The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1905-10-02
PUBLIC HOSTILE
TO BIG TRUSTS
Thomas N. MoCarter, Presi-
dent Of the Public Service
Admits Their Unpopular
ity.
THEY CAN Be REINsTATED

BY PAYING FAIR TAXES THEY
CAN REGAIN THE CONFIDENCE
OF THE PEoPLE-THEY
SHOULD RESIST coNFIscA-
| TIoN.
In an address at the banquet Of the
American Street Railway Association
on Corporations and the Common
wealth" President McCarter, Of the
Public Service Corporation, said
Now, gentlemen, these are stirring
times. Corporations and the common
wealth. Corporations to-day are not
popular especially quasi-public corpor-
ations. The public mind is infamed, and
we must admit not without some justif-
cation. As the corporations grow in
size the public hostility seems to increase
generally. in my judgment without justi-
fieation. Without the corporate devei-
opment, the progress of the country
would have been much slower: this all
admit.
The real truth is that the pioneers of
this great development of street-using
properties were not content with mod
crate and justifable profit, but by means
Of lax laws then existing, placed upon.
these corporations, a burden of over
capitalization, under which many of the
companies are now struggling. and the
knowledge of which influences the public
mind. and the present operators of the
properties are blamed for the sins =
their fathers. even unto the third and
fourth generations.
Il state unreservedly in this company,
that in my judgment the street railways
of this country at the present time, 50
far as / am familiar with them. are being
as honestly and fairly operation as pos
sible under existing conditions, for the
joint welfare of the public and the
| owners.
! Public sentiment is sometimes slow
in doing justice, but is ultimately fair.
This wave of corporation discomfort
will subside; the pendulum viii swing
back 1t is our plain duty to do all that
we can to hurry this desirable result.
! How can we best assist? We must rec
ognize conditions as they exist: we must
| deas fairly with the public. The day cf
fcticious and apitalization for
/ street-using corporations has passed. Tho
street railway business has passed the
4 experimental stage. Henceforth the
1 profits should represent a fair return
or sufficient to attract investment of capi-
| tai. but not to water the city. Street
railway companies had better confne
| their watering to moderate sprinking
! of the streets. Additional surplus earn
ings, if any, can well be spent in inn
provements, thus keeping down fixed
charges
$50, too public sentiment is undoubt-
edly opposed to the further granting of
unrestricted perpetual franchises in pub
4
! die streets. l cannot discuss a subject of
4 this Importance in an informal talk Of
! this character more than to say that the
! question is one of great seriousness, as
| it may effect the development of rural
| sections. and that | believe that some
/ where there is middle ground upon
which public sentiment and corporate
management may meet in accord.
1T may be our aim to meet the com
monwealth fully and fairly in the matter
! of taxation. No fair burden should be
evated. but we should resist to the end
the attempts of demagogues to change
taxation into confscation.
IF the result of the present agitation
in regard to matters corporate which IS
now going on In this country. shall lie the
/ determination of graft. the upheayal viii
| have been worth while. Graft is the can
Ger Of the land So far as the corpora
tions of the country indulge in it fer af-
firmative purposes, they are subject 10
| the severest censure, but in justice to
I them it should be said that in nine cases
out of ten, it is simply on their part,
submission to blackmail May the day
/ soon come in this dear land of ours. when
all shades of opinion will unite to eradi-
1 cate this evil; when the public shall say,
We on cur part viii EJECT mo CRATER 10
4 Office. and the corporation shall say, we
/ will neither tempt a man 10 become a
/ CRATER, nor submit to blackmait.' The
4 cooperation of all is essential to the elm
4 f,to tioy Nf tho OWL
Now. gentlemen, if this cordial re-
union of public sentiment and corporate
4 progress is to be brought about. the press
| of the country must do its share. I have
a great respect for the noble profession
of journalism. The newspapers are cree
| afors molders. and sometimes followers
! Of public opinion 1t Is ther province
| to record. to criticize. and to praise. So
long as they pursue these functions. ani-
mated BY sincere motives only, the good
i they accomplish is mmeasureable. Bat
| when from commercial or sordid motives
/ or from a desire to pander to popular
clamor they distort the facts and fan the
infamed popular prejudice. they descend
i to the lowest level of the acts Which they
SO severely criticize. All | ask is that
the newspapers show the same keen ap-
probation Of their responsibility to the
public thar they require Of US.