The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-05-10

stock except upon the payment of the
par value thereof; or any bond without
payment of not less thnn the par value
thereof. or II sold nj less than par value.
then at not less than It's reasonable mar
ket or selling value. TO be ascertained by
the commission. and that no property
or other thing than money shall be taken
in payment to the corporation for stock
or bonds except at Its face value. which
shan be ascertained and certified by the
commission.
There are also provisions for reorgan-
izaqon and merger which contain similar
limitations as to the Issue OF stock and
bonds. The features that have detailed
are In the bill.
The Objectionable Parts.
Two sections have been stricken out.
Section Z attempted TO legalize the max
ing OF tariff agreements not TO last longer
than thirty days. between competing
lines as to rates, but forbade pooling
This was declared for In the platform and
messages of President Roosevelt.
The purpose was TO lcgallze the prac-
tice that Will prevail whether the law
permits or not IL seems to be essential
that rates should be fixed temporarily AT
the same amount to prevent rate cut
ting whore each time the fixing OF rates
Is had. No one suggests the wisdom OF
instituttng prosecutions under the anti
trust law To prevent this practice. and
II seemed wise therefore to formulate It's
limitations 10 continue and recognize II
as lawful, but the fears that It might
impair the efficacy Of the anti trust law
in some indefinite way was so strong
among some members of the senate that
IL was thought wise to withdraw the sec
tion.
Section IL was also withdrawn, That
Is the section that forbds the acquisition
a competing line. but where such an ac-
quisltion has already been made OF 80
per cont, authorizes the acquiring COM
pany TO increase It's holdings to 100 per
strengthening the control OF the acquir-
Ing company for 90 per cent Is all that is
needed. but II was to keep open a mar,
ket 10 the minority stockholders to sell
TO the majority stockholders
This, too. II was thought In some way
infringed on the antitrust law and the
whole section was dropped,
Hopes for Remedy.
II am hopeful the section may be re-
stored TO the extent OF forbidding future
acquisition by one line OF stock in a com
peting line, II is true that such an act
Interstate commerce might be
part OF n conspiracy 10 restrain compe-
tition and so restrain trade and be pun
lshable under the antitrust act. but II
would greatly facilitate prosecutions II
the specific act of the acquisition OF stock
In a competing line could be denounced
and punished or prevented by inJunc-
tion.
Il think IL Will be seen from this re-
view that the railroad bill which In many
respects is the most important OF the ad-
minlstratlon measures. stnl retains its
important features. and ] am hopeful
see the passage OF the bill I'm both houses.
the adjustment OF the differences between
the house and its final enactment. Il
means n great step forward In the DOW
er OF regulation entrusted TO the inter
state commerce commission subject TO
court review.
1T docs not transfer-snd I'should he
loath to do this-from the board OF di-
rectors to the interstate commerce com
mission the power OF running or operating
the railroads II still leaves wide discre-
the powers exercised by the commission
! feel confident. can be exercised for good
and Will not remove the existing mo-
lives OF enlightened selfshness for the
improvement by the owners OF railroads
ton"
President Taft referred to his cold.
saying that when he woke up with Il
yesterday he thought IL would be neces-
sary 10 cancel his visit TO Passaic.
And then, too" he added, these
ate and in the house-were saying that
was violating my duty In coming TO
Passaic at this time. But against all
that struggled and I am mighty glad
to be here"
My friend. Senator Keane." said the
president. may not agree with me, but ]
think there are pleasanter places TO be
without prejudice
When the president said ne hoped the
passage Of the statehood bill would be
marked UP In heaven TO the credit OF the
Republican party, a voice from among
the diners said:
IT'S needed"
Yes" remarked the president. amid
we are struggling TO make
Roadway there"
President Taft left Jersey City for
at IL 80 a. m.
Passaic turned out It's entire popula-
tion TO honor the president. The streets
were crowded and school children waving
1aSs lined the thorouehfares.
President Taft was decidedly hoarse to-
night Hc left Washington this mornlne
with n severe cold which threatened
bronchial complications. His physician.
Or. j, Richardson of Washington accom-
panied him.
President Taft returned TO Washington
tonight