The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1910-12-06

curing 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 commits |
sion is authorized and directed to In
vestigate accidents, to report their
causes and its Recommendations ii
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
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 va1u-
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 q rea-
sonable appropriation to enable the In
terstate commerce commission to pro-
coed with due dispatch to the valua-
ton Of all railroads. I have no doubt
that railroad companies themselves
can and win greatly facilitate this val
uation and make it much less costly in
| time and money than has been sup
posed.
Fraudulent Bills Of Ladins.
| 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. 81. 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 lading.
The American bankers rightly main
| tanned 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
-
demanded until Dec. 81, 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 a law under
| which one who in good faith ad-
vances money or credit upon bill of
! lading issued by a common carrier
/ upon an interstate or foreign shipment
can hold the carrier liable for the
| value of the goods described in the
bill at the valuation specified In the
bill, at least to the extent Of the adj
vaaces made in reliance upon it.
Such liability exists under the laws
OF many of the states. 1 see no OBJ
lection to permitting two classes of
bills Of lading to be issued: a. Those
under which q carrier shall be ALSO
iutefy liable. as above suggested, and
ca those with respect to 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 small
separate specific charge In addition
to the rate of transportation fol
such guaranteed bill as an insur.
ance premium against loss from the
added risk, thus removing the princi-
pal objection which I 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
J the liability assumed by the absolute
guaranty of the accuracy of the bills
of lading.
1 further recommend that a punish
; ment Of fine and Imprisonment be i'm
posed upon railroad agents and ship
pers for fraud or Misrepresentation II
. connection with the issue of bills Of
lading issued upon interstate and for
eign shipments.
Except as above, do not recommend
any amendment to the Interstate com
merce law as it stands I do not now
recommend any amendment to the
, antitrust law.
In other words, it seems to me that
the existing legislation with reference
to the regulation of corporations an6
!, the restraint of their business has
reached a point where we can stop fol
awhile and witness the effect of the
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.
If this test develops a need for fur
Their legislation, well and good, but un