Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-08-13

against the very forces it has created.
| Inc money-monopoly, or the money
trust. or King. or oliGarohy. may be
| come fntolerablc even 10 money. Us
| many tyrant or tyranny has before
! become TO those who set up him or it,
The whirlgig of time brings in it's re-
venges" continually. and often rescue
! comes from the most unlikely sources
Even our indiscrctions sometimes
serve u WE'LL There is power for
ever from seeming evil still educlng
good; and the very devil himself may
he pressed into the designs OF heaven.
1t is. then. not without hope that we
see the mad and triumphant rush of
money and its votarics TO extremes ana
excuses. "When things get at their
worst. they mend"
There are ominous mutterings In the
stockmarllet, and among stock hold
ers. y leading New York paper says
i'll its financial article OF few days
ago:
! The number of instances in which
antaSonism has recently manifested it,
| self between the Stockholders Of inn
| portant corporations and their dircc-
tors. calls renewed attention to the re-
spective rights and powers of these two
| parties
The fact IS, ana stockholders. actual
| ANA prospective, ought always TO keen
| IL i'll mind. the directors OF corporations
have by law. practically, dcspouc pow
,Gr. So long as they keep within the
| units OF their companies charters. and
are not guilty of fraud or Wilrul waste.
| they can manage matters as they
| please, and the only check upon them
Is The election of other directors in their
| places when their terms of office cX-
| pre-. Their rule, like that of The Cars
| OF Russia, is an absolutism tempered by
assassination. Even against this peril
they are usually fortified. as the Cars
! are, by guards by the possession Of
| enough proxies obtained from ignorant
and coniiding stockholders, who never
| inquire into the companies affairs. and
| give their proxies as a matter of course
| TO whcmsoever the Official circulars
| designate. 10 obtain proxies to be used
against them is II work OF great dill
Guilty, which few men VIII undertake cX-
cepl upon cNtr6mc prOVOcation. md it
Is still more difficult to find candidates
who VIII accept Office when il Is tender
ed 10 them. No matter how badly the
aHairS OF n company. as for cXamDle
the Consolidated Gas or the Boston ana
Albany railroad. may be going. the ma
Jortty OF the stockholders have To be
convinced. first. that ii Is the fault of
the directors in control; next. that the
directors are proper persons To intrust
them to; and, finally. that the new di-
fectorS. whom it is proposed 10 put iu
are likely TO do better than The old
ones. The result is that a board or iii
rcciorS once elected retains power as
long as ii plcascs. ana when any OF its
members retire, they appoint their
friends to succeed them.
extraordinarily, directors Of corpora
lions arc not angels. nor even saints IN
10 l.i1f Iva.
with human Weaknesses. Not only arc
their judgments falliblc and their
Knowledge of facts imperfect, but they
are liable To be swaycd by self-intcr,st
and To prefer the qualification Of their
own passions To the welfare OF their
stockholders. AS in history we read
how nations have been plunged into
war to aVenSc affrontS to monar,hs ia
Norites ana ambassadors. which ala
not in the least affect the people ana
battles fought merely - show to
prince or a woman what "a battle s.
like, SO. sometimes. officers of modern
corporations use the power with which,
their stockholders have invested thorn.
TO revenge personal injuries and In
suits. or to demons trate to their adj
mircrS how greatly they are 10 be ralr-
ed. The more Sordid among them lunv
even shape the corporal tons policv
with an eye To the stock market. ANA
purposclV prejudice it's srccots i'm orr
der 10 dopreciate the market nrico of
| its stock Having sold the stock in ad-
vance. they buy il h1ck at nront ana
! then. by reversing their policy. nut the
price up again and rccCmmcuce thu ope-
| ration.''-N. Y. Sun
That these things are inevi'anle. ard
all the moro 50 from the nature. temn-
tations and opportunities connected
| with money and its larger transactions
is all the more favorable to the pub