Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1910-01-13

tation charges the great number of sep
arate tariffs filed annually with the in
terstate commerce commission, amount
Ing to almost 100000, and the impossible
ity of any commission supervising the
making of tariffs in advance of their be-
coming effective on every transportation
line within the United States to the ex-
tent that would be necessary If their ac-
tive concurrence were required in the ma
king of every tariff, has satisfied me that
this power, if granted, should be con-
ferred in a very limited and restricted
form.
Commission Should Probe Change.
l therefore recommend that the inter-
state commerce commission be empow-
cred whenever any proposed increase of
rates Is filed, at once, either on COM
plant or of its own motion, to enter
upon an investigation into the reasonable
| ness of such change, and that it be fur
| Their empowered, in its discretion, to
| postpone the effective date of such pro-
| posed increase for q period not exceed
| ing go days beyond the date when such
| rate would take effect. If within this
time it shall determine that such in
! crease is unreasonable, it may then, by
| its order either forbid the increase at
| all, or fix the maximum beyond which
| 1t shall not be made. If, on the other
! hand, at the expiration of this time. the
| commission shall not have completed its
investigation, then the rates shall take
| effect precisely as it would under the ex-
| listing law, and the commission may con-
| tnue its Investigation with such results
| as might be realized under the law as it
| now stands
| Ihe claim is very earnestly advanced
| by some large associations of shippers
that shippers of freight should be en-
! powered to direct the route over which
| their shipments should pass to destina-
| ton, and In this &C lnection it has been
| urged that the pro visions of section IS
OF the interstate commerce act, which
| now empowers the commission after
hearing on complaint, to establish
! through routes and maximum joint rates
1 to be charged. etc, when no reasonable
| or satisfactory through route shall have
| been already established, be amended SO
| as to empower the commission to take
| such action, even when one existing rea-
| sonable and satisfactory route already
| exists, IL it be possible, to establish ad-
| ditional routes. This seems to me to
| be a reasonable proposition. know of
| no reason why shipper should not
have the right to elect between two or
| more established through routes to which
| the international carrier may be a party,
| and to require his shipment to be trans
| ported by such routes as he may desig-
! nate for that purpose, subject, however,
| in the exercise of this right to such rea-
| sonable regulations as the interstate com
| merce commission may prescribe.
The Republican platform of 1903 de-
clared in favor of amending the inter
| state CONNIE rce law, but so as always to
| maintain the principle of competition be-
! tween naturally competing lines, and
| avoiding the common control of such
| lines by any means whatever. One of
l he If &ipU n
| control has been through the holding of
| stock of one railroad company by an
other company owning a competing line.
! This condition has grown up under ex-
| press legislative power conferred by the
| laws of many states. and to attempt now
to suddenly reverse that policy so far
as It affects the ownership of stocks here
| tofore so acquired. would be to in1ct
| grievous injury, not only upon the cor
| porations affected but upon a large body
| of the investment holding public
Plan to End Rail Combine.
I. however, recommend that the law
| shall be amended SO as to provide that
| from and after the date of its passage
no railroad company subject to the inter-
! state commerce act SHALL directly or in
| directly acquire any interests Of any
| kind in capital stock or purchase or
| lease any railroad of any other corpora
ton which completes with it respecting
business to which the interstate COM
! merce act applies. But especially for
| the protection of the minority stockhold-
| ers in securing to them the best market
| for Their stock, I recommend that such
| nrohibition be. coupled with a proviso
| that it shall not operate to prevent any
| cornoration which, at the date of passage
! of such act, shall own not less than one
| half of the entire Issued and outstanding
| capitaI stock Of any other railroad com
Y1iTjTa n ny he
| der of such stock nor to prohibit any
railroad company which at the date of
| the enactment of the law is operating a
| railroad of any other corporation under
| lease. executed of term not less than
| Ok wears from acquiring the reversionary
| ownership of the demised railroad; but
| that such provisions shall not operate to
| authorize or validate the acquisition
| through stock ownership otherwise
of a competing line or interest therein in
| violation of the antitrust any other
| law.
The Republican platform of 1908 fur
| Their declares in favor of such national
legislation and supervision as will pre-
| vent the future over-issue of stocks and
| bonds by interstate carriers, and in order
| TO carry out its provisions ] recommend
| the enactment of law providing that
| no railroad corporation subject to the in
| terstate commerce act shall hereafter for
| to any part of its business governed by
| said act, issue any capital stock without
| previous simultaneous payment to 1t
| of not less than the par value of such
| stock or any bonds or other obligations
| Except notes maturing not more than
| one year from the date of their issue),
| without the previous or simultaneous pay
| ment to such corporation of not less than
| the par value of such bonds, or other OBJ
| legations, or, If issued at less than their
| par value, then not without SUCH pay
| ment of the reasonable market value of
| such bonds or obligations as ascertalned
| by the interstate commerce commits
| sion; and that no property, service.
| or other thing than money. shall be
| taken in payment to such carrier cor
| poration, of the par or other required
! price of such stock, bond or other oblfsa-
! ton, except the fair value of such prop
| erty, services or other thing ascertained
| by the commission: and that such act
| shall also contain provisions to prevent
| the abuse by the improvident or in1prop-
| er issue of notes maturing at a period
| not exceeding IL months from date, In
| such manner as to commit the commits
| sion to the approval of larger amount
| of stock or bonds in order to retire such
notes than should legitimately have been
| retired.
| Such act should also provide for the
| approval by the interstate commerce COM
| mission Of the amcu It Of stock and bonds
| 10 be issued by any railroad company
| subject to this act up, any reorganlza-
| ton pursuant to judiC.Al sale or other
| legal proceedings, in order to prevent the
| issue of stocks and bonds to an amount
| in excess of the fair value of the prop
erty which is the subject of such reor-
| Ranization.
BY my direction the attorney general
| has drafted a bill to carry out these
recommendations. which will be fur
nished upon request to the appropriate
| committee whenever it may be desired.