Daily press. [volume] (Newport News, Va.) 1896-current, 1908-02-01

oolN nv n tnoTOuRn ana continuing Sill
pervision over the acts of the combi-
nation in all its parts. SO as to prevent
stock watering. improper forms OF
competition aud, IN short. wrougdoing
generally. The law should correct
that portion OF the Sherman net which
prohibits all combinations OF the char-
nctcr above described. whether they
I've reasonable or unreasonable. but
this should I've done only as part OF
II general scheme 10 provide for this
effective and thoroughgolng supervi.
sion by the national government OF
all the operations of the big interstate
business concerns. Judge Hough OF
New York In his recent decision In
the Hartman case states that the con.
gross possesses the power TO limit the
Interstate operations OF corporations
not complying with federal safeguards
| against the recurrence OF obnoxious
practices and to license those which
AFFORD the public adequate security
against methods calculated TO diminish,
sOlvency and therefore efficiency and
economy in Interstate transportation.
The judge adds that In these matters
"the power OF congress Is ample
though as yet not fruitful In results. ~
II IL very earnestly to I've desired that
either along the lines the judge indl.
| Gates or in some other way equally
efiicncious the congress may exercise
the power which he holds It possesses.
Superflclally Il may seem that the
laws the passage OF which | herein
again adv0cnte-for have repeatedly
advocated them bcfore-arc not con-
nected. But in reality they are con.
nected. Each and every one OF these
laws. If enacted. would represent part
of the campaign against privilege. part
OF the campaign TO make the class OF
great property holders realize that
property has Its duties no less than Its
rights. When the courts guarantee 10
the employer. as they should, the rights
/ OF the employer and 10 property the
rights ot property they should no less
emphatlcnily make II evident that they
will exnct from property and employer
the duties which should necessarily ac-
company these rights, and hitherto our
laws have failed In precisely this point
OF enforcing the performance OF duty
by the man of property toward the
man who works for him. by the man
of great wealth. especially if he uses
that wenlth In corporate form. toward
the investor, the wngeworker and the
general public. The permanent fail
urc of the man Of property to fulfill bis
obligations would ultimately assure
al,
which he Is entitled TO enjoy only IL he
recognizes the obligations accompany
Ing them. Those who assume or share
the responsibility for this failure nre
rendering but a poor service to the
cause which they believe they cham
pion.
Stock Gambling Reprehendod.
do not know whether It ls posi-
hle, but IL possible 1t is certainly, de
slrnblc. that in connection with meas
ures TO restrain stock watering ant
overcapItnlization there should b,
measures taken 10 prevent at least thu
grosser forms OF gambling in securl
ties and commodities. such as making
! large sales OF what men do not posses.
innte purchases OF commodities and o
! stocks and securities for Investment
have no connection whatever with pur
chases of stocks or other securities oil
commodities on a margin for specua
tive and gambling purposes. There I:
no moral difference. between gambling
| at cards OF in lotteries or on the race
track and gambling in the stock mnr
ket One method IL just as perniciou.
to the body polite IA the other In kind
and in degree the evil worked Is IA
greater. But il Is far more dinlcul
subject with which 10 deal The grea
bulk Of the business transacted on tn,
exchanges Is not only legitimate, but Il
necessary to the working OF our mod
ern industrial system. and extrem,
| care would have TO be taken not {,
Interfere with this business in doini
away with the bucket shop type of OPP
GRAFTON. We should study both The sue
cesses and the failures or foreign legls
! lators who. notably in Germany. huv,
worked along this line, SO ms not to d,
anything harmful. Moreover. there 4
a special difficulty in dealing with thi
matter by the federal government in
federal republic Ike ours. But IL 1t i
possible 10 devise Il way 10 deal will
IL the effort should be made. even i
only in cautious and tentative way
IL would seem that the federal govern
nent could ut least act by forbiddiDi
the use of the mails. telegraph and tel
ephone wires for mere gambling II
stocks and futures, just as It does II
lottery transactions.
inclosc herewith statement by tn
chief of the bureau of corporations ZAP
pendix II In answer 10 certain state
ments. which also inclose. made b.
and on behalf of the agents OF tn
Standard OIL corporation (appendix y
and letter Of the attorney genera
{appendi1 3, containing an answer Il
fortair ctntnmonfs alSO incIpead mad