date hold
stock in a competing railroad and the
further amendment that after the pas
sage or the amending act no railroad
company engaged in interstate COM
merce shall issue any additional stock
or bonds or other obligations except
with the approval of the commission.
based upon a finding by the commits
sion that the same are issued first. for
purposes authorized by law and second.
for price not less than par for stock,
and not less than the reasonable market
value for bonds, such price being paid
either in cash or in property or serv-
Ices, and If in property or services, then
at the fair value thereof as determined
by the commission.
by these provisions enforced with
reason, and drawn with a view not to
be too drastic with railroads in the
beginning, we shall gradually abolish
that evil which Is involved in the union
OF competing roads by one road owning
the stock of another and we shall pre-
vent the over-issue OF stock and bonds
so as to prevent watering, and to keep
the railroad efficient for the service for
which II was intended.
MAY MAKE AGREEMENTS.
I'm addition to amendments to the
law looking to a rather more drastic
regulation of railroad rates than here
tofore. another provision should be add
ed by which railroads may be permit
make contracts with respect to rates
that shall not be pooling contracts, but
shall constitute agreements as to rates
provided always that such agree
ments shall receive the approval of the
Interstate commerce commission. In this
wise the operation of the antitrust law
against traffic agreements between rail-
roads will be abolished and against their
ABSOLUTE prohibition Will be substituted
requirement that such agreements shall
meet the approval of a properly con-
structed tribunal.
DISCUSSES ANTITRUST LAW.
This brings me to the question of the
antitrust law. While we have not
threshed the whole matter out so as to
reach definite conclusion, am strong
ly inclined to the view that the way to
make the antitrust law more effective
is to narrow it's scope somewhat so that
IL shall not include In its prohibition and
denunciation as a crime anything but
conspiracy or combination or contract
entered into with actual intent to monop-
olize or suppress competition In inter-
state trade.
AT the common law all contracts in
restraint OF trade, except those which
were called reasonable. the courts would
decline to enforce. The antitrust law
Continued on Page Three.