Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1910-01-12
DEALS
With TRUSTS
Urges Closer Control Of Rail-
roads and Combinations
ASKS COURT OF COMMERCE

Should Be Granted More Power
Regulation of Trusts by National
Charter-No Change In Sherman
Anti Trust Statute Is Contemplated
Washington, jan 5.-President
Taft in his message to congress pro-
poses a Strengthening of the inter-
state commerce law and the Sherman
trust law. In both cases one aim
of his suggestions is to prevent the
delay in the execution of justice now
possible For eXpediting the admin
istration of the interstate commerce
law he proposes a United States court
of commerce. In regard to the hand
ling of trusts he urges voluntary
federal charter for corporations. The
court of commerce, which is to be
composed of five judges, is to be
given original jurisdiction in all cases
for the enforcement of the orders of
the interstate commerce commission;
to enioin or set aside an order OF. the
commission; to enforce the Elkins act
and all mandamus proceedings under
the interstate commerce law.
The president further recommends
that the power of the commission to
initiate and defend litigation be taken
from it and lodged in an assistant at
torney general under the direct con-
troll of the department of justice.
President Taft favors allowing rail-
roads to make agreements specifying
classifications of freights and the
rates, fares and charges for the trans
portation of passengers and &reights,
subject to all of the provisions of the
interstate commerce law. He would
compel carriers on a written demand
Of a shipper to give in writing the rate
or charge. Refusal, omission or mis-
statement by the carrier should be
punished by fine of $3.50.
In the future no interstate road
shall directly or indirectly acquire
other competing road except that any
road which at the passage of this pro-
| posed law shall own not less than one
| half of the stock of road may &C
>quire the remaining stock, and road
| operating an another road unda~ a
lease may acquire the ownership there
| of.
No railroad shall issue capital stock
without previous or simultaneous pay
ment to it of not less than the par
value of such stock, bond or other
obligation or if issued below par OF
the reasonable market value thereof;
and no other thing than money shall
be taken in payment for stock, ex-
cept at a fair valuation determined by
the commission. Improvident and
improper Issue of short-time notes
should be prevented and the amount oil
stocks and bonds to be issued by 6
| road upon Organization should be
passed upon Y the commission.
President Taft does not propose any
change in the Sherman antitrust law
recent decisions of the supreme cour
that now it is an effective weapon il
the hands Of the government to curl
combinations. But the president ar
CUES that the spirit of the Sherman
law was to prevent absolute monopol!
and direct restraint of trade, and no
to stand in the way of the concentra
ton of a great volume of capital re-
ducing the cost of production Tt
kpermit this proper organization o
capital he suggests federal charte
for interstate corporations Thi
would protect a corporation from
harmful and vexatious state interior
ence and only subject it to a reason
able state tax for purely local bust
ness. The corporation accepting fed
eral supervision under the proposet
charter could carry on it's own bust
mes in peace, always within the limit
set down by the Sherman law. Thos
corporations not taking out a fedora
charter would have the threat Of tn
much strengthened Sherman Law
hanging over them.
This proposed law provides for tn
) formation of corporations to engage il
interstate and foreign business; pro
vides for the issue of stock, equal onl
to the paid in capital; if stock be is
sued for property then at a fair yalua
ton determined under federal author
ity. The real and personal propert
Of the company should be subject t
the same taxation as is imposed b
the state within which it may be sit
uated upon other similar property 10
Gated therein; it should file full an
complete reports of operation with tn
department of commerce and labor
and should be prohibited from acuuir
ing and holding stock in other corpo
rations, except such as are approve
by federal authority.
This does not repeal the Sherma
law, and does not permit wrong
which it is the purpose of that law t
prevent; but permits continuanc
and advance of the highest individus