Show PRESIDENTS PRESIDENT'S PLAN PAN FOR NEW REFORMS NE' REfORMS Main Points of Legislative Program Pro Pro- gr gram m Settled After Long Study L FEDERi FEDERAL Co CONTROL POLICY Widely Divergent State Enactments Enact ments to Be Prevented ted Will ill r ill fI Lead Washington March The 23 Ic legislative legisla tive hc program r o of or the time administration Cor at I federal control lI of if Ito Iho railways has completed ll so sub far as mis the lie main features features fea fea- tures nr are concerned I 11 t provides l I A I-A A that lint outstanding lI securities se ute- mu t he be me accepted as aM valid and amid their Integrity nol not 2 Railroads 2 will whit be allowed I lo to make I Is between themselves but bl l II under rigid federal scrutiny mutiny to lo see that thal Iho tho public interest Is not liiL menaced by Much Z and amid long lime line lerm larIff lar- lar lIT Iff che schedules ulc are an I lo 10 be lie favored ra so that a H shipper will know rill for a staled sLated period 1 t what that lot I ii his hs his c cOil t call I for 4 4 Centralization of tf control under II federal fed feul- Iral I- I eral ral supervision lo to p nl event L widely 1 di divergent I r cn t state tf eXl These c mire are lh the main features of or till the a administration ad ad- ministration ri ll Ion program iii Many hlll details to lo be lie adjusted but these e flask basic Pt will be contended con con- tended fur for Will ill n lie beat lIl to lu When the bill Jill or ur bills embodying tIme these features Is ht sent to congress tho lie whole power IU l' l of ot the tho administration will tell willbe be 1 exerted to tu secure favorable action Tho outlined have time support sup sub port imort of the lie nt his closest cabinet cabi cahl- lIC net a advisers time Iho of uC the lie Lu Commerce commission IIII its ills ii allot allI ne nl F. F 11 U. 1 Kellogg and W. W I. I Se er many y railroad presidents W hall bankers bank It- It cr ers s and amid others I It Il L was WUK tiit Intention of ur the time Pa Milen lo to this Ibis program In n. n speech in Ill UI but bill thal speech will be b. ma mido now note Is I cub eul The Tho really and alarming cUll condition on lie Western railroads has hiatt cal d If H time iho threatened tUI ak Thrice tI Iy lI t. t t J QI l 1 I tr J C n I O Ib J lc r I T m I of oc tJ e 4 o md mind u is- is N III of or tho ho cl nt of ur la itt itt- lit bor bolh holh ic as emissaries of tiC the lre II iii for or u. u aJo today to tc toso so see whinE what coU could 11 be hc done In lii t the Ii h wa way ay of f the lie differences c tIm HUT em und until timit si I tuition in Js some what it It is hint the tIme Of Jr ral of ur railroads und amid 10 lo make It ll effect will Ivr will be l temporarily laid aside This fluis program Is no ito hastily construct constructed ed ell on lIn timi It i is thi dL lIc of tiC months of or earnest st d discussion nun and study it has hat been cn w welded into to shape h by widely ill ill- element o. of oC the time eSt cst advocates of oC the hue pro program aro utro i all all- road presidents Members of or the thc lie inters In- In I ate el Commerce lii cm-ce cm coin commission iii Jon timid and their attorneys have l assisted Hankers have been iitti on Oil tm hand notably James I R I o of New York York- Members of or congress con con- Ht gress 4 and ancl senators ha have ha C been becI COli consulted consult sull- sull ed et and auth Riven their views une und the re result re- re suit sult Is 14 a happy happ blending of or all till III Ideas JK I It L I IM is now ItOW thought hl thud that Dolliver Dolli- Dolli eel ver of uC Iowa will tethi be bc the one c to lo whom will trill be he d deR lie Iho task lask of oC lartin ideas lii III into to lulls hills and 1 I Introducing lit t th them lII l Dolliver has hus been hicen much tel with Lii the lit Pm PI f of uC late lale and amid recently went to tutu and made an tumi exhaustive study of or tho thu new corporation laws hates t there I m I 11 I I is known Ural that the Lime President do dotS does s nut not think that limit all securities outstanding lug ing toda today were teem properly or UI honestly Issued hilt but at ut tire time same time tIle tho they have hl been put Ut out and h Instance paid for COI ro To annul them might hl be do- do 1 ns as and amI after tHer a full till and fm-co fm lIh discussion U t iu Il II was WUI thought best to for forgive hc arid ant forget or In lit l words wOrth to lo c what litt haq en bt-en dono and I laws to lo mako u a recurrence re re- currence Chairman Knapp possibly t best Jest expresses t it He lie says sas Knai M StandI Stand I would not lot agree agree- to alt all any plan oCIc of oC Ic legislation that looked hooked lo to questioning th tutu the thull ull validity of oC outstanding outstanding- securities stocks and ancl Jon bonds S W Vt know that there lucre have hu been hicen great Krout abuses tumid and much done that was teas wrong but that was nas In Imi the tia pa past t. t We must condone all nil that und autti set OUt our faces aces to the Lime future We mu must t make laws law lo to i make Impossible in lii hc future a u. recurrence of such Indefensible Il naim el C rI n i The Flue fact Is that the advisers acl of oC President have told old him thai lint If he lie was to sustain a cam campaign lo to reappraise value to lo take talce all railroad securities fn 11 ii the lie tumid and pl Pin Pin-cc c the he acid test onto them lieu the lie rC results could bo lw short of chaos chams pending an ami adjustment of if values tumid and that It would take a long longtime time lime lo tu u rc regain e c Again A Item Item-c mire are men Including imig Chairman Chair Chail man mall Knapp Knarp who do ulo nut lIoL think that Ute are aro Mr lr tr I Knapp said about lilt Ii feature I J don't dont say Hay lh that it there Is 18 no ito water In III 1 UK- UK rufus roads In lit fuel Each we see know that there Is in some cases but buL taken asa us as usA A whole I 1 don't dont evo bel that l a n fair air of oC values I In iii thus this country would produce a result lug that limit the Lii roads roads- as UK a whole ore worth lotus less than the time par lal value of oC insecurities in till securities attending u against hem It It was lIlu those l' l nUll CUll con tho Limo lo to refrain from making nil ami any su suggestions or offerIng offer offer- lug Ing any bills to Interfere with the lie status of Qt Ito Iho pr present outstanding t si si-i si i i |