Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1910-01-19

modities for purposes Of fixing rates.
in ike manner as it may now do with
respect to the maximum rate.
The president recommends that the
commerce commission to be en-
powered whenever any proposed in
crease Of rates is filed, either on com
plant or Of its own motion, to enter
upon an investigation into the reason
ableness of such change, and that 1t
be further empowered to postpone the
effective date of the proposed increase
for a period not exceeding 60 days. II
within this time it shall determine
that such increase is unreasonable, it
may either forbid the increase or fix
maximum.
The claim is earnestly advanced by
some large associations Of shippers
that shippers Of freight should be
empowered TO direct the route over
which their shipments should pass to
destination. This seems to the pres
fdent to be reasonable.
The president recommends that the
law shall be amended so as to provide
that no railroad can acquire any in
terests of any kind in capital stock, or
purchase or lease any railroad or any
other corporation which completes
with it respecting business to which
the interstate commerce act applies.
81 recommend continues the presi
dent, 'the enactment of law pro
viding that no railroad corporation
shall hereafter issue any capital
stock without previous or simultan-
eous payment to it of not less than
the par value of such stock, or any
bonds, without the payment of not
less than the par value of such bonds,
or, if issued at less than their par
value. then not without such payment
of the reasonable market value of
such bonds as ascertained by the com.
merce commission" The act should
also provide for the approval by the
interstate commerce commission of
the amount of stock and bonds to be
issued by any company upon any reor-
ganization in order to prevent the is.
sue of stock and bonds to an amount
in excess of the fair value of the
property.
Train Safeguards.
The commerce commission should
be given the power, says the presi.
dent, to determine upon the uniform
construction of those appliances
such as sill-steps, ladders, roof, hand.
holds, running boards, and hand-brakes
on freight cars used by the trainmen,
Antitrust.
There has been a marked tendency
toward combination of capital and
plant manufacture, sale and transpor-
tation. Combination has rendered pos
sible great economy; it has reduced
the probability of excessive competi-
ton; and, If the combination has been
extensive enough, and certain methods
in the treatment of competitors and
customers have been adopted, the
combiners have secured a monopoly.
The president tells of good trusts"
and adds:
But if they attempt by a use of
their preponderating capital and by a
sale of their goods temporarily at un.
duly low prices to drive out of bust
hess their competitors, or if they at.
tempt. by exclusive contracts with
their patrons and threats of non-deal-
ing except upon such contracts, or by
other methods of similar character,
TO use the largeness of their resources
and the extent of their output com
pared with the total output as a means
OF compelling custom and brighten.
ing off competition, then they dis.
close a purpose to restrain trade and
to establish monopoly and violate
the act The object of the antitrust
law was to suppress the abuses of
business of this kind
ut was not to interfere with a
great volume of capital which, con.
centrated under one organization, re-
duced the cost of production and made
its profits thereby, and took no advan-
tage of its size by methods akin to
duress to stifie competition with II.
Il wish to make this distinction as
emphatic as possible" declares the
president, because l conceive that
nothing could happen more destructive
to the property Of this country than
the loss of that great economy in pro-
duction which has been and will be ef-
fected in all manufacturing lines by
the employment of large capital under
one management. do not mean to
say that there is not a limit beyond
which the economy of management
by the enlargement plant ceases; and
where this happiness and combination
continues beyond this point, the very
fact shows intent to monopolize and
not to economize."
Under the general language used
by the supreme court in several cases
it would seem that even incidental
covenants in restraint of interstate
trade were within the Inhibition of the
statue and must be recommended. In
order to avoid such a result the pres.
ident thinks it well to amend the
statute so as to exclude such cove
nants from its condemnation.
1t is the purpose of the president,
so he says, to direct an investigation
into the history, organization and
purposes of all industrial companies
with respect to which there is any
reasonable ground for suspicion that
they are conducting business on a
plan which is in violation of the anti
trust law. The work is a heavy one,
but it is not beyond the power of the