Los Angeles herald., 1909-11-20

or defend orders of the interstate COM
merce commission be conducted by the
department of justice.
Further suggestions of the president
are that the interstate commerce act
be amended as follows:
by providing that the commission
be specifically empowered to review
classihcations both as to item and
grouping
by providing that whenever a new
rate or classification is filed the COM
mission may, by order, postponed the
date when it is to take effect, provided
that within thirty days after the date
of such order (A) a complaint be filed
against such rate or classification, or
(B) the commission itself shall insti-
tute an inquiry into the reasonable
ness of the rate or classification.
by providing that the commission
may suspend, modify or annul any
changes in regulations that impose un-
due burdens on shippers.
"By providing that the commission
may proceed either on its own motion
or upon complaint filed with it.
"By specifically empowering the COM
mission on the application of one car
rier or of an individual or, at the IN
stance Of the commission itself, to COM
pei connecting carriers to unite in
forming a through route and in fixing
the rate and the apportionment thereof
among the carriers.
To Decide Rates
by providing that it shall be lawful
for carriers to unite in fixing a rate
providing the same be published and
fled the question Of the reasonableness
OF such rate to be subject to the other
provisions of the act in like manner as
any other filed and published rate; the
agreement, e however, not to amount to
a contract to maintain the rate for any
given time, but each party to have the
right to withdraw from or alter such
rate
by specifically empowering the COM
mission to prescribe regulations under
which shippers shall have the privilege
of designating the route over which
their shipments shall be carried.
by providing that no railroad COM
pany shall acquire stock in any COM
petine. railroad company; and, possi-
bly,, that no railroad company engaged
in interstate commerce shall hold stock
in a competing railroad.
"By providing that no railroad COM
pany engaged in interstate commerce
shall issue any additional stock or
bonds except with the approval of the
commission and for a price not less
than par for stock and not less than
the reasonable market value for bonds.
"These notifications in the act would,
it is believed, make it an effective
measure to obtain reasonable rates and
fairness of practices in the operation of
interstate railroad lines"
Antitrust Law
Sherman antitrust law, said that no
statute was so generally misunder-
stood.
The speaker said the great purpose
to be borne in mind in connection with
this and similar legislation is always
the preservation of the freedom to
trade.
mo doubt" said he, the Sherman
act is sufficiently comprehensive to
destroy such monopolies as the hold
ing corporations, but at the same time
that the national government FORCES a
weapon to destroy abuses, it must pro-
vide a substitute for those legitimate
enterprises that are equally dependent
for their existence upon the system so
abused
TT must provide a means of en-
abling cooperative enterprises to en-
commerce without interference by
state action, which fetter, confine and
destroy the possibility of such free
pursuit. This only can be done by the
enactment of a federal law providing
for the formation Of corporations to
engage in trade and commerce among
states, protecting them from undue
interference by states and regulating
their activities so as to prevent the
recurrence under national auspices Of
those abuses that have arisen under
state control.
such a law should provide for the
organization and management of trad
ing corporations. 1t should protect the
corporations organized under it from
undue interference by state authorities,
subiecting it's real and personal prop
orty only to such taxation as is imposed
by the state upon other similar prop
erty located therein; and it should re-
uuire it to file complete reports Of its
operations with the bureau of corpora
tiOns or some other similar office.
"Such corporations should be prohib-
tied from acquiring or holding stock of
other corporations.
Should Make Appeal
"These agencies of commerce, thus
created under national authority
should appeal to legitimate investors
and to legitimate enterprises. They
would not afford the same opportunity
for stock watering and stock juggling
as exists today under the complex and
conflicting regulations of many states;
but they would offer TO investors a Sc
curity that does not exist under the
present system; and, if availed of to
large extent, it might be advisable at
some future time to prohibit trading
corporations organized under state laws
from engaging in interstate commerce.
"This, however, should be considered
only if the success of Voluntary organ
ization under national law should make
IL clearly cOntrar,,, 10 the oenaraI well