Norwich bulletin., 1910-12-07

sion is authorized and directed to in- vestigate accidents, to report their causes and it's recommendations. I suggest that the commission be re- quested to make a 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 { a 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 valu- 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 hope we may.
 I think, therefore, that in order to permit correct understanding of the facts 1t would be wise to make req sonable appropriation to enable the in- terstate commerce commission to pro- ceed with due dispatch to the valua- tion of all railroads. I have no doubt that railroad companies themselves can and will 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 31, 1910, they would not accept bills of exchange drawn against bills of ladlng 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 tained 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 time at which these guarantees were demanded until Dec. 31, 1910, relying upon us for protection in the mean time, as the money which they fur nlsh 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 q 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 ad- vances made in reliance upon it.
 Such liability exists under the laws of many of the states. 1 see no ob- jection to permitting two classes of bills of lading to be issued: Q) Those under which a carrier shall be abso- Iutely liable, as above suggested, and @ 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 a small separate specific charge in addition to the rate of transportation for 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 the liability assumed by the absolute guaranty of the accuracy of the bills of lading.
 I further recommend that punish ment of fine and imprisonment be i'm posed upon railroad agents and ship pers for fraud or misrepresentation In 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 HOW 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 and the restraint of their business has reached point where we can stop for 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 ther legislation, well and good, but un- til then let us execute what we have. Due to the reform movements of the present decade, there has undoubtedly been a great improvement in business methods and standards and in the earnestness of effort on the part of business men to comply with the law They are now seeking to know the ex- act limitations upon business methods imposed by the law, and these will doubtless be made clearer by the de- cislons of the supreme court in cases pending before it.
 l believe it to be In the interest of all the people of the country that for the ! time being the activities of govern ment, in addition to enforcing the ex- ! isting law, be directed toward the