Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1910-01-08


me that this power. II granted should
be conferred 10 a very limited and re-
stricted form therefore recommend
that the Interstate commerce commits
sion be empowered Whenever any pro
posed increase Of rates Is filed. at
once. either on complaint or Of its own
motion. to enter upon an investigation
into the reasonableness Of such change
and that 1t be further empowered In
its discretion TO postpone the effe'@ve
date OF such proposed increase for a
period not exceeding sixty days be-
yond the date when such rate would
take effect II within this time ii
shall determine that such increase is
unreasonable II may then by its order
either forbid the increase at all or
fix the maximum beyond which 1t
shall not be made IL. on the other
hand. ut the expiration of this time
the commission shall not have COM
pleted its Investigation. then the rate
shall take effect precisely as ii would
under the existing law. and the COM
mission may continue its investigation.
Shipper to Have .hoice Of Routes.
know Of no reason why shipper
should not have the right to elect be-
tween two or more established through
routes. subject. however, In the exer-
else of this right to such reasonable
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 its passage no
railroad company subject to the inter-
state commerce net 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 1t 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
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 outstanding capital
stock Of any other railroad company
from acquiring all or the remainder or
such stock nor to prohibit any railroad
company which at the date Of the en-
actment of the law Is operating rail-
road of any other corporation under
80 los
than twenty-five years, from acquiring
the reyersionary ownership of the de-
missed railroad. but that such proyi-
sions shall not operate TO authorize or
validate the acquisition, through stock
ownership or otherwise. of Compel
ing line or interest therein In violation
of the antitrust or any other law.
watering" of Railroad Stock.
| recommend the enactment of 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 or
its business governed by said act issue
any capital stock without previous or
simultaneous payment to 1t 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 issueD without the
previous or Simultaneous payment to
such corporation of not less than the
par value of such bonds or other obli-
cations. or If issued at less than their
A.
par value, then not without such pay
ment of the reasonable market value
of such bouds or obligations as ascer-
tanned by the interstate commerce com
mission, and that no property. services
or other thing than money shall be
taken In payment to such carrier cor
poration of the par or other required
price Of such stock. bond or other Cd
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'
sions to prevent the abuse by the I'M
provident or improper issue OF notes
maturing at a period not exceeding
twelve months from date in such man
uer as TO commit the commission to the
approval of larger amount or stock OF
bonds i'm order to retire such notes
than should Iegtimately have been re
quired
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 order &c
preyent the issue of stock and bonds
to an amount in excess of the fall
value OF the property which is the sub
iect of such reorganization.
In addition TO the foregoing amend
ments 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 v hich are apt to produce
accidents and injuries to railway train
/ men.
| The question has arisen in the oper