Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-05-27
BILL AGAIN DEBATED
Railway Measure Considered
by Senate Today.
BRIEF DISCUSSION ONLY
Senator Dolliver Explains Amend.
ments Approved by Insurgents.
INDUCES in Criticism.

Beginning the session in the hope Of
concluding the consideration of the ad-
ministration railroad bill before the close
of the day, the Senate took up the bill
promptly after the disposal Of the routine
business.
There were a number of amendments to
be considered. but as it was not expected
that any of them would be accepted there
was general feeling that discussion
should and would be restricted.
Senators La Toilette, Newlands and
Dolliver were among those who, it
was understood, would present amend
ments and it was expected each would
speak upon the merits of his provision.
Each of these senator's. however, prom
ised to be brief 1t was understood that
many roll calls would be required.
Presents His Amendments.
AS soon as the bill was taken up
Senator Dolliver formally presented his
amendment. designed to take the place
of the capitalization sections which
were eliminated yesterday. His pro-
vision related entirely to the question
of the issuance Of stocks and bonds and
covered ten printed bill pages The espe-
cial object Of the amendment was to
place such restrictions upon the issu-
ance of securities as would prevent
abuses.
of the insurgents, and while they had
no hope of getting favorable action they
manifested much interest in the pro-
ceeding. They wanted to place people
on record.
Immediately after the reading of the
amendment Senator Doliiver took the
floor 10 explain his provision.
Taking up the substitutes, Mr.. Dollfver
enumerated the provisions and said that
the measure set UP standard OF legality
for stock and bond issues; laid down the
terms for such issues; regulated the use
of funds raised by the issue Of securities,
without combining them to their par val
ue. and prohibited investments by on.
road in the securities Of competing
line.
INDUCES in Criticism.
The Iowa senator criticised the elimina
ton of the section permitting the regula-
ton of traffic agreements and those per-
tanning to the issuance of securities. say
ing that to retain and amend them would
have been preferable to striking them out
entirely He intimated that the failure
of the Senate to pursue this course was
due to lack of industry.
He said that according to the best ex-
pert testimony the railroads OF the United
States will have to borrow $1,000. O00.000
for the Improvement of their facilities, and
expressed doubt as to whether It would
be possible for them to do so unless there
could be some regulation OF their finances.
Mr.. Elkins Replies.
Replying to Mr.. Dolliver, Mr.. Elkins
said that he favored the principle of the
control of the capitalization Of the rail-
roads, but said that there was danger Of
infringing upon the powers of the state.
He found many good things in the amend
ment, but 1t was SO complicated as to
make it difficult to understand. and he
did not consider 1t practical to enter upon
the subject at this time.
Mr.. Crawford expressed disappointment
over the withdrawal Of the capitalization
provisions, and said he did not think such
course should be pursued fiippantly to
conform to the views of individuals.