The Washington herald., 1908-02-01

ulit HAltl Only aIluIH To iat Ne inc - 'Ftl' ltl
barrel IL ty doing this tley sold oiu company a
certain amount ot fuel oil otherwise the business
covered hy she attached papers would have come IN
by boat from the clast fields
! writing this Up completely 80 that there
may De- iu the papers history ut tEe reasons why
this arrangement was made. I wish yOu would 20
ahead and make the adjustment as soon as possible
as the Associated OIL Company are very anxious 10
have the matter closed Ep The arrangement was
cancelled OH N0yembaF - an a conference between
Mr.. Ripley, Mr. Wells. Nr Porter, ard myself
loUr. truly EDWARD CHAMBERS.
shiFmeuts- Associated on Company.
Mr. q. 4. Davidson.
Auditor Los Angeles.
'Who Commit Hideous Wrong"
The attacks by these great corporations
on the administration actions have been
given a wide circulation throughout the
country. In the newspapers and otherwise
by those writers and speakers who, con
sciously or 'uuCousci0usiy, act as the rep
Iresentatives of predatory wealth-of the
wealth accumulated ou a giant scale by
all forms of iniguity, ranging from the
oppression Of WageW workers 10 Unfair ana
unwholesome methods of crushing out
competition. and 90 defraudiug the pub
/ lie boy stock i0bbiuE and the manipula-
ti0u of securities Certain wealthy men
I OF this stamp. whose conduct should be
abhurIcut 10 every man uf ordinary de-
.
hIaeDUs wrong of teaching our young
men that phenomenal business success
must ordinarily be based Ou dishonesty
/ have during the last feW months made u
apparent tlat they have banded together
/ O. work Tor reaction. Their eudtaFuf
/ is 10 overthrow and discredit an who
honestly administer the law. % prevent
/ any additional legislation which would
check and restrain them. and to secure
/ ia possible freedom from All restraint
/ which viii permit every INSCRIPTIONS
WruuEdper 70 do what le wishes uu-
| checked provided he has enough money
/ The only way 90 CouuteTact the move
meut iu which these men are engaged Is
20 make clear 90 the public just what
! they have done in the past and just what
/ they are seeking ta accomplish in the
present
( The administration and those who sup
port its views are NOT only not engaged
I iu an assault on property but ara siren
/ uous upholders of the rights Of property.
J The wise attitude t1 take ls admirably
/ stated by Gov Fort, OF New Jersey, iu
I his recent Inaugural address. the pT.n-
/ cfpleS which he upEolGS as regards the
I State being Of course identical with those
/ which should obtain as regards the na-
/ ton
/ Just and fair regulation can only be
objected % bT those mlscOuceiViug the
/ rights of tie State The State grants 1ii
/ corporate powers % its railways and
]
] not only modify, but repeal ail charters
and charter privileges lt c0ufers. 10 may.
/ therefore. impose conditions upon their
/ operation az its pleasure. or course, iu
/ the doing Of these things. lt should act
wisely and with conservatism protecting
/ an vested rights Of property and the
/ interests OF the innocent holders Of the
securities of existing guGS.-pUbllC cor
por8tiDue- Regulation therefore, upon "a
I wise basis of the operation 0t these pub
H. HHu.
ing of rates and public charges. upon
/ complaint and subject 60 court review,
{ should De intrustsd 10 a proper board, as
well as the right 70 regulate the output
of stock and the bonded issues of such
corporations. If this were done, IL would
iuura TO the benefit of the people and
the companies, for il would fix the
value of such securities and act as a
guaranty against their depreciation Tn
der such 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 betteTmentS and
upon some basis of the cost Of such eX-
tensions or betteTmeuts. II IS difficult q
Isuggest any legislation that would give
greater confidence TO the public and i'm
VcStOTS than q wise public utilities Dill
land the mere suggestion Of its enactment
should cause this class OF security holders
ened. and that the State was about TO aid
the managers of its public utility cor.
pOTatious to conserve their corporate
property for the public benefit and f0I
the protection of invested capital
strict supervision Necessary,
'The time has come for the strict SUI
pervision of these great corporations and
the limitation of their stock and bond
Il issues under some proper public official
It viii make for conservatism. and
strengthen the companies doing a legiti.
mate business, and eliminate let us hope
those which are merely speculative IN
C character and organized simply to catcf
the unsuspecting or CTedul0Us investor
Corporations have come in our business
world to remain for all time. Corporate
methods are the most satisfactory fol
business purposes in many cases Every
| business or enterprise honestly inCOr-
pOrated should be protected, and the pub
lie made 30 feel confidence in its cor
porate organization. Capital invested ir
corporations must be as free from wrong
Z ful attack as that invested by ildivid.
} uals, and the State should do everything
; to foster and protect invested corporate
capital and encourage the public in Civ
: ing to Ii support and confidence. Moth
! ing will do so much TO achieve this de
! / siTable result as proper supervision anC
, reasonable control over stock and bono
issues 50 that OVeTCdpitanZatiOn will be
2 prevented and the people may know WheI
; they buy a share of stock or a bono
that the name Of the State up0I
/ il stands as a guaranty that there Il
value behind it and reasonable safety il
its purchase. The act must make il cleal
that the intent of the supervision by tn,
Commissioner is not for the purpose o
striking al corporate organizations or in
vested corporate capital but rather q
recognize and protect existing conditions
and insure greater safeguards for TIT
| future
Capital does not go into a State wheT,
reprisals are taken or vested Interest,"
are injured; it comes only where wise
conservative, safe treatment is assured
and it should be our policy 20 encourage
and secure corporate rights and the hes
interests Of stock and bond holders com
mitted to our legal care.
Standards of Conduct, Not Glass.
Under no circumstances would w
countenance attacks upon law-abidnl
property, or do aught but condemn thos
who hold up rich men as being evil mel
because of their riches On the con
trary. our whole effort is to insist upoI
conduct, and neither wealth nor propert!
nor any other class distinction, as bein!
the proper standard by which to judg
the actions Of men, For the honest maj
of great wealth we have a hearty regard
just as we have a hearty regard for tn
honest politician and honest newspaper
But part Of the movement to uphOl'
honesty must be a movement TO fTOwl
on dishonesty. We attack only the cor
FH ahe