The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1910-12-06

upon the power OF the Interstate rflI-
roads to issue stocks and bonds. as
hope we may.
1 think, therefore. that IN ordeF 70
permit n correct understanding OF the
facts # would be wise to make n rea-
sonabIe appropriation to enable the ln-
terstn te commerce commission to pro-
coed with due dispatch to the valuu-
ton of all railroads. have no doubt
that railroad companies themselves
can and will greatly facilitate this val
nation and make it much less costly IN
time and money than has been sup
posed.
Fraudulent Bills eff Ladins.
FORCED and fraudulent bills OF lad
Ipg nI1rportfng TO be issued against
cotton some months since resulted IN
losses OF several millions of dollars 10
American and foreign banking amt
cotton interests. Foreign bankers theh
,,otifa,1 American bankers that after
Oct. 81. 1910, they would not accept
bills of exchange drawn against blllS
of lading for cotton issued by Amefi-
can railroad companies unless Amerl-
can bankers would guarantee the IN
tegrity of the bills Of lading.
The American bankers rightly mann
tanned that they were not justified in
did so the United States would be the
only country in the world whose bills
were so discredited and whose for
eirn trade was carried on under such
guarantees.
The foreign bankers extended the
time at which these guarantees were
demanded until Dec 81. 1910. relying
upon us for protection in the menh-
time, as the money which they fur
nish 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 III
foreign trade urge upon congress the
Immediate enactment of q law under
which one who in good faith ad-
vnnces money or credit Upon bill OF
ludinG issued by common carrier
upou an interstate or foreign shipment
can hold The carrier liable for the
value of the goods described In the
bill Mt tue valuation specified in til"
bill, at least To the extent Of the adj
vances lrat:e in reliance upon It,
Sucil liability exists under the laws
of many or lie states. see no OBJ
lection TO permitting two classes OF
bills of hiding to be issued: ~ Ihose
under which Il carrier shall! he aDSo-
lutelv liable. as "buvC suggested. ana
~ those WIKI ECSllGGl w NhANAA 49,
carrier shall assume no liability except
far the goods actually delivered to
the agent issuing the bill. The carrier
might be permitted to make small
separate specific charge in addition
to the rate OF transportation for
such guaranteed bill as an insur-
ance premium against loss from the
added risk. tins removing the princI-
mai objection which l understand IS
made by the railroad companies to the
imposition OF the liability suggested
viz. that the ordinary transportation
rate would not compensate them for
the liability assumed by the absolute
guaranty of the accuracy OF the DIS
of lading.
further recommend that punish
ment Of fine and Imprisonment be inn
posed upon railroad agents and ship
pers for fraud or misrepresentation III
connection with the issue of bills OF
hiding issued upon interstate and for
clgn shipments.
ExcnDt as above, l do not recommend
any amendment TO the interstate com
merce law as IL stands. do not now
recommend any amendment to the
antitrust law.
In other words, 1t seems to me that
the existing legislation with reference
to the regulation of corporations ana
the restraint OF their business las
reached point where we can stop Tor
awhile and witness the ehect OF tue
vigorous execution of the laws on the
statute books in restraining the abuses
which certainly did exist and which
reused the public TO demand REFORM
II this test develops Al need for FUR
Their legislation, well and good, but I'M
.iI 4I,o,1 LOT no eyecute what we have.
Due to the reform movements of the
present decade. there has undoubtedly
been a great improvement in business
methods and standFrds and IN the
earnestness of efrort~on the part OF
business men to comply with the law.
They are now seeking to know the eS-
net limitations upon business methods
imposed by the law, and these VIII
doubtless be made clearer by the de-
cisions of the supreme court in cases
pending before 1t.