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In the Standard Oil case the Supreme and Circuit Courts found the combination to be a monopoly of the interstate business of refining, transporting, and marketing petroleum and its products, effected and maintained through thirty-seven different corporations, the stock of which was held by a New Jersey company.
To confer upon the National Government, in connection with the amendment I advocate in the antitrust law, power of supervision over big business concerns engaged in interstate commerce, would benefit them as it has benefited the national banks.
Some of the States had attempted to exercise control over interstate traffic which originated in the State, but it seemed perfectly clear from a long line of decisions of the Supreme Court, beginning with Gibbons vs. Ogden, and continuing with Reading Railway vs. Pennsylvania; Baltimore and Ohio vs. Maryland, and many other cases, that the States as such had no control over interstate commerce.
"Jerry Dawson," was Dave Dashaway's reply. "That is the machine I want, Mr. Randolph," said Dave Dashaway. It was two days after the young aviator had told his friends at Columbus the name of the person he suspected of stealing the aero-hydroplane, the Drifter from the Interstate Aeroplane Company.
Solicitation of interstate orders for liquor is forbidden in Mississippi, and it is provided that shipments sent C.O.D. are not to be moved one hundred feet or given away; also, that the mere possession of an internal revenue receipt from the United States government is prima facie evidence of an offence against the State law.
If he is a Socialist, he looks forward to the day when he may sit on a Publications' Graft Commission, with access to all magazine books which have not yet been burned! In the case of the New Haven, we know a part of the price thanks to the labors of the Interstate Commerce Commission.
Such associations, in fact, exist now as they did before these decisions, and with the same general effect. In justice to all parties, we ought probably to add that it is difficult to see how our interstate railways could be operated with due regard to the interest of the shipper and the railway without concerted action of the kind afforded through these associations."
Certainly it could not save me from the loss of my fortune; but, possibly, it might check the upward course of the stock long enough to enable me to snatch myself from ruin, and to cling to firm ground until the Coal deal drew me up to safety. My next call was at the Interstate Trust Company. I found Corey waiting for me in a most uneasy state of mind.
Such a law would afford a welcome opportunity to effect other much needed reforms in the business of interstate shipment and in the methods of corporations which are engaged in it; but for the moment I confine my recommendations to the object immediately in hand, which is to lower the cost of living.
I have in a previous message recommended effective regulation of interstate electrical power. Such regulation should preserve the independence and responsibility of the States. We have determined upon a national policy of consolidation of the railways as a necessity of more stable and more economically operated transportation. Further legislation is necessary to facilitate such consolidation.
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