Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1910-01-06
THEYTALKITOyER.
RAILROAD PRESIDENTS HAVE "A
TALK WITH TAFT ABOUT
SPECIAL MESSAGE
WATEREDSTOCK WRINCER.
INTERSTATE COMMERCE CON-
MISSIONS TO CONTROL
STOCK ISSUES

Washington, Jan. 3-Following a
conference with the presidents of six
of the greatest railroad systems, Taft
this afternoon announced that he had
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 s1b
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 ra1rroac
presidents it was said only a few
verbal changes would be made In che
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 deprecating the
idea of any legislation at !. esent,
when conditions in the railroad and
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 PIE
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
shan 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-
tioa clear to ]. Pierpont Morgan in a.
brief interview Friday. Morgan ar,
ranged for today's conference and
advised the. railroad men to confin
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 recommends
items and suggestions at this session
and thus carry out the promises O.
the Chicago platform.
Those who attended the conseren, e
today were Presidents McCrea of tn
Pennsylvania, LOvett of the Hartman
lines, Brown OF the New York Contra
Mellen of the New Haven, Basr 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 recommends
lions has to do with the language OF
the proposed amendment prohibiting
the railroad company from acquiring
stock or holding stock in a competing
railroad after a given date. It was
claimed that the working OF this
amendment was such that it might APP
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 1t,
will provide that where railroad
owns Sd per cent or more Of the stock
Of another, 1t may acquire the remain
der. This would afford protection to
minority stockholders for the the rail
road owning the majority Of the stock
II prohibited from acquiring more the
minority would lose their only proa-
able purchaser.
Taft listened to the railroad presi-
dents for more than two hours. and
practically informed them that he
would not alter his basic Recommended
tons
The proposed interstate commerce
court Of Ave members to consider an
peals from the interstate commerce
commission, with appeal only to the
supreme court OF the United States,
was particularly objected to by the
railroad representatives This recon-
mendation for court, however, wilt
remain In the message.
The railroad presidents ob.e-te1
seriously TO the proposed restrictions
upon issuance Of stocks and bonds and
short term notes. Taft will recon-
mend that no such securities be Is
sued In the future without approval of
the interstate commerce commission.
The railroad presidents objected a.
50 to the amendment giving shippers
the right Of selecting the through
route for shipments.
Chicago, Jan. IA nam known AZ
Edward Haywood, who was shot and
killed Saturday morning AFTER Yobbanx
9 saloon, was identified today 10
Marion Hedgepeth, . notorious saes-
blower and train rnhhAr EAAannarh