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The Railroad Article

The Railroad Article image
Parent Issue
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OCR Text

c thorough consideration and disnstitutional C has adopted the following arricie on Railroads, or rather has passed il through ail the preliminary stages, the final vote being reserved until the Coraraission shall bo prepared to he several articloa : "Section 1. The legislatura inay, from time to tii; .,s establisbiug reason , of cnarges for the trausportation of passengere and frelgh regulajiog the suped ot' trains on diffprent rai i this State, and shall prohibit oontragts between suoh railroad eonipanies whereby discrimina tion is made in favor ot' , such companies as againat other cpmpanies owning, oo icting lines of raili ad Corporation shall convalídate with or aequiie orhold stock in any other railroad eoiporation owning or oontrolling a parallel or oompeting line ot' road ; nor shall any such corporation purchase or lease auy such parallel or couipeting line ot' road ; and no two or more parallel or oompeting lines of railroad shall be run or operated, eitlier direotly or indirectly, -wholly or in part, under the same management or supervisión, or in the same interest or under or subject to uny arrangement, agreehient or understanding with refereace to rates ot tare or freight to be oharged, or for the división ot earninga ; any violation oi' either of the próvisions of this Hection Bhall subject every corpöratiou party to suoh violation to a forfaiture of all its corporate righta and franchises ; and it shall be the duty of the Attorney (ieneral, whenévër satisfied of any such violation, to instituto proceedings, on the ion or' any citizun of the State who may request him su to do, or on his owri relation to obtain a judicial declara tion uf such forfeiture. " BEO. 3. Every Corporation doing business in this State shall have and maintaiu au oltii;e in this State, where shall ;t books, in which sliall be made to appear the amount oí' its capital stock, and the names of the persons who own or hold the stock of the company ; the amount of tne bonded and other indebtadness of the company, and lts property and assets, which books shall at all times be open to the inspection of any stockholder, and of snch offioer or offii-ers of the State as shall be designated by law. The ofh'eer of such company, who tnay have the custody of such books, shall reside in this State. " Sec. l. Xo Corporation shall isRvie any stock except in consideration of mouey, labor, or property aotually received by it equal to the par value of such stock ; nor shall it issue any bonds or other Bvidence of indebtedness, exoept for mouey, labor, or property aotually received by it. All stock dividend and other fictitious increasa of capita! stock ot' any eorporation shall be void. " SEC. . No railroad eorporation shall , or cause or perniit to be issued or presented, directly or indirectly, to any person excapt employés of railroads, any free pass over its road ; nor shall such Corporation issue, or cause, or permit to bo issued, to or'for the use of any such person, any commutation pass or ticket upon auy other or different terms, or upon any other or different conditions than the terms and conditions sipon which at the time issues iiké passes or tickets to the public generally." The artiole we are confident will meet Hie approval oí the inass oí citizens oí the State, and its restrictions aud. limitations ouglit to go a long way toward procuring a favorable verdict trom tho peopie üpon the work of the Cominission. The State taxus apportioned by the Auditor General and to be levied on the tax-rolls oí' the several couutiés the present i'all, aggregate $982,230.50, to which is to be added an aggregate county itidebtddnesa of s' 7 1,316.79, intiking a grand total of $1,106,647.29. Tiio apportionmííiit to Washtenaw county is $4Í),I1 1.52; county indebtednees, $4,568,10; total, Excess overlast year $9,227.77. Tlio cash balanoe in the State Treasafy ut the close of business September 17th, was $933,762.81, an increase for the weck of $19,710.45. This is a very respoctable currency balanoe tobe carried liy pet biinks ii; . of panic - and per cent.


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Michigan Argus