The Marion daily mirror. (Marion, Ohio) 1892-1912, 1910-01-22

Columbus, o., Jan. 22.--The much
talked Of public utilities bill, prepared
by Representative Wood OF Medina
on lines discussed by Speaker Mooney
with President Taft in their recent
White House conference, has been
completed and will be introduced in
the house Monday afternoon. The
bill, which covers 40 typewriter
pages and makes nearly $4,000 words,
Is based largely on the Wisconsin
public utilities law, although several
important features are copied from
the New York statute.
Under the provisions Of the Woods
bill the Ohio public utilities commits
sion will consist of three members at
an annual salary of $4,000 eacn. The
commission will have full and com
plete control over all express, tele-
graph, telephone, sleeping car, freight
line, equipment, electric light, gas,
natural gas, pipe line. waterworks,
messenger, signal, union depot. water
heating, cooling. street
railroad and railroad companies. and
full power is given the commission
to regulate rates and service to be
rendered by public utility companies.
Valuation of all public utilities is
to be returned to the commission
and by them made public. The COM
mission will also prescribe a uniform
system of accounting, under which
reports must be made and published.
Rebates and discriminating rates
and the granting of passes or free
service OF any kind is also forbidden.
Stock In public utilities can be issued
only at par and bonds at not less
than 75, and only on approval of the
commission. No corporation will be
permitted to hold more than 20 per
cent OF the stock of any other public
utility. No watered stock or bonds
can be issued in the formation of
mergers or In the process of reorgan-
ization. Equipment and apparatus
OF every public utility may be used by
any other utility on order of commits
~
is given to commission.
This would mean that a competing
street railroad or interurban could
compel the line having tracks to let
1t use those tracks or that tele-
phone company may compel it's com.
petitor to allow the use of its wires,
IL this arrangement would serve pub
lie convenience in the judgment of
the commission
1t will not spoil home rule by pro-
viding that In case corporations and
cities fail to agree on franchise terms
either may appeal to the commission,
and 1t may grant franchise. This
scheme, with provision that there
might be referendum on the COM
grant, was planned origin
ally and, according to Woods state
ment, was pleaded for by the big cor.
porations, but opposition among the
Republican members was so strong
that 1t was not included. "F
The bill does provide, however, that
where two corporations, compelled to
service. can not agree on
rates, the commission shall have pow.
er to fix and regulate them. Where
the disagreement ON either franchise
terms or rates Is between the city
and the corporation, the dispute shall
be fought out In the courts, as ii Is
now.
The most important provision OF
the bill is that no public utility com
pany shall issue stock, bonds, mort
cages or any other evidences of In.
debtedness payable In more than one
year from date, until the issue has
first been authorized by the commits
sion. This provision virtually gives
the commission veto over stock is
sues, to prevent stock watering.
Provision against holding compa-
nies is made in section prohibiting
one public utility from owning stock
In another unless authorized 10 do so
by the commission, and no corpora.
tion may, under any circumstances,
hold more than 10 per cent of the
capital stock OF any public utility.
There is also a provision that no
public utility in process of reorganiza-
tion or consolidation with another
shall issue stock until the property of
the company absorbed has been val
ued by the commission and the com.
mission finds that the consolidation is
for the best interest OF the public.
Punishment for violations OF the
act is drastic. Any officer found guilty
shall be sent to the penitentiary for
from one to 10 years. and any direc-
tor or officer making false state
ment shall be fined not less than $500
and sent to the penitentiary for from
one to 10 years. II any one of them
Issue stock in violation of the act,
that stock is void.
The commission is authorized to
have hearing on a complaint by
anyone that any public utility Is
charging excessive rates or Is giving
Inferior service. Or the commission