Omaha daily bee., 1907-10-02
OFFICIALS TALK UTILITIES
Favor Limiting capitalization of
Public Corporations.
EXPERIMENT IN MASSACHUSETTS
General jackson of New
York Gives of His Observa-
tiOns ON Municipal
Subjects.

ST. LOUIS, Oct. 1.-The national con-
ference of attorneys general held its final
session today. The program for the day
comprised papers by Attorney General
Wade Ii. Ellis of Ohio. Attorney General
Dana Malone of Massachusetts and Attor-
ney General w. S. Jackson of New York,
followed by general discussion of the
topics presented in the papers.
The convention opened today with a
continuation Of discussion on the paper
read yesterday by Attorney General Ed
ward T. Young of Minnesota on the topic.
Conflict Between State and Federal
Courts" The discussion was led by At
torney General a. NJ CARRIER of Alabama
and was participated in generally.
capitalization OF Corporations.
The first set address of the day was the
paper by Attorney General Dana Malone
of Massachusetts, on the topic, "Capitali
cation of Public Service Corporations"
Attorney General Malone said in part:
Massachusetts, so far as | can ascertain,
was the first state to prevent by legisla-
tion the Issuance of capital stock by public
service corporations unless the corporation
received fun equivalent I'm actual tang
tble property for every share issued. The
right to thus regulate corporations must
rest upon one general ground of the regula-
uon or natural monopoly. BY this | do
fined TO the regulation of absolute mono
poles, but II the public service performed d
by the corporation is OF a character which
IN It's nature is not open to free competi-
ton. but Is for any reason restricted within
few hands, the service to that extent is
Il monopoly and should be regulated.
compassion, not the legislature, is the
proper auS.ority to determine what amount
OF securities should be authorized and care
should be taken that no form of indebted
ness should be authorized without full
value received, as Indebtedness other than
STOCK issues may be more harmful than
capital stock, because upon debts interest
must be paid, and upon stock dividends
need not be paid unless they are earned.
Regulation of Utilities.
In the absence Of Attorney General Will
liam S. Jackson of New York his paper
on the subject state Regulation of Pub
lie Utilities" was read by Attorney Gem
eral W. II. Dickson of Colorado The pa
per in part follows:
1t is an encouraging evidence of an
aroused public conscience and intelligence e
that in nearly all of the states efforts are
being made to insure effective and intel
ligent regulation of public utilities without
dent.
Many of the remedies proposed seem
worse than the evils which they seek to
overcome, and this will be true in degree
of home rule.
Whatever may be the ultimate solution
OIL public service corporations problem
whether it shall be private ownership with
pubic regulation and control or within
their respective limits-federal, state, mu-
nicipal ownership OF all utilities, which in
thelr nature are essential monopolies-the
oDngatlon devolyes upon the ATTORNEYS
general of all the states vigorously and
e1lciently to enforce the laws now existing
Tor the curtailment of corporate aggran-
rights. P'''>
The concluding paper or the convention
was read by Attorney General Wade H.
Ellis OF Ohio, on the subject, "The Stand
ard Oil Trust"
Harmony with Government.
Upon motion of Attorney General e. r.
Young Of Minnesota the attorneys general
authorized memorial to congress from the
various states on the question of harmony
| between the federal and state governments
relative to the question of Jurisdiction In
the courts. A committee was appointed by
the chairman, Attorney General Hadley OF
Missouri, TO memorialize congress, consist.
! ing OF the following members: Attorneys
General K. T. Young of Minnesota, Dana
Malone of Massachusetts, A. NJ. CARRIER OF
| Alabama, w. T. Thompson of Nebraska