Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1913-12-25
BIG RUSH NOW ON
TO WATER STOCKS

Chicago. Dec. 20.-The last Illinois
legislature provided the state with a
public utilities commission. All the
states nave been solicited for such a
commission. blu not by the people
who are interested in the utilities only
as customers.
A curious result has followed the
creation of the Illinois commission.
The commission has not yet been APP
pointed. but big corporations of the
state are not waiting for that. Rather,
they AVE anticipated the coming of the
commission by increasing their capital
stock in the sum of $780,
100000 since September 1, affording the
state a filling fee of 5000, 900. Normally
within that time n under ordinary
financial conditions. The state would
receive from thai source about $25,0O
While there is more or less uncer-
tainty surrounding the probable effect
of the enforcement Of the provisions OF
the so-called public utilities commission
law, which becomes effective the first
OF the year, one thing is comparatively
well settled now, and that is that a
nulnbaa of the big corporations sub
ject to its provisions have attempted
to fortify themselves against, it," said
Il state official.
Taking time by the forelock public
service corporations nave made ire
mendous increases in their capital
stock. mergers and consultations have
taken place, bylaws have. been amend
ed and changes made. and now the
casual observer might take it for
granted that big business, as repre-
scented in the stocks and bonds of
public utilities, awaits the coming Of
the new year and consequent covering
of the new law in contented security.
big corporations are usually wise
ones in matters of legislation when
they are to be affected thereby. The
present law, in my judgment. was no
surprise to them. In fact, there are
people both unkind and indiscreet
enough to suggest that the new law is
exactly what the larger and wiser cor
porations wanted.
Show Nc Fear of Law.
TT follows without argument that a
corporation which is willing to pay a
fee of $4,000 to the state for the priv
ilege of increasing it's capital stock a
possible $50, 00O, 900 is not afraid of the
law under which it must operate. And
this is not all. 1t would seem to be
ais strong evidence that a private cor
poratlon. subject to control. has little
e OF the competition to be expected
from municipal owned and controlled
pubic utilities under the law authoriZ-
Ing them on the one hand and exempt
ing them on the other.
Some of Little Concerns.
Tn this class will be found county
n township. mutual telephone compa-
MES, gas and electric light companies
in the smaller cities, w and viii
lagos; warehouses, cold storage and ice
plants, elevators, etc, in small towns
and the rural districts, and which come
under the provisions of this act. These
little concerns, as a rule, cannot afford
to retain lawyers, except in emergency
cases. Consequently they may not be
prepared for the changes that await
them.
Only two weeks are left for prep
aratlon and while bile attorneys have
been busy for months building forth
hcatlons for their corporation clients,
the peoples interests, to all intents and
purposes. have been apparently
wrapped In peaceful slumbers waiting
the dawn Of the new year, with It's pos
sible contingency, as we'll as expert
ment OF a newly appointed and untried
commission vested with broad and
comprehensive discretionary powers
upon the all important subjects OK
physlcal valuation, rate classification.
uniform accounting. capitalization.
merger. consultations. the issuance Of
stocks, bond and notes, etc"