Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1886-12-17

I
I as compia1nants, may also apply to any. such
Judge for 9 writ of Injunction against such COM
mon carrier from receiving or transporting
| property Or passengers within this state until
| snch common carrier shall have complied with
the aforesaid provisions of this section of this
act; and for any willful violation or failure to
comply with the aforesaid provisions Of this Sec
t1on, the court may award such costs, including
counsel fees by way OF penalty. in the return OF
said wriJs and after due deliberation thereon. as
may be just That in case the commission shall
at any time find any part Of the tariff of rates,
1.ren and charges SO filed and published as
| herein provided, are in any respect unequal un-
just or unreasonable, it shall have the power
! and is hereby authorized to compel any common
carrier to change the same and adopt such
| may declare to be equal, reasonable and just.
ANY common carrier refusing Or neglecting to
| carry out such recommendation so made by
| such commission shall be subject to writ of
| nandamus, to be issued by any Judge OF the SUI
preme court, or Of the district courts Of this
state upon application Of the attorney general.
tlon OF the commission and failure to comply
with its requirements shall be punishable as
and TOR contempt. and the said commission as
complatnants may also apply to any such judge
for writ OF injunction against such common
carrier from receiving or transporting property
or PASSENGERS within this state until such COM
mon carrier shall have complied with the recon-
mendatlon of the commissions; and for any will
tul violation or failure to comply with such rec
ommendation OF the commission The court may
award such costs, including cC.-Lsel fees by
way of penalty, on the return of said writs, and
after due deliberat1On thereon, as may he lust
1t shall be unlawful for any common carrier
| subject to the provisions Of this act, to enter
into any combination contract or agree
ment. expressed Or implied, to prevent,
by any change of time, schedule carriage in diff
terent cars, Or by other means or devices, the
carriage OF freights from being continuous from
the place Of shipment to the place of destina-
ton; end no break Of bulk, stoppage or inter-
ruption, made by such common carrier, shall
prevent the carriage of freigtits from being aud
treated as one continuous carriage from the place
OF shipment to the place of destination, unless
such break, stoppage or interruption was made
IN good faith for some necessary purpose and
Without Any intent to avoid or unnecessarily
interrupt such continuous carriage, or to evade
any Of the provisions of this act. That when
ever any properly is received by any railroad
corporation to DO transported from one place to
not DC laWful tor such corporation to limit in
any way its common law liability with refer
ence to such property while in itS custody as a
common carrier; such liabi'-;y must include the
absolute responsibility OF tie common carrier for
the acts Of its agents in relation to such property
That nothing in this act shall apply to the car
rage storage OR handling Of property, free or at
reduced rates for The United Stat es. for the State
OF Minnesota, or for any municipal or charitable
purpose, or to or from fairs and expeditions for
exhibition thereat, or The issuance Of mileage,
excursion or communication passenger tickets
and nothing in this act contained shall in any
way abridge or alter the remedies at law
provided, but the provisions of this act are in
addition to such remedies. The attorney gen
eral OF the State of Minnesota shall be eS-otiicio
attorney for the railroad and warehouse commits
SION, ami shall give them such counsel and adj
vice as they may from time to time require It
shall be the DUTY Of the county attorney Of any
county in which any such suit is instituted or
prosecuted, to aid in the prosecution Of the same
TO a final issue upon the request OF said conf
mission. That the sum OF fifteen Thousand
%l5,OuOl dollars is appropriated for the use and
purposes Of this act for the fl >cal year ending
July 81 1883, and the sum OF fifteen Thousand
$4,000 dollars is appropriated for the use and
purposes Of this ACT for the fiscal year ending
July 81, 1889
WATERED STOCK.
