The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1908-02-04

the adjustment as soon % possible.
% the associated Oil company IL very
ANTIQUE to hare the matter sclearedsup.
The arrangement was capcslled on
November IL at a conference between
Mr.. Ripley, Nj. Wells, Mr.. Porter and
m:.'self. Yours truly, ts4
EDWARD CHAMBERS,
Associated OIL Company.
ITO g. "A. Davidson. auditor. Los
Angeles"
Weaithy Law Breakers Combined.
The attacks made by these great
corporations on the administrators
actions have been given d vide circu-
lation throughout the country. in the
newspapers and otherwise, BY those
writer's and speakers who consciously
or u~nconsclously act as the represent
tatives Of the predatory wealth-of
the wealth accumulated on a gigantic
scale by all forms OF iniQuity. ranging
from the oppression OF wage workers
to unfair and unwholesome methods
Of crushing out competition, and to de-
frauding the public by stock-jobbing
and the manipulation OF securities.
Certain wealthy men Of this stamp
whose conduct should be abhorred by
railwayunen Of ordinary decent con-
science and who commit the hideous
wrong OF teaching our young men
that phenomenal business schemes
must ordinarily be based on dishon-
esty, have during the last few months
made It apparent that they nave band
ed together to work for q reaction.
Their endeavor Is to overthrow and
discredit all those who honestly .ad-
minister the law, to prevent any addi-
tional examination which would check
and restrain them. and to secure II
possible a8freedom from all restriction
which prohibit 4@ny INSCRIPTIONS
wrongd6er to do what he wishes un-
checked, provided he has enough
money. The only way to counteract
the movement in which these men are
engaged is to make clear to the public
just what they have done in the past
and just what they are seeking to &C
complish in the present.
No Assault en- Property-upholding
the Right.
The administration and those who
support its views are not engaged in
an assault on property, but are siren
uous upholders Of the rights Of the
property. The wise attitude to take
is admirably stated BY Governor Fort
Of New Jersey. in his recent anaugur-
alton address. The principles which
he upholds as regards the state being
of course identical with those we up
hold as regards the, nation. Just and
fair regulations can only be objected
to by those misconceiying the rights
Of the state.
The state grants all corporate
powers to railways and other public
utility corporations and may not only
modify, but repeal all charters and
charter privileges it confers. It may,
therefore, impose conditions upon
their operation at its pleasure. OF
course in doing these things, 1t should
act wisely and with conservatism,
protecting all vested rights Of proper
ty and the interests Of the innocent
holders of the securities OF existing
quasi public corporations. y
Corporations Should BE Regulated.
Regulations, therefore, upon a wise
basis, Of the operation Of these public
utilities companies including the tx
ing OF rates and public charges, upon
complaint and subject to court re-
view. should be Entrusted to q proper
board, az well as the right to regulate
the output of stock and the bonded is
sues of such corporations. II this
were done. 1t would inure to the BEN
eft Of the people and the corporation
for 1t would increase the value Of such
securities and act as guaranty against
their depreciation. Under. such a law,
the holders Of existing securities
would find them protected, and new
securities offered would have the con
fdence Of the people.
Wise Public Utilities Bill Needed.
Because Of the guaranty of the state
that they we're only issued for extern
sions or b~etternnents ana upon some
basis Of the cost of such extensions or
betterments, 1t is difficult to suggest
any act that would give greater con
fdence to the public and investors
than a wise public utilities bill; and
the mere suggestion OF its enactment
should cause this class of securities
holders to feel that their holdings
were strengthened and that the state
was about to aid the managers Of the
public utility corporations to conserve
their corp1ation property for thei,
benefit and for the protection of in
vested capital. The time has come fol-
the strict supervision of these great
corporations and the Limitation Of