About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

4033 1 (1900)

handle is hein.usccsset/usconset32308 and id is 1 raw text is: 56TH CONGRESS, SENATE. J DocuMENT 9d SAssion. No. 40. ACQUISITION, PTRCHASE, ETC., OF RAILROADS OF UNITED STATES. DECEMBER 11, 1900.-Referred to the Committee on Interstate Commerce, to accompany S. 5143, and ordered to be printed. Mr. PETTIGREW presonted the following: ANALYSIS OF SENATE BILL NO. 5143, PROVIDING FOR THE AC- QUISITION, PURCHASE, CONSTRUCTION, AND PURCHASE OF THE RAILROADS OF THE UNITED STATES. Section 1: Appointment and qualification of Interstate Commerce Commission as appraisers of railroads; oath; criterion of market value, five years. Section 2: To compute average .,value of stocks and bonds from stock exchange sales for five years, from 1895 to 1900. Sections 3 and 4: Where sales of stock and bonds not quoted, to take average net earnings for such five years and capitalize at just ratio. Other circumstances to be considered. Purpose, just com- pensation. Section 5: To report share value and aggregate value of all issues or certificates. This with and without apportionment for extraordi- nary assets of company not subject to condemnation. Secretary of Treasury may take individual assignments of stock and bonds at appraised values. To be paid with money, national railway stock, or certificates of-deposit until stock marketed by Secretary. Section 6: Assignment of certificates to give division of transpor- tation same rights as assignors. Power of division of transportation to convey unnecessary property. Having majority of stock, may take books of corporation. Section 7: Duty of appraisers to make entire report in eighteen months separately to United States circuit court for each company and to President for all. Salary of appraisers. Power to summon, etc. . Section 8: Secretary of Treasury to issue national railway stock to amount of total appraisement of roads at 21 per cent interest, redeemable. Sinking fund annually one-half per cent total stock. Stock subject to redemption every twenty years. . Section 9: President, on reception of total awards, to take posses- sion of all roads appraised. Division of transportation to prepare the same. Section 10: Division of transportation, in case of recalcitrant roads, to take forcible possession, or condemn new right of way and con- struct at once. S D----

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most