The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1910-01-07

4 reasonahleness Of such change. and
that it be further empowered, in its
discretion, to postpone the effective
date of such proposed increase for a
period not exceeding sixty days be.
yond the date when such rate would
f4afse effect If within this time it
shall determine that such Increase is
4 unreasonable, il may then either for
bid the increase or fix the maximum
4 beyond which ii shall not be made.
/ II, on the other hand at the expira-
zion CT this time, the commission
shall not have completed it's investi-
cation, then the rate shall take effect
precisely as Il would under the exist
ing law, and the commission may
continue It's investigation with such
results as might be realized under
the law as il now stands.
Rights CT the Slipper
| know Of no reason why a shipper
slould not have the right TO elect
be ween two or more established
through routes TO which the initial
cal Ter may be party. and TO re-
luise his shipment to be transported
TO destination over such of such
rot es as he may designate for that
purpose. | therefore recommend that
Saction Is Of he Interstate com
merce act be SO amended as to per-
nit of this.
The Republican platform Of 1908
decla ed in favor Of amending the
Interstate commerce law, put so as
always 10 maintain the principle OF
competition between naturally com
peting lines. and avoiding rne com.
men control OF suca lines by any
means whatsoever. One of the most
potent means OF exercising such con
troll has been through the holding Of
stock OF one railroad company by an.
other company owning q competing
line. This condition has grown up
under express legislative power con.
fe red BY the laws Of many states
and to attempt now TO suddenly re-
verse that nolicy SO far as ii affects
.Ile ownership OF stocks heretofore
so acquired. would be TO infllct a
grievous injury, not only upon the
corporations affected, but upon a
large body of the investment holding
public. |, however, recommend that
the law shall be amended so as 10
provide that from and after the date
OF It's passage no railroad company
subject TO the interstate commerce
act shall. directly or Indirectly, ac-
quire any interests of any kind in
capital stock. or purchase or lease
any railroad OF any other corporation
which compares with Ii respecting
business TO which the interstate com
merce acy applies. But especially
for the protection OF the minority
stockholders in securing for them
the best market for their stock, |
recommend that such p ohibition be
coupled with proviso that 1t shall
net operate to prevent any corpora
iicn which. at the date OF tho pass
age OF such act, shall own not less
than one-half of the entire issued and
outstanding capital stock of any otA-
er railroad company from acquiring
all or the remainder of such stocks
or TO prohibit any railroad company
what the date of the enactment OF the
law Is operating a railroad of any
other corporation under lease. exc.
cuted for a term cf not less than %
years, from acquiring the reversion.
airy ownership of the demised rail
road, but that SUI provisions shall
not operate TO authorize or validate
the acquisition through stock owner
ship or Otherwise. of a competing
line or interest therein in violation
OF the antitrust or any other law.
Quotes Republican Platform.
The Republican platform OF 1908
further declares in favor of such ma
liona, legislation and supervision as
will prevent the future over issue OF
stocks and bonds by interstate car
rieis. and in order to carry out its
provisions. | recommend the enact
ment OF law providing that no rail
road corporation subject to the in
lefstate commerce act shall hereafter
TO- any purpose connected with or
relating 10 any part of its business
governed by said act. issue any cap
ital stock without previous or simuL
taneous payment TO II of not less
than the par value of such stock. or
any bonds or other obligations Tex
cept notes maturing not more than
one year from tae 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. ii issued at
less than their par value. then not
without such payment of the reason.
able market valne OF such bonds or
obligations as ascertalned by the
Interstate Commerce commission:
and that no property services. on
othes thing than money. shall be TAX.
en- in payment 10 suci carrier cor
poration. of the par or other required
price OF such stock bond or other
obligation. except al the face value Of
such property. services OF other
thing as ascertained by he commits
sion; and that such act shall also
contain PROVISIONS 10 pre- vent the
abuse by the improvident or improp.
er issue OF notes maturing at period
net exceeding twelve months from
date. in such manner as TO commit
the commission ~ the approval OF a
larger amount of stock or bonds in
order TO retire such notes than should
legitimately have been required.
Such act should also provide for
the approval by the Interstate Com
merce commission of the amount Of
stock and bonds to be issued by any
railroad company subject to this act
upon any reorganization pu suan; to
judicial sale or other legal proceed
ings. in order to prevent the issue Of
stock and bonds 10 an amount in ex-
cess OF the face value of the property