The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-01-04
Taft Stands by Message
as 1t Has Been
Written.
GENERAL COURSE
NOT INFLUENCED
Presidents Of Six Great Systems
Visit White House, but Ap-
peals Result in Nothing More
Than Verbal Changes in
Interstate Commerce
Document.

WASHINGTON. January 3.-Follow-
ing conference with the presidents
OF six of the great railroad systems
of the country, President Taft late
this afternoon announced change
of program In the sending Of his mes
sage dealing with interstate commerce
and antitrust law amendments to Con-
gress. The message will be split into
two parts. The section dealing with
the trusts Will be sent to Congress at
noon Thursday. The section dealing
with the Interstate commerce law, In
which the railroads are directly In
terested. Will be deferred until Friday
noon. The Presidents special message
on the conservation of natural re-
sources Is expected to be ready for
Congress next Monday.
1t had been the Presidents original
Intention to treat together the two
subjects of interstate commerce and
antitrust amendments. 1t was said
late this afternoon that the message
would probably receive greater atten-
ton IL divided into two parts, neither
of more than 1000 words.
Few Changes Made.
AS result of the call of the rail-
road presidents, it was said that only
In the draft OF the message dealing
that these would be only to the end OF
clarifying the meaning of the recon-
5mendations.
While deprecating the idea OF any
Legislation at all at this time, when,
the railroad presidents declared. con-
ditions In the railroad and industrial
worlds are riShting themselves after
two years of more or less depression,
they did not seek to deter the Presi-
dent from sending In his message.
They devoted themselves to more or
less specific objections to the bill pre-
pared by Attorney-Genera1 Wicker
sham, which forms the text for the
message Il I. II .ss 81
es The President. 1t ts de ecIared, will
not attempt to force the Wickersfam
or any other bill upon Congress. He
will. say in his message that such a
bill has been drafted. and is at the dis
,posal of the appropriate committees
of the Senate and House. Tho rail-
road presidents themselves admitted
that their objections to the proposed
amendments to the interstate conl-
inerce act were general In their appli-
cation to all of the amendments.
Explained to Morgan.
The President had made his posi-
ton clear to j. Pierpont Morgan in an
interview Friday morning. Mr.. Nor
gan in turn arranged for to-day's con-
ference. and advised the railroad men
to contine themselves to suggestions
iof changes in the amendments rather
than 70 an attempt to influence the
President as to his general course. Mr..
Taft has let 1t be known that he not
only will make recommendations for
changes in the law. but that no eN-
meets Congress to adopt the sugges-
tons at this session.
The railroad presidents at the con-
ference to-day We're: McCrea, OF tns
Pennsylvania; Lovett. of the Union
pacific and other Hartman lines:
brown, of the New York Central; Mel,
len. OF the New York, New Haven and
Hudson Railroad; Baer, Of the Philn.
delphia and Reading, and Finley. OF
the Southern Attorney-General Wick.
ershaw also was present.
one of the changes which President
Taft agreed to make In his recon-
smendations has to do with the Ian.
euage Of the proposed amendment pro,
hibiting a railroad company from ac-
curing stock In any competing rail-
road in the future. or from holding
stock in a competing railroad after
given date. 53a8 .
TO Protect Minority.
The law. as President Taft will sug.
gest 1t, will provide that where a rail-
road owns so per cent. or more Of the
stock Of another, it may acquire the
remainder. This, 1t is said, will afford
of tn
stockholders for II the railroad own
ing the majority stock should be pro-
{hibited from acquiring any more, the
minority would lose their only proba-
hle purchaser. Where a railroad holds
less than,the majority Of stock In an
other line, however. 1t viii be pro-
3vided that 1t can acquire no more.
Nothing in the interstate commerce
amendments will be so drawn as tc
legalize In any way the holding OF
stock in competing line where the
holding of the stock comes into vio-
lation of the antitrust law.
The President practically Informed
the railroad presidents that while
their views would be given every con-
sideSation In the final wording of the
message, he could not alter his basic
recommendations. # gi
The proposed interstate commerce
court Of FIVE members to consider ap-
Epeals from the Interstate Commerce
Commission with an appeal only to
the supreme Court OF the United
states, was particularly objected to by
the railroad representatives. III
They declared that tho court soon
would become nothing more than a
second commission. They preferred to
take appeals direct from the commis-
sion to the Fed deral courts, The reconm-
mendation for a court will, however.
remain in the message.
Object to- Restrictlons.
The railroad presidents objected
most seriously also to the propose res
strictions upon the issuance of stocks.
bonds and short term notes. President
Taft Swill recommend that no such
securities shall be issued In the future
without the approval sof the Interstate
Commerce Commission based upon x q
finding that the Issues are far pur-
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