The sun. [volume] (Morris, Stevens County, Minn.) 1882-1895, 1886-12-16

| trict courts Of this state, to compel complt-
| ance with the aforesaid provisions Of this
| it's requirements shall be punishable as
and for contempt. Ard the said commissioners,
as complainants. may also apply TO any such
judge for a writ of injuncs ion against such COM
mon carrier from receiving or transporting
property passengers Within this state until
such common ca rier 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
counsel fees by way Of penalty. in the turn OF
said writs and after due delberatton thereon, as
may be just. That in case the commission shall
at any time find any part Of the tariff OF rates.
| I res 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
rate fare or charge as said commission
NAV declare to be equal, reasonable and just.
ANY common carrier refusing or neglect1ng to
carry out such recommendation 80 made by
such commission shall be subject to writ OF
mandamus 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.
to compel compliance with the recommends
tlon of the commission. and failure to comply
with it's requirements shall be punishable as
and for contempt, and the said commission as
complainants may also apply to any such judge
for a writ of injunction against such common
carrier from receiving transporting property
or passengers within this state until such COM
mon carrier shall have complied with the recon-
full violation or failure to comply with such rec
ommendation of the commission the court may
award such costs, including cG-lsel fees, by
way OF penalty, on the return OF said wrlts. and
after due deIiberation thereon, as may be just.
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
ferent 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: and no break of bulk. stoppage inter-
ruption, made by such common carrier, shall
prevent the carriage OF freights from being and
treated 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 unnecessarily
interrupt such continuous carriage, or to evade
any of the provisions Of this act. That when
ever any property is received by any railroad
corporation to be transported from one place to
! another within or without this state, it shall
not he lawful for such corporation to limit in
any way its common law liability with refer
ence to such property while in it's custody as
common carrier; such liabii-,y must include the
absolute responsibility OF tine common carrier Tor
the acts of its agents in relation to such property
That nothing in this act shall apply to the car
riage, storage or handling Of property free or at
of Minnesota, or for any municipal or charitable
purpose or to or from fairs and expositions for
exhibition thereat, or the issuance of mileage,
excursion or communication passenger tickets:
and nothing in this act contained shall in any
way abridge alter the remedies now az 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 ex-ofcio
attorney for the railroad and warehouse commits
sion, and shall give them such counsel and ad-
vice as they may from time to time require. 1t
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 final issue, upon the request of said COM
mission. That the sum of fifteen thousand
$15,O00) dollars Is appropriated for the use and
July 81, 1888. and the sum of fifteen thousand
S15,000) dollars is appropriated for the use and
purposes Of this act for the fiscal year ending
wATERED STOCK.
| The commissson says of the evil.
| Capital should have it's reasonable profit up on
| money actually invested. TO this end, il is
probab lie that basis for fair dividends will yet
| be reached by stated estimates of the actual
| value of railroad properties. By such method
| water" NAV be driven out of fictitious capital
| and permanent remedy reached. In the mean
| time the possibility of the manufacture of in
| f1ated currency should be prevented, and these
| two statutes are respectfully submitted with
the statement that they are largely drawn fir m
the action and experience OF other states pro-
viding remedies for such evils, and it is believed
| they will accomplish the purpose intended and
| work no hardship to honest companies with an
honest purpose.
| Protection to the capitalist, the commits
\ sion think, could be secured by the passage
of an act which 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 COM
pany to sell, dispose of or pledge any shares in
The capital stock OF such company, nor to issue
such company until the shares for which such
certificates are to be issued shall have
been paid. nor issue any stocks or
property actually received and applied to the
| purpose for which such corporation was created; !;
and all fictitious stock. dividends and other
fforif nf ha yayNIfo lcfr fQfNf
1 edness Of any such corporation shall be void;
and if any Off er or officers of such company
shall issue. SELL pledge or dispose of any shares
or certificates of the capital stock of such COM
pany in violation of the provisions of this act,
| such officer officers doing shall be deemed
guilty of a misdemeanor, and, upon conviction
| thereof, shall be punished as hereinafter pro-
| vided. The provisions of this act shall apply as
| fully to the stocks and officers OF consolidated
within this state, as to original unconsolidased
| companies existing as aforesaid. II is hereby
| mado the duty Of every such railroad company
as aforesaid to iile with the secretary of state,
| in the month of July in each year, specia! re-
port and statement, sworn to by the president
and treasurer Of the company. setting forth ex-
plicitly the number of shares of capital stock
| actually issued sold. pledged or disposed of by
the company to the date of such report, and the
| amount received therefor in monev, and the
amount received therefor, it any in property
| and other effeots.
The board find it expedient and important
4 that there should be statute governing pro-
|
| road comnanies, SO that such increase shall not
| take place without the knowledge and consent
| of the state, through its boar of railroad COM
| missoners, in order that proper protection be
| had against the possibility of watering" stock,
| and giving publicity to all ndebt edness and the
reasons for it. This is recommended to be pro-
| vlded for by an act providing that
| Whenever anv railroad company shall desire
to increase its capital stock, it shall make appli
cation to the railroad and war warehouse commits
| and the purpose for which 1t is desired 70 make
| such increase. Whereupon the commission
shall fix time and place for hearing such appli.
| cation, and require such notice therehf TO he
| given as thew 'mav deem reasoii&bie The eom-
| mission shall make finding of all the essential
| facts presented to them in regard to such pro-
posed increase of capital stock, and if the COM
mission shall allow the increase applied TOR, 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
refusal shall be stated in their next annual re-
| port to the legislature No railroad company
shall increase it's capital stock except by special
| authority of the railroad and warehorse COM
| mission as herein provided 1t shall not be nec-
| essary for the provisions OF this act to be
accepted by any railroad company before the
same shall become operative as an amendment
| to the charter or such company.
| MORE TAKES.
The commission further recommends q
legislative act in substance as follows:
That every person, copartnership corporation,
association. car loauing company or fast freight
l line engaged IN the business Ol running cars
over any of the railroads of this state, and not
being exclusively the property Of" any railroad
company paying taxes ih this state on their
| gross receipts, who are or may hereafter he en-.
! gagged in the business OF carrying PASSENGERS in
any palace, drawing room. sleeping, chair or
other oar oyor upon any railroad in this state,
or any part thereof for the right of occupancy
of which passengers are required te paw . sum
additional to that charged upon the ordinary
cars OF the road oyer which said ear may be
hauled, shall keep. in such manner as shall be
prescribed by tho board of railroad and ware
house commission, just and true account of all
! sums SO received by them as additional charges
for the occupancy of such cars over any road ,r
portion thereof within the limits ~ ..lis state.
and shall, on or before th- iirss day of March OF
each year. rerort to said board of railroad and
warehouse commission the gross amount sc such
receipts As aforesaid. earned within the limits Of
| this state, for the year ending on the 31st day
OF hecamhsu next preceding the date OF such re-
port. Every person. association. etc., owning,
| running or interested in any special. fast,
through or other stock. coal or refrigerator car
freight lines the cars Of OF which are not the ex
elusive property Of railroad companiesi also any
car lOaning companv iucorporntiou. cOpartner-