The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1911-02-25

veto the measure. They then can
square themselves with their cohstftu-
ents and blame the governor for tho
failure OF the bill to become a law.
Two-cent Fares for U. p.
This Is a hard year for poverty
stricken corporations. Judging from
| present indications the legislature will
pass a two cent fare law for the upper
| peninsula Land Commissioner Nc
Pherran Of the Duluth South Shore
railroad is working hard against tho
proposition. but finds little encourage
ment among the members. The pas
senger earnings OF the II. s. & A. ara
over $1,000 per mile Of their system.
The law now in force in the lower
!, peninsula compels railroads 10 carry
passengers for two cents per mile
when their earnings exceed 81 200 per
mile
The ID. S & a. road claims that they
are the only road in the upper PENN
sula that will come under the proposed
act. as the other railroads in that sec.
ton OF the state compute all the side
tracks and timber and ore spurs in
their total mileage Representative
Oppenborn, however. will introduce an
amendment when the bin comes or
the floor. which provides that only
tracks can be considered over which
one train each way is run every day.
Representative Keppler of Houghton
IS taking active part in trying 10 Sc
cure two-cent fares for upper peninsula
Frenzied Finance In Railroads.
A sample OF high financing and stock
watering which was practiced in for
mer years before strict laws against
such pcrnicious practices went into
effect Is found in the affairs Of the
Duluth. South Shore & Atlantic. This
road received land grants from the
United States government and the statc
al Michigan for more than 100000
acres. Later this land was bonded
for 81 an acre. and as time progressed
most of the land, valuable for orc and
numbering purposes. was disposed OF
Later the road went into the hands Of
a receiver and was purchased by the
present owners. Now 81 per cent OF
the stock Is owned by the Canadian
Pacific railroad which uses the ID.
S. & A. as a feeder for their Canadian
system.
The capital stock OF the road con
sists OF Sl0.000.0Oo preferred stock
and $4,000 600 in common stock. q
total Of S22,0O0.000 On top OF this the
road is carrying a burden Of bonded
Indebtedness OF S2S,000. 600 bringing
the total liabilities Of the road UP 10
$4,000. 900 Professor Cooley, Mich
iean's authority on railroad valua-
ton, claims the road can be repro
duced for S12,000,O0 leaving S3s000,-
COO Of stock and bonds OF purely fc-
tiuous value.
These railroads expect the people OF
the state 20 pay Them a reasonable in
tcrcst on these Investments and. when
forced 10 reduce their freight and pas.
senger charges by the legislature. they
seek refuge behind their watered
stock. Governor Osborn. I'm his mes
sage TO the legislature, called attention
10 this fact and stated that the people
will not stand TO be deeoed any long
or by transportation companies IN
order that they may pad dividends on
oyercapitalized stock and bonds
Employers Liability.
Seven or eight different bills relat-
ing 10 employers liability have been
drafted and introduced In the house.
The senate has passd the James.Mor-
iarty bill. which Is favored by the
mining interests. This bill provides
that in case of accidental death while
in the discharge Of his duties the heirs
of the laborer viii receive a settle
mcnt OF $500 from the corporation.
Some members in the house are In
favor OF making the indemnity pay
able IN the form OF q pension 40 the
rate Of S35 per month. This, they
claim would protect the children in
case the widow remarked.
Another bill will shortly be intro.
duced along the same line but radical
ly different IN form This bill was
drawn by the attorney general nj the
suggestion Of Insurance Commissioner
Palmer This administration measure
viii provide for the creation Of a fund
collected from the employer and en-
ployce az certain periods. and out Of
This fund all claims relating from in
iufies and fatalities viii be paid.
February 2S Is sat as date when a
pu hearing viii he held ON this
subject and w1t1 -epr-s antaiyes az
trades councils ard GER araicIs ar
expected 10 make thaa ear0nco he
fore tho committee end Ta8f rrt the
matter Of worldnrmcn irserarca
Bill For T5rrens Syetsr
Representative g. y Smonds ~
Monomlncc introduced n hill neotil
Ing for the adoption ot the roreus
system Of registration Of land aud land
titles. This bin rs intended 10 simplify
tho recnrda now M moo nnd nrnNLlna