Smyrna times., 1910-01-12
Taft Wants Court Of Commerce
to Try Appeals.
FAVORS FEDERAL CHARTERS
IN Special Message to Congress the
President Urges Amendments to
Laws Looking to a More Effective
National Control of Railroads.

Taft's expected special message on
the subject of further legislation deal
ing with trusts and railroads went to
congress Thursday, but was read in
only the house, as the senate was
not in session.
On the whole the message was well
received by the house. By good
many members it was regarded as be-
ing radical as anything of the same
character proposed by Mr.. Roosevelt.
There is a pretty general belief in
congress that while there is a good
show for legislation amending the in
terstate commerce law along the lines
recommended by the president, his
proposal of a law for the federal in
corporation of interstate corporations
was not likely to be acted on at the
present session of congress.
To contro! Corporations,
The longest step forward taken by
the president is his recommendation
that congress enact a general law
providing "for the formation of cor
porations to engage in trade and
commerce among the states and with
foreign nations, protecting them from
undue interference by the states and
regulating their activities so as to
prevent the recurrence under national
auspices of those abuses which have
arisen under state control" He
would have such a law provide that
such corporations should issue stock
90 which zach
has been paid, or if issued for prop
erty to have the federal government
pass on it's issue. He would require
also that such corporations shall file
full and complete reports of their op-
erations with the department of COM
merce and labor and prohibit them
from acquiring and holding stock in
other corporations except for special
occasions approved by the govern
ment
The first part of the presidents
message is devoted to recommends
tions for amending the interstate
commerce law. The only important
change made applies to the proposal
to forbid railroad companies from ac-
quiring additional stock in competing
railroad companies which they con.
troll. AS originally outlined railroad
companies were either forbidden to
acquire any additional stock whatever
in competing companies controlled by
them OF must possess 80 per cent. OF
the stock of the competing company
in order to acquire some or all the
remaining 20 per cent. AS a result
of the representations made by the
six railroad presidents last week the
message Of the president was changed
so as to recommend that a railroad
company holding less than so pc
cent of the stock of a competing rail
road company could be permitted t
acquire the balance Of the stock o
that competing company.
Urges Creation of Commerce Court.
One of the important recommends
tions Of the presidents message is 70
the creation of a United States cour
of commerce to hear appeals from dC
cisions of the Interstate commerc
commission. Other recommendation
are that the interstate commerce con
mission be empowered to investigat
alleged excessive rates made by raj
road companies of it's own initiativ,
without waiting for complaint to b
fled giving shippers the right to
mand a statement from any railroa
company of the through rate on an
shipment and imposing a fine for fai
ure to comply or for misinformatio1
permitting the commission to pos
pone for sixty days the time with
which an announced rate is to b
come effective and prohibiting a ra
road company from issuing capt.
stock without previous payment for
of not less than the par value, or iss
ing bonds or other obligations e
cept one-year promissory notes wit
out the previous payment Of not lie
than the par value of such bonds
the reasonable market value as asc,
tanned by the interstate CONNER
commission.
In that part Of his message rel
ing to the antitrust law the preside
presents arguments for belief on
part that no amendments to this Ii
are necessary. His general argumt
is that the United States suprel
court has construed the law in su
a way as to render unnecessary a
legislation to exempt from prose
tion interstate business combinatiC
which, while they may seem to ,
late the letter Of the law, do not
late the spirit of it through having
undue restraint on trade
The president lets It be known t
It is his purpose to have the dep
ment of justice make an investigat
through grand juries or otherwise
to the history. organization and
poses of all the industrial compar
with respect to which there is
reasonable ground for suspicion [
they have been organized for a
pose and are conducting business
q plan whioh 10 In violation OF
antitrust law"