Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-01-07

heretofore 80 acquired. would he to In
met grievous injury. not only upor
tne corporations affected, but upon s
large body OF the investment holdinl
public 1. however. recommend thai
the law shall be amended so as &c
PROVIDE that, from and after the date
Oh IT'S passage no company subject Ia
the interstate commerce commission
shall directly or indirectly acquire any
interests of any kind in capital stock
| OF purchase or lease any railroad OIL
any other corporation which competes
with IL respecting business to which
the Interstate commerce act applies,
But especially for the protection of the
minority stockholders in securing to
them the best market for their stock, !
| recommend that such prohibition be
coupled with proviso that il shall not
| operate to prevent any corporation
which, at the date of the passage of
| such act, shall own not less than one
half of the entire issue and outstand-
ing capital stock of any other railroad
| company, from acquiring all or the re-
mainder OF such stocks. or to prohibit
any railroad company which, at the
date of the enactment of the law is
operating railroad or any other
corporation under lease, executed for
term of not less than 25 years, from
acquiring the reversionary ownership
| of the demised railroad; but that such
| provisions shall not operate to author
ize or validate the acquisition through
STOCK ownership or otherwise of n
| competing line or interest therein in
violation of antitrust law or other
law.
CAPITAL STOCK ISSUES.
The Republican platform of 1908 fur
ar 10 o.
lation and national supervision as will
prevent the future over-issue of stocks
and bonds by interstate carriers, and
In order to carry out It's provision,
recommend the enactment of law pro-
VldinS that no railroad corporation sub
ject to the interstate commerce act
shall hereafter for any purposes con-
nected with or relating to any part OF
Its business governed by said act, issue
any capital stock without previous or
simultaneous payment to II of not less
than the par value OF such stock or any
bonds or other obligations Except notes
maturing not more than one year from
the date of their issue) without the
previous OF Simultaneous payment to
such corporation of not less than the
par value of such bonds or other obli-
cations. or, II Issued at less than their
par value, then not without such pay
ment of the reasonable market value
of such bonds or obligations as aScer-
tained by the interstate commerce COM
mission. and that no property. services
or other thing than money, shall be
taken in payment to such carrier cor
poration, of the par or other required
price of such stock, bond or other obli-
cation, except at the fair value of
such property. services or other thing
as ascertained by the commission; and
that such act shall also contain pro-
visions to prevent the abuse by the i'm
proyident or improper Issue of notes.
maturing at a period not exceeding 12
months from date. in such manner as TO
commit the commission to the approval
of larger amount of stock or bonds In
order to retire such notes than should
legltimately have been required.
Such act should also provide for the
approval by the Interstate commerce
commission OF the amount of stock and
bonds to be issued by any railroad COM
pany subject to this act upon any re-
organization pursuant to judicial sale
or other legal proceedings, In order TO
prevent the issue OF stock and bonds
TO an amount In excess OF the fair value
OF the property which is the subject OF
such reorganization.
l believe these suggested modiflca-
tions in, and amendments TO the inter-
state commerce act would make Il i
complete and effective measure for Sc
curing reasonableness of rates and fair
ness OF practiSeS In the operation OF
interstate railroad lines, without un-
due preference to any Individual or
class over any others, and would pre-
vent the recurrence of many of the
practises which have given rise In the
past TO so much public Inconvenience
and loss. o.. ..----...-
BY my direction the attorney-gen-
eral has drafted a bill to carry out
these recommendations which Will be
furnished upon request to the appro-
pirate committee whenever it may be
desired.
SAFETY APPLIANCES.
In addition to the foregoing amend
ments to the Interstate commerce law,
the Interstate commerce commission
should be given the power. after a
hearing to determine upon the uniform
construction of those appllanceS-such b
as sill steps, ladders, roof handhole3.
running boards and hand brakes on
freight cars engaged In interstate COM
merce-used by the trainmen in the
operation of trains. the defects and
lack of uniformity in which are apt to
produce accidents and injuries to every
trainman. The wonderful reforms et-
1eClGQ III ltlc VI
and trainmen injured by coupling ac-
cidents due to the enforced introduc-
ton of safety couplers Is a demonstra-
ton of what can be done II railroads
are compelled to adopt proper safety
appliances.
The question has arisen in the opera
ton of the interstate commerce en-
pIoyers liability act as to whether suit
can be brought against the employer
company in any place other than tha
of Its home office The right to bring
the suit under this act should be as
easy OF enforcement as the right of c
private person not in the company's
employ to sue on an ordinary clain
and process in such suits should bt
sufficiently served IL upon the statlor
agent of the company upon whom serv.
| Ice Is authorized to be made. TO bln(
| the company in ordinary actions arls-
| ing under the state laws. Bills fol
| both the foregoing purposes have beer
| considered by the house of representa-.
| tives and have been passed and ar,
| now before the interstate commerc'
| committee of the senate.
| l earnestly urge that they be enacted
| into laws.
| ANTI TRUST LAWS AND
L