The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-02
NEWLAWW|LLNOT
. Be USED ASA CLUB
Neither Is It Intended
as a Bear car
gument. !"
INVESTORS NEED
NOT BE WORRIED
Interstate Commerce Commission
Does Not Propose to Run
Amuck and Use It's Power to
Jeopardize Interests of
Railroads-Taft Satisfied
With Conditions.

Beverly, Mass, July President
Taft had a long talk to-day with
Chairman Knapp. of the Interstate
Commerce Commission, regarding the
administration OF the new railroad
rate law. At the conclusion OF the
interview it was made plain that the
added authority given to the commits
sion by the new statute is not to be
used arbitrarily or for the purpose Of
hindering the railroads in the conduct
of their legitimate business. The pow
err to suspend new rates, probably the
most direct weapon placed in the
hands OF the commission. is to be
used only in exceptional cases.
Chairman Knapp told the President
that the commission already had re-
fused an application under the new
law for suspension OF Increased
rates on horse vehicles and autonao-
piles He said that there was nothing
on the face of things to show that
the new rates were unjust or unreas-
enable.
The Interstate Commerce Commits
sion will not attempt to Ak definite
rates for the railroads, and the power
of a suspension will be applied only
to rates when preliminary hearing
gives indication that they are ex-
cessive. In all such contested cases,
the President was informed, the com
mission will endeavor to arrive at the
facts at the earliest possible moment,
and 1t Is not believed that In any case
it will be necessary to avail itself OF
the full limit of eleven months allowed
under the law.
Manipulators Active.
From time to time since the new Law
went into effect there have been indi-
~ ~ fna 0tC railroads
have been considerably worried as to
the extent and the manner in which the
| rate regulating clauses of the new law
I would be employed by the commission.
Stock manipulators IN Wall Street had
| heen informed of this and were trying
to trade upon this doubt, and to make
| the most Of the situation to their own
advantage.
It can be authoritatively stated that
it was never intended that the new law
should be club or that 1t should be
the means of profit taking by bears.
In the market The commission will
not run amuck," and will do nothing
to jeopardize the interests of investors.
There has been talk Of a possible fright
among European investors. and the en-
barrasslng results that might CONS
from throwing over stocks at crop
moving time. But the President sees
nothing in the situation to warrant any
such views.
The new law is being tried out"
The President feels 1T is in the hands
of conservative body Of men. 1t was
at his request that Chairman Knapp
came to Beverly to-day. Mr.. Knapp
left for Washington tonight.
Taft Is Pleased.
Mr.. Taft was pleased to find that the
commission already had its plans well
mapped out, and that its views OF the
new statute comedies thoroughly with
those of the trainers of the bill.
1t is felt that 1t would be a great i'm
pediment to the railroads to have every
new rate suspended and put through
the eleven months period of determine
tion as to its reasonableness. Chair
man Knapp discussed this feature or
the law with the President. and cited
the refusal OF the commission to sus-
pend the automobile and vehicle rates
as an indication that the power of sus-
pension Is not to be used indiscrimi-
nately.
The commission is anxious that there
shall be as little friction with the rail
roads as possible. and President Taft
is anxious that nothing shall be done
to menace the prosperity Of the rail-
| roads SO long as they comply with the
| terms Of the law
Further Information regarding the
interview between President Taft and
Colonel Roosevelt yesterday tended to
| confirm the reports of last night that
| the visit was almost wholly of a per-
sonal and social nature.
The President and the former Pres
ident did talk politics briefly. but 1t
! was agreed between them that they
would not discuss their meeting In any
| way
Mighty Good Time.
AS one who was present put 1t to-
day: I'VE all sat around In a ring and
| had mighty good time. The colonel
| told many interesting stories of his
| experiences abroad, both in Africa and
Europe. We found that he had lost
j none of his characteristically vigorous
and picturesque power OF describing
i indidlvuals and situations and his Wis.
! 1t was JOY to us ALL"
The growth of the peace movement
| in Europe was discussed. But 1t i.
said to-day that the Internationa
Peace Commission authorized under ,f
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