The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1886-12-16

rate, fare OF charge - said commission
NAV declare to DO equal. reasonable and iust
Any common carrier refusing or noxleotiax to
such commission shall DO subject TO = Wit 81
mandamua. to be Issued by any duiRe Of the an:
preme court, or OF the distftct to1rts of this
TO compel compliance with tho recommenda.
ton OF tho commission aud failure to comniv
Win =. IT'S requirements shall By punishable a
complainants may also apply I'd any such Judge
doE VII OF Injunction AGAINST such common
mon carrier shall have complied with the recon-
mendat1on Of the commission; and for any Will
t1a violation or failure to comply with such rec
award such costs. including counsel fees. by
way OF penalty, on the return Of said writs, and
1 F. d@e deiiberaton thereon. a. may he just.
subject to tho provisions Of this oct, to entst
S %en nv s sixp5sss =" q implied to
ae.ent cars or by other means or devices, tho
carnage th OF fre1ghts from being Continuous from
me PLACE e snipmenE 70 t6e place Of dessina Tina.
s Mon; ana no break OF bulk. stoppage OF inter-
prevent the carriage OF freishts from being and
treated ~ one continuous carriage from the place
s 81 TO the place OF unless
In good faith for some necessary purpose and
without any intent to avoid or unnecessarily
Int 1 sea 9 carriage or to eyade
ever any property IL received by any railroad
corporation to be transported from one place to
another within or without this state, IT. shall
not Go lawful for such corporation to limit In
any way it's common law liability with refer
ence to such property while in its custody as
common carrier! sEch liability must include the
absolute Responsibility Of she common carrier for
the acts OF Its agents In relation to suoh property
That nothing in this act shall apply to the car
riags storage or f,sLding OF property. free or at
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 Abr1d2o or alter the remedies now a. law
plevded. but the provisions Of this act are in
addition to such remedies. The attorney gen.
ersl OF the State Of Minnesota shall be ex.OffciO
attorney for the railroad aud warehouse commits
sim, and shall give them such counsel and adj
shall be the duty Of the county attorney of any
county In which any such suit ls instituted or
prosecuted. to aid in the prosecution OF the same
10 final issue, upon the request Of said COM
mission That the sum Of fifteen thousand
($l5, OOO) dollars is appropriated for tho use and
purposes OF his act for ths f-cal year ending
5000 dollars is appropriated for the use and
PURPOSES Of this act for the fiscal year ending
wATERED STOCK.
Capital should have its reasonable profit up on
money actually invested. To this end, It Is
probab le 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 tine mean
time the possibility OF the manufacture Of in
Hated currency should b. prevented and these
two statutes are respectfully submitted with
the statement that they are largely drawn Fl m
the action and experience OF other states pro-
V101DQ remedies for allCh evils and IT, &c hoiava6
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 ex1s ing by virtue CT any OF tho laws
this state, nor for any officer of any such COM
the capital stock of s2ch company, nor to issue
certificates OF shares in the capital stock OF
certificate, are to be issued shall have.
been paid, nor issue any stocks or
bonds except for. money, labor or
property actually received and applied to the
and all fictitious stock. dividends AMI other
fictitious increase OF the capital stock indebt-
and if any Off ,er or officers Of such company
shall Issue. sell, pledge o. dispose of any shares
or certificates OF the capital stock OF such COM
pcny, II violation Of the provisions of this act,
guilty of misdemcanor, and, upon conviction
thereof, shalt be punished as hereinafter pro-
vided. The provisions of this act shall apply as
fully to the stocks and officers OF consolidated
railroad companies, existing in whole CT in part
within this state, as to original unconso!tdatcd
companies existing as aforesaid II is hereby
made the duty OF every such railroad company
az aforesaid to file with the secretary of state,
In the month Of July in each year, a special re-
port and statement, sworn to 10y Uh: president
and treasurer IT the company, setting forth ex-
plicity tho 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, if any in property
and other effects.
that there should be a statute governing pro-
ceedlngs in increasing the capital stock Of rail-
road com panles, so that such increase shall not
take place without the knowledge and consent
OF the state through its boar of railroad COM
missioners, in order that proper protection be
had against the possibility OF watering" stock,
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 appli
cation to the railroad and warehouse commits
sion in writing, setting forth the amount to
and the purpose for which 1t is desired 30 make
shall fix time and place for hearing such app!i-
cation, and require such notice thereof to be
given as they may deem reasonable. The COM
mission shall! make finding Of all tho essential
facts presented to them in regard to such pro-
posed increase of capital stock and il the COM
mission shall allow the increase applied for they
shall prescribe the manner in which anl tn :
terms upon which such stock shall be increased.
Ii The commission refuse their approval to the
issue OF srch capital stock, the reasons for such
refusal shall be stated in their next annual re-
port to the legislature. No railroad company
shall increase Its capital stock except bv special
authority of the railroad and warehouse COM
essary fer the provisions OF this act to be
accepted by any railrond company before the
same shall become operative as an amendment
to the charter or such company.
MORE TAXES
The commission further recommends q
Legislative act in substance as follows:
That every person, copartnershiD. corporation,
association. car loanlng company or fast freight
line engaged in the business Of running GERS
over any OF the railroads OF this state, and not
being exclusively the property Of any railroad
comp*ny paying taxes III this state on their
gross rece.pts. who are or may hereafter be en-
gagged in the business of carrying PASSENGERS In
any palace, driving room. sleeping, chair or
other car, over or upon any railroad in this state
or any part thereof, Tor the ri.ht Of occupancy
Of which passengers are required to pay sum
additional to that charged upon the ordinary
cara OF the road over which said may be
hauled, shall Keep. in such manner as ehail be
prescribed by tina board OF railroad ana ware
house commission, a just and true account Of all
Gums 80 received by them as additional charges
IOt the occupancy Of sucil cars over sny road CT
portion thereof within the limits Of This state.
AMI 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
RECEIPTS as aforesaid. earned within the limits OF
this state, for the year ending on the 3lst day
OF December 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
fres nj Ines the cars of of which not tho ex.
elusive property of railroad coinraries; also any
car leaning company: Incorporation. copavtner-
ship o. association doing business III or running
cars over of the railroads of this state. shall
keep accounts and make reports In like manner
rs is provided for in case OF palacc, drawing
room and other passenger cars by the first sec
tion Of th:s act. The railroad and warehouse
commission shall certify the said returns OF
gro.s earnings to the state auditor. together
with statement Of the percentur and amount
ct tux t,:e thereon. The state auditor shall then
make his draft on tie person, association. cor
poration or copartners,ip liable to pay the TAX
under the provisions of this act. for the amount
OF tax Que. and place the same in the bands Of
the state treasurer for collection. The state
shall have lien UPON all the property Of each Of
the parties mentioned in sections and OF this
&C whether corporations or otherwise. tor all
the taxes herein imposed, and for Interest there
on. and FOX penalty for delay in payment thereof
and for all dues which may accrue to the state
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