Omaha daily bee., 1910-12-07

VI temporary - lNNAtiNlAAe NNAMNNN NaIIn
roeds. limited to thirty days fixing the
same rates for traffic between the same
places.
1 DO not press the consideration OF any
Of these objects upon congress at this
session. The object OF the first provision
Is probably generally covered by tho anti
trust law. The second provision was in
the act referred TO the consideration OF a
commission 70 be appointed by the eNecu-
tive and to report upon the matter 20
congress. That commission has been APP
pointed and IL engaged in the investigation
and consideration Of the question sub
mitted under the law. 1t consists OF Pres-
dent Arthur T. Hadley Of Yale university
as chairman; Frederick G. Strauss Fred
erick n. Judson. Prof 3. H. Never and
Walter l.. Fisher. with William r.. :. Girls
void as secretary.
The third purpose led to 80 much mis-
construction Of its object that 1 am not
disposed to press It for further considera-
Ton 1t was intended TO permit railroad
companies to avoid useless rate cutting
by mere temporary acqulescence I'm the
same rates for the same service over COM
peung railroads, with no obligation what
eNor to maintain 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 at
tenuon There have been two measures
pending In congress one for the s4p5.
vision OF boilers and the other for the
enlargement OF dangerous clearanccs. Ger
tainly some measure ought to be adopted
looking to prevention OF accidents from
these causes. It seems to me that with
respect to boilers a bill might well be
drawn requiring and enforcing By penalty
proper system OF inspection by the rail-
way companies themselves which would
accomplish our purpose. The entire re-
inoval Of outside clearances would be at
tended by such enormous expenses thai
some other remedy must be adopted BY
act Of May g. 1910. the Interstate Com
merce commission Is authorized and d.
rected to Investigate accidents. to report
their causes and its Recommendations
suggest that the commission be requested
to make special report as to Injuries
from outside clearances and the bt,st
method Of reducing them.
Valuation 0f Railroads.
Thu Interstate Commerce commission has
recommended appropriations for the pur-
pose of enabling IL to enter upon a yaiua-
ton 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 valuable for many purposes. cs-
pecially il we ultimately enact any lmita-
tons upon the power Of the interstat.
railroads to issue stocks and bonds. as (
hope we may think, therefore. that in
order to permit correct understanding
OF the facts, It would be wise to make a
reasonable appropriation to enable the In
terstate Commerce commission to proceed
~ fal,
railroads l have no doubt that railroad
companies themselves can and will greatly
facilitate this valuation and make II mucn
less costly in time and money than has
been supposed.
Fraudulent Bills of LndinE.
Forged and fraudulent bills Of lading pur-
porting to be issued against cotton, some
months since, resulted in losses of several
millions Of dollars to American and foreign
banking and cotton interest.A Foreign
bankers then notified American bankers
that. after October 81, 1910. they would NOT
accept bills OF exchange drawn against bills
Of lading for cotton issued by American
railroad companies, unless American bank
ers would guarantee the integrity of the
bills Of lading. The American bankers
rightly maintained that they were not
justified in giving such guarantees. and
that. II they did 80. the United states
would be the only country In the world
whose bills were so discredited, and whose
foreign trade was carried on under sucn
guarantees.
The foreign bankers extended the time ar
which these guarantees were demanded un-
til December 81, 1910 relying upon us FOR
protection In the meantime, as the money
which they furnish to move our cotton crop
Is Of great value to .his country.
For the protection OF our own people ana
the preservation OF our credit In foreign
trade, l urge upon congress the Immediate
enactment OF law under which one who
in good faith, advances money or credit
upon bill OF lading issued by a com
mon carrier upon an interstate or foreign
shipment can hold the carrier liable for the
value OF the goods described In the bill az
the valuation specified in the bill, at least
to the extent Of the advances made In re-
lance upon It, Such liability exists under
the laws OF many OF the states. 1 see no
objection 70 permitting two classes OF bills
or lading 70 be Issued; % Those under
which a carrier shall be absolutely liable
as above suggested, and Cd those win
respect 10 which the carrier shall assume
no liability except for the goods actually
delivered TO the agent issuing the bill.
The carrier might be permitted to make a
suihh separate bpecittc charge In addition
to the rate Of transportation for such
guaranteed bill, as an Insurance premium
against loss from the added risk. thus re-
moving the principal objection which [
understand Is made by the railroad COM
panies to the imposition OF the liability
suggested, viz, that the ordinary trans
portauon rate would not compensate them
for the liability assumed by the absolute
guaranty OF the accuracy OF the bills OF
ladinE
further recommend that a punishment
OF fine and imprisonment be imposed upon
railroad agents and shippers for fraud or
misrepresentation in connection with the
issue OF bills Of lading ISSUED upon inter
state and foreign shipments.
Let the Law stand.
Except as above, / do not recommend
any amendment 70 the interstate commerce.
law as II stands. / do not now recommend
any amendment 10 the antitrust law. In
other words, Il seems 20 me that the exist
ing legislation with reference to the regu-
lation Of corporations and the restraint OF
their business has reached a point where
we can stop for a while and witness the
IA AZ.