Daily press. [volume] (Newport News, Va.) 1896-current, 1908-02-01

tions and may not only modify but ro-
peal all charters and charter privileges
IL coufers. IL may therefore impose
conditions upon their operation at its
pleasure. or course In the doing of
| these things IL should net wisely and
! with conservatism. protecting all vost.
| ed rights OF property ana the interests
| OF the innocent holders OF tho securities
OF existing quasi public corporations.
Regulation. therefore, upon wise
basis OF the operation OF these public
utilities companies. including the fix
Ing OF rates and public charges. upon
complaint and subject TO court review.
should be lntr,istcd to n proper bosrd,
ms well ns tho right 10 regulate the
output of stock and tho bonded issues
OF such corporations. II this were
| done. II wonid inurc 10 the benent OF
the people and the companies, for Il
would Fix the value of such securities
aud net IN Il guaranty against thoir
depreciation. Under such law the
Holders OF existing securities would
find them protected, and new securities
offered would have the confidence of
the people because OF the guaranty OF
the state that they were only issued for
extensions or bctterments and upon
| some basis OF the cost of such exten.
| sions or betterments. 1t IL difficult TO
| suggest any legislation TINT would give
! grcntcr confidence to the public and In
! vestors than wise public utilities bill,
and the mere suggestion OF Its enact
mcnt should cause this class of Sc
curity holders to fee, that their hold
ings were strengthened and that the
state was about TO mid the managers
OF its public utility corporations to
conserve their cooperate property for
the public benefit and for tho protec-
ton OF invested capital. 800
"'rhc time has como for the strict
supervision Of these great corporations
| and the limitation OF their stock and
bond issues under some proper public
official. 1t will mike for conservatism
and strengthen the companies doing "A
| legitimate business and eliminate. let
us hope. those which are merely specu-
lntivc In character and organized sim
ply to catch the unsuspecting or credu-
lous investor. Corporations have come
In our business world TO remain for all
time. Corporate methoda are tho most
satisfactory for business purposes in
many cases. Every business or enter
prise honestly Incorporated should be
protected and the public made to feel
confidence In its corporate organisa.
ton. Capital invested In corporations
must be as free from wrongful attack
as that invested by individuals, and
the state should do everything to fos.
ter and protect invested corporate cap
ital and encourage tile public In giving
!, to Il support and confidence. Moth.
Ing will do 80 much to achieve this de-
sirnhle. result ne proper supervision
aud reasonable control over stock and
bond issues. so that DISQUALIFICATION
Will be prevented and the people may
know when they buy share OF stock
or bond TINT the name OF
the state upon II stands "a n guaranty
that there is value behind Il and rea
sonable safety In Its purchase. The nci
must make it clear that the intent OF
the supervision by the commissioner Is
not for the purpose Of striking at cor
porate organizations or invested cor.
porate capital, but rather to recognize
and protect existing conditions and In.
sure greater safeguards for the fu
ture. go"
Capital does not go into c state
where reprisals are taken or vested in
terests nre injured. II comes only
where wise. conservative, sefe treat.
ment Is assured, and II should be our
policy 10 encourage and secure corpo
rate rights and the best interests OF
stock and bond holders committed to
| our legal care"
No Attack on Rich as Such.
Under no circumstances would W,
countenance attacks upon law abiding
property or do aught but condemn
those who hold up rich men as being
evil men because OF their riches. Or
4 the contrary, our whole effort is to In
sist upon conduct and neither wealth
\ nor property nor any other class dis
tinction as being the proper STANDARD
by which 70 judge the actions of men
For the honest man of great wealtt
we have hearty regard, just az w,
have a hearty regard for the homes
politician and honest newspaper Blu
part of the movement to uphold homes
ty must be movement to frown OF
dishonesty. We attack only the cor
rupt men OF wealth. who find In th,
purchased politician the most effician
instrument of corruption and In tn,
purchased newspaper the most Ell
cient defender of corruption. Our mar
quarrel Is not with these agents and
representatives of the interests. The,
derive their chief power from th,
great sinister offenders who stand be
hind them They arc but ntinnnfS " n,
move rs the strings are pulled 1t Il
not the puppets, but the strong. Gun
ming men and the mighty forces work
Ing for evil behind and through tn,
puppets. with whom we have TO deal