Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1910-01-13

should not have the right to elect be-
tween two or moro established through
routes, subject. however. In the exer-
else Of this right to such reasona bic
regulations as the interstate commerce
commission may prescribe.
recommend that the law shall be
amended SO as to provide that from
and after the date Of it, passage no
railroad company subject to the inter-
state commerce act shall, directly or
Indirectly. acquire any interests Of any
kind In capital stock or purchase or
lease any railroad Of any other corpO-
ration which completes with II respect
Ing business to which the interstate
commerce act applies. But especially
for the protection of the minority stock
holders In securing to them the best
market for their stock recommend
that such prohibition be coupled with
q proviso that 1t 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 en-
tire issued and outstand capital
stock Of any other railroad company
from acquiring all or the remainder Of
such stock nor to prohibit any railroad
company which at the date Of the en-
actment Of the law Is operating a rail
road Of any other corporation under
lease, executed for a term Of not less
than twenty-five years. from acquiring
the reversionary ownership Of the de.
missed railroad. but that such provi-
sions shall not operate to authorize or
validate the acquisition, through stock
ownership or otherwise. Of q compel.
Ing line or interest therein in violation
Of the antitrust or any other law.
"Waterins" Of keiiroad Stock.
l recommend the enactment Of a law
providing that no railroad corporation
subject to the interstate commerce act
shall hereafter for any purpose con-
nected with or relating to any part of
its business governed by said act issue
any capital stock without previous or
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 issuc) without the
previous or simultaneous payment to
such corporation Of not less than the
par value Of such bonds or other obi
cations. or. II issued Mt less than their
par value. then not without such pay.
ment Of the reasonable market value
of such bonds or obligations as ascer.
tanned by the interstate commerce CON-
and that no property services
or other thing than money shall be
taken in payment to such carrier cor
poratioM OF the par or other required
price Of such stock. Eond or other oh
legation except at the fair value of
such property, services or other thing
as ascertained by the commission, and
that such act shall also contain provi.
slons to prevent the abuse by the i'm
provident or improper issue of notes
at period not exceeding
twelve months from date In such man
ner as to commit the commission to the
bonds in order to retire such notes
than should legitimately have been re-
CURED.
Such act should also provide for the
by the interstate commerce
Of the amount Of stock
and bonds to be issued by any railroad
company subject to this act upon any
reorga nizatiop pursuant to judicial sale
or other legal proceedings in order to
the issue Of stock and bonds
to an amount in excess of the fair
value Of the property which Is the sub
ject Of such reorganization.
In addition TO the foregoing amend
meuts Of the interstate commerce law.
the interstate commerce commission
should be given the power, after
hearing. to determine upon the uni
form construction Of those appliances
used by the trainmen in the operation
of trains the defects and lack Of uni
formity in which are apt to produce
accidents and injuries to railway train
men.
The question has arisen In the oper-
nton of the interstate commerce em-
ployers' liability act as to whether
suit can be brought against the en-
ployer company IN any place other
than that of its home Office. Process
in such suit should be sufficiently serv-
I'd if upon the station agent Of the
company upon whom service Is au-
thOrized to be made in ordinary ac-
lions arising under state laws.
Antitrust Law and Federal ineorpora.
ton.
The increase In the capital Of bust
ness for the purpose Of reducing the
cost OF production aud sffecting econ
omy in the management has become
as essential In modern progress as the
change from the hand tool to the ma
chine. When, therefore, we come to
the object Of congress in
adopting the go called Sherman anti
rust act" In 1890. whereby In the first
section every contract. combination In
he form Of trust or otherwise or
conspiracy in restraint Of interstate or
'oreign trade or commerce is con-
iemned as unla wful and made subject
o indictment and restraint by injunc-
ion and whereby In the second sec.
ion every monopoly or attempt to mo-
,0polize and every combination or
conspiracy with other persons to mo.
'opoiize any part Of interstate trade
n commerce is denounced as illegal
Ind made subject to similar punish
nent or restraint, we must infer that
he evil aimed mt was not the mere
'igness Of the enterprise. but It was
he aggregation Of capital and plants