The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1910-01-07

/ corporation of not less than the par
value of such bonds. or other obliga-
tions, or, if issued at less than their
par value, then not without such pay
nient of the reasonable market value of
such bonds OF obligations as ascertain
ed by the interstate commerce commits
sion; and that no property, services,
OF other thing than money, shall be ta-
ken in payment to such carrier corpor-
ation,- of the par or other required price
of such stock. bond or other obliga-
ton, except at the fair value of such
property. services or other thing as as
certalned by the commission; and that
such &C. shall also contain provisions
to prevent the abuse by the IMPROVE
dent or improper issue of notes matur-
ing at period not exceeding II months
from date, in. such manner as to COM
nit the commission to the approval Of
a larger amount of stock or bonds in
order to retire such notes than should
legftimately have been required.
Issue Should Be Approved.
Such act should also provide for the
approval by the interstate commerce
commission of the amount of stock and
bonds to be issued by any railroad
company subject to this act upon any
reorganization pursuant to judicial
sale or other legal proceedings, in Or
der to prevent the issue of stock and
bonds to an amount in excess of the
fair value of the property which is the
subject of such reorganization.
I believe these suggested modif1ca-
tons in and amendments to the inter-
state commerce act would make 1t a
complete and effective measure for Sc
curing reasonableness of rates and
fairness of practices in the operation
of Interstate railroad lines, without
undue preference to any individual or
class over any others; and would pre-
vent the occurrences of many of the
practices which have given rise in the
past to SO much public inconvenience
and loss.
BY my direction the attorney gen
eral has drafted bill to carry out
these recommendations, which will be
furnished upon request to the appro-
pirate committee whenever it may be
desired.
In addition to the foregoing amend
ments of the interstate commerce law,
the interstate commerce commission
should be given the power, after a
hearing, to determine upon the uni
form construction of those appliances
such as sill steps, ladders. roof hand
holds, cummings boards and handprakes
on freight cars engaged in interstate
commerce-used by the trainmen in
the operation of trains the defects and
lack of uniformity in which are apt
to produce accidents and injuries to
railway traInmen. The wonderful re-
forms effected in the number of
switchmen and trainmen injured by
coupling accidents, due to the en-
forced introduction of safety couplers,
is a demonstration of what can be
done if railroads are compelled to
adopt proper safety appliances.
Employers Liability Act.
The question has arisen in the OPP
Grafton of the interstate commerce
employers liability act as to whether
suit can be brought against the en-
ployer company in any place other
than that of its home office. The
~.rs& H. ~ r,<.A
should be as easy of enforcement as
the right of a private person not in
the company's employ to sue on an
ordinary claim, and process in such
| suit should be sufficiently served if
upon the station agent of the COM
thorized to be made to bind the COM
pany in ordinary actions arising I'M
| der the state laws. Bills for both the
| foregoing purposes have been con-
tives and have been passed, and are
now before the interstate commerce
committee of the senate. I earnestly
urge that they be enacted into law.
Anti Trust Law and Federal IncOrpOr-
alton.
There. has been a marked ten
| dency in business in this country for
| forty years last past toward combina-
ton of capital and plant in manufac-
| ture, sale and transportation. The
moving causes have been several:
/ First, it has rendered possible
| great economy; second, by a union of
former competitors it has reduced the
probability of excessive competition
and, third, if the combination has
been extensive enough, and certain
| methods in the treatment of conpetl-
/ tors and customers have been adopt
| ed, the combiners have secured a
monopoly and complete control of
prices of rates.
| A combination successful in achiev-
ing complete control over par
ticu1ar line of manufacture has fire.
quently been called a trust" / pre-
sumo that the derivation of the word
| is to be explained by the fact that a
usual method of carrying out the
plan of the combination has been to
put the capital and plants of various
individuals, firms or corporations en-
gagged in the same business under the
control of trusts.
Increase of Capital.
The increase in the capital of bus
mess for the purpose of reducing the
cost of, production and effecting econ
omy in the management has become
as essential in modern progress as the
change from the hand tool to the ma
chine. When, therefore, we come to
construe the object of congress in
ladopting the so-called Sherman anti
trust act' in 1890, whereby in the first
section every contract, combination in
the form of a trust or otherwise. OIL
conspiracy in restraint of interstate
or foreign trade or commerce, is con-
demned as unlawful and made sub
ject to indictment and restraint by
injunction; and whereby in the Sec
ond section every monopoly or attempt
to monopolize, and every combination
or conspiracy with other persons to
monopolize any part of interstate
trade or commerce, is denounced as
illegal and made subject to similar
punishment or restraint, we must in.
fer that evil aimed at was not the mere
business of the enterprise, but it was
the aggregation of capital and plants
with the express or implied intent tc