The Norfolk weekly news-journal., 1910-01-14

stock or any bonds or other Obliga-
tons Except notes maturing not more
than one year from the date of their
issuel without the previous or stimuli.
taneuuS payment to such corporation
of not less than the par value of such
bonds, or other obligations, or. if is.
sued at less than their par value, then
not without such payment of the reas.
enable market value of such bonds or
obligations as asCertained by the in.
! terstate commerce commission; and
that no property, services or any other
thing than money, shall be taken i'm
payment to such carrier corporation
of the par or other required price of
such stock, bond or other obligation,
except at the face value of such pro
! perty, services or other thing as as
Certained by the commission; and that
such act shall also contain provisions
to prevent the abuse by the imprO-
yident or improper issue of notes ma
turing at n period not exceeding twelve
months from date, in such manner as
to commit the commission to the APP
proval of a larger amount of stock
or bonds i'm order to retire such notes
than should legitimately have been re-
CURED
Such act should also provide for
the approval by the interstate com.
merce commission of the amount of
stock and bonds to be issued by any
railroad.
BY my direction the attorney gen.
eral has drafted bill to carry out
these recommendations which will be
furnished you on request to the APP
propriate committee whenever it may
be desired.
To Benefit Railway Trainmen.
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, running boards and hand brakes
on freight cars engaged in interstate
commerce used by the trainmen in
the operation of their trains, the de-
fects and lack of uniformity which are
. apt to produce accidents and injuries
to railway trainmen. The wonderful
, reforms effected in the number of
, switchmen and trainmen injured by
) coupling accidents, due to the enforc-
| ing introduction of safety Coupers
=
= done if railroads are compelled &c
= adopt proper safety appliances.
The question has arisen in the oper
. alton of the interstate commerce EN-
: ployer's liability act as to whether
t suit can be brought against the EN-
J ployer company in any place other
than that of its home office. The right
to bring suit under this act should
2 be as easy of enforcement as the
e rights of a private person not in the
Companys employ to sue on an ordi
nary claim, and process in such sui
should be properly served if upon the
station agent upon whom service Is
authorized to be made to bind the
- company in ordinary actions arising
under the state laws Bills for boil
q, the foregoing purposes have been con
sidered by the house of representa-
, tives, and have been passed, and are
now before the interstate commerce
committee of the senate. | earnestly
: urge that they be enacted into law.
/ Antitrust Law, Federal incorporation
There has been marked tendency
l in business in this country for forty
S years last past toward combination
: of capital and plant in manufacture
= causes have been several
4 First, it has rendered possible grea
4 economy; second, by union of form
:, er competitors it has reduced the prob
|, ability of excessive competition; and
= third, if the combination has been eX
4 tensive enough, and certain method.
n in the treatment of competitors have
h been adopted, the combiners have Sc
j. cured a monopoly and complete con
+ troll of prices or rates.
|, The object of the antitrust law wa!
d to suppress the abuses of business o
t the kind described.
i 1t was not to interfere with a grea
a volume of capital which, conCentrat
ed under one organization, reduced the
= cost of production and made us prof
: thereby, and took no advantage of it:
S opportunity to suppress competition
l. with it,
S | wish to make this distinction al
f emphatic as possible, because | con
:. ceive that nothing could happen more
: destructive to the property of thi!
\ country than the loss of that grea
d economy in production which has beer
g and will be effected in all manufac
S turing lines by the employment o
e large capital under one management
| don't mean TO say that tnere is
y not a limit beyond which the ecOno
S mic of management by the enlarge
o ment of plant cases; and where this
S happens and combination continues be
n yond this point, the very fact shows
G intent to monopOlize and not to re
t cOnOmiZe.
t The original purpose of many com
d binations of capital in this Countr!
l. was not confined to the Legitimate
:, and proper object or reducing the cos
n of production. On the contrary thu
l. history of most trades will show a
h times feverish desire to unite by
S purchase, combination, or otherwise
t all the plants in the country engaged
J. in the same business.
S No Good" or bad" Trust Distinction
t Many people conducting great bust
n nesses have cherished hope and be
J. lief that in some way or other line
: may be drawn between good trusts
e and bad trusts" and that it is pos
l sible by amendment to the anti-trus
J, law to make a distinction under which
j good combinations may be permitted