The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-01
PORTO RIChN RESOLUTION
The Conference Report Agreed to
by Both Houses Of Congress.
Provision for Permitting Army Of
fcers to Continue Civic Dutics in
dents Signature a Discussion
in the Scnntc-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 conferees 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 Tillman 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 bill for a civil government in Porto
| Rico would go into effect today He
thought he could explain the report TO the
satisfaction of Senators. Ordinarily he
would not ask for immediate action on
so important a matter, but today there
| would be no courts ard no judges in Porto
Rico. and no authority of any kind unless
the President should undertake TO estab-
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 Cockrel, a member of the cen
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 formal motion to
consider ii. 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 not 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 e9ncessions.se ETC. is limited
to railroads, street railways. telephone and
telegraph franchises. and as so amended
the section was agreed to.
In section ; the word Charter" was
eliminated, so that the section provides
that all franchises privileges, or conces-
sions granted under the Porto Rican civil
government shall be subject to amend
ment, alteration, or repeal. as provided
for in that act. II forbids 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 isshed;' forbids' the declar-
ing of stock or bond dividends: and. in the
case of public service oorporaticns, pro
vides for the effective regulation of the
charges thereof and for the purchase or
taking by public authorities Of their prop
erty at a fair and reasonable valuation.
The clause in section prohibiting cor
porations engaging in agriculture met
with determined opposition on the part of
the Senate conferees. who finally agreed
to limit the amount of real estate CaCable
of being held by the corporations to 500
acres.
was finally agreed to. so that this clause
low 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 ii TO carry out the
purposes TO. which it was created; and any
corporation hereafter authorized 10 engage I
in agriculture is authorized to hold not 10
exceed SEQ acres Of land. Corporations, /
however, may loan funds upon real estate !
security and purchase real estate when
necessary for the collection Of loans. but !
they shall dispose of real estate so obtained |
within five years after receiving the title. F.
Corporations not organized in Porto Rico /
and doing business therein shall be bound /
by the provisions of this section so far as |
they are applicable