The Mobridge news. [volume] (Mobridge, Walworth Co., S.D.) 190?-1917, 1910-01-07
THEYTAlKIT0VER
RAILROAD PRESIDENTS HAVE A
TALK WITH TAFT ABOlJT
SPECIAL MESSAGE
WATEREDSTOCK WRINCER
INTERSTATE COMMERCE CON-
MISSIONS TO CONTROL
STOCK ISSUES

Washington, Jan. 3-Following 4
conference with the presidents OF six
of the greatest railroad systems, Taft
this afternoon announced that he hal
split his message dealing with inter
state commerce and antitrust law
amendments, into two parts. The
section referring to the trusts will be
sent to congress Thursday. The sec
ton dealing with the interstate COM
merce law, will be deferred until Fri
day. The special message on conser-
vatiOn of natural resources is expect
ed to go to congress Monday 1t was
said late this afternoon that the S b
jects of the interstate commerce and
antitrust amendments will probably
receive greater attention if divided in-
to two parts, neither Of more than
1000 words.
AS result of the call of ra,iroac
presidents it was said only few
verbal changes would be made In the
draft of the interstate commerce mes
sage, and that these will be only to
the end Of clarifying the meaning O
the recommendations Taft found the
railroad men presented their views
considerably. While deprecstng TIE
idea of any legislation at esent.
when conditions in the railroad aad
industrial worlds are righting them
selves after a period Of depression,
they did not seek to deter the pres-
dent from sending in his message.
They devoted themselves to more or
less specific objections to the bill p e.
pared by Attorney General Wicker
shaw, which forms the text Of the
message. The president, it is declar
ed, will not attempt to force Wicker
sham or any other bill upon congress
The railroad presidents admitted their
objections were general in their ap
plication to all the amendments to the
interstate commerce act.
The president had made his posi-
ton clear to j. Pierpont Morgan in
brief interview Friday. Morgan ar
ranged for today's conference and
advised the railroad men to cOnfn3
themselves to suggestion of changes
in the amendments rather than any
attempt to influence the presidents
general course.
Taft let it be known he expects
congress to adopt his recommended
lions and suggestions at this session
and thus carry out the promises o.
the Chicago platform.
Those who attended the con creme
today were Presidents McCrea Of tn
Pennsylvania, LOvett of the Hartman
lines, Brown of the New York Centra
Mellen of the New Haven, Baer of
the Reading, and Finley of the So lth
ern. The presidents brought Lewis
Cass Ledyard of New York. as gener
al counsel Wickersham represented
the legal department for the govern
ment
One of the changes which Tat
agreed to make in his recomme enda
tions has to do with the language of
the proposed amendment prohibiting
the railroad company from acquiring
stock or holding stock in competing
railroad after a given date. 1t was
claimed that the working Of this
amendment was such that it might ap
ply to lines like the New York Cent
raj and West Shore, which latter has
been for many years New York Cen
trail line.
The law. as Taft will suggest it,
IN%
owns so per cent or more of the stock
Of another, it may acquire the remain
der. This would afford protection t.
minority stockholders for the the rail
road owning the majority Of the stock
f prohibited from acquiring more the
minority would lose their only pro-
able purchaser.
Taft listened to the railroad rresi
dents for more than two hours, and
practically informed them that he
would not alter his basic recommends
ions
The proposed interstate commerce
court of five members to consider ap-
peals from the interstate commerce
commission. with appeal only to the
iupreme court of the United Stat S.
vas particularly objected to by the
abroad representatives. This recon-
mendation for court, however, will
'emain in the message.
The railroad presidents Obie tel
seriously to the proposed restrictions
upon issuance of stocks and bonds and
hort term notes Taft will recon-
mend that no such securities he is
sued in the future without approval OF
the interstate commerce commission.
The railroad presidents objected a.
20 to the amendment giving shipper
he right of selecting the throush
quite for shipments.
Chicago, Jan. "A man known as
a