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Updated: June 28, 2025
Those portions of the present law contemplating consolidations ore not, sufficiently effective in producing expeditious action and need amplification of the authority of the Interstate Commerce Commission, particularly in affording a period for voluntary proposals to the commission and in supplying Government pressure to secure action after the expiration of such a period.
Now that we had got all the homes and schools and all the softness of life away from our coal and iron ore and clay, now that a thousand obstructive "rights" and timidities had been swept aside, we could let ourselves go, we merged this enterprise with that, cut across this or that anciently obstructive piece of private land, joined and separated, effected gigantic consolidations and gigantic economies, and the valley, no longer a pit of squalid human tragedies and meanly conflicting industries, grew into a sort of beauty of its own, a savage inhuman beauty of force and machinery and flames.
While, consolidations can and should be made under the present law until it is changed, vet the provisions of the act of 1920 have not been found fully adequate to meet the needs of other methods of consolidation.
The Cleveland, Painesville and Ashtabula Railroad Company, now, after several consolidations and changes of title, forming part of the Lake Shore and Michigan Southern Railroad Company, was part of the general plan of the Cleveland, Columbus and Cincinnati Railroad, was built under much of the same influence, and has always been intimately connected with it in its working.
One of those consolidations with 'holdin' companies' and franchises and extensions and water by the hogshead. Wa'n't that it? I remember now; the Boston papers had considerable about it, and I presume likely the New York ones had more. One of those all-accordin'-to-law swindles that sprout same as toadstools in a dark place, but die out if the light's turned on too sudden.
In those days the Commodore was making some of those vast combinations of his consolidations of warring odds and ends of railroads into harmonious systems, and concentrations of floating and rudderless commerce in effective centers and among other things his farseeing eye had detected the convergence of that huge tobacco-commerce, already spoken of, toward Memphis, and he had resolved to set his grasp upon it and make it his own.
We have, however, not yet assured for the future that adequate system of transportation through consolidations which was the objective of the Congress in the transportation act.
To render this service more efficient and effective and to promote a more scientific regulation, the process of valuing railroad properties should be simplified and the primary valuations should be completed as rapidly as possible. The problem of rate reduction would be much simplified by a process of railroad consolidations. This principle has already been adopted as Federal law.
The consolidations need to be carried out with due regard to public interest and to the rights and established life of various communities in our country.
Insidious methods have been resorted to by those who have wrought this transformation. Sophists have told the plain, credulous workers that industrial combination in the form of Corporations and Trusts is the result of a natural law of evolution. But what is the truth? The great consolidations that have been effected during the past few years have resulted from the enactment of statutory laws.
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