Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1910-12-07


same rates for traffic between the same
places
do not press the consideration OF any
OF these objects upon congress at this
session. The object OF the first provision
is probably generally covered by the anti
trust law. The second provision was in
the act referred to the consideration ot a
commission 70 be appointed by the cNecu-
tive and to report upon the matter 90
congress. That commission has been APP
pointed and lie engaged in the investigation
and consideration OF the question sub
mitted under the law 1t consists OF Presi-
dent Arthur 7. Hadley Of yale university,
as chairman; Frederick G. Strauss, Fred
erick n. Judson. Prof. b. II. Meyer and
Walter L. Fisher, with william h. 5. Girls
void as secretary.
The third purpose led 70 so much mis-
construction Of It's object that / am not
disposed to press II for further consldera-
ton. IL was Intended 20 permit railroad
companies to avoid useless rate cutting
by a mere temporary Rcquiescence In the
same rates FOR the same service over COM
peting railroads with no obligation what
ever to maintain those rates for any time
safety Appliances aud Provisions.
The protection OF railroad employees from
personal injury is a subject OF the highest
| Importance and demands continuing at
tonuon. There have been two measures
pending in congress one for the super
vision OF boilers and the other Cor the
enlargement OF dangerous clearanccs. Ger
/ tainly some measure ought TO be adopted
looking to a prevention OF accidents from
these causes. Il seems to mo that with
/ respect to boilers a bin might well be
drawn requiring and enforcing by penalty
a proper system OF inspection by the rail-
! pnnpauieg thpruaalyta which tVouIU
accomplish our. purpose. The entire re-
/ tnoval OF outside cearances would be at
! tenaed by such enormous expenses that
| some other remedy must be adopted by
act Of May 6. 1910 the Interstate Com
/ merce commission Is authorized and di-
rected to investigate accidents. TO report
their causes and It's Yecommendauo
suggest that the commission be requested
/ to make a special report as to injuries
/ from outside clearanoes and the bgst
method Of reducing them.
Valuation OF Railroads.
/ Tht Interstate Commerce commission has
recommended appropriations for the pur-
pose of enabling 1t 20 enter upon a valua-
ton of all railroads. This has always been
within the jurisdiction OF the commission,
but the requisite funds have been wanting.
Statistics OF the value OF each railroad
would be valuable for many purposes es-
pecially II wo ultimately enact any limita-
tons upon the power Of the Interstate
railroads to issue stocks and bonds as I
hope we may. 1 think, therefore, that in
order to permit a correct understanding
OF the facts, II would be wise 20 make
reasonable appropriation to enable the In
terstnte Commerce commission to proceed
with due dispatch to the valuation OF all
railroads. l have no doubt that railroad
companies themselves can and will greatly
facilitate this valuation and make II much
less costly in time and money than has
been supposed.
Fraudulent Bills of LndinE.
Forged and fraudulent bills OF lading pur-
porting to be issued against cotton, some
months since, resulted In losses of several
millions Of dollars to American and foreign
banking and cotton interestl Foreign
bankers then notified American bankers
that after October 81, 1870 they would not
accept bills Of exchange drawn against bills
Of lading for cotton issued by American
railroad companies. unless American bank
ers would guarantee the integrity of the
bills Of lading. The American bankers
rightly maintained that they were not
justified in giving such guarantees, and
that. II they did so, the United States
would be the only country in the world
whose bills were so disoredited, and whose
foreign trade was carried on under sucn
l guarantees.
The foreign bankers extended the time az
which these guarantees were demanded un-
til December 81, 1910. relying upon us for
I protection In the meantime, as the money
which they furnish to move our cotton crop
Is Of great value to this country.
For the protection OF our own people and
, the preservation Of our credit in foreign
trade, urge upon congress the immediate
g enactment OF a law under which one who
in good faith advances money or credit
upon a bill OF lading Issued by a com
mon carrier upon an interstate or foreign
, shipment can hold the carrier liable for the
value OF tho goods described In the bill az
: the valuation specified in the bill. at least
to the extent OF the advances made In re-
lance upon IT, Such liability exists under
the laws OF many Of the states l see no
objection TO permitting two classes OF bills
! OF lading TO be Issued: ~ Those under
which a carrier shall be absolutely liable.
as above suggested, and % those with
respect TO which the carrier shall assume
no liability except for the goods actually
delivered TO the agent issuing the bill.
!, The carrier might be permitted to make a
small separate specific charge in addition
! to the rate Of transportation for such
= guaranteed bill, as an Insurance premium
against loss from me edoed risk, thus re-
r moving the principal objection which I
Z understand lie made by the railroad COM
: panles TO the imposition Of the liability
4 suggested, via, that the ordinary trans
! portatiOn rate would not compensate them
n for the liability assumed by the absolute
/ guaranty OF the accuracy OF the bills Of
Is ladinG
II / further recommend that a punishment
70 OF fine and Imprisonment be imposed upon
2 railroad agents and shippers FOR fraud or
Ie Misrepresentation In connection with the
e issue OF bills OF lading ISSUED upon inter
lie state and foreign shipments.
D. Let the Law stand.
p Except as above, / do not recommend
D. any amendment TO the interstate commerce
D. law as II stands. / do not now recommend
70 any amendment 10 the antitrust law. In
ie other words. Il seems TO me that the exist
- ing legislation with reference to the regu-
laton OF corporations and the restraint OF
~ their business has reached a point where
we can stop for a while and witness the
~ effaaf ~ thu ,sfgorotta awarftftnu % fha L..