The herald-advance. (Milbank, S.D.) 1890-1922, 1910-01-07
THEYTALKIT0YER
RAILROAD PRESIDENTS HAVE A
TALK WITH TAFT ABOUT
SPECIAL MESSAGE
WATEREDS STOCK WRINCER
INTERSTATE COMMERCE CON-
MISSIONS TO CONTROL
STOCK ISSUES

conference with the presidents o. six
of the greatest railroad systems, Taft
this afternoon announced that he ha |
split his message dealing with inter
state m 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 b
jects of the interstate aId
antitrust amendments will probably
receive greater attention If divided in
to two parts, neither Of more than
1000 words.
AS a result Of the call of railroac
presidents it a said only d few
verbal changes would be made IN che
draft Of the interstate CONNER e mss
sage, and that these will be only to
the end of clarifying the meaning 0
the recommendations. Taft found the
railroad men presented their views
considerably. While deprecating tee
idea of any legislation at essen,
when conditions in the railroad and
industrial worlds are Fighting 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 p e
pared by Attorney General Wicker
shaw, which forms the text of thu
message. The president, it is declar-
ed, will not attempt to force Wicker
sham or any other bill upon colgr IS
The railroad presidents admitted the +
objections were general in their "a
plication to all the amendments to the
interstate commerce act.
The president had made his posi-
item clear to J. Pierpont Morgan in a
brief interview Friday. Morgan ar,
LAh6CN lOl lOudy , GOAlcl tACc anu
advised the railroad men to CONN
themselves to suggestion Of chan2er
in the amendments rather than any
attempt to influence the presidents
general course.
Taft let it be known he exre-tT
congress to adopt his recommended
lions and suggestions at this sess o.
and thus carry out the promises @
the Chicago platform.
Those who attended the con'eren e
today were Presidents McCrea OF III
Pennsylvania. Lovett of the Hartman
lines, Brew WE Of the New York CentIa
Mellen Of the New Haven, Baer OF
the Reading, and Finley OF the So tn
ern. The presidents brought Lewis
Cass Ledyard of New York, as gener-
al counsel. Wickersham representa-
the legal department for the govern
ment.
One of the. changes which Tat
agreed to make in his recommended
tons has to do with the language OF
the proposed amendment prohibitinz
the railroad company from acquiring
stock or holding stock in a competing
railroad after a given date. 1t wa
claimed that the working Of this
amendment was such hat it misht aD-
ply to lines like the New York Cent
raj and West Shore, which latter has
for many years a New York Cen
trail line.
The law. as Taft will suggest it.
will provide that where a railroad
50 per cent or more of the stock
Of another, it may acquire the remain
der. This would afford protection t.
minority stockholders for the the rail
road owning the majority of the ST. =
If prohibited from acquiring more the
minority would lose their only pro
able purchaser.
Taft listened to the railroad ire i
dents for more than two no IFS. and
practically informed them that h"
would not alter his basic recommen5 a
tons.
The proposed interstate commerc.
court of five members to con~i9er q
peals from the interstate comme~co
commission, with appeal only t. tn
supreme court Of the United Stet s
was particularly objected to by tn
railroad representatives. This racom
mendation for a court, however, WI
remain in the message.
The railroad presidents obse te
seriously to the pronased restrictions
upon issuance of stocks and bends am
short term notes. Taft will re- om-
mend that no such securities te Is
sued in the future without a p~o"al OF
the interstate commerce commissio1.
The railroad presidents objected a
SO to the amendment giving shipper:
the right Of selecting the throu n
route for shipments.
Chicago, Jan. "a man known as