St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-11-10

n pPrpleXlty Wnlle Tue uuCei ihsiiiCS
have been offering scientific explana-
tons that have usually been more per-
picking than the problem itself. An
eminent New York judge, however,
seems to have gotten to the root OF the
evil in an incredibly short time by adopt
ing the simple process of the stump
puller. A few well-directed judicial
blows like this one will eXtirpate the
trust evil. Mr.. BLAINE'S celebrated
declaration that trusts were purely prl-
vate affairs. With which the public had
no right TO interfere, does not meet with
the appreciation of the New York jul
dietary. Those who manipulate the
trusts have good deal to say
about the rights of property and the
SacredneSS that attaches to individual
ownership. The New York courts hold
to the same view, but they give the
principle a different application from
what the trusts do. They holt that
while rights of property in the fruits of
his own strength and skill rest with the
individual on grounds of natural right
and public expediency, yet the natural
right t. all gifts of nature, or to any
franchise conferred upon any corpora
ton, under whatever conditions, rests
with the natural owner, the public.
Owing to the necessities which require
them to 'secrete their operations from
the public eye, very little is known of
the real magnitude and scope OF the
trusts, and but comparatively few per-
SONS realize what an influence they are
eXerting upon the business interests OF
this country. A good deal of informa-
ton regarding these organizations has
recently been obtained by the New
York stock exchange, and it shows that
in all the history of the world there has
never been known such vast aggrega-
ton of capital in the hands of so few
persons. The Standard Oil trust. which
is the parent and practically the owner
of most of the other trusts. has capital
of s9O,O010O0. and is so strictly "a
private affair" that no one outside of
the organization can buy dol
lars worth of the certificates. The
Cotton Oil trust. which is stocked
at S42.O00,U00, ana which brushes
20 per cent of the cotton seed
in this country; the Sugar Refining
trust, with its capital of S50,000,0 900, and
which refneS "A per cent of the sugar