The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-04-08
SPENCER talks
ON RATE MAT TER
President Of Southern Points
Out What He Thinks Would
be Real Remedy.
GRosscUp ON CORPORATIONS
Many Railroad Traffic Officials
and Manufacturers At
tend Banquet.
GRosscuP ON CORPORATIONS
NV Associated press,

Il I'm
I,1TTsBU1sG, PA. April 7.-For the first
time In the, history of the Traffic League
the three aspects of railroad trnffc wero
ably represented tonight in the greatest
tonnage originating point In the world. The
occasion was the third annual banquet
OF the Traffic Club, OF Pittsburg. at tho
Hotel schenly Samuel Spencer, prcsi-
dent Of the Southern Railway, spoke for
the railroads: Willis l.. King, vice-presi-
dent OF the Jones and u.aughln's Conn
rany. Pttsburg. presented tho interests Of
the manufacturers. and Judge Potter 8.
Grosscup, OF the United States Circuit
Court, Chicago, upheld the rights OF the
people.
There were 475 railroad traffic Off
Gals and Plttsburg manufacturers around
the board. The verdict Of those present
was that the discussions were moro ex-3
haustve and<comprohensiv than at any
previous meeting. When tho speaker be-
gan Willis l.. King, vice-presldent OF the
Jones and Laughin's Company. was CALI.
ed to speak for PittsbUrg and her manu-
facturers.
Judge Grosscup Speaks.
Mr.. King was followed BY Judge Gross
cup, Of Chicago, who spoke as follows:
Grosscup Speaks.
Speaking to the toast. The Regenera.5
ton of the Corporation, Judge Grosscup
said In part: 1,
year since the American people started
out, through the Sherman act, and the
several State antl-trust acts to destroy
the so,called trusts are they destroyed az
them. except from causes arising within
itself. been destroyed or diminished ( True
)sitis that some Of them have been bitted
highways Of the law. Some Of them
have voluntarily come back to the high
ways OF the law Some have never do
partly from these highways. Some are n (,
still at large. But none that j can recall
have been destroy ed !: none have sue
cumbed to the full length Of purpose with
which, as a people, we started out TO an-8
initiate them. whatever has been the sue g;
the policy Of humiliation has proved a
fnilure-a flat sheer failure. TAX
II know of one corporation That or.
ganlzed recently under the laws of New
Jersey with an authorized capital of forty
million dollars. Tor some reason this
must have looked high, even to the pro-,
After a little while these ten million.
were reduced to two, whether from some
scruplc Of the stockholders. or some bus
nefs sxpsd taat 9 nS %h E19 AFTER that
the corporation banded IN bankruptcy
court, with assets all told OF twenty-flve
thousand dollarA presumably acquired
org organization, for the current liabilities
exceeded these assets The honor Of 1.-THE
New Jersey men individually is above
best best 0' courts in the land. Her Governor
and her State officers are chosen from
among her best citizenship. Within her.
borders is the University or Princeton a
| So ,tvSN ~ rvof1 or
reaches every corner Of our country. But
with all that, could there be conceived q
case, of the people OF a. Common wealth.
more distinctively putting the great seal
Fits majesty and honor, upon a Econtrl-
vance born a bankrupt and destined from
thei beginning to a career of disaster.
l7ss"What is to save a Commonwealth In
\ such q case from the moral consequence
of havlsg issued q false and fraudulent
certificate? What saves It from 1ustifi--
such spectacles have BECOME so common 2!
that they are no longer looked upon with.
acute dlsapproval issi q ", S3!3 III
1.-THE banks are corporations, and de-
I poslts essentially arc a form OF 8invest-
n1ent. The cause Is not that we have lost.
the Instinct Of proprletorshp The wish
1 to own something, on tho part Of every
Independence. was never stronger than at
4 the present day. The cause Is, the sense
Of Insecurity that the career Of the pres
| ent-QayN COTpOTuLOH5a Illltkply
And tie effect will be, in time a govern.
ment where power will be IN the people,
| but property the concern of few only
of the people-a sea Of incompatible cons
| ditIons through which no government has
ever yet successfully steered.
The Regeneration.
YOU ask bsS ew the Fen course Sc
changed, How can, the individual man
be brought back into proprlet orshp? NY
answer Is: Take the corporation % at. once
and forever out OF the list OF suspects.
Put the corporation, as national banks
and trust companies are now put under
the supervision ana control Of law, to tho
Make 1t. for Instance. impossible for the
promoters of the street railway, tho case
I&have mentioned, to have diverted from
rep!enshment the EARNINGS that under
| gone to replenishment, That would have
been no stretch OF supervision beyond
what is exercised now N the case Of
societies. and 1t would have saved the
investor in these street railway securities
| from tho tinancinl morass into which he
was led. and the public any cause Tor
'''ssMs ake It i'm imfposs sb to capitalize cor
poratiops at figures that can have no pur .,
poses olneT r. that
collapse leaves the victims holding tho,
ba &, i, !, Z. Z h,s u 80, !, (, ta,,.
one oil top Of tho, other. tho last kept.
green for n little while oE1l yby divdends
snatched from the air,or abstrantsd from
been bee t,aped allowed to dry up md per-
| sr from the, earth, II. M y "a .sye 5t 3yF
gs''The grea heart OF tho world ,na a
ways been with the mai VII works. 10
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