The public ledger. [volume] (Maysville, Ky.) 1913-1968, 1918-06-10

are to be paid fifty and one-quarter
per cent or trille over one-half of
the gross earnings of the company,
and out Of forty-nine and threc-quar-
tiers per cent of those earnings the
company must pay all expenses and
taxes and n dividend Of five per cent
upon its capital stock
The use Of the term canital stock
indicated that this great merger is to
be capitalized, and the presumption is
that the capital stock will ultimately
reach S35,OO0,000. There NAV be some
difficulty. owing to state laws. about
adopting the name of Federal En-
press Company. In order to avoid
difficulty another name than Federal
woill be used to identify this new
company.
TIL: vital principle which is recog-
nized and emphasized by Director
General McAdoo is the very one over
which an issue was raised when the
Sherman antitrust law was adopted
and other legislation put upon the
statute books to restrain the so-called
trusts and to prevent monopolies.
Those who favored great combna
tions of which the United States Steel
Corporation is conspicuous example,
and will be unless the United States
Supreme Court tears that corporation
to pieces, have asserted both before
Congress committees and before the
public that these combinations make
possible great economies in the pro-
duction of commodities, and also the
maintenance of high prices paid for
labor, as well as the securing of CON
stantly increasing markets both in
the United States and abroad
That has always heen the position
taken by Charles NJ Schwab MANY
times Judge Gary, of the United States
steel Corporation, and George W. Per-
kins, have by public addresses and
communications, stated that the pub-
lie is in no danger Of oppression &C.
casioned by what is called big bust
ness, provided these combinations are
wisely regulated and controlled by the
Government.
Mr.. McAdoO is convinced that by a
merger of the four great express com
panies the express business can be
handled in a most efficient and eco
nomical way. 1t will be possible to
eliminate duplication of effort. 1t will
be possible to prevent waste. 1t will
be possible to secure, through well CO.
ordinated direction the highest efIic-
iency in the express service.
As the Government itself has been
and is now one of the best customers
of the express companies, this consid-
GRAFTON, no doubt. weighed consider
ably with Director General McAdoo in
ordering this great and truly monop-
olistic, but not dangerously monop
Olistic, merger.
The comment frequently has been
made since the Director General com
manded this merger to be made, that
it sets forth, by example and illustra-
ton, perhaps the most remarkable
change that has taken place in the
temper of the American people to-
wards combinations, consultations,
ro-ordinatiOns, and cooperation.
1t is true that it is the Government
that is now doing this, although il is
curious fact that one department of
he Government is now occupied with
an attempt to persuade the Supreme
Court TO declare two of the largest
combinations to have been Organized
and operated in violation fthe Sher-
nan antitrust law. And yet the sew
eral Hereors which Mr.. McAdoo ha
commanded and ever which he has
authority are on the face Of them in
direct violation of the Sherman law.