Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1915-01-01

duuluoDal Ddnk currency in Sucl
amount as would be necessary to pro.
/ tect the business situation and avoid
! financial panic. on September 4 the
! president once more addressed con.
gress, pointing out the need of raising
additional revenue to meet the de-
ficit caused by the European war.
The closing days of the congress
passed in an active effort conducted
by members from the cotton growing
states to obtain legislation for the re-
lief of the growers of the staple.
On October "a the first regular ses-
SION OF the SiXty-third congress came
to an end.
American Government and Politics.
on January Secretary McAdoo
and Secretary Houston began a series
of hearings to determine where the
new federal reserve banks were to be
established. The fedenal reserve bank
system went into effect November 1G.
on January 10 the Washington au-
thorities and the New York, New
Haven & Hartford railroad officials
came to an agreement by which the
railroad relinquished its trolley lines.
It's control of the Boston & Maine,
and most Of its steamship lines, in or
der to avoid further conflict with the
Sherman antitrust law. President
Wilson nominated John Shelton Will
liams, then assistant Secretary of the
treasury, to be comptroller Of the cur
rency and ex-officio member of the
new federal reserve board.
On January Z the president signed
an important order which establish
ed permanent civil government in
tho pa mama Camel Nopo 10 s,o into
effect April /. few days later he
nominated Col. George w. Goethals
to be first governor. on February II
the government brought suit at Salt
Lake City to compel the Southern Pa
cific railroad to relinquish its control
of the Central Pacific.
In March government proceedings
were begun against two railroads.
The Interstate Commerce commission
accused the Chicago, Milwaukee q st.
Paul road with overstatement of in
come and other financial irregularities
and suit was brought against the Le-
high Valley road under the charge
that ii was monopolizing the anthra-
cite coal industry through subsidiary
In this month, also, the
department of justice announced that
a plan for breaking up the transpor-
tation monopoly practiced by the
New York, New Haven & Hartford
had been arranged satisfactory to all
Partles'
early IN April the government met
with defeat IN It's attempt to prove
that the Delaware, Lackawanna ana
Western road and the coal mining
of the same name existed as
an Illegal and monopollstic combin-
alton. On April the committee APP
pointed for the purpose announced
that 1t had selected twelve federal re-
serve districts with their central bank
ing cities under the new currency
law.
on June the American Thread
which was proved to be a
combination of manufacturers which
controlled the output, fore
stalled the action contemplated by the
department of justice by dissolving.
In June, also, the United states SUI
preme court affirmed the power of
the interstate commerce commission
to fix rates and held that pipe lines
are common carriers and must carry /
products at rates fixed by the com /
mission.
On June 8 the president made pub I
T." " Nii"l 80 tlldt hib iu7lhtNs '9tS !
mad heen trying to force congress 20 I
adjourn. lie declared that he should (
do everything In his power To Keep !
congress in session until the proper .
business legislation had been enacted. /
In July the commission found that
he former management of the New
Haven road was criminally wasteful
ma Negligent, President Wilson d.
'ected the attorney general, July q,