Page:American Journal of Sociology Volume 10.djvu/825

 PUBLIC OWNERSHIP VERSUS PUBLIC CONTROL 809

railway companies until the Railroad Commission is satisfied that the value of the real and personal property of the company, for railroad purposes, exclusive of the value of the franchises, equals or exceeds the amount of capital stock and debt. These pro- visions render stock-watering virtually impossible.

The railroad commissioners, also, may nullify at their dis- cretion any location granted through a street for a new street railway or extension of an old one, in case a majority in value of the owners of real estate on that street, or ten such owners, appeal to the commission within thirty days after the location is granted. Even after the work of construction is completed, operation may not begin until the commissioners have certified that the laws relative to its construction have been complied with, and the board's engineer has inspected the line in detail and found every- thing safe and adequate. Thereafter the commission may revise or alter any regulations of a street-railway company for the use of its road or cars ; may determine how and to what extent cars shall be heated ; and the companies forfeit $25 for each trip upon which the cars are not so heated, unless the failure is due to an accident to the heating apparatus. The district police are required to enforce this provision. If the commission considers that additional accommodations are required, after due notice to the company it may order such additional accommodations, and after one week from the service of such notice, if the company neglects to provide them, it forfeits $100 for each day of such neglect.

Transfer privileges may not be withdrawn except upon approval of the Board of Railroad Commissioners. The books of every railroad corporation must be kept in a uniform manner, upon a system prescribed by the commission, the accounts exam- ined from time to time, and the results made public as the com- mission may consider expedient. Such examination and publica- tion of results may be compelled at any time by application of any persons owning one-fiftieth of the paid-in stock of the corporation, or bonds or other evidences of indebtedness equal in amount to one-fiftieth of such stock an important provision in protection of the minority stockholder, creditor, or bond-holder. A five- thousand-dollar fine is the penalty for refusal or neglect of any