Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-01-31

many II was necessary for them to sci
at the San Francisco bay points on TN
| basis of the cost Of water transportatlol
! from the coast fields. They figured the,
could only AFFORD TO pay us the 81 cent:
! per barrel If by doing this they so't
! orr company a certain amount OF rue
OIL otherwise the business covered bl
the attached papers would have come
| in by beat from the coast fields.
| am writing this up completely 81
| tina. there may he in the papers a Eistor.
| OF the reasons why this arrangement
was made. / wish you would go aheaf
and make the adjustment as soon as pos
| sible, as the Associated Oil Compan,
are very anxious to have the matter
closed UP. The arrangement was can
| celed on November IL at a conference
between Mr. Ripley. Mr.. Wells. Mr.. Por
ter and myself. Yours truly.
EDWARD CHAMBERS.
Shipments-Associated Oil Company,
| Mr.. q. 4. Davidson,
! Auditor Los Angeles.
| Attacks on the Administration.
The attacks by these great corpora
| tons on the administrations actions have
been given a wide circulation through
out the country. in the newspapers anc
| otherwise, by those writers and speakers
who. consciously or unconsc!ously, ac'
as the representatives of predatory
|
| giant scale by all forms of iniquity
| ranging from the oppression of wage
| workers TO unfair and nnwholesome meth
| DDS of crushing out competition, and tc
defrauding the public by stock JooDlne
and the manipulation OF securities. Ger
| tain wealthy men of this. stamp, whose
| conduct should be abhorrent to every
| man of ordinarily decent conscience. and
| who commit the hfdeous wrong OF teach
| ing our young men that phenomenal bust.
ness success must ordinarily be based
| on dishonesty. have during the last rev
months made it apparent that they have
| banded together TO work for reaction
Their endeavor is to overthrow and dis
credit all who honestly administer the
| law. to prevent any additional legisla-
| ton which would check and restrain
them, and to secure If possible freedom
| from all restraint which will permit every
INSCRIPTIONS wrongdoer to do what ne
wishes unchecked provided he has enough
money. The only way to counteract the
movement in which these men are en-
gagged is to make clear 10 the public JUS,
| what they have done in the past and
just what they are seeking ito accom-
plish in the present.
The administration and those who sup
port its views are not only not engaged
in an assault on property. but are siren
uous upholders Of the rights OF property
The wise attitude to take is admirably
stated by Gov. Fort OF New Jersey. IN
his recent inaugural address; the prin-
cinlas which he upholds as regards the
eKa Geing of e5lrse Identical With
those which should obtain as regards
| the nation.
| Just and fair regulation can only be
objected to by those misconceiving the
| rights of the state. The state grants all
| corporate powers to its railways and
other public utility corporations. and may
| not only modify. but repeal all charters
and charter privileges it confers. 1t may
| there ore, impose conditions upon Their
| operation at it's pleasure. or course in
the doing of these things. It should act
wisely and with conservatism. protecting
all vested rights OF property and the In;
terests of the innocent holders of the Sc
curities OF existing quasi-public corpora
tions. Regulation. therefore. upon wise
| basis. of the operation OF these public
utilities companies. including the fixing
OF rates and public charges. upon com
| plant and subject to court review, should
| as the right to regulate the output OF
stock and the bonded issues Of such cor
| poratioER. II this were done, it would in
ure to the benefit OF the people and the
| companies. for it would fix the value
| of. such securities, and act as 'guarant,
| against their depreciation. Under such
law. the holders OF existing securities
| would find them protected. and new Sc
| curities offered would have the confidence
of the people. because of the guaranty OF
-oA
! extensions or betterments and upon some
| ba sis Of the cost OF such extensions OF
| betterments. IT is dimcult TO suggest
| any legislation that would give greater
| confidence to the public and investors
| than a wise public utilities bill: and the
mere suggestion OF its enactment shoule
| cause this class of security holders to fee
that their holdings were strengthened, ano
| that the state was about to aid the man
/ ayers Of its public utility corporation:
| tn nYODcrfN
| the public benefit and for the protection
of invested capital.
| "The time has come for the strict super
| vision Of these great corporations and the
| limitation of their stock and bond issues
under some proper public official 1t vii
| maze for conservatism. and strengthen
,.,r companies doing legitimate business
| and eliminate let us hope, those which
| arc merely speculative in character ano
| organized simply to catch the unsuspect-
/ ing or creduIous investor. Corporations
/ have come in our business world to re-
| main for all time. Corporate methods ara
| the most satisfactory for business pur'
| poses in many cases. Every business OF
! enterprise honestly incorporated should be
protected and the public made to fee
! confidence i'm its corporate organization
| Capital invested in corporations must be
| as free from wrongful attack as that IN
vested by individuals. and tho state
| should do everything to foster and protec,
/ invested corporate capital and encourage
| the public. in giving 10 it support and con.
| fdence. Nothing will do SO much tf
achieve this desirable result as proper
| supervision and reasonable control over
| stock and bond issues, SO that over
/ capitalization will be prevented and the
| people may know when they buy share
| of stock or bond that the name
| OF the state upon it stands as guaranty
| that there ia value behind 1t and reason
able safety in its purchase. The act must
| make 1t clear that the intent OF the super
| vision by the commissioner is not for the
purpose of striking at corporate orSahiza
! tons or invested corporate capital. but
| rather to recognize and protect existing
! conditions and insure greater safeguards
| fer the future.
/ Capital does not go into state where
| reprisals are taken or vested interests Az
| injured; it comes only Where Wise. CON
| seryat,Ne SAFE treatment is assured. ant
/ IT should be our policy to encourage and
secure corporate rights and the best in
/ terests OF stock and bond holders com
| lnitted to our legal care.
Riches Not Necessarily Evil.
Under no circumstances would We coun.
! tenanca attacks upon lawaDlding prop
er;y. or do aught but condemn those who
ho,d up rich men as being evil men be-
cause Of their riches. On The contrary,
!. our whole effort is TO insist upon con-
| duct. and neither wealth nor property
| nor any other class distinction as being
| the proper standard by which to judg,
| The actions OF men, For the honest man
| of great wealth we have a hearty regard
! iusI as we have a hearty regard for the
| honest politician and honest newspaper
| But part Of the movement to uphold hon
| esty must be a movement to frown on
, dishonesty We attack only the corrup,
| ,>.,, ,,f We ea1th uto find in the pi1yc ha nd