Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-06-15

business men themselves want. is to
have a settled and universally UNDER
stood national policy; a clear line Of
dernarcation between the legal and the
illegal in interstate commerce. a line
beyond which all men may know that
it is unsafe to go. but also 4 line
within which there is absolutely safety
for all corporations respecting that
law And il is beyond question that
an ideal policy Is that which prevails
in Massachusetts today. where tue cor
poration furnishing public service IS
under the supervision of the govern
ment in all acts which may affect the
public service. and is protected against
sudden and whimsical interference. so
long as it obeys the law.
With a clear presentation OF the pol
nicy to the public. it ought to be sup
ported all over the country as Ia
tional policy, in Democratic as Wen as
in Republican, states. The DeHocra'a
of Msssa chusetts have learned by ex-
perience that the law is safe, SOUND
and wholly in the interests oil the gen
eral public. The Republicans inaugu-
rated the law and have steadily sup
ported it, 1t is true that the law does
not prevent Joint action by formerly
connecting corporations. if the state
authority approves of the actloh' III
this state the abandonment OF cofnpeti-
ton is not the crime which the iia-
tionaI law declares it to be; Tor we
have found by experience that t'e
more solidly the public service colhpa-
MES combine. under the state law, the
more easily they are reached py the
state authority. exactly as mdchihe
which is started. speeded. SLOWLY OF
stoyped by one lever is more easily
controlled by the operator.
From the standpoint of the people
+ban the law must commend ltsel1 :
for # gives the people. at any Tine the
mower to compel a corporation TO 1ur
n;sb nroner service, to charge onl!
reasonably for such service ana 10 an
+;oinata the demands of the future iti
time to meet all such requirements
The law also absolutely prevents ths
cor,oration from issuing one share o.
watered stock or to earn UNJUST VI u'i-
go. a;,,;dands on stock or bonds. inns
&c all the people ask, in any section vi
- oonntrv. And the people of the
Irnitad states certainly would ask no
more from law uediiiiS $3.50
liz service companies OF the co"ii'i
II any opposition might be expected
+ban would it come from the owner >
~ those great corporatiOns-the ol-
rootors the stockholders AssureoiE
not if they were to realize what pro.
toot,on such a law would give, tor al
time against sudden and disastrous III
terference with roads which were non
est1v ATTEMPTING to live Wlthin the law :
Urherever the Massachusetts la" Is
Lnoun among investors, it has peeh
found ideal.
In the present stage of publlc tenn
nov the most valuable asset that an!
corporation can have, next TIC lts dc'oai
ability to do business, is the confldeiice
and respect of all people Whlle the
contest was raging over the rate ques-
ton and the bottom seemed to be drop
ming out of the stock market. the hart
ford Courapt took occasion to observe
that whatever might be said by the
ignorant or uninformed about the
rcgulative and restrictive laws OF Mas
sachusetts," the investing public stands
ready to pay higher prices for Massa-
chusetts securities than for those oil
corporations organized under charters
granted by other states. I'VE Thight
cite dozen offhand instances. says
the Courant. This means that the re-
strictions are believed to be in the line
of the safety of the investment. Per
sistent and browbeating managers. the