Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-12-17

BsSss5sS 4 3 !, =, /.
SsSss 1!sea yseorsfa papers and people have
saSl ssenS naah interested for. the past few
isS oyer The outcome OF q bill intro
Mn 19Ad I'm the Senate of the Legislature
aesaions In that State. and which
lSsS gAHoArd Air Line management
lsinsto have uncovered as bold eff
xoyfs cn$ the part q OF It's competitors to
the consolidate necessary to
comp letionF Of their plans. The bill
ksnH$ to- have passed the Senate before
n he EisIat ORR themselves had time to
III Lice tts scope or purposes. but when
fsA3 tsSswaa found out the aggressive Vice
sSaSk srss1den Sof the Seaboard system gave
sS SHSt hs sSSG Georgia press some food for
All 1 hpnsh tStns the shape Of some interest
zssSsi s q Observation-Disclosures. one of which,
nEInte ted Inv the Constitution Friday, the
80 va h.Sgi SSreproduced herewith:
dtt9Ea Cons titu toni have Just re-
lsaesSsei Wed and read "a most remarkable bill,
33ssS rs hishf hass quietly and without notice
lsfEs9rsanXalnfo being given out con-
a ming the same, been put through
llssSt w Senat eS and Is now before The
sSsSI onse$ Observation-Disclosures of the Geor-
e Eta lslat ure.
&s htse bill sis entitled an act to limit
iSsSSsst hsS poWsrSof railroad companies to is
ss#sUs bond 81. etc. 1t should properly be
sssSsssh tledSNan, act to prevent competition
Their Ines by creating new sys-
VIZ en- III and 8 to prevent tie building of
syyS rail roads In this State
a PROVISIONS OF THE BILL
rh!sf dill provides that hereafter no
II ia y road company shall have the power
SsaSssIIo$lssusS is bonds secured by deed.
gage or other lien not hereto
l5{Apn bllcl y recorded, or any kind OF bond
ia,tso eyerSc covering any of Its capital
|$s kgorAanyf of Its property located in
MA hiss State; unless said issue of bonds
Sssshplalll Deal proved by the railroad com.
stonersN Of this stute.
IT. uiresg all corporations desiring
SsSst issue bonds sorf make a mortgage sc.
ssSSc Eingk the anne ITO file an application
the rail- pad com ,lasinncrs setting
'ssTQEt onn5 ito be Issued, the pur-
ID SIs5rS the issue, the property, and al
Mas sstnt rested arties to be heard in
~ So#suc h Issue shall be approved by
sssst hsscommissl onEunless It appears tina,
lit nepeESary5 for the legitimate pur-.
SI,oses& bf II he. cofporWtionj and none of
$SSald sSbonds shall be used to pay for
4 ffsga "a yssEadl road property bought, except
u aEssSt tteHfalE 81 and e reasonable value OF
&Snc hSpToperty.ss The company shall not
WA pplyssS the proceeds of such bonds not
aaS$s; Peel fed Sin he certificate of the com
tSsfonf Ind Sthe Superior Court or any
81 ts9S MY of he State Where the company
sEsall asSaElg oftice can, on the application OF
Sstpe khol der bondholder or creditor
sssStssue IAN njnnctionta and plunge the com
& Pasiy Into litigation 1t also provides
ssst halt The Scapital stock Of any railroad
sssqo ON pa ny formed by consolidation or
III Il ffImeTgsdS many manner shall not exceed
pytal stock Of the corporations so
8 SsaG on soi1 eated 5orEmerged. and prohibits
ISL nss1s y an &C. 81 any bond or other evil
sag;sasIngsof5 ebt9a the consideration FOR
sssi ton, merger or pur-,
&C u has mot been noticed by the
ssstS IeEs gpt he State Itlis surprising In
Ssth extre me- hat so radical n mea sure
tt9Atd mo q ave at least been published
ls sf;a Jg1Ia9gHomfne 1ted on.
81 IT BECOMES A LAW.
!2sla teYsr OBJ ect the sintroducer of
1ssssyt tllsA have had, its effect is
ID ss9la q The Seaboard Air Line, the
sSS5s1fgIa$apdSfAiab ama3 and the FLORIDA
aMd ~ eninsular are about to
olidated Y and new securities
g be. issued on the con-
aEaRtsd e PROF ties. Their financial
ems iltsS have been based on the
HS5 eeAtS 81 "a te ssof the! law. Parts of
ia heseS roperties lie in Georgia.
ttSghasfnassag Of talas act can defeat the
atl1l os3 these properties.
:A;IgnIo sTl sASMoNoPoLY
a$5|ssA asSthes RI Nay. by its purchases
SECURE most a: monopoly of the
EetnassS tflisa State II Il hns tho