The Yale expositor., 1905-05-05
Biils Affecting Railroads.


citation having appeared before the SEN
ate railroad committee in support Of
the Cook reciprocal demurrage bill.
The shippers complain that all the al
vantages are now with the companies.
which make demurrage charges at
their own sweet will, while the ship
pers may be delayed indefinitely 10y
the companies without having the
slightest redress. The shippers made
Of the statement that when an outside
shipper desires 10 make q shipment
across the state cars are Immediately
furnished, but when n local shipper de-
sircs TO make shipment he is obliged
to await the pleasure of the companies
y former president Of the Hay Deal
ers' association submitted proof Of the
fact that although he ordered 400 cars
last November he failed to he supplied
with a single car that month and re-
ceived only eleven in December. The
shippers ask that the companies be
penalizcd for fail're to furnish cars
just as they peilllize shippers for
failure 20 unload cars within Il speci-
fled time.
Drastic Antitrust Bill.
The Bland antitrust bill which has
been passed by the house without n
dissenting vote, is extremely sweeping
and drastic in its provisions. It de-
clares TO he against public policy and.
therefore, illegal and void all agree
ments and contracts by which any per-
! son, co-partnership or corporation
promises or agrees not to engage in
any vocation, employment, pursuit,
trade, profession or business, whether
reasonable or unreasonable, partial or
| general, limited or unlimited. All COM
binations entered into for the purpose
and with the intent of establishing and
maintaining or Of attempting to estab-
! lish and maintain a monopoly of any
trade or business is likewise declared
void. Any foreign corporation or
ganzed with any such intent is pro
hibited from transacting business in
Michigan, and any permission hereto
fore granted to any such corporation
to operate in this state is made void.
| All contracts made in violation of this
act are nullified. The only exception
made is that the act shall not apply ito
! contracts mentioned in this act or in
restraint of trade where the only OBJ
ject of the restraint imposed by the
contract is TO protect the vendee or
transferee of trade, etc, or the good
will thereof, sold and transferred for
valuable consideration in good faith
and without any intent to create, build
UP, establish or maintain monopoly"
Amendment to Banking Laws.
As the result of experience growing
out of bank failures in Michigan, Rep
resentative Lord has had passed by
the house an important amendment to
the banking laws with a view to pre-
venting the fraudulent manipulation OF
the assets of state banks. The bill
provides that no depositor can be made
a preferred creditor by the pledging
Of assets Of the bank as collateral; no
certificates of deposit can be issued for
the purpose of borrowing money; au-
thoriZes the banking commissioner ia
restrain banks from habitually Dor
rowing money for the purpose of re-
loaning it: provides that no overdraft
Of more than ninety days standing
shall be allowed TO be included in the
assets of the bank.
Board to Examine Accountants.
Both houses have passed the Ashley
bill, which creates state board
whose duty 1t shall be to examine and
license accountants. The jerome bill
which sought to extend an existing
law so as TO provide for the examina.
ton and licensing of all horseshoers
working i'm the state, has been defeated
in the house.
The house has fixed two special or.
ders for this week: This afternoon is
set for the consideration of the Nc.
Kay bill increasing from $500 to 81, 0OC
the liquor license fee, and tomorrow
The bill exempting credits from taxation
will come up as a special order. The
former measure is not likely to pass
and it is predicted that the vote on the
credit bill will be very close.
During the present session of the leg
islature there have been introduced
twenty-five joint resolutions providing
for the submission to the people of the
state as many propositions to amend
the constitution. This is cited as con.
elusive proof of the inadequacy OF the
existing constitution which wac
adopted In 1850. Affairs I'm general
It is argued, have drifted away from
the moorlnes M those days ana the
state Is sadly in need of n new organic
law.
IAAfEQ " nApRY