Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1910-01-13

JRSDAY, JANUARY IS, 1910.
be further empowered to postpone the
effective date of the proposed increase
for a period not exceeding 60 days. If
within this time it shall determine
that such increase is unreasonable, it
may either forbid the increase or fix
a 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
ident 10 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.
Il recommend continues the presi.
dent, the enactment of a 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 ty 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
comb1ners have secured a monopoly.
The president tells of good trusts"
and adds:
but if they attempt by use of
their preponderating capital and by
sale of their goods temporarily at un-
duly low prices to drive out of bust
ness 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 Iargeness of their resources
and the extent of their output com.
pared with the total output as a means
OF compelling custom and frighten-
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"
at was not to interfere with
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 it.
Il wish to make this distinction as
emphatic as possible" declares the
president, because | 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 win be eff
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,
ty the enlargement plant ceases; and
where this happiness and combination
continues beyond this point, the very
fact shows intent to monoDolize 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
fdent thinks it well to amend the
statute so as to exclude such cove
nants from it's 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
ground for suspicion that
they are conducting business on a.
p an which is in violation of the anti !
trust law. The work is a heavy one, |
but it is not beyond the power of the
department of justice, declares the
president
Must Be Careful.
But such an investigation and
possible prosecution of corporations
whose prosperity or destination af-
tects the comfort not only of stock !
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