Ottumwa tri-weekly courier., 1910-01-08

/ subject, however, In the exercise OF
this right to such reasonable regli-
lations as the interstate commerce
commission may prescribe.
Would Maintain Competition.
! I recommend that the law shall be
amended so as to provide that from
and after the date of its passage no
railroad company subject to the in
1 terstate commerce act shall, directly
or indirectly, acquire any interests of
any kind in capital stock, or purchase
or lease any railroad of any other COR
poratton which competes with 1t re-
specting business to which the inter-
state commerce act applies. But espec-
tally for the protection of the minority
stockholders In securing to them the
best market for their stock, l recon-
mend that such prohibition be coupled
with proviso that 1t shall not oper-
ate to prevent any corporation which,
at the date of the passage of such act,
shall own not less than one half of the
entire issued and outstanding capital
stock of any other railroad company
from acquiring all or the remainder OF
such stock; nor to prohibit any rail-
road company which at the date of
the enactment of the law is operating
railroad of any other corporation
under lease, executed for a term of
| not less than tweyt-five years, from
acquiring the reversionary ownership
| of the demised railroad; but that such
provisions shall not operate to author
ize or validate the acquisition, through
stock ownership or otherwise, of "a
competing line or interest therein in
violation of the antitrust or any other
| law.
Over Issue of Stock and Bonds.
The Republican platform of 1908
further declares In favor of such ma
tional legislation and supervision as
| will prevent the future over-issue of
stocks and bonds by Interstate car
riers, and in order to carry out it's pro-
visions l recommend the enactment Of
a law providing that no railroad cor
poration subject to the interstate COM
merce act shall hereafter for any pur-
pose 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 obli-
| cations Except notes maturing not
more than one year from the date of
their issue), without the previous or
simultaneous payment to such cor
porat1on of not less than the par value
/
their par value. then not without such
| payment of the reasonable market
value OF such bonds as ascertained by
the interstate commerce commission.
| Such act should also provide for the
approval by the interstate commerce
commission of the amount of stock
and bonds to be issued by any railroad
company subject to this act upon any
reorganization, pursuant to judicial
sale or other legal proceedings, in or
der 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.
| believe these suggested modifica-
tlons in and amendments to the inter-
state commerce act would make it a
complete and effective measure for Sc
| curing reasonableness 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 pre-
practices which have given rise In the
past to so much public inconvenience
| and loss.
By nv direction the attorney general
! has drafted bill to carry out these
Irecommendations, which will be furn-
,fshed upon request to the appropriate
committee whenever It may be desired.
l
In addition to the foregoing amend
ments of the interstate commerce law
! the interstate commerce commission
should be given the power, after a
nearing, to determine upon tfre uni
/ form construction of those appliances
such as sill steps, ladders, roof hand
! holds, running boards, and hand
brakes on freight cars engaged in in
[ terstate commerce-used by the train
men in the operation of trains, the de-
fects and lack of uniformity in which
are apt to produce accidents and in
turies to railway trainmen. The Won
derful reforms effected in the num-
/ per OF sWitchmen and trainmen injured
lIby coupling accidents, due to the en-
forced introduction of safety couplers
! is demonstration of what can be
done If railroads are compelled to
adopt proper safety appliances.
The question has arisen in the oper-
alton of the interstate commerce en-
ployer's liability act as to whether suit
can be brought against the employer
company in any place other than that
of its home office. The right to bring
the suit under this act should be as
easy Of enforcement as the right of a
private person not in the companys
! employ to sue on an ordinary claim,
and process in such suit should be
sufficiently served if upon the station
"SS.' VI IhS Soliipdiiy UPON WHOln
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-
sidered by the house of representa-
tives, and have been passed, and are
now before the interstate commerce
commission of the senate. / earnestly
urge that they be enacted into law
i---
/ Anti Trust Law And
Federal interpretations
The antitrust statute has been on