Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-02-24
HIS MASTERS VOICE.

Theodore P. Shonts, sometimes
chairman of the Panama Canal COM
mission, but at all times a railroad
man of the type that gladdens the
hearts of the Wall street magnates,
has Joined the group of railroad presi-
dents flying danger signals and pre-
dieting all sorts of calamity If the
country does not at once cease its eff
forts to secure freight regulation, re-
duction of passenger rates, the aboli-
ton of discriminating tariffs and other
reforms that interfere with the present
system of operating and manipulating
the transportation lines of the coun-
try. In a recent address before the
Iowa club in New York Mr.. Shonts
came out fatty as the champion of
stock watering and stock jobbing in
railroad securities and issued solemn
warning of peril to the prosperity Of
the nation in a continuance of legisla-
tive effort to secure reforms in trans
portation matters. Supporting a con-
tention that the railroads have made
the prosperity of the country possible,
Mr.. Shonts said:
There is no doubt that in the building up
Of these properties things have been done
which, though legally right, were morally
wrong; but because they were legally right
and cannot be legally disturbed, what is the
use of exploiting them when no result can
a. Nt,v-x, Alb Tor al fnv-
the charlatan and the demagogue and to
intensity class bitterness?
Credit must be given to Mr.. Shonts
for being honest, at least, in his ad-
mission that the railroad managers of
his type have kept an eye on the law,
even to the neglect of their morals, in
their stockwatering speculations. He
contends that, inasmuch as railroad
properties of the nation cannot be du-
plicated for the amount of money
their securities represent, then, to a
large extent, there is no water in out
standing stocks" and he protests
against present holders of railway Sc
ourities being deprived of their prefer
entail privileges land placed on an
equal footing with mere outsiders"
when it comes to the issue of new
stock, or the expansion of old stock,
by the all-water route.
Having thought the matter all over,
Mr.. Shonts has remedy for existing
evils. He would have had eminent
financiers and captains of industry CO.
operate with the president to bring
about better corporate practices. In
Dther words, he would have the men
who have amassed millions by prae-
tees which he admits we're morally
wrong, though perhaps legally right
now go to the president and discuss
with him methods for preventing
themselves from adding other millions
to their swollen fortunes. 1t would
be worth the price of admission to see
Mr.. Hartman, Mr.. Hill, Mr.. Fish, Mr.
Ryan, Mr.. Belmont, Mr.. Baer and
other railroad magnates going up &c
the White House and appealing tc
President Roosevelt to aid them in
celebrating reformed and purified
methods OF corporate management
Their efforts. heretofore, have al
been in the direction of warding of
legislation for that very purpose and
the public win be slow to believe
without some signs, that they are for
saking their old ways.
MT. Shonts is not an impartial OBJ
server. He sees everything from the
viewpoint of the railway manager
skilled in sailing between law and
morals and landing rich eargoes fol-
his corporate masters. He cannot rio
himself OF the notion that the country
Is going to smash II the railroads can