Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-01-18
RepudIate5 Any Degree Of Re-
sponSibiIIty for Measure In
troduced by Representative
Stanley Of Kentucky
HOLDING COMPANIES
TO BE PROHIBITED
Message Declares for Power
Vested in Interstate COM
merce Commission to Regu-
late Issuance of Securities,

tey MORNING iouRNAl SPECIAL ltAs'o w'Hsl
WASHINGTON JAN tt.'~ ll'sluent
W ils0n announce y tudaA tINl ~ M"uiN
read nus message on anu+tfust fei"'ii
to JOINT session M pnth houses ol
congress NEXT IueeutN'
The president alaady has shown
the document to dem0cwtc leaders Ia
congress members of the Two congress
sional committees in charge of the
legislation aud to members of The cub
met All have expressed approval.
The president hns left me task al
framing the detailed remedies TO con-
gress Three hitherto qnannohneea
features Of the president plan are.
j.. the hfohinluon "l holalllh 'uA
panies. corporations would pe ~
Wdden 10 own OF holu onaloa "i .,
interested in the business el a''u"
competitors or coshate concerns, ana
the acquisition oi STOCK nr klh-lhleT-
ests in non-compeutNe concerns
.M0uld be possiple onlN WIN the con
sent of the Interstate commerce COM
mission or the piopohed lhiefslal'
trade commission
q Empowering the interstate CONF
merce commission 10 regulnte aud
supervise The issuance of securities by
the railroads. go that the public
would exercise through the commits
SION a certain controi "Aer me luluI,
uses 10 which the money oplallltu
irom the issue oI STOCKS or h"ilHa
would he put
3. Wherever at the instance ol the
government eltner ln elNh of 'finlinAl
proceedings the courts nave ithutl
rd Judgment oh the uulaW lulness ol
amy combination, lnaiNluuAls oi con
Germs aggrieved through lhe comm
nation, would nave the uenrllt nt NHt
adjudication and not he required lh
thelr SUITS 10 prove again lhe lileHal-
ity OF the combination
The president has dealt with these
general principles iu which hT he-
licveg public sentiment IS agreed TIM,
correction Is necessary. lle has em-
phasized that a spirit of fricndliness
rather than hostility should charac-
terlzc the method of approaching the
work of reform go this end the pres
idcnt himself 10 WIS learned today
is behind the announced program of
public hearings ou the proposed bills
The president has made 1t plain 40
Chairman clayton of the house judi
ciHry committee. that tho business
world should hc given full opportup
ity to express iis views.
The president is anxious. too. that
i'm the legislation ample time should
hn given i'm an cases for business 10
adjust itself to new conditions even
to a period of from one to two years
Ia limo with the idea that puhlIe
.oplnlon is moro or less agreed ON Ger
.taip prlncipies. fhe president consider
rho urohihition of holdinp COMPANIES
as a vital mart of the program lie
bf.lfeyrs that. beginning with thn de-
cision of che United States supreme
court In thr Northern Securities casc.
noldng companies have come under
the ban of public disapproral Whilo
governor OF New Jersey be caused 90 (
Dee enacted measures prohlbiting hold
ing companies 10 that state. and per-
mtting only such mergers of non
competitive concerns as were mne-
toned boy the public utilities commits
sion
An analogous function. il IS nn- f
dcrstood now would be given to the f
new interstate trade commission
through its powers OF inqustou aud E
Investigation of what constitutes com
petitiye and non-compctitiVe coudl- +
tions. u is recognized by admins
tratife advocates OF this feature that
there are many cases IN which wide
sweeping prohlpillon OF holding com
punies misht prevent the organization +
of useful enterprises. The supervis-
ion of the issuance OF railroad se-
cufities i7 TO De- regulated 10y the ad-
minlsiration In the belief that railroad .
capitalization ana the issuance of
stocks ana securities are closely in- .
Volked with Increases or decreases in
rates. ANA that through the inter- Z
state commerce commission the puhlic .
Recent speeches by railroad off
ciais to the effect that such fegula
tion would be welcomed is taken as
evidence bY the administration that F.