ITEMS OF INTEREST October 12, 1912 Issue

ITEMS OF INTEREST

President Taft's veto of the Coosa river dam bill will, it is believed, bring about a settlement upon a fixed policy with respect to the utilization of water-power upon streams under the control of the government. The bill passed both houses of Congress, and President Taft disapproved it, saying that the construction of the dam by private parties brought the water-power privilege within the regulative rights of the government with respect to navigation; that, however much credit was due the originators of the enterprise, it was manifest that in the course of time the return to the investors might far exceed a reasonable return to the government for the value of the privilege granted. The President plainly indicated a leaning to the policy of making the granting of water-power privileges upon navigable streams help to pay for navigation improvement. The advocates of this and similar bills for the utilization of water-power have contended that in fact the federal government's rights extended no farther than the preservation of navigation, the conservation of the integrity of the channels of navigable waters, and that the courts have sustained them and will continue to support them.

President Taft is said to have under advisement a request by the House money trust inquiry committee that he direct Secretary MacVeagh to disclose information concerning the net income revenues of corporations on file with the corporation tax bureau, also confidential reports of national bank examiners concerning the business of the big banks in New York which control large financial operations in that city. It is thought almost certain that he will defer public announcement of his decision in the matter until after the election in November. Under the revised corporation tax law the net incomes of corporations cannot be examined by any one except treasury officials, who are custodians of the records, without an executive order.

Fifteen million miles of free transportation were issued by the Gulf, Colorado & Santa Fe in the year ending June 30. At an average of two and one half cents a mile this represents a sum of three hundred and seventy-five thousand dollars in transportation. The total number of passes issued for the year was forty-five thousand five hundred. Of these thirty-six thousand were issued to employees of the Santa Fe and members of their families. The remainder were issued principally to the employees of other roads.

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