State of the Union
State of the Union
1923-1928
Book Excerpt
attempting to insure justice between the
companies and their employees. It has been a great help, but is not
altogether satisfactory to the public, the employees, or the companies. If
a substantial agreement can be reached among the groups interested, there
should be no hesitation in enacting such agreement into law. If it is not
reached, the Labor Board may very well be left for the present to protect
the public welfare.
The law for consolidations is not sufficiently effective to be expeditious. Additional legislation is needed giving authority for voluntary consolidations, both regional and route, and providing Government machinery to aid and stimulate such action, always "subject to the approval of the Interstate Commerce Commission. This should authorize the commission to appoint committees for each proposed group, representing the public and the component roads, with power to negotiate with individual security holders for an exchange of their securities for those of the, consolidation on such terms an
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