Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-01-07

such act, shall own not less than one
half of the entire issued and outstand-
ing capital stock of any other railroad
company, from acquiring all or the re-
rnainder of such stock; nor to prohibit
any railroad company which at the
date of the enactment of the law is
operating a railroad of any other cor
poration under lease, executed for a
term of not less than twenty-five years.
from acquiring the reversionary own
ership of the demised railroads; but
that such provisions shall not operate
to authorize or validate the acquisi-
ton, through stock ownership or other
wise, of a competing line or Interest
therein in violation OF the antitrust or
any othr- law.
The Republican platform of 1908 fur
Their declares in favor of such national
legislation and supervision as will pre-
vent the future overissue of stocks and
bonds by interstate carriers. and IN
order to carry out its provisions j
recommend the enactment of a law
providing that 10 railroad
tion subject to the interstate COM
merce act shall hereafter for any
purpose connected with or relating
to any pat of Its business gov
erned by said net, issue amy capital
stock without previous or stimuli {
snneous payment to It Of mot less
than the par value of such stock,
or any bonds or other obligations :
Except notes maturing not more
than one year from h date of
their issue, without the previous
or simultaneous payment to such
corporation of not less than the
par value of such bonds, or other
obligations, or, If issued at less than
their par value. then not without such
payment of the reasonable market
value of such bonds or obligations as
ascertained by the Interstate COM
merce Commission; and that no prop
erty, services. or other thing thar
money, shall be taken in payment to
such carrier corporations, of the par
or other required price of such stock,
bond or other obligation, except at the
fair value of such property, services
or other thing as ascertained by the
commission: and that such act shall
aiso contain provisions to prevent
| tue aDuHe ny tnt AInRiONiuCnt OE u
proper issue of notes maturing Mt
n period not exceeding twelve
months from date, In such manner
as to commit the comission to the
approval of n larger amount of
stock or bonds In order 10 retire
such notes h "a should legitimate
~ have been required.
Such act should also provide for thu
approval by the Interstate Commerce.
Commission of the amount of stool
and bonds to be issued by any railroad
company subject to this act upon any
reorganization, pursuant TO judicia
sale or other legal proceedings, in ordei
to eve the issue of stock and bond
ITO an amount in excess of the fail
value OF the property which is til,
subject of such reorganization.
Effective Regulation.
| believe these suggested lnodilca,
lions in and amendments to the inter
state mmerc act would make 1t {
complete and effective measure for Sc
curing reasonableness of rates ant
fairness of practises in the operation
Of Interstate railroad lines, withou
undue preference to any individual o.
class over any others; n would pre-
vent the recurrence OF many of TIL
practises. which have given rise in TIN
past to so much public inconvenience
and loss. ,
BY my direction the attorney-genera
has drafted a bill to carry out thes,
recommendations, which win be fur
nished upon request to the appropriate
committee whenever it. may be desired
Ia addition to the foregoing amend
ments of the interstate commerce law
the Interstate Commerce Commission
should be given the power, after
hearing, to determine upon the uni
form construction of chose appliance
-such assist steps, ladders, root hand
holds, running-boards and hand-brake
on freight cars engaged in interstate
commerce-used by the trainmen II
the operation OF trains. the defects ant
lack Of uniformity in which are apt t
produce accidents and injuries to rail
way trainmen. The wonderful reform
effected in the number of switchmcl
and trainmen injured by coupling ac
cidents, due TO the enforced introduc
ton of safety couplers. Is a demon
stration of what can be done If rail
roads are compelled to adopt prope
safety appliances.
The question has arisen In the opera
ton of the interstate commerce en-
ployer's liability act as to whether sui
ran be brought against the employee
company in any place other thai tina
of it's home office. The right to- brin
the suit under this act should be a
easy of enforcement as the right OF
priyate person not in the company