The Denison review. [volume] (Denison, Iowa) 1867-current, 1908-02-05

thorough and continuing supervision over
the acis OF TIE combination in all it's
parts. so as TO prevent stock watering
improper forms OF competition. and. in
short. wrongfions 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 unreasonab BILE; but
this should be done only as part of
genera scheme to provide for this eff
iectlNe and thoroushsoins supervision by
the national government of all the opel-
atoms of the big interstate business con-
Germs.
do not know whether it is possible.
b nut II possible. II is certainly desirable.
that in connection with measures to
restrain stock watering and overcapital-
lZation there should be meacures taken
to prevent at least the grosser forms of
gambling in securities and commodities,
such as making large sales of what men
DO not possess and "cornering the mar
ket Legitimate purchases of commodi-
ties and of stocks and securities for in
With purchases of stocks or other securi-
ties or commodities on a margin for
81, aud gambling purposes.
There is 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 PERM
sind, and in degree the evil worked is
far greater. But it is far more difficult
subject with which to deal. The great
bulk of the business transacted on the
exchanges is not only legitimate, but is
necessary To the working of our modern
industrial system, arsi extreme care
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
line. so as not to do anything harmful.
Moreover there is special difficulty in
government i'm federal republic like
ours But if it is possible to devise
way to deal with it the effort should be
tentative way 1t would seem that the
federal government could at least act
by forbdding the use OF the mails, tele
graph and telephone wires for mere
gambling in stocks and futures, just as
it does in lottery transactions.
Santa Fe President Had
Guilty Knowledge of Relating
inclose herewith a statement issued
tons CAppendiX -, in answer to certain
statements (Which I also inclose) made
by and on behalf of the agents of the
Standard Oil corporation (Appendix y,
and letter of the attorney general Cap
pendiN 81. containing an answer to GER
tain statements. also inclosed, made by
Company appendix ~. The Standard
Oil corporation and the railway company
have both been found guilty by the
courts of criminal misconduct both have
been sentenced to pay heavy fines: and
each has issued and published broadcast
these statements. asserting their inno-
cence and denouncinG as improper the
action of the courts and iuries in con-
victins them of guilt. These statements
are very elaborate. are very ingenious,
ticulars The following letter and in
closure from Mr.. Heney sufficiently Illus
trate the methods of the high officials of
the Santa Fee 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
son.
Portland. January II. 1905.
The The. PrssidS mt Washington. D. c;
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
tranScont!nental 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, 1905.
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.
aud Mr.; Ripley has apparently not been
above the commission of crime to secure
business. You at liberty to use
it can be of service to yourself or the
public
Sincerely yonrs
''FRANCIS j. HE.NEY."