The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1908-01-31
ENDORSES FORTS VIEWS.

The administration and those who
support it's views are not only not cn-
gagged in an assault on property, but
are uphOlders of the rights
of property. The wise attitude to take
10 admirably stated by Governor Fort,
Of New Jersey, in his recent
address, the principles which he up
holds as regards the State being of
course Identical with those which should
obtnin as regards the nation.
" Just and fair regulation can only
be objected TO by those misconceivlng
the rights OF the STATE. Thu State
grants all corporate powers to It's rail-
ways and other public utility corpora
lions, ana may not only modify, but re-
peal all charters and charter privileges
II confers. Il may. therefore IMPOSE
conditions upon their operation at its
pleasure. OF course, in the doing OF
these things, it should act wisely and
with conservatism, protecting all vested
rights of property and the interests OF
The innocent holders OF the securities
~ existing quast-publiC corporations.
Regulation, therefore, upon a wise basis,
OF the operation Of these public utili-
lies companies, including the fixing OF
rates and public charges, upon COM
plant and subject to court review,
as well as the right to regulate the out,
put of stock and tho bonded Issues of
such corporations. If this were done. II
would inure to the benefit OF the people
and the companies, for 1t would fix the
value of such securities, and act as
4 guaranty against their depreciation.
Under such a law. the holders Of exist
ing 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 bet
tciments and upon some basis of the
cost OF such extensions ar hCffprmoufu
~ Is difficult TO suggest any legislation
that would give greater confidence to
tue public and Investors than a wise
public utilities bill; and the mere suc-
gestion of it's enactment should cause
this class of security holders to feel
that their holdings were strengthened.
managers Of its public utility corpora
lions to conserve their corporate prop
erty for the public benefit and for the
protection of invested capital. . > "
/" The time has come for the strict
supervision of these great corporations
and the limitation Of their stock and
bond issues under some proper public
Official. IT will make for conservatism.
n strengthen the companies doing a
legitimate business. and eliminate, let
us hope, those which are merely specu-
lative in character and organized simply
TO catch the ~unsuspecting or creduIous
investor. Corporations have come IN
our business world TO remain for all
time. Corporate methods are the 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 organiza-
fion. Capital invested in corporations
must be as free from wrongful attack
rs that invested by individuals, and the
state should do everything TO foster and
protect invested corporate capital and
encourage the public in giving to II
support and confidence. Nothing will do
40. much to achieve this desirable re-
Anlt as proper supervision and reason
able. control over stock and bond issues.
20 th9 ovefcapftsiisation will be pre-