The Owosso times. (Owosso, Mich.) 1897-1926, 1908-02-07

tldJ WHtucftr the COlnHliSSlou nus
reason to believe that a proposed ad-
vance in a rate ought not to be made
without investigation, it should have
authority to issue an order prohibit
ing the advance pending the examin-
alton by the commission.
The interstate commerce commits
sion should be provided with the
means to make physical valuation
of any road as to which 1t deems this
valuation necessary. When combina-
tions of interstate railways must OBJ
tain government sanction; when it is
no longer possible for an interstate
railway to issue stock bonds, save in
the manner approved by the federal
government; when that government
makes sure that the proceeds of every
stock and bond issue go into the i'm
provement OF the property and not the
enrichment of some individual or syn
dictate; when, whenever 1t becomes
material for guidance in the regula-
tive action of the government, the
physical value of one OF these prop
critics is determined and made known
There will be eliminated from rail
road securities that element Of uncer.
tflnty which lends to them their
speculative quality ~and which has
contributed much 70 the financial
stress OF the recent past.
Law is Limited.
The attempt in the Sherman anti
trust law to provide in sweeping
terms against all combinations Of
whatever character, if technically in
restraint of trade as sucn restraint
has been defined by the courts, must
necessarily be either futile or mis-
chievous and sometimes both. The
present law makes some combinations
illegal, although they may be useful
to the country. On the other hand, as
TO some huge combinations which are
both noxious and illegal, even IL the
action undertaken against them under
the law by the government is success
full, the result may be to work but a
minimum Of benefit &c the public,
Even though the combination be
broken up and a small measure of re-
form thereby produced, the real good
aimed at cannot be obtained, for such
real good can come only By thorough
acts of the combination in all it's
parts. so as to prevent stock watering,
improper forms of competition, and, in
short, wrongdoing generally. The law
should correct that portion of the
Sherman act which prohibits all COM
binations CT the character above de-
scribed; but this should be done only
as part of general scheme to provide
for this effective and thorough going
supervision by the national govern
ment of all the operations OF the big
interstate business concerns.
Should Stop Stock Watering.
do not know whether it. is pos.
sible, but if possible, it is certainly
desirable that in connection with
stock watering and over capitalization
there should be measures taken to
pl event at least the grosser forms of
gambling in securities and commodi-
ties, such as making large sales of
what men do not possess and corner
ing" the market. There is no moral
difference between gambling at cards
or in lotteries or on the race track
The great bulk of the business trans
acted on the exchange is not only
legitimate, but is necessary to the
working OF our modern industrial sys-
TEN, and extreme care should be
taken not to interfere with the bust
ness in doing away with the bucket
snop" type Of operation. If it is pos
sible to devise a way to deal with this
matter, the effort should be made,
even if only in cautious and tenta-
tive way. The use of the mails, tele-
phone and telegraph should be barred
to the use of stock gamblers.
The president incloses a statement
issued by the chief of the bureau of
corporations in answer to certain
statements made by and on behalf of
Tic dScuIS VI thC Vii wi
poration and a letter Of the attorney
general containing an answer to GER
tain statements, also inclosed, made
by the president of the Santa Fee Rail
way company. The president says of
this matter:
The Standard Oil corporation and
the Santa Fee Railway company have
| both been found guilty by the courts
Of criminal misconduct; both have
been sentenced to pay heavy fines I;
and each has issued and published
broadcast statements asserting their
innocence and denouncing as improp-
er the action of the courts and juries
in convicting them of guilt
These statements are very elab.
crate, are very ingenious and are un.
true in important particulars.
The president then reproduces let
| ter from Francis j. Heney of Portland
Ore, inclosing copy of letter from
| Edward Chambers, general freight
traffic manager Of the Santa Fe rail
road, written to G. A. Davidson, auii
toi IF the rame company. dated Fob
81, 1907, and which admits the grant
| ing of rebates in connection with the
| transportation of oil. The president
Il tI,o Iatforc on i11nctrotin,n n