Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1910-03-07
Taft Rail Bill FuIfiIIs
Pledges, Says Com
mittee Report.
MAKES THIS FEATURE
Takes Issue Sharply With Mi
nority for Its Recent Ad-
verse Verdict.

Washington, March 7.-"CarefulI,
preserving the principles so clearly
enunciated in the republican platform
of 19OS,' is the way the majority Of
the senate committee on Interstate
! commerce, which made its report to-
day on the administration railroad bill,
! interprets the provision 10 permit COM
mon carriers to enter into traffic agree
ments.
The report is signed by Senators
Elldns, Cullom, Aldrich, Kean. Crane
and Nixon, and will be printed with
the minority report submitted a few
days ago by Senators Clapp and Cum
minis, and the individual report OF
Senator Newlands.
Approves Court of Commerce.
Approval of the court of commerce
feature is given prominence, although
comment upon other provisions is far
more interesting. For instance. the
report says that the effect OF the
traffic agreement provision is TO re-
lieve carriers from the prohibition OF
the antitrust act, while preserving un-
impaired the control Of the interstate
commerce commission over all such
agreements. II IS declared that the
provision is in exact compliance with
the declaration in the republican plat
form
After quoting the clause Of the plat
form concerning such agreements the
report says: The contention that tfffS
declaration can only be complied with
by requiring the approval of such
agreements by the interstate COM
merce commission before they become
operative is in the opinion of the COM
mittee destitute of the slightest foun-
dation.
Hints at aDfstOrtfOn.7
The section in question carefully
preserves the principles clearly enun-
ciated in the platform, and only by a
wilful distortion OF language could it
be contended that this carefully
guarded provision involved any aban-
donment of the principle of competi-
tion between naturally competing
lines"
Bearing upon the provisions affect
ing the issue Of stock and bonds, the
report takes up the legal side of the
questions involved. The bill in that
regard is defended and the report
says Of this feature of the bill:
These provisions are so framed az
not to prevent the ordinary means OF
financing railroad companies, while in-
terposing an effectual protection
against the issue of stock or bonds
without adequate consideration.
Held step in Right Direction.
while IT may be objected that the
provisions of this act do not go far
enough I'm regulating the capitalization
of railroad corporations, no candid
critic can fail 70 admit that they con-
stitute a long step in the direction Dt
such national legislation
and supervision as will prevent tba
future over-issue OF stocks and bonds
by interstate carriers and that they
go as far as prudent legislation should
go in entering upon this new field of
national restraint upon the issue IT
stock and bonds by interstate car
riers."
PnsseS Over Forestry Clause.
Washington. March 7.--Senator Dol
liver called up the agricultural appro-
priation bill in the senate today. Tho
bill carries also sl4.OOO.OOO. The read
ing Of the bill proceeded until the para.
graph relating TO the forestry bureau
was reached. Il was decided to pass
over that paragraph for the present
and the reading was resumed.
Postal BnI Passed.
Washington. March Dividing
upon party lines, the SEN
ate at the close Of the third session
Of the legislative day OF March 3.
passed the administration
postal savings bank bill.
OF the ~ votes cast, 50 we're in
favor of the bill and 22 against #.
All the negative votes were cast by
democrats. even Mr.. McEniry. who
had voted with the republicans
throughout the consideration OF the
bill. in the end joining his own party.
Senator Chamberlain of Oregon was
he only democrat who stood with
he republicans in favor of the bill.
some of Provisions.
As IL goes to the house the bill
authorizes the various money order
,ostoffices to accept sums OF one dol
ar or more from depositors. and 10
deposit these sums in the local banks.
where the money is to remain unless
by the president 10 case
IF war or other exigency. In case Of
his withdrawal the funds are 10 be
fContiuued on. Pare SIxD