The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1914-07-30

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actions with the carrier, provided that
all communications between attorney
and client, giving or seeking profess
sional advice, shall be deemed privi-
legged
The bill authorizes the appointment
of special agents or inspectors, who are
given the right to inspect, examine and
take copies OF everything they can
find. 1t forbids examiners to disclose
what they discover.
1t makes IT a penal offense to refuse
access OF these special agents or in
spectors to anything punished by
heavy forfeitures.
False Entries Penal Offense.
1t makes it a penaI offense to make
any false entries or accounts, or any
accounts other than those prescribed
by the commission, or to fail to make
any entry. or to make them full,
true, correct or To destroy any ac-
| count, entry, ETC., under penalty of
fine and Imprisonment.
Courts are authorized To issue writs
of mandamus to compel compliance
with requirements Of the commission
Special agents and examiners are au-
thorized to administer Oaths, examine
witnesses and receive evidence.
1t requires issuance Of receipt or bill
of lading for goods shipped, but the
same shall not relieve the carrier from
any liability under the act. 1t makes
the carrier liable for full value of
goods, Notwithstanding limitation Of
value in receipt OF bill of lading. ex-
cept where goods were concealed from
view.
Interstate commerce commission
may establish rates dependent on value
as stated in writing by shipper.
Shippers Rights Preserved.
1t preserves right OF action Of ship
per under existing law.
1t makes 1t unlawful for carrier to
shorten period Of giving notice of loss
To less than ninety days, or for filing
claims to less than four months, or for
bringing suit to less than two years.
Carriers issuing receipt may recover
amount ii is compelled to pay from
carriers on whose road loss occurred
1t makes ii unlawful for any carrier
to issue any certificates of stocks,
bonds or other evidence of indebted
| ness or to assume any obligations or
liability. unless:
First-(A)-It be for some purpose
within its corporate powers and for the
construction, extension. enlargement,
betterment or equipment of its railroad
or use thereof, or the payment of re-
funding of valid Indebtedness or the
lawful acquisition of the property Of
another common carrier for the pro-
lection or Improvement of its property
heretofore acquired not connected with
It's business as common carrier, If
such last named expenditure will not
injuriously affect the public interest
nor impair its ability to perform its
public duty as a common carrier.
Must Be Approved by Commission.
(B)-And then only when such issue
is approved by the commission. None
Of the securities shall be used for any
purposes other than those allowed by
the commission. The commission may
fix a minimum price at which the Sc
curities may be sold.
(C)-The application for leave to is
sue shall be in the form prescribed by
the commission and include:
First-The total amount of the is
sue and how authorized on behalf of
the carriers.
Second-The number and amount of
all its securities outstanding
Third-The amount to be issued and
whether to be sold, pledged or held in
the treasury and the terms upon which
they are to be disposed of and the con-
sideration.
Fourth-The number and amount of
its securities so authorized and not
then to be issued.
F'ifth-lf the issue is of shares of
stock, the number, face value whether
common or preferred, and number al
ready outstanding.
Sixth--The preferences or privileges
granted to holders of any such securi-
ties. date OF maturity, whether cumu-
lative or not
SeVenth-The purpose TO winch the
proceeds are To be applied.
Eighth-If it is proposed to assume
the obligation of any other person.
natural or artificial, the financial con-
dition of such other person, and the
object OF such assumption. The appli-
cation must be made under oath,
Must Certify Sale Of Securities.
When securities pledged or held un-
incumbered shall subsequently be sold
or otherwise disposed of, the carriers
must file certificate to that effect
and give again all the information
called for by subdivision as above,
and anything else the commission re-
quires.
ON application for leave to issue Sc
curities the commission is required to
give notice to the proper authority
of the state in which the carrier
operates, and such state report is au-
thorized to be heard.
The action of approval shall not be
! construed as n guaranty of any obliga-
ton on the part of the government.
Notes maturing not more than two
years after their date excepted from
the provisions of the bill, but notice
az their issuance must no ,,yan 10