New-York tribune., 1909-09-21

ested. 1t would now seem from the experience of
so as to institute complaints of its that is
necessary 70 make ITS work truly effective l DO
and see how it works we ought to put down the
1aTs entirely and give to the Interstate Commeree
vance and their initiative and without COM
some Of the states. think it great deal better
to proceed cautiously in this matter and feel our
the purpose without too drastic or radical action
classification is to be filed with the commission IL
is proposed now to authorize the commission to
Is to take effect provided that within thirty days
such rate or classification is unreasonable or un-
Just. | am inclined to think that this Is a fair
public the same right to have changes which affect
Ft iSuIoGsy M & nSestigaIea before Ines 20 1o tb
courts to have the order of the commission sub
ought not to be permitted 20 change rates unless
they can give reason for it, -, ,,. -.
the commission may by order. suspend modify or
bcb amy nos enangeS IN ine rules OF b,I5sq ms
doubt ought to be left with respect to the power
rules and regulations OF a railway are the means
by which injustice may be done TO the shipper. II
t6ropgh route ana to M tbe 70 rate and apportion
ment thereof among the carriers. The Commission
should also be empowered to prescribe the rules
and regulations under which the shippers shall
have the privilege TO designate the route over
Which the their ] shipments % shall be- be carried to the
MERGERS AND STOCK WATERING.
Another most important amendment OF the inter
state commerce laW-paTt OF which was specifically
promised i'm the platfOrm-iS a prohibition against
any interstate railroad company acquiring stock in
any competing railroad In the future. and further
commerce SHALL after certain date, hold stock
In a competing railroad. and the further amend
ment that. after the passage of the amending act.
no railroad company engaged in interstate COM
meTce shall issue any additional stock or bonds
or other obligations except with the approval OF
the commission. based upon finding by the COM
mission that the are issued. first, for pur-
poses authorized by law, and, second. Tor a price
not less than par for stock and not less than the
reasonable market value for bonds. such price be-
ing paid either In cash In property or services
ana II in property or services. then at the fair
value thereof determined BY the commission.
By these provisions. enforced with reason and
drawn with a view not to be too drastic with rail
roads in the beginning, shall gradually abolish
that evil which is involved IN the union OF
pettng roads by one road owning the stock OF an
other and we shall prevent the Overtssue OF stocks
and bonds so tn prevent watering and TO keep
the railroad efficient for the service for which II
intended
In addition to amendments TO the laws which
look TO a rather more drastic regulation OF rail-
road rates than heretofore another provision should
be added by which railroads may be permitted TO
agree upon traffic rates. and make contracts with
respect 10 rates that shall not be pooling contracts.
but shall constitute agreements as TO rateS-pTo-
vided always that such agreements shall receive
the approval OF the Interstate Commerce Commits
sion. In this wise the operation OF the antitrust
law against trathc agreements between railroads
VIII be abolished. and against their absolute
hibition would be substituted requirement that
sUch agreements shall meet the approval Of a
properly constituted tribunal