Show PRESIDENT WANTS SOMETHING DONE president taft like his predecessor PreAl dent roosevelt is determined to keep congress busy the balance of this session one of the measures that he is vigorously urging is the enactment of a law for further more thorough and effective federal control over railroads i and other great interstate corporations the way our railroad railroads have havi been built in the past has produced a great and lasting evil for instance when a road is to be built that will cost a company ia is organized and stock is issued to that amount and sold out of this fifty million dollars received from the sale of stock about forty five millions goes into the pockets of the promoters which is nothing mor more or leas less than grafting then the board of directors has to issue bonds for that forty five million dollars in order to raise money with which to build tha road when the road is completed it must necessarily earn enough money to pay dividends c ca 2 this fifty millions of stock of which 90 per cent is water end interest on the bonds in order to do this the railroad baa has to charge double for the passenger and freight traffic whereas if the road had been built bull honestly it would only have to pay dividends on the stock and could of course transport cheaply it is the iniquitous origin of the railroads of this country that has caused the people to take such violent action against them and for this antagonism the railroads have no one to blame but themselves the state of texas has developed the best railroad system of laws of any state in tn the union when a railroad is to be built in texas the promoters roust must submit their plans to the railroad commission of that state who will not permit them to issue any larger amount of stock or bonds than is ia nece necessary emry to bu build a ad the railroad and when the stock is sold the proceeds of the sale we must be ai at a i counted for to the railroad commissioners if the legislature of every state in the union had passed fis its wise lows iowa as the state rt rot texas the railroad evil would have been very much less than it Is s today president taft wants congress to res regulate the issuance of all stocks and bonds by railroads which cross state lines an andthil and this will include of course every railroad of any importance in the country every individual state should see to it that when the federal authorities take control of railroads and such things that the authority of each state is still undisturbed so far as controlling the railroads that teat come within its borders fj secretary root of new york former secretary of state under mr roosevelt has warned the stated of this union that they should aee see to it that their rights are not absorbed by the federal go govera ment but the two should work in with 1 1 each gach other r |