The Daily Missoulian., 1910-01-08

fhsr declared in favor Of suci1 legisia
lion and national supervision as vii
prevent the future oyerissue of stock:
b and bonds by Interstate carriers. and
4 IN order to carry out its provision,
! recommend the, enactment Of a Law
! pre- viding that NJ railroad corporation
/ subject to the Interstate commerce act
shall hereafter for any purposes con-
/ nected with or relating to any part OF
its business governed by such act. is
sue any capital stock without previous
or simultaneous payment to it OF not
less than the par value OF such stock
or any lands or other obligations fex-
cept notes maturing not more than
enc year from the date of their is
sue) without the previous or si:pul-
taneous payment TO such corporation
OF not less than the par value of such
bonds or other obligations. or. If is-
sued at less than their par value. then
not without such payment OF the reas-
ohaoie market value of such bonds or
obligafions as ascertained by the in
Ufs'ate commerce commission; and
tnat no property. services or other
thlng IMAM money shall be taken IN
payment to such carrier corpora ton.
OF the par or other required price of
such stock, bond or other obligation.
except at the fair value of such prop
erty. services or other thing as ascer-
tathed by tho commissions: and that
such ACT shall also contain provisions
70 prevent the abuse by the improve
ueH' or improper issue of notes ma
turing az period not exceeding 12
months from date. In such manner as
10 commit the commission to the ap-
pfoxal OF larger aount of stock or
ponus IN order To retire such notes
man should legitimately have been re-.
quired.
Effective Measure.
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
pursuant to judicial |
,aie or other legal proceedings. in or
'er TO prevent the issue Of stock and |
'onds to an amount in excess of the |
ar value of the property which is the |
unJect OF such reorganization. I be-
'eVe' these suggested notifications in,
ma amendments to the interstate
commerce. act would make 1t COM
'iete ana effective measure for secur-
ny reasonableness of rates and fair
ess OF practices In the operation of
Interstate railroad lines, without un-
ue preference to any individual or
lass over any others: and would pre-
ent the recurrence of many of the
ractfees which have given rise in the
ast to much public inconvenience and
,ss.
Bill Drafted.
BY my direction the attorney sener-
has drafted bill to carry out these
which will be fur
lsned upon request to the appropriate
'mniittee whenever It may be de-
red. In addition t. the foregoing
nsndments to the interstate com
lerce law. the Interstate commerce
,mmission should be given the power
tier hearing. to determine upon the J
inform construction of those applj
nces-such as steps. ladders. roof 9
andholds. running boards and hand !
axes on freight cars engaged In in
Estate commerce-used by the train.
me Vpera ton 9f :traihs the de- !.
sess s5 ana lack OF nnif9rniitH in which =.
- ~ Pa*'uteG dtGiueIlIS ana IN /
ries to every trainman. The wonder c
i reforms effected In the rnumber of u
'itchnen and truinmen injured by 2
upling accidents, due 60 the en- D
reed Introduction of safety couplers. u
a demonstration of what can ba n
me II railroads are compelled to D
lopt proper safety appliances.
The question has arisen in the on
alton of the Interstate commerce c
npioyers' liability act as to whether p
III can be brought against the en- n
oyer company In any place ether
an that of its home office. The right
bring the suit under this act shouId !,
as easy Of enforcement as the right :,
private person not i'm the com :,
Inys employ to sue ON an ordinary :.
ann and process in such suits should :,
sufficiently served Ii upon the sta :,
N agent of the company upon whom :,
rsiee Il authorized to be made. To :
M the company in ordinary actions y,
lsing under The state laws. Bills for =,
IN the foregain- purposes nave heen =
hsiaer"d by the house of representa- !,
'es and have been passed and are =.
" before the interstate comneece :.
nntitteo of the senate.
earnestly urge that they be enacted
% laws.
LAWS. FEnFRAI p,