Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-11-20

each party to have the right TO with
draw from or alter such ate.
by specifically empowering the
commission 10 prescribe regulations
under which shippers shall have the
privilege Of designating the route over
which their shipments shall be car
ried.
"By providing that 40 railroad com
pany shall acquire stock In competing
railroad companies, and possibly that
no railroad company. engaged in in
terstate commerce, shall hold stock IN
q 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 n 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 IL an ef-
fectivc measure for securing reason
ableness Of rates and fairness of prac-
tees in the operation Of interstate
railroad lines"
Mr.. Wickersham. in speaking OF the
sherman antitrust law. said that no
statute was so generally misunder-
stood, The speaker said the great
purpose to be borne in min In con-
rection with this and similar legisla-
tlon Is always the preservation of the
freedom to trade.
mo doubt" said he, the sherman
Is sufficiently comprehensive to
destroy such monopolIes as the hold
ing corporation, but at the same time
that the national government FORCES
a weapon TO destroy abuses it must
provide a substitute for those legiti-
mate enterprises that are equally de-
pendent for their existence upon the
so abused.
1T must provide a means Of IN
aiding cooperative enterprise to en-
gage freely in interstate and foreign
commerce without the interferences
by state acts, which %fetter. confiDc
and destroy the possibility of such
free pursuit, This can only be done
by the enactment Of a federal law pro-
for the formation Of corpora
to engage in trade and com
among the states, protecting
from undue interference by the
and regulating their activities
go rs to prevent the recurrence under
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 ShOul protect
the corporations organized under it
from undue Interference by state au-
Ihoritice subjecting its real and per-
sOnal property only to such taxation
as is imposed by the state upon other
property located therein; and
It should require it to file complete
Of its operations with the bu-
reau of corporations or some other
office.
such corporations should be pro-
hibltod from acquiring or holding
of other corporations.
"The agencies of commerce thus
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
security that does not exist under the
present system, and II availod Of to q
extent it might be advisable at
future time to prohibit trading
corporations. organized under state
avs, from engaging in interstate
This, however. should be consid-
red only IL the success Of voluntary
organization under national law
3hould make 1t clearly contrary to the
general welfare that other than ma
Iional corporations engage in inter-
trade"