The commission says Of the evil:
Capital shonld have it, reasonable profit upon
money actually Invested. To this eul, i. is
probab lie kat basis for fair dividends will vet
be reached by stated estimates Of the actual
valr, Of railroad properties BY such method
wa + may be driven out Of fictitious capital
ands +. manent remedy reached. In the mean
tim" Il, disability uf the manufacture OF in
ma 7cy should be prevented, and tn ,Se
wv arc respectfully submit ted with
III + that they are largely drawn firm
I ii experience OF other states pro-
v Ties for such evils. and it is believed
ON olsh che purpose intended and
'''-lJ to honest companies with
to the capitalist, the commits
sic ould be secured by the passage
of a.. >tNnich shall provide:
That it shall not be lawful for any railroad
company eXis ing by virtue of any Of the laws
this state. nor for any officer Of any such
pany TO sell. dispose OF or pledge any shares III
certificates Of shares in the capital stock OF
such company until the shares for which such
certificates, are to he issued shall have
been paid, nor issue any stocks or
property actually received and applied to the
purpose for which such corporation created;
fictitious increase OF the capital stock indebt-
edness OF any such corporation shall be void;
and if any Off cer or officers of such company
shall issue, SELL pledge or dispose of any shares
or certificates Of the capital stock Of snch COM
pany in violation Of The provisions Of this act,
such officer or officers SO doing shall be deemed
guilty. or a HlsdcneanOr, and, upon con vic. ion
thereof, shall he punished hereinafter pro-
y1ded. The provisions Of This act shalt apply as
fully to the stocks and officers of consol dated
railroad companies, existing in whole or in part
within this state, H. to original unconsolidatcd
companies existing as aforesaid. II is hereby
made the duty OF every such railroad company
as aforesaid to nile with the secretary OF sta.e,
In the month Of July in each year, a special re-
port and statement, sworn to by TIL preside It
and treasurer If the company, setting forth OK
pllclt:y the number OF shares OF capital stock
actually issued sold. pledged disposed OF by
the com any to the date OF such report, and the
amount received therefor in money, and the
amount received therefor, if any in property
and other effects.
The board find it expedient and important
that there Should be statute governing pro
ceedlngs i'll increasing the capital stock OF r:sil-
road COMPANIES, that such increase shall not
take place wit hout the knowledge aud consent
of the state, through it's boar of railroad COM
m1ssloners, in order that proper protection be
had against he possibility of watering" stock.
and giving publicity to all Indebtedness and the
reasons for it. This Is recommended to be prO-
vided for by an act providing that
Whenever any railroad company shall desire
to increase its capital stock, it shall make appi
cation to The railroad and warehouse COMMITS
sion in writing, setting forth the amount to
and the purpose for which it is desired 20 make
such increase. Whereupon the commission
shall fix time and place for hearing suc!, appli-
caton, and require such notice thereof to be
given as they NAV deem reasonable Tho COM
mission shall make finding of all the e:ssent al
facts presented to them in resGcd to such pro-
posed increase OF capital stock, and if the COM
mission shall allow the increase applied for they
shall prescribe the manner in which and the
terms upon which such stock shall be increased.
II the commission refuse their approval to the
issue Of such capital stock, the reasons for such
port to the legislature No railroad company
shall increase it's capital stock except bv special
authority Of the railroad and warehouse COM
mission as herein provided. 1t shall not be nee
essarv for the provisions OF this act to be
accepted by any railroad company before the
same shall become operative rs an amendment
to the charter OF such company.
MORE TAXES.
The commission further recommends q
legislative act in substance as follows:
That every person, copartnership, corporation,
association. car loaning company fast freight
line engaged in the business of running cars
over any Of the railroads of this state. and not
being exclusively the property Of any railroad
company paying taxes i'll this state on their
gagged in the business of carrying passengers in
any palace drawing room. sleeping, chair or
other car, over or upon any railroad In this state
or any part thereof, for the right Of occupancy
OF which passengers are required to pay sum
additional to that CHARGED upon the ordinary
cars OF the road over which said car may be
hauled, shall keep. in such manner ~as shall be
prescribed by the board Of railroad and ware
house commission, a just and true account of all
sums 50 received by them as additional charges
for the occupancy Of such cars over any road or
portion thereof within the limits of this state
and shall, on or before the frs. day Of March OF
each year. report to said board Of railroad and
warehouse commission the gross amount OF such