El Paso herald. (El Paso, Tex.) 1901-1931, 1910-01-07

TO preside over the Nicaraguan white
house"
, vestigation with such results as might
be realized under the law as it now
stands.
Suggests Another Amendment
The claim is advanced by some large
association of shippers. that shippers of
freight should be empowered TO direct
the route over which their shipments
should pass to destination and 1t has
been urged that the provisions of the
interstate commerce act which now en-
powers the commission, after hearing
on complaint, ITO establish through
routes and maximum joint rates to be
charged. etc. when TO reasonable or
satisfactory through rate shall have
been already established. be amended
SO as to empower the commission TO
take such action even when one existing
reasonable and satisfactory route al
ready exists. This seems to me TO be a
reasonable provision However, in the
exercise, in this right the shipper
/, should be subject TO such reasonable
regulations as the interstate commerce
commission. may prescribe.
The Republican platform of 1908 de-
clared in favor of amending the inter-
state commerce law but so as always to
maintain the principle of competition
between naturally competing lines and
avoiding the common control of such
! lines by any means whatsoever. One
of the most potent means OF exercising
such control has been through the hold
! ing OF stock of one railroad company
! by another company owning a Compel
! ing line.
To Prevent Combinations
I therefore recommend that the law
/ shall be amended so as 10 provide that
from and after the date of its passage,
10 company subject TO the interstate 4
commerce commission shall directly or
indirectly acquire any interests of any
kind in capital stock or purchase or
| lease any railroad OF any other corpor-
alton which completes with il. respecting
I business to which the interstate COM
merce act applies. But especially for
! the protection of the minority stock
holders, 1 recommend that such prohi-
bition be coupled with a proviso that
/ shall not opera to prevent any cor
] poration which ct the date of the pas
sage of such act, shall own not less
than one half of the entire issued and
! outstanding company stock OF any
{ other railroad company. from acquir-
ing all the remainder of such
/ stocks; or 10 prohibit any railroad COM
! pany which AT the date OF the enact
ment of the law is operating a railroad
| of any other corporation under lease.
executed for term of not less than %
years from acquiring the reversionary
ownership of the Gemised railroads;
but that such provisions shall not oper-
! ate to authorize OF validate the acquisi-
ton through stock ownership or other
| wise OF q Competing line or interest
therein in vi0fatior of the antitrust or
any other law.
Stocks and Bonds
L also recommend 1iie enactment OF a
/ law providing that no railroad corpora
ton subject 10 the interstate commerce
act shall hereafter for any purposes
connected with or relating to any part
of its business governed by said act
issue any capital stock without pre-
vious or simultaneous payment to il of
not less than the par value of such
stock or any bonds other obligations
Except notes maturing not more than
one year from the 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 in not without
such payment of the reasonable market
value of such bonds or obligations as
ascertained by the interstate commerce
commission; and, that no property ser
vices, or other thing than money: except
at the fair value of such property or
services as ascertained by the commits
sion.
Such act should also provide for the
approval by commission of the amount
of bonds and stocks to be issued by any
railroad company subject to this act
upon any reorga niZation pursuant to
judicial sale 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. BY my
direction the attorney general has |
drafted a bill to carry out these recon-
mendations, which viii be furnished on
request to the appropriate committee
whenever it may be desired
Employers Liability.
The question has arisen in the oper-
alton of the interstate commerce en-
ployers' liability act as to whether suit |
can be brought against the employer |
company in any place other than thai |
of its home office The right to bring |
the suit under this act should be most |