Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-01-07

any railroad Of any other corporation
| which completes with it respecting bust
ness to which the interstate commerce
act applies But especially for the pro-
lection of the minority stockholders in
securing to them the best market for
their stock, l recommend that such pro-
hibitlon be coupled with a proviso that
it shall not operate to prevent any cor
poration, which. at the date of the pas
sage OF such act, shall own not less than
one-half of the entire issued and out
standing capital stock of any other rail-
, road company. from acquiring all or the
| remainder 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 corporation under
lease. executed for tenn of not less
| than twenty-five years. from acquiring
the reversionary ownership of the de-
missed railroad: but that such provisions
shall not operate to authorize or validate
1.-THE acquisition. through stock ownership
or otherwise. Of a competing line or in
terest therein in violation of the anti
trust or any other law.
The republican platform of 1908 further
declares in favor of such national legis-
lation and supervision as will prevent
the future overissue of stocks and
bonds by interstate carriers, and in order
to carry out its provisions / recommend
the enactment of law providing that no
railroad corporation subject to the inter-
state commerce act shall hereafter for
any purpose connected with or relating
to any part Of it's business governed by
said act, issue any capital stock without
previous or simultaneous payment to IT
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 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 as
certained by the interstate commerce
commission, and that no property. serv-
ices, or other thing than money, shall be
taken in payment to such carrier corpo-
rat on, of the par or other required price
of such stock. bond or other obligation.
except at the fair value of such prop
erty. services other thing as ascer-
tanned by the commission. and that such
act shall also contain provisions to pre-
vent the abuse by the improvident or I'M
proper issue of notes maturing al PERIOD
not exceeding twelve months from date,
| n such manner as to commit the COM
mission to the approval of larger
| amount of stock or bonds in order to re-
tire such notes than should legitimately
have been required.
Such act should also provide for the
approval by the interstate commerce COM
mission of the amount of stock and bonds
to be issued by any railroad Company
subject to this act upon any reorg aniza-
Ton. 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.
Would Be Fair to All.
l believe these suggested notifications
IN and amendments to the interstate COM
| merce act would make 1t complete and
effective measure for securing reasonable
ness Of rates and fairness of practices
in the operation of interstate railroad
lines, without undue preference to any
individual or class over any others, and
would prevent the recurrence of man!
of the practices which have given rise
| in the past to SO much public incon-
venience and loss.
| BY my d rection the Attorney General
| has drafted a bill to carry out these
recommendations, which will be furnished
upon request to the appropriate com
mittee whenever it may be desired,
In addition to the FOREGOING amend en- ID
ments of the interstate commerce law.
the interstate commerce commission
should be given the power. after he ar
ing, to determ.n ne upon the uniform con-
struction Of those appiances-such a
! ming boards and hand brakes on freight
| .ars engaged in interstate commerce
! ,sed by the trainmen in the operation
| f trains, the defects and lack of I'M
| ormity in which are apt to produce ac-
| dents and injuries to the railway train
| len. The wonderful reforms effected
| 4 the number of switchmen and train
| zen injured by coupling accidents. due
the enforced introduction of safety
| ouplers. is a demonstration OF what can
| ,e done If railroads are compelled to
| dept proper safety appliances.
The question has arisen in the opera
| ion of the interstate commerce employers
ability acr as to whether suit can be
| brought against the employer company
| in any place other than that of it's home
office. The right to bring the suit under
this act should be as easy of enforce
ment as the right of a private person
not i'll the companys employ to sue on
, an ordinary claim. and process in such
suit should be sufficiently served IL upon
the station agent of the company upon
| whom service is authorized to be made
to bind the company in ordinary actions
arising under state laws. Bills for both
| the foregoing purposes have been con-
| $ dered by the House of Representatives
and have been passed. and are now be-
! fore the interstate commerce committee
/ of the Senate. l earnestly urge that
they be enacted into law