The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-02-01


in by boat from the coast fields.
- am writing this up completely so |
that there may be in the papers his /
tory OF the reasons why this arrange |
ment was made. ! wish you would so /
ahead and make the adjustment as soon |
as possible, as the Associated Oil COM |
pany are very anxious to have the mat |
ter closed up. The arrangement was can |
celled on Nov. Is at a conference be- |
tween Mr.. Ripley, Mr.. Wells. Mr.. Porter |
EDWARD CHAMBERS.
=" Mr.. G. A Davidson, Auditor. Los An !
geles.' "
Success Based on Dishonesty.
\ The attacks by these great cor y |
4 porations on the administration &C
+ tons have been given wide circula- =
= ton throughout the county; in the 2 |
y newspapers and otherwise, by those = |
4 writers and speakers who, conscious =
= ly or unconsciously. act as the rep = |
= resentatiyes of predatory wealth-of :
\ the wealth accumulated on a giant =
y scale by all forms of iniquity, rang +
! ing from the oppression of wage =
= workers to unfair and unwholesome =
= methods of crushing out competition, =
= and to defrauding the public by stock =
y jobbing and manipulation of securi- y
\ ties Certain wealthy men of this =
y stamp whose conduct should be alb y
y horrent to every man of ordinarily =
4 decent conscience, and who commit y
y the hideous wrong of teaching our
y young men that phenomenal business y
= success must ordinarily be based on \
y dishonesty, have during the last few
= months made il apparent that they 3
\ have banded together TO work for y
= reaction. Their endeavOr is to over :
+ throw and disCredit all who honest =
! ~ administer the law, to prevent any =
= additional legislation which would y
y check and restrain them. and to Sc y
y cure. If possible. a freedom from all y
y restraint which will permit every I'M
y scrupulOus Wrongdoer to do what he y
y wishes unchecked provided he has \
a n u
= counterfeit the movement in which =
y these men are engaged Is to make =
y clear to the public just what they =
y have done in the past and Just what
y they are seeking to accomplish in the =
\ present. \
The administration and those who sup
port its views are not only not engaged
in an assault On property. but are strenu-
Gus uphOlders of the rights of property.
The wise attitude to take is admirably
stated by Governor Fort of New Jersey
in his recent inaugural address. the prin-
Ciples which he uphOlds as regards the
state being of course identical with those
which should obtain as regards the ma
ton.
Right to Regulate Stocks and Bonds.
Just and fair regulation can only be OBJ
jected TO by those misconceiving the
rights of the state. The state grants all
corporate powers to its railways and 9TH
er public utility corporations, and may
not only modify. but repeal all charters
and charter privileges 1t confers. 1t may,
there. impose conditions upon their OPP
GRAFTON 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 inter
ests of the innocent holders OF the securi-
ties of existing quasi-public corporations.
Regulation, therefore, upon a wise basis.
of the operation Of these public utility
companies including the liking of rates
and pubnc charges. upon complaint and
subject to court review, should be in
trusted to proper board, as well as the
right to regulate the output of stock and
the bonded issues of such corporations. If
this were done, ii would inure to the ben
eft of the people and the companies, for
il would fix the value of such securities,
and act as guaranty against their de-
probation. Under such a law, the hold
ers of existing 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
| bettermentS and upon some basis Of the
! cost of such extensions or betterments.
| II is difficult to suggest any legislation
| that would give greater confidence to the
public and investors than a wise public
utilities bill and the mere suggestion
| of it's enactment should cause this class
| of security holders to feel that their hold
! ings were strengthened and that the state
/ was about to aid the managers of the
| public utility corporations to conserve
/ their corporate property for the public
/ benefit and for the protection of invested
capital.
Time for Strict Supervision.
The time has come for the strict super
| vision of these great corporations and the
| limitation of their stock and bond issues
/ under some proper public official. 1t will
| make for conservatism, and strengthen
| the companies doing a legitimate bust
| ness. and eliminate. let US hope, those
! which are merely speculative in charac-
! ter and organized simply to catch the I'M
/ drT
! poratiOns 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 enterprise honestly incOr-
1 porated should be protected. and the pub
| lie made to feel confidence in its cor
porate organization. Capital invested In
/ corporations must be as free from
wrongful attack as that invested by in
1 diViduals and the state should do every
thing to foster and protect invested cor
| Dorate capital and encourage the public
in giving to support and confidence.
| Nothing will do so much to achieve this
I desirable result as proper supervision and
| reasonable control over stock and bond
! issues. so that overcapitalizatiOn will be
| prevented and the people may Know when
| they buy share of stock or bond that
| the name of the state upon 1t stands as
a guaranty that there is value behind II
and reasonable safety in its purchase.
The act must make IL clear that the in
tent of the supervision by the commits
| SiOneT is not Tor the purpose or StrlBlns
az corporate organizations or invested
capital but rather to recognize and pro-
tect existing conditions and insure great
er safeguards for the future.
Evil Only Condemned.
CAPITAL does not 60 into a state where
reprisals are taken or invested interests
are injured: it comes only where wise
| Conserva tive, safe treatment is assured
and it should be our policy to encourage
and secure corporate rights and the besi
interests of stock and bond holders com
mitted to our legal care.
| Under no circumstances would we coun
tenance attacks upon law-abiding prop
| erty, or do aught but condemn those whC
hold up rich men as being evil men be
cause Of their riches. On the contrary
our whole effort is to insist upon con
duct. and neither wealth nor property
: nor any other class distinction. as being
the proper standard by which to judg'
the actions of men. For the honest mel
} | of great wealth we have hearty regard
just as we have a hearty regard for tn
honest politician and honest newspap per
, But part of the movement to uphold hon
esty must be movement to frown OF
: dishonesty. We attack only the COrrup
l men of wealth, who find in the purchased
politician the most efficient instrumen
of corruption. and in the purchased news
paper the most efficient defender of cor
, ruptiOn. Our main quarrel is not Will