The Bridgeport evening farmer., 1910-12-06


 1910. The law as enacted did not con- ain all the features which I recon nended. It did not specifically de- aounce as unlawful the purchase by ,ne of two parallel and competing roads If the stock of the other.
 Nor did 1t subject to the restraining influence of the interstate commerce commission the power of corporations | engaged in operating interstate rail- pads to issue new stock and bonds. Nor did 1t authorize the making of temporary agreements between rail- | 'oads, limited to thirty days, fixing the ,ame rates for traffic between the same places.
 I do not press the consideration of my of these objects upon congress at his session. The object of the first provision is probably generally covered oy the antitrust law. The second pro- vision was in the act referred to the consideration of a commission to be appointed by the executive and to re- port upon the matter to congress. That commission has been appointed and Is engaged ir the Investigation and con- sideration of the question submitted under the law. It consists of President Arthur T. Hadley of Yale university as chairman. Frederick c. Strauss Frederick N. Judson, Professor B. H. Meyer and Walter L. Fisher, with Will liam B. s. Griswold as secretary. The third purpose led to so much misconstruction of its object that am not disposed to press it for further con- sideration. It was intended to permit railroad companies to avoid useless rate cutting by a mere temporary ac- Quiescence in the same rates for the same service over competing railroads. with no obligation whatever to main tain those rates for any time.
 Safety Appliances and Provisions. The protection of railroad employees from personal injury is a subject of the highest importance and demands continuing attention. There have been two measures pending in congres-, one for the supervision of boilers and the other for the enlargement of danger ous clearances. Certainly some meas ures ought to be adopted looking to prevention of accidents from these causes.
 It seems to me that with respect to boilers bill might well be draw re- quiring and enforcing by penalty a proper system of inspection by the railway companies themselves which would accomplish our purpose
 The entire removal of outside clear ances would be attended by such enor- nous expense that some other remedy must be adopted. By act of May 6, 1910. the interstate commerce commis. sion is authorized and directed to in yestigate accidents, to report their causes and it's recommendations. suggest that the commission be re- quested to make special report as to injuries from outside clearances and the best method of reducing them.
 Valuation of Railroads.
 The interstate commerce commission has recommended appropriations for the purpose of enabling it to enter upon a valuation 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 valn- able for many purposes, especially If we ultimately enact any limitations upon the power of the interstate rail- roads to issue stocks and bonds, as I hope we may.
 think, therefore. that in order to permit correct understanding of the facts it would be wise to make a rea- sonable appropriation to enable the fn- terstate commerce commission to pro- ceed with due dispatch to the valua- tion of all railroads. I have no doubt that railroad companies themselves can and will greatly facilitate this val uation and make 1t much less costly in time and money than has been SUD- posed.
 Fraudulent Bills of Lading.
 Forged and fraudulent bills of lad ing purporting to be issued against cotton some months since resulted in losses of several millions of dollars to American and foreign banking and cotton interests. Foreign bankers then notified American bankers that after Oct. 31. 1910. they would not accept bills of exchange drawn against bills of lading for cotton issued by Ameri- can railroad companies unless Ameri- can bankers would guarantee the in- tegrity of the bills of 1ading.
 The American bankers rightly main tained that they were not justified in giving such guarantees and that if they did so the United States would be the only country in the world whose bills were so discredited and whose for eign trade was carried on under such guarantees.
 The foreign bankers extended the time at which these guarantees were demanded until Dec. 31. 1910, relying upon us for protection in the mean 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 in foreign trade urge upon congress the immediate enactment of law under which one who in good faith ad- vances money or credit upon bill of iading issued by common carrier upon an interstate or foreign shipment can hold the carrier liable for the value of the goods described in the