New-York tribune., 1910-01-08

initial carrier may be a party. and to re-
quire his Shipment TO be transported to des-
unatlon over such of such routes as he
may designate for that purpose subject,
however. in the exercise of this right to
such reasonable regulations as the Inter-
state commerce Commission may pre-
scribe.
CONTROL OF STOCKS.
The Republican platform of 1908 declared
in favor of amending the interstate COM
merce law, but so as always to maintain
the principle of competition between nat
urally competing lines. and avoiding the
common control OF such lines by any
means whatsoever. One of the most potent
means OF exercising such control has been
through the holding of stock of one rail-
road company by another company owning
a competing line This condition has grown
up under express legislative power con-
ferred by the laws of many states, and 10
attempt now to suddenly reverse that
policy so far as it affects the ownership
of stocks heretofore so acquired would be
to inflict grievous injury, not only upon
the corporations affected but upon large
body of the investment holding public, l.
however. recommend that the law shall be
amended SO as to provide that from ana
after the date of its passage TO railroad
company subject to the interstate COM
merce act shall. directly or indirectly,
acquire any interests of any kind In cap
ital stock. or purchase or lease any rail-
road of any other corporation which COM
petes with il respecting business to when
the interstate commerce act applies. But
especially for the protection OF the MINOR
lty stockholders in securing to them the
best market for their stock, ! recommend
that such prohibition be coupled with
proviso that it shall not operate to pre-
of the passage of such act, shall own not
less than one-half of the entire issued and
outstanding capital stock of any other
railroad company, from acquiring all or
the remainder of such stock nor TO pro-
hibit any railroad company which at the
date Of the enactment of the law is oper-
,1sr ~ nv Nnrnnrat10n
under lease, executed for a term OF not
less than twenty-five years from acquiring
the reVersionary ownership of the deniSed
railroad: but that such provisions shall
not operate to authorize or validate the
acqUis ton, through stock ownership or
otherwise, of a competing line or interest
therein in violation OF the antitrust or any
other law.
SUPERVISION OF SECURITIES.
The Republican platform of 1908 further
declares in favor of such national legisla-
ton and supervision will prevent the
future overissue of stocks and bonds by
interstate carriers, and in order TO carry
out its provisions L recommend the enact
ment of a law providing that no railroad
corporation subject TO the Interstate com
rnerce act shall hereafter for any purpose
connected WIN or reIalng TO any part OF
Its business governed by SAID act issue any
capital STOCK without previous or slmulta-
neouS payment TO II OF not less than tne
otncr obligations except notes maturing
not more Unan one year from the 0dte OIL
their lssue), without the previous or stimuli
taEeOuS pa yment to Sucn corporation OF not
less than the par value of SUCH bonds, or
other obligations. or, if issued at less than
their par value, then not without sucn pay.
ment of the reasonable market value OF
such bonds or obligations as aScertalneo Dy
the Interstate Commerce Commission, ana
that no property. services or other tnlng
than money shall be taken in payment 10
such carrier corporation of the par or
other required price OF such STOCK pohd OF
other obligation, except at tne IatF raiae ae
ascertained by the commission; ana tnaC
such act shall also contain provisions 10
prevent the abuse by the lmproVldenL OF
improper issue cf notes maturing al d
period not exceeding twelve months from
date, in such manner as to commit the
commission to the approval or larger
amount of stock or bonds in order to retlre
such notes than should legitinately have
such act should also provide for the ap-
proVal by the Interstate Commerce Com
mission of the amount of stock and pondS
to be issued by any railroad company sub
ject to this act upon any reorganlzaton'
pursuant to judicial sale or other legal pro-
ceedings, i'll order to prevent the issue of
stock and bonds to an amount In excess OF
the fair value of the property which Is the
subject of such reorganization.
I believe taese suggested notifications IN
and amendments to the Interstate COM
merce act would make il complete and
effective measure for securing reasonable
ness of rates and fairness or practlces IN
the operation OF interstate railroad lines.
without undue preference to any 1nd1Vidual
or class over any others, and would pre-
vent the recurrence of many or the prac-
tices which have given rise in the past to
so much public inconvenience and loss.
BY my direction the Attorney General
has drafted a bill TO carry out these rec.
concentrations. which will be furnished
upon request to the appropriate committee
whenever 1t may be desired
In addition 10 the foregoing amendments
of the interstate commerce law, the Inter
state Commerce Commission should be
given the power. after hearing, TO de-
termine upon the uniform construction or
those appliances-such as sill steps, ladders.
roof hand holds, running boards. and hand
brakes on freight cars engaged in inter-
state commerce-used. by the trainmen IN
the operation of trains, the defects and
lack of uniformity in which are apt TO
produce accidents and injuries to railway
trafnmeu The wonderful reforms effected
in the number of switchmen and trainmen
injured hv coupling accidents, due 10 the
enforced Introduction of safety couplers.
is demonstration of what can be done II
railroads are compelled TO adopt proper
safety appliances.
The question has arisen In the operation
of the interstate commerce employers la
bility act as to whether suit can be brought
against the employer company In any place
other than that OF its home office. The
right to bring the suit under this ACT should
he as easy of enforcement as the right Of
a private person not in the company's en-
pIv 10 sue on ordinary claim. and
process in such suit should be sufficiently
served If upon the station agent of the
company upon whom service Is authorized
10 be made 10 bind the company in Ordi-
nary actions arising under state laws. Bills
foy- hotI1 the foregoing purposes have been
considered by the House Of Representa-
tives and have heen nassed, and are now
before the Interstate Commerce Committee
of the Senate. 7 earnestly urge that they
he enacted into law.
THE ANTITRUST L1W.