Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1908-02-06

for such real good can come only By a
thorough and continuing supervision over
the acts OF the combination in all It's
parts. so as 10 prevent stock watering.
Improper forms OF competition, and. IA
short, w~rongdolng generally. The Law
should correct that portion OF the Sher-
man Act which prohibits all combinations
Of the character above described. whether
they be reasonable or unreasonable: but
this should be done only as part Of a
general scheme to provide for this ef-
fectiNe and ~thoroughg0ing supervision by
the national government Of all the oper-
atoms OF the big Interstate business con
Germs.
do not know whether It is possible.
but II possible, 1t Is certainly desirable,
that IN connection with measures to
restrain stock watering and ~overcapital-
iZatinn there should be meaCtires taken
10 prevent ut least the grosser forms Of
gambling in securities and commodities,
such as making large sales of what men
10 not possess and 'cornering' the mar
ket, Legitimate purchases of commodi-
ties and Of stocks and securities FOR in
NeStWent have no connection whatever
with purchases Of stocks or other securi-
ties or commodities on a margin for
speculative n gambling purposes.
There is no moral difference between
gambling at cards or in lotteries or on
the race track and gambling in the stock
market. One method Is just as perni-
cious to the body polite as the other in
Kind. and in degree the evil worked is
far greater. But it is a far more difficult
subject with which to deal. The great
bull! Of the business transacted on the
exchanges is not only legitimate, but is
necessary TO the working of our modern
industrial system, and extreme care
would have to be taken not TO Interfere
with this business in doing away with
the bucket shop type of operation. We
should study both the successes and the
failures of foreign legislators who, not
ably in Germany, have worked along this
liza gA &c NOT ; - 10 nnNHfIiNn ln Tsra FIR
Moreover, there is a special difficulty in
dealing with this matter by the federal
government in A federal republic like
ours. But i il is possible to devise
a way to deal with It the effort should be
made, even If only in a cautious and
tentative way. 1t would seem that the
federal government could at least act
by forbidding the use of the mails, tele-
gambling in stocks and futures, just as
it does in lottery transactions,
Santa Fe President Had
Guilty Knowledge Of Relating
I inclose herewith n statement issued
by the chief of the bureau of corpora
tons (ApperdiX u, in answer to certain
statements (Which l also inclosel, made
by and on behalf of the agents of the
Standard Oil corporation appendix p,
and a letter of the Encouragement Gap
pendiX -, containing an answer to GER
ltlll GliltliItlllC, dlNu llltlbGtu, llliNlt NY
the president of the Santa Fe Railway
Company appendix ~. The Standard
Oil corporation and the railway company
have both been found guilty by the
courts Of criminal misconduct; both V
been sentenced to pay heavy fines; and
Zach has issued and published broadcast
these statements, asserting their inno-
CenCc and ~denouncing as improper the
action Of the courts and iuries in con-
victing them of guilt. These statements
are very elaborate, are very ingenious,
and are untruthful in important par
ticulars. The following letter and in
closure from Mr.. Heney sufficiently Illus
trate the methods of the high officials of
THE santa Fe and show the utter falsity
of their plea of ignorance, the similar
plea of the Standard Oil being equally
without foundation:
Department of Justice, Office of the
United States Attorney, District of Ore
o
Portland, January II, 1908.
"The President, Washington, D.. c.
Dear Mr.. President: l understand that
Mr.. Ripley, of the Atchison, Topeka &
Santa Fe Railway system, has comment
ed with some severity upon your attitude
toward the payment of rebates by certain
transcontinental railroads and that he
has declared that he personally never
knew anything about any rebates being
granted by his road. ! in
close you herewith copy of a letter from
Edward Chambers, general freight traffic
manager of the Atchison, Topeka & San
ia Fe Railway system, to Mr.. G. A.
Davidson, auditor of the same company,
dated February q, 1908.
This letter does not deal with inter-
state shipments, but the constitution of
the state Of California makes the pay
ment of rebates by railroads a felony,
and Mr.. Ripley has apparently not been
above the commission of crime to secure
business. You are at liberty to use
this Enclosure in any way that you think
it can be of service to yourself or the
public. :.
Sincerely yours,
"FRANCIS ]. HENEY."