Weekly Arizona journal-miner., 1908-02-05

and speakers. WHO cohsclously UT uf consciously act as tine representative of predatory wealth wealth account lated on giant scale by all forms c iniquity, ranging from the oppressio of wage workers to unfair and ur wholesome methods of crushing ou competition, and to dcfrauding the put lie by stock iobbing and the manipuls ton of securities. Certain wealth men of this stamp, whose conduct abhorrcnt to every man of ordinar decent conscience, and who commit th hidcous wrong of teaching our youn men that phenomenal business succes must ordinarily be based on dishonest have during tac last few months mad it apparent that they have banded to gether to work for reaction. Thci endeavor is tO overthrow and discredi ail who honestly administer the law, t prevent any additional legislatio which would check and restrain then and to secure, if possible, freedou from all restraint which will permi every interruptions wrongdoor to d what he wishes unchecked, provided h has enough money.
 The only way to countcract th movement in which these men are es gagged is to make clear to the publa inst what they have done in the pad and just what they are seeking to as complish in the present.
 The administration and those wA| support its views are not only eDgags| in an assault on property, but aJ strenuous upholdcrs of the rights \ property. The wise attitude to takl k admirably stated by Governor For| of New Jersey, in his recent inaugunl address, the principles which he uvl holds as regards the state being I course. identified with those whi} should obtain as regards the nation.
 Just and fair regulations can on} bc objected to by those misconccivilI the rights of the state. The staiI grants all corporate powers, such II railroads and other public utility cd poration, and may not only modif{ but appeal all charters and char,x privileges, it confcrs. You may, then fore impose conditions upon their ope ation at its pleasure. of course in a l wisely and with conservatism, protcs/ ing all vested rights of property ar the interests of the innocent holders the securities of existing quasi-pub corporations. Regulations. therefor< upon wise basis of the operation these public utilities companies,
 cluding the fixing of rates and publ charges. upon complaint and subja to court review, should be intrusted a proper board. as well as the right | regulate the output of stock and bonded issues of such corporatiol If this were done, it would inure the benefit of the people and the cd panies, for if would fix the value
 such securities, and act as guarau against their depreciation. Under ss a law, the holders of existing securiu ] would find them protected, and b securities offered would have the e fidcnce of the people, because of guaranty of the state that they wd issued only for extensions or bett ments and upon some basis of the ea of such extensions or betterments.
 is difficult to suggest any legislat
 that would give greater confidence the public and investors than a VI public utilities bill; but the mere gestiOn of its enactment should ca this class of securities. holders to that their holdings were strengtheB and that the state was able to aid
 managers of its public utility corpO ! tions to conserve their corporate pn erty for the public benefit, and for
 protection of invested capital. The time has come for the stu supervision of these great corporati
 and the limitation of their stock
 bond issues, under some proper por
 IL will make for conservatism strengthen the companies doing q
 innate business, and eliminate, let hope, those which are merely specul i've in character and organized sim to catch the unsuspecting or credul
 investor.
 Corporations have come Into business world to remain for all tid Corporate methods are the most isfactory for these purposes in ma cases. Business or enterprise estly incorporated should be prot4 ed and the public made to feel hdence in its corporate organizaii Capital invested In corporations nj be as free from wrongful attack
 that invested by individuals, and
 state should do everything to fos and protect invested corporate cs tai and encourage the public in giyI to It support and confidence. N ing wi,l do so much to achieve
 desirable result as proper super Ion and reasonable control over st ana bond issues, so that over.capi ization will be prevented and the pie may know when they buy a sh or stock or bond, - that
 name of the state upon 1t stands d guaranty that there is value beh It and reasonable safety in its chase. The act must make it ct that the intenet of the supervision the commission Is not for the pose of striking at corporate ord izations or invested corporate q