Los Angeles herald., 1908-02-01

on the basis of the cost of water trans
portation from the coast fields. They
figured they could only afford to pay
us the % cents per barrel, if by doing
this they sold our company certain
amount of fuel oil, otherwise the bust
ness covered by the attached papers
would have come in by boats from the
coast fields.
It am writing this up completely, Sc
that there may be in the papers a his
tory of the reasons why this arrange
ment was made. l wish you would &C
ahead and make the adjustment as
soon as possible, as the Associated On
company is very anxious to have the
matter closed up. The arrangement
was Cancelled on November 10 at
conference between Mr.. Ripley, Mr.
Wells, Mr.. Porter and myself. Yours
truly, EDWARD CHAMBERS.
"Shipments-Associat Oil company
ITO Mr.. G.. A. Davidson, auditor, Los
Angeles"
Scores Corporations
The attacks by these great corpora
tions on the administrations actions
had been given a wide circulation
throughout the country, in the news
papers and otherwise, by those writ
ers and speakers who, consciously OF
unconsciously, act as the representa-
tives of predatory wealth-wealth &C
cumulated on a giant scale by all
; forms of iniquity, ranging from the
oppression OF wage workers to unfair
and unwholesome methods of crushing
dut competition, and to defrauding the
public by stock jobbing and the man1p-
ulation of securities. Certain wealthy
men of this stamp, whose conduct Is
abhorrent to every man OF ordinary
decent conscience, and who commit
the hideous wrong of teaching our
young men that phenomenal business
. success must ordinarily be based on
dishonesty, have during the last few
months made it apparent that they
have banded together to work for a
|, reaction.
Their endeavor is to overthrow and
discredit all who honestly administer
the law, to prevent any additional leg
islation which would check and re-
strain them, and to secure, if possible,
a freedom from all restraint which will
permit every unscrpulous wrongdoer to
do what he wishes unchecked, provided
he has enough money.
The only way to counterfeit the
movement in which these men are en-
gagged is to make clear to the public
just what they have done in the past
/, and just what they are seeking to ac-
} complish.
The administration and those who
support its views are not only not en-
gagged in an assault on property, but
are strenuous 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 principles which he up
holds as regards the state being, of
course, identical with those which
should obtain as regards the nation.
Just and fair regulation can only be
objected to by those misconceiving the
rights of the state. The state grants
all corporate powers, such as railroads
and other public utility corporations,
and may not only modify, but repeal,
all charters and charter privileges 1t
confers.
Time Has Come to Act
The time has come for the strict
supervision of those great corporations
and the limitation of their stock and
bond issues, under some proper power.
1t Will make for conservatism and
strength of the companies doing a
legitimate business, and eliminate, let
us hope. those which are merely specu-
lative in character and organized sim
ply TO catch the unsuspecting or credu-
louS investor.
Corporations have come into our
business world to remain for all time.
| corporate methods are the most salts
FACTORY for these purposes in many
cases. Business or enterprise honestly
Incorporated should be protected and
the public made to feel confidence in
It's corporate organization. Capital in
vested in corporations must be as free
from wrongful attack as that invested
by individuals, and the state should do
everything to foster and protect in
vested corporate capital and encourage
the pubic In giving to 1t support and
confidence
Nothing will do so much to achieve
tnls desirable result as proper super-
vision and reasonable control over
STOCK and bond issues, so that overcap-
ttalization will be prevented and the
people may know when they buy a
share of stock or bond that the name
or the state upon it stands as a guar
anty that there is value behind it and
reasonable safety in its purchase. The
act must make it clear that the intent
Of the supervision by the commission is
not for the purpose of striking at cor
norate organization or invested corpo-
rate capital, but rather to recognize and
protect existing conditions and insure
greater safety for the future.
capital does not go into a state where
reprtsalS are taken or vested interests
ere 1n1"~ed; II comes only where wise
conservative, safe treatment is assured
and 1t should be our policy to encour-
age and secure corporate rights and the
best interests of stock and bondhold-
ers committed to our legal care.
Under no circumstances would we
countenance attacks upon law abiding
property, or do aught but condemn
those who hold up rich men as being
evil men because of their riches. On
the contrary, our whole effort Is to in
sist upon conduct, and neither wealth
nor property, nor any other class dis
tinction as being the proper standard
by which TO judge the actions of men.
For the honest man of great wealth we
have a hearty regard, just as we have
hearty regard for the honest politi-
Fian and the honest newspaper. But
part of the movement to uphold hon
esty must be a movement to frown on
dishonesty.
Attack Only the Corrupt
We attack only the corrupt men of
wealth who find in the purchased poll
} tician tho most efficient instrument of
corruption anG in the purchased news
} paper the most efficient defender of
currupt'on. Our main quarrel is not
with the agents and representatives of
the interests, They derive their chief
power from the great sinister offenders
who stand behind them. They are but
puppets VIII move as the strings are
pulled. 1t is not the puppets, but the
| etrop0 ciIpOing men and fhe mighty