The Greeley tribune., 1911-05-18
CONTROL is
FAVORED BY GOVERNOR

DehNe'' ColO,i May O.-Govarnor
John f sharoth, and five other
governor Of western states simul-
taneous announce today. in reply to
an inquiry made by Denver news
bureau, their unequiyocal approval
of the wave Of public sentiment in
favor OF public regulation and CON
troll OF public utility corporations
The inquiries made of the governors
was base on the stand taken by
Iheodore N. Vail, president of the
Western Union Telegraph company
and OF the American Telephone and
Telegraph company, who is the first
and only representative of the big
business interests to come out fat
Governor Shafroth said: per
ly in favor of such regulations.
haps the greatest evil of corporation
laws ls that which permits capitali
zation IN any amount, without hav-
ing the equivalent in money or
property subscribed. The position
taken BY Mr.. Vail in advocating the
control and regulation of corpora
tions for the purpose of stopping all
abuses OF capitalization, extortion
and over-charges, is a clear express
sion OF most equitable principles.
THE law in New York provides
that upon the formation of cor
poration or the increase of the
capital stock thereof, an application,
shall be made to the public
utilities commission of that
state for permission to cap
italize. Upon investigation by
the commission, if it is found that
the value of the property put into
the corpor lion equals the par value
of the stock issued therefor, there
is no difficulty in getting an ap-
proval OF the amount of capital
stock sought TO be created. The very
fact thai the Commission has ap-
praised the property exchanged for
the capital stock, gives to such
stock a standing in the markets OF
the world for either sale or loans,
that does not exist as to the stocks
of the corporations in those states
which have no such Commission
Governor Joseph NJ. Carey. of
WyOming in an interview yesterday
said: 81 believe that every man who
thinks at all in this United States
has come to the conclusion that
there should be such public super
vision of corporations that would
stop al abuses of capitalization, OF
over-charges and unreasonable dis
tribution of profits. Corporations
themselves need the protection and
are deserving of it and such is pub
lie sentiment with reference to these
matter, that there will have to be
such regulation as defined by Mr.
Vail, or the corporations will be un
able u obtain that just treatmen
of whiCh they are Justly deserving.
GSrsfnor Chas. Osborn, of Mich
iiean. says: Il am in favor of tn
public regulation OF public corpora
tions A public corporation doe
business by special warrant of char
acter and organization of the pub
lie. 1t is immune from many of th'
responsibilities of private business
and Tor this immunity it should pa,
something and be also subject Il
public supervision and direction.
have sometimes thought that ma
tional utilities commission should
be Created to carry on Just suci
work as Mr. Vail approves of in th'
direction of public regulation o
public corporations,
81 am heartily in favor of thu
public regulation of corporations,
writes Governor John Burke, o
North Dakota.
Governor Chas. S. Deneen, of Hi
nois, makes this statement; Il
comprehensive legislation of th'
character suggested were provided
the subject of corporate contro
would be removed to greater ex
tent than at present from the felt
OF politics in which it has often eX
ercised q disturbing influence.
Governor Oswold West. of Ore
gon, is very pronounced in his be
lief that public regulation of publi'
corporations should prevail, a
shown in the following statemen
received from him yesterday;
AS soon as the heads Of all larg'
public corporations bow to the in
eyitable, ~ Mr.. Vail has done, ant
join with the friends OF public ser
vice regulation in their attempt tf
solve this most important problem
the sooner will the old fight between
the people and these corporations
be ended and they will be given by
the people that decent and faii
treatment to which good conduc'
and fair dealing entities them.