The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1910-01-07
Taft Sends His Lons-Delayed Railroad
and Trust Document to Con.
eress Today for Con-
sideratlon.
THE GIST OF THE LETTER
He Points Out Several Methods which
Could be Used to Curb Some
of the Existing
Evils.

WASHINGTON, Jan. President
Taft today sent to Congress his long
delayed message on Interstate COM
merce and Anti, trust legislation. In
it he strikes at the existance of hold
ing corporations and watering OF cor
poration stock.
To insure the more complete control
OF railroads by the government, he
demands the formation of court OF
commerce to comprise five judges.
having power to act as a court of ap-
peals, from the rulings of the Inter-
state commerce commission.
The President also considers the
employees safety.
State control of corporation is Wig
orously attacked. u.
He demands that railroads be for
hidden to control their competitors
and would give the Interstate commits
sion, sweeping increases in power.
Declaring distinction between good
and bad trusts to be impossible, the
President says emphatically that it
the trusts are to be kept within the
law, new legislation creating national
corporations under charter, is urgently
needed.
These are the steps he recommends
In antitrust legislation: -.
Grant federal charter to combina-
/ tions manufacturing and selling inter-
! state and foreign commerce.
Protect corporation from state In
terferance.
IS Prevent stock Issues in excess Of
property values as ascertained by the
federal government.
Compel complete reports of national
corporations to the department OF
1 Commerce and Labor at regular inter-
walls.
Prevent national corporations from
acquiring or holding stock in others
except with federal approval.
This would do away with holding
companies.
In interstate commerce legislation.
he would:
Establish court of five judges, to
be known as the United States court
of Commerce, with power to enforce
oil OIucIS Ot ILS IuISi Sl6LG
commission, other than the payment
of money; to review appeals from the
commissions rulings, to handle the
cases provided for In the Elkins act,
and other cases that now go to the
Circuit court.
Prohibit the use of capital stock or
bonds without previous or similtane-
Gus payment Of the issuing company
of not less than their par value, or il
the issue is at less than par, of a
reasonable market value.
Empower the Interstate comnsrce
commission to approve the amount of
stock and bonds issued on reorganiza-
tion to prevent the issue from being
in excess fthe fair value o fthe prop
erty.
Prohibit interstate roads from ac-
curing capital stock or purchasing or
leasing any railroad of any other cor
poration, which competes with it,
Give the shipper the right to select
true route.
} Empower the commerce COMMISSION
to investigate new rates on their an
nouncement, instead of after they go
into effect
Empower the commission on its
! own initiative, to examine any rate or
condition and to pass on classification
of commodities for fixing rte. !.
Making the interstate commerce EN-.
ployers liability act open to easy en-.
forcement instead of only at the hand
of the defendant
Compel carriers to quote rates in
writing to shippers on demand