The Caucasian. (Clinton, N.C.) 188?-1913, 1910-01-13
TAFT'S MESSAGE
The Presidenps Message Re-
commends Several Changes
In the Laws.
INTERSTATE COMMERCE COURT

INTERSTATE COMMERCE COURT
With Power to Enforce All Orders
Other Than Collection of Money
Would Compel Corporations Hay-
ing an Interstate and Foreign Bus
iness to Take Out Federal Char
ter-Would Also Prevent Corpor-
ations From Acquiring or Holding
Stock in Other Corporations-The
Antitrust Law.
Washington, d. c., Jan. Pres
ident Taft today sent to Congress his
much discussed message on interstate
commerce and antitrust legislation.
In it he strikes at the existence of
holding corporations, by which major
trusts control their subsidiaries and
at the watering of corporation stock
To insure the more complete control
of railroads by the government, he
demands the formation of a court of
commerce, to comprise five judges,
having power to act as court of ap-
peals from the rulings of the inter
state commerce commission.
The President dips into railroad
employees safety, also, urging new
features of the liability law.
State control of corporations is
vigorously attacked; the President
| charges it with the responsibility for
many corporation abuses and he
| takes a firm stand for centralized
power.
He demands that railroads be for
hidden to control their competitors
and would give the interstate COM
merce commission sweeping increases
| in power.
! Declaring distinction getween good
and bad trusts to be impossible, the
President says emphatically that if
the trusts are to be kept within the
law, new legislation, creasing ma
tional corporations under charter, is
urgently needed.
| This, the main provision of the
antitrust section, was announced
some time ago, as was many of the
other terms of the message.
Such a move, the President points
out, is not to afford the trusts a re-
fuge, as the Sherman laws repeal is
n.>- aoato1a2I-.=->>-sz------
1 1%a to -
the message, 'is not to be framed
so as to permit the doing of the
wrongs which it is the purpose OF
that (the Sherman) law to prevent
but only to foster a continuance and
advance Of the highest industrial eff
ficiency without permitting indus,
trial abuses"
Here are the steps he recommends:
In antitrust legislation:
Grant Federal charter to combi
nations manufactured and selling il
interstate and foreign commerce.
Protect corporations from State in
terference.
| Prevent stock issues in excess O.
property values as ascertained by the
Federal government.
Compel complete reports of nation
al corporations to the department o
Commerce and Labor at regular in
tervals.
Prevent national corporations from
acquiring or holding stock in others
except with Federal approval; thi
would do away with holding com
panies.
Interstate commerce legislation:
Establish a court of five judges t
be known as the United States Cour
of Commerce, with power to enforc
all orders of the interstate commerc
L commission other than for the pay
ment of money; to review appeal
. from the commissions rulings;
. handle the cases provided for in tn
Elkins act, and other cases that no.
= go to the circuit court.
Prohibit the issuance of capita
= stock or bonds without previous c
simultaneous payment of the issuin
!: company of not less than their pa
value, or, if the issue is at less tha
par, of reasonable market value.
Empower the interstate commert
- commission to approve the amount (
=, stock and bond issues on re-organ
- zation, to prevent the issue from b
ing in excess of the fair value of tt
=. property.
n Prohibit interstate roads from a
of quiring capital stock or purchasiI
is or leasing any railroad or any 9th
r. corporation, which competes with
re Corporations may, if they own, whe
IN the act is passed, at least half Il
no capital stock of competitor, acqui
a. the rest of it.
m Give the shipper the right to sele
vi a through route.
o. Empower the commerce comm
N sion to investigate new rates on the
90 announcement, instead of after tn
is- go into effect.
,e- Empower the commission to
ba vestigate on its own initiative a
re rate or condition and to pass
N classification of commodities for f
ing rates.
no Compel carriers to quote rates
Id writing to shippers on request, w
nd $25 fine as penalty for damage to t
to shipper, the fine to go TO the g
on ernment
Ingl Give the commission the right
na- compel uniform construction of
appliances, to safeguard employees