The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1909-08-21
r Is Planned by the President
TO Regulate All Of Interstate
Traffic and Prevent Wat
cred Stock.
WICKERSHAM Is NOW
OUTLINING THE PLAN
This Proposition Favored by
The Chief Executive Will Be
Given to Congress-Visit to
Mexico.

Beverly, Mass, Aug. 21.-A national
Incorporation act, legislative approval
of railroad traffic agreements and pre-
vention Of the overcapitalization OF
corporations engaged in interstate
comerce are three of the reforms that
will be urged upon congress by Pres
1dent Taft next December. To these
may be added a fourth, Introduction
against any interstate railway &C
quiring stock in competing line.
These reforms, all of them part of
the general legislative program of the
president will be taken up early next
week at a conference to be held III
New York between Attorney General
Wickersham, Solicitor General Bowers,
Interstate Commerce Commissioners
Prouty and Knapp. Secretary Maggie Of
the department of labor and commerce,
and Representative Townsend of Mich
1gan.
The attorney general visited the
president yesterday to take up these
problems, but owing to the presidents
engagements the conference was de-
ferred until this afternoon at ) o'clock.
Big Task Ahead.
Mr.. Wickersham said on leaving the
presidents cottage that the task aheai
of the committee was big one and
that they were going ahead slowly in
vestigating every phase of the inter-
state commerce law, as well as the
Sherman antitrust law. the rate law
and all similar legislation. No report
he said, would be made to the presi-
dent until after the return of the lat
ter to Washington. BY that time it is
hoped to have definite and compre-
hensive plan to recommend to the
president in such shape that he can
make use of it in the final draft of
his message to congress.
One Of the reforms which the at
torney general viii urge upon the presi-
dent. and which is altogether likely to
be the subject of further recommended
tions to congress is law providing fo1
a national incorporation to carry inter-
state comerce. Mr.. Wickersham has
made a study of state control of for
eign corporations. He believes that !,
national Incorporation law is the ma
tural result of economic conditions.
On Vast Scale.
The business of manufacture and
sale is conducted today on such a
vast scale that in the opinion of the
attorney general. it cannot be circum
scribed by the boundaries of any one
state. cOn the other hand. no one
state can effectively grapple with
abuses of the vast power which mod
ern conditions have placed in hands
of those who control great corporal.
enterprise.
With the enactment of the corpora
ton tax law which requires of all cor
porations annual reports concerning
their business which the stockholders
and creditors are entitled to know
the attorney general believes that !.
national incorporation law would logi
cally follow.
President Taft is inclined to share
this belief and 1t may safely be pre-
dicted that the annual message il
December will urge congress to enac
legislation along these lines.
The president is committed it Cal
also be said to an amendment to thu
interstate commerce act legalizins
traffic agreements among the railroads
provided they are first passed upol
and approved by the Interstate com
merce commission. And this also will
be embodied in the recommendation
to congress.
To Stop DISQUALIFICATION.
A third reform upon which the pres
dent is determined, and which perhaps
IL the greatest of all three, has bee'
named and it is warp and wool of tn
Roosevelt policies. is the prevention o
overcapitalization Of corporations en-
gagged In interstate commerce To &C