Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1910-01-12
PRESIDENT TAFT coNFERs
WITH MAGNATEs-MAKEs
SOME CHANGES.
WILL MAKE TWO DOCUMENTS
WHERE BUT ONE WAS IN
TENDED BEFORE.
INSISTS, HOWEVER, IN THE MAIN
UPON FOLLOWING ORIGINAL
PURPOSE.

conference with the presidents or siA
Oh the great raliroad systems, Presl-
dent Tart yesterday afternoon an
nouneed that he will split his mes
sage dealing with interstate com
mefce and antitrust law amendments
into two parts. The section having
reference 10 trusts will be sent to
congress Thursday. The section dear
ing with the interstate commerce law
wall be deferred until Friday A spe-
ciGl message on the conservation OF
natural resources is expected to go 10
congress Monday. 1t was said late
yesterday afternoon that the subjects
Of interstate commerce and antitrust
amendments probably will receive
greater attention if divided into two
parts, neither OF more than 4,00J
words.
AS a result OF the call OF railroad
presidents it was said that only a
few verbal changes will be made IN
the draft of the interstate commerce
message. and that these will be only
to the end of clarifying the meaning
of the communications Mr.. TAFT
found that the railroad men present
ed their views considerably. While
deprecating the idea that any legisla-
ton should be presented when con-
ditions in the railroad and Industrial
world are righiing themselves alter
a period of depression, they did not
seek TO deter the president from send
ing in his message. They devoted
themselves to more or less specific
objections to the bill prepared by
Attorney General Wickersham which
forms the text of the message. The
president, it is declared, will not at
tempt to force the Wickersham or any
other bin upon congress. The rail
road presidents admitted that their
objections We're general in their APP
plication to all amendments to Che III
terstate commerce act.
The president had made his posi-
ton clear to J. Pierpont Morgan IN
brief interview on Friday. Morgan
arranged for yesterdays conference
and advised the railroad men to con-
fine themselves to suggestions OF
changes in amendments rather than
an attempt to influence the presl-
dents general course. Mr. Taft let il
be known that he expects congress TO
adopt his recommendations and sug-
gestions at this session and thus car
~ out the promises of the Chicago
platform.
Those who attended the conference
yesterday were President McCrea or
the Pennsylvania, Lovett of the Har-
,riman lines, Brown Of the New York
Central, Mellen of the New Haven.
Baer Of the Reading and Finley OF
the Southern. The presidents brought
Lewis Cass Ledyard of New York as
general counsel Mr.. Wickersham
represented the legal department OF
the government
One of the changes which President
Taft agreed to make in his recon-
mendations has to do away with the
languages of the proposed amend
ment prohibiting a railroad company
from acquiring stock or holding stoeK
in competing railroad after a given
late 1t was claimed that the word
ing of this amendment was such that
it might apply to lines like the sew
York Central and West Shore, which
latter has been for many years a
New York Central line
The law, as Mr.. Taft will suggest
il, will provide that where a railroad
owns fifty per cent. or more Of the
stock of another, it may acquire the
remainder This would afford pro-
lection to the minority stockholders,
for if a railroad owning a majority OF
the stock was prohibited from acqulr-
ing more the minority would lose
their only probable purchaser.
Mr.. Taft listened to the railroad
presidents for more than two hours,
and practically informed them that ne
would not alter his basic recommen-
dations.
The proposed interstate commerce
court of five members to consider APP
peals from the interstate commerce
commission. with appeal only to the
supreme court of the United States
WIS particularly objected to by the
railroad representatives his recon-
mendation for the court, however. will
remain in the message.
The railroad presidents objected
seriously to the proposed restrictions
upon the issuance of stock. bonds and
short term notes Mr. Taft win rec
ommend that no such securities be IS
sued in the future without the approx.
al of the interstate commerce com
mission.
The presidents objected also to the
amendment giving shippers tie rfght
of selecting a through route 10 rship-
ments