Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-02-17

IA EkAEH trusts. Although
r H9E& IN allthese curious de
WMS vices are instruc
% - tive subjects fol
b S study, there is one
which particularly
commends itself to those interested in such
matters, for the reason that it promises tc
afford test better than any other as to the
effect of such organizations on the economic
future of civilized people. This may be
designated as the Copper Trust. In 1887
the extensive development of the copper
mines in the Lake Superior district, in the
Rocky Mountains and elsewhere had low
cred the price of copper to about II cents
per pound, or about one-half the average
value of the metal in the preceding decade.
Although this low price vastly stimulated
the consumption of copper, few of the mines
were operated to any profit and ruin was
before the most Of them. 1t was clear that
the low price must soon lead to the stop
page OF the production and that rise In
the value of the metal was a commercial ne
cessity. Some French capitalists, with the
characteristic commercial imagination Of
that people, were the first to make good
account of this condition of the copper mar
ket. They bought up large part of the 40, 600
tons of copper then in the market, and they
quickly secured the control of the product
from most of the leading mines in the world,
and placed the price of the metal at about
15 cents pound. At present this associa-
ton, commonly known as the Societe des
Metaux, controls between 80 and go per
cent of the copper produced, and they are
able to maintain the price at such figure
that almost all the mines in the world are
reaping a great harvest of profit. For a
time it seemed possible that the strength of
this organization might endure for many
years; but it is evident to those who take
account of the statistical condition of the
market that the control of this syndicate
cannot endure for any considerable term of
years.
ONE TRUST DOOMED.
Its failure is foredoomed by the following
of copper leads to the search for new mines;
each month some new source of supply is
opened which adds to the total store of cop
per ip the world. At the same time the in
crease OF the price deters manufacturers
from the use of the substance in many arts
or leads them to be more economical in
making avail of copper as q resource.
Under the influence OF this stimulus, the
copper production of the United States has
doubled in the course of six years. The
supply of copper is accumulating in the
markets and it promises in the course of
few years to exceed the carrying power of
the great Societe des Metaux.
In other words, it seems likely that the
copper trust will present US in quick way
with an illustration of the fate which is
lr-l ilyalx +aly Ill ,rbo
ever, which endeavor to control the pro-
duction and sale of standard articles of hu-
man need. In order to effect the control of
the worlds markets, they must build dam
across the rivers of trade; for a time they
may be able to control the tide and sell the
particular article at their own prices, but
the earth is fertile and men are ingenious,
30, in the course of time varying with the |
different articles, the dam will be over
in such manner as to prove de- |
Structive to those who have trusted over |
much.
Although we may hope something from |
legislation in the control of these toretellers |
Of the worlds products, it seems to most |
students of economics that we may more |
safely put our trust in the operation Of natu- |
al law. 1t has always gone i'll with those |
who seek to block the wheels of commerce;
he students of society perceive that the |
greatest advances have not come from legal |
control, but from the operation of those
natural laws, of which the statutes are only |
he temporary modes of expression. What |
ye need most at the present time is start |
ing example as to the fate of trusts. 1t |
GEMS likely that we shall owe something
# this teaching to the Societe des Metaux
within the term of five years.
ORIGIN OF THE GREAT LAKES,
Mr.. A. T. Drummond. Canadian geolo-
list, has recently published an interesting
'aper on the origin of the great lakes Of
North America. 1t has been the opinion of
most geologists that these lakes were formed
" glacial action, a view which seemed to
ind corroboration in the fact that a very
arge amount of debris apparently worn
rom the basins occupied by these sheets Of
Tater lies on the country to the south of
heir borders in positions where it could
My have been brought by ice action. Mr..
holds that glaciers had not
luch effect in eroding the lake basins
roper, or in shaping their present outline.
lie furthermore holds to the conclusions
nat Lake Superior is the most ancient basin
{ this chain, and that it was formed in the
and Huronian times, i. e., in the
arlier stages of the earth's history. He re-
ards it in part due to a downfolding OF the
ocks, as in the trough of mountain valley,
ut that much of the detail of its shape was
ne to long continued volcanic action,
hich has clearly occurred about its
orders.
Michigan, Huron and Ontario he con-
ders to have been low areas on the path of
D ancient river, which existed before the
lacial period, the basin-like character of
lie country having been given by the rela- |,
vely recent warpings in the surface of the
ountry. Erie and st. Clair he regards as
le last formed of the lakes, these basins !
$50 being due to warpings in the rocks
bout them, which created barriers across
le original outlets of the valleys.
There is no question that Mr.. Drummond's {
lplanation of the lakes shows that the cir ]
instances of their formation were more 9
implicated than is commonly supposed by {
,ologists. 1t does not appear, however,
at he has given quite sufficient weight to
acial action or to the processes of solution
7 which the waters OF such great lakes ex-
nd their shore lines. A large part of the 9
cks about these basins other than Lake .
lperior are of limy nature, and in parts
ore or less charged with saline materials, i
] of which readily pass into solution and
away to the sea. This dissolving process
of more Importance in fresh water basins \
an in the seas. The sea water is already Il
far charged with mineral matter held in
luton that it cannot readily dissolve the
cks with which it comes in contact. I
here, however, fresh water basins have Q
cir shores in contact with rocks contain +
g a considerable quantity OF lime they
ldily and rapidly extend their margins by +,
is process of decay. 7
rACrS hporrr NAV rrvrp
DR.. Morell Mckenzie, in a recent treatise I
L e. |