The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-01
PORTO RICAN RESOLUTION
The Conference Report Agreed to
by Both Houses Of Congress.
Provision for Permitting Army Of
fccrs to Continue Civic Duties in
dents Signature \ Discussion
in the Senatc-Thc Amendments.

The Senate and House Conferees on the
joint resolution permitting Army officers
to continue civic duties in Porto Rico after
the civil government is inaugurated
reached an agreement yesterday after
noon, the Senate conferecs adopting with
notifications the House amendments re-
garding franchises and corporations. Later
the conference report was adopted by the
Senate and House.
When it was presented and read in the
Senate Mr. Foraker asked unanimous con-
sent to proceed to its consideration.
Senator TiHman suggested that the mat
ter should go over till today so that Sen
ators might examine the report in print.
Senator Foraker said that there was an
urgent necessity for action on the report
as the bin for civil government in Porto
Rico would go into effect today. He
thought he could explain the report 10 the
satisfaction Of Senators. Ordinarily he
would not ask for immediate action on
so important a matter. but today there
would be no courts and no judges in Porto
Rico. and no authority Of any kind unless
eAN AtoALtuA SApuih ALutA tahe ~ NsNtNib
lish it,: and be (Mr Foraker did not
know what authority the President had 10
to do so. He then went on to explain the
report in detail.
Senator CockreH. a member of the con-
ference committee. confirmed all that
Senator Foraker had said. and insisted on
the necessity of immediate action.
Senator Pettigrew objected to the con-
sideration of the conference report. and
Senator Foraker made a formal motion TO
consider it. The motion was agreed to.
and, after some further colloquy, the re-
port was agreed TO.
In the House there was no discussion
on the report. The President did nos sign
the resolution yesterday, but will prooa-
bly, do so this morning.
As a result of the conference, the gen
eral language Of the second section added
to the resolution by the House relating
TO franchises. concessions etc, is limited
to railroads. street railways. telephone and
telegraph franchises, and as so. amended
the section was agreed to.
In section , She word Charter was
eliminated, so that the section provides
that all franchises, privileges OF conces-
sions granted under the Porto Rican civil
government shall be subject to amend
ment, alteration. or repeal. as provided
Tor in that act. Il fortids the issue Ct
stock or bonds except in exchange for aC-
tual cash or property at a fair valuation
equal in amount to the par value OF the
stock or bonds issued, forbids the declar-
ing Of stock or bond DIVIDENDS; and in the
case Of public service coTp5rati1ns. pre-
yides for the effective regulation Of the
charges thereof and for the purchase CT
taking by public authorities of their prop
arty at a fair and reasonable valuation.
The clause in section prohibiting cor
engaging in agriculture met
with determined opposition on the part Of
the Senate Couferees, who finally agreed
to limit the amount Of real estate Ca-ahle
Of being held by the corporations to 800
acres.
This concession On the part Of the Senate
was finally agreed to, so that this clause
Cow reads
No corporation shall be authorized 20
conduct the business OF buying and selling
real estate, or be permitted TO hold or own
real estate except such as may be reason /
ably necessary 10 enable il TO carry out the .
purposes for which it was created. and any
corporation hereafter authorized 10 engage /
n agriculture is authorized 10 hold not 10
sxceed 500 acres Of land Corporations /
however. may loan funds upon real estate .
security and purchase real estate when .
for The collection Of loans. bu,
hey shall dispose Of real estate SO obtained .
within five years after receiving the title. .
Corporations not organized in Porto Rico .
md doing business therein shall be bound .
y the provisions of this section so far as .
hey are applicable"