The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1910-01-04
But Their Soulful Entreaties
Failed to Bring a Single
Drop of Moisture to Eyes
Of Executive.
PICTURE GREAT WOE
IF LAW IS CHANGED
Was Painted at the White
House by Skilled Hands Of
Six Railroad Magnates-
Only One Plea Needed.

Washington. Jan. 4.-For more than
two hours yesterday the executive
heads of six of the greatest railroad
systems Of the country conferred with
the president on the subject of his rail-
road policy.
The men who went to the whitc
House were Presidents McCrea. of the
Pennsylvania: Lovett. of the Union
and Southern Pacific: Baer. Of the
Reading: Finley of the Southern:
Brown. of the New York Central. and
Mellen of the New York. New Haven
and Hartford.
Attorney-General Wickersham also
was present in his capacity as an Off
cial of the administration.
The result of this conference can not
be said to have been entirely satisfac-
tory to the railroad chiefs. although
they derived some comfort from It,
But in respect to the most vital fun
damental principles of the plan to
amend and strengthen interstate COM
merce act they they found the presi-
dent unchangeable.
In other words they discovered that
there was something adamantine be-
meath the joyial exterior. the pleasant
smile and hearty laugh of Mr.. Taft
Cannot Stop Regulation Plans.
any doubt about it before. that he could
not be swerved from his resolution to
urge congress to carry into effect the
Roosevelt policy. which embodies .
closer regulation and control of COM
mon carriers.
The railway presidents were given an
opportunity to enumerate their prin.
cipal objections to the administration
bill. amplifying the present law. which
were specified in the press yesterday.
AS explained. one complaint of the
transportation chiefs related to the
provision containing the Inhibition
against a railroad acquiring an inter-
est in another road which is in any
way competitive.
Stripped of its legislative and super
fluous verbage this section reads as
follows:
No railroad shall hereafter acquire,
directly or indirectly. any interest in
any capital stock of any railroad which
competes or Is naturally competitive in
any way: provided. however. that moth
ing in this section shall operate to pre-
vent such corporation which. at the
date Of the passage OF this act. owns
not less than 80 per cent of the entire
issued and outstanding capital stock OF
any other corporation. from acquiring
with the previous written approval Of
the Interstate Commerce Commission.
all or any portion Of the remaining
outstanding capital stock OF such cor
pOratiOn.
Will Have No Bomb Effect.
The president was told that this Sec
tion should be modified 50 AZ to avert
disastrous upheaval in the finances OF
most of the great railroads of the Unit
ed States.
Evidently he was impressed by the
arguments of his visitors. for after
they had gone he took occasion to ex-
plain that the section would he recast
so as to make It perfectly clear that the
administration. in it's zeal to bring the
railroads under closer Federal control.
did not intend to set them topsy tnrvey
and cause unnecessary and unjust
hardship to either majority or min0ri-
| ty interests.
This would be done by making It
plain that a railroad which now has
| a minority interest in another road.
competitive or not. would be permitted
to retain that interest, though not to
increase 1t. also q road which owned
| a majority of stock in another would
be allowed to increase such holdings
subject to the approval Of the Inter-
state Commerce Commission.