The Miller press. [volume] (Miller, S.D.) 190?-current, 1910-01-06

RAILROAD PRESIDENTS HAVE A
TALK WITH TAFT ABOUT
SPECIAL MESSAGE
WATERED STOCK WRINGER
INTERSTATE COMMERCE CON-
MISSIONS TO CONTROL
STOCK ISSUES

Washington, Jan. 3-Following a
conference with the presidents o. 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-
walton 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 a result Of the call of railroad
presidents it vas said only d few
verbal changes would be made In che
draft of the interstate CONNER, 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 d~eprecating the
idea of any legislation at = esent,
when conditions in the railroad aGd
industrial worlds are righting them
selves after a period of 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 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. P%ierpont Morgan in a
brief interview Friday. Morgan ar
ranged for today's conference and
advised the railroad men to confn.
themselves to suggestion of changes
in the amendments rather than any
attempt to influence the president $
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 OF
the Chicago platform.
Those who attended the conrerenCe
today were Presidents McCrea of III
Pennsylvania, Lovett of the Hartman
lines, Brown of the New York Contra
Mellen of the New Haven, Baer OF
the Reading, and Finley of the So tn
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 TAFT
agreed to make in his recommended
tons has to do with the language of
the proposed amendment prohibiting
the railroad company from acquiring
stock OF holding stock in a 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 a New York Cen
trail line.
The law, as Taft will suggest it,
will provide that where a railroad
owns so per cent or more of the stock
of another, it nay acquire the remain
der. This would afford protection tc
minority stockholders for the the rail
road owning the majority of the stock
II prohibited from acquiring more the
minority would lose their only proc
able purchaser.
Taft listened to the railroad presi
dents for more than two hours, ant
practically informed them that h'
would not alter his basic recommended
tons.
The proposed interstate commerc'
court of five members TO consider an
peals from the interstate commerct
commission, with appeal only 10 thu
supreme court of the United States
was particularly objected to by tn
railroad representatives. This recon-
mendation for a court, however, will
remain in the message.
The railroad presidents obfeHte,
seriously to the proposed restriction
upon issuance of stocks and bonds an
short term notes. Taft will recon-
mend that no such securities he is
sued in the future without approval o
the interstate m commission.
The railroad presidents objected a.
so to the amendment giving shipper
the right of selecting the tarougl
route for shipments.
Chicago, Jan. "a man known g