Commission May Estab or trains, car or cars, upon a reasonable time schedule for the run, the Commission shall, after hearing either on its own motion or after complaint, have power to make an order directing any such railroad corporation, or street railroad corporation, to increase the number of its trains, or of its motive power, or to change the time. for starting its trains or cars, or to change the time schedule for the run of any train or car, or make any other suitable order that the Commission may determine reasonably necessary to accommodate and transport the traffic, passenger or freight, transported or offered for transportation. See Section 23 supra. It is no objection that a time schedule of a railway is not easily remembered. Byron et al. vs. Hagerstown Railway Co., 3 Pub. Serv. Comm. Reps. 63. The Commission has no power to disturb train schedules, where such disturbance will interfere with interstate commerce. So the Commission refused to disturb the train schedules of a branch railroad since they were timed to make connection with interstate trains on the main line. Board of Trade of Centreville, Md., vs. Delaware Railroad Co., 3 Pub. Serv. Comm. Reps. 294. The Commission has power to order the publication of railroad time tables in the newspapers whenever it believes that the public convenience would be reasonably promoted thereby. Opinions General Counsel, 3 Pub. Serv. Comm. Reps. 421. UNIFORM SYSTEM OF ACCOUNTS: ACCESS TO ACCOUNTS: Ibid. Sec. 437. SEC. 25. And be it further enacted, That the Com lish Systems mission may, whenever it deems advisable, establish, upon of Accounts. Form of Accounts and Records. due and reasonable notice to all such corporations, system of accounts to be used by railroad and street railroad corporations, or other common carriers which are subject to its supervision, or may classify the said corporations and other carriers and prescribe a system of accounts for each class, and may prescribe the manner in which such accounts shall be kept. It may also, in its discretion, May Prescribe prescribe the form of accounts, records and memoranda to be kept by common carriers, including the accounts, records and memoranda of the movement of traffic, as well as the receipts and expenditures of moneys. The system of accounts established by the Commission and the form of accounts, records and memoranda prescribed by it as provided shall conform, as nearly as possible, to those from time to time established and prescribed by the Interstate Commerce Commission under the provisions of the Act of Congress entitled "An Act to Regulate Commerce," approved February fourth, one thousand eight hundred and eighty-seven, as amended by the Act approved June twenty-ninth, one thousand nine hundred and six, and amendments thereto. The Commission shall at all times have access to all accounts, records and Access to Acmemoranda kept by common carriers and other corporations subject to the provisions of this Act, and may prescribe the accounts in which particular outlays and receipts shall be entered, and may designate any of its officers or employees, who shall thereupon have authority under the order of the Commission to inspect and examine any and all accounts, records and memoranda kept by such corporations. When the Commission has prescribed the forms of accounts, records and memoranda to be kept by such corporations, it shall be unlawful for counts, &c. Information Approval of struction or Exercise of Franchise. them to keep any other accounts, records or memoranda than those so prescribed, or those prescribed under the authority of the United States. Any employee or agent of the Commission who divulges any fact or information which may come to his knowledge during the course of any such inspection or examination, except in so far as he may be directed by the Commission, or by a Court or Judge thereof, or authorized by law, shall be guilty of a misdemeanor. This section is probably applicable to companies doing merely an interestate business. Opinions General Counsel, 1 Pub. Serv. Comm. Reps. 47, 49. FRANCHISES OR PRIVILEGES: TRANSFER OF FRANCHISES Ibid. Sec. 438. SEC. 26. And be it further enacted, That no common Before Con- carrier, railroad corporation, or street railroad corporation, shall begin the construction of a railroad or street railroad, or any extension thereof, or exercise any franchise or right under any provision of the railroad law, or of any other law not heretofore lawfully exercised, without first having obtained the permission and approval of the Commission. The Commission shall have power to grant the permission and approval herein specified whenever it shall, after due hearing, determine that such construction or such exercise of the franchise or privilege is necessary or convenient for the public service. Transfer of Franchises to be Approved. No franchise, nor any right to or under any franchise to own or operate a railroad or street railroad, shall be assigned, transferred or leased, nor shall any contract or agreement with reference to or affecting any such franchise or right be valid or of any force or effect whatsoever, unless the assignment, transfer, lease, contract or agreement shall have been approved by the Commission. The permission and approval of the Commission to the Lapsed and exercise of a franchise under this section, or to the assignment, transfer or lease of a franchise under this section, shall not be construed to revive or validate any lapsed or invalid franchise, or to enlarge or add to the powers and privileges contained in the grant of any franchise or to waive any forfeiture. Invalid Franchises Not to be Validated. roads to Hold Stock. Security. No railroad or street railroad corporation, domestic or Power of Railforeign, shall hereafter purchase or acquire, take or hold, any part of the capital stock of any railroad corporation or street railroad corporation, or other common carrier organized or existing under or by virtue of the laws of this State, unless authorized so to do by the Commission, and save where stock shall be transferred or held for the purpose of collateral security only with the consent of Collateral the Commission, no stock corporation of any description, domestic or foreign, other than a railroad corporation, or street railroad corporation, shall purchase or acquire, take or hold more than ten per centum of the total capital 10 Per Cent. stock issued by any railroad corporation, or street railroad corporation, or other common carrier organized or existing under or by virtue of the laws of this State. Nothing herein contained shall be construed to prevent the holding of stock heretofore lawfully acquired. Every Transfers in contract, assignment, transfer or agreement for transfer of any stock by or through any person or corporation to any corporation, in violation of any provision of this Act, shall be void and of no effect, and no such transfer or Violation Issue of Stocks and Bonds. assignment shall be made upon the books of any such railroad corporation or street railroad corporation, or shall be recognized as effective for any purpose. This section is applicable to companies doing only an interstate business. Opinions General Counsel, 1 Pub. Serv. Comm. Reps. 47, 49. The use of the public roads is not the exercise of a franchise. Opinions General Counsel, 1 Pub. Serv. Comm. Reps. 82. Where a railroad company has been chartered to construct and operate a railroad between certain points and work has been begun thereunder prior to the approval of this Act by the Governor, any additional stretch of track laid thereafter under said charter, which is an integral and continuous part of the whole line, would not be an extension requiring the permission and approval of the Commission before beginning the construction thereof. Opinions General Counsel, 1 Pub. Serv. Comm. Reps. 87. The Commission as a rule will discourage piecemeal construction of railroads, but under peculiar conditions will allow it. In re Washington, Westminster, etc., Railroad Co., 3 Pub. Serv. Comm. Reps. 185. A contract between two corporations whereby one is to purchase the stock of the other has no force or effect until approved by the Commission. In re C. & P. Telephone Company, 2 Pub. Serv. Comm. Reps. 211, 216. APPROVAL OF ISSUES OF STOCK: MERGER. Ibid. Sec. 439. SEC. 27. And be it further enacted, That a common carrier, railroad corporation, street railroad corporation, or other corporation subject to the provisions of this Act, organized or existing, or hereafter incorporated, under or by virtue of the laws of the State of Maryland, may issue stocks, bonds, notes or other evidence of indebtedness, payable at periods of more than twelve months after the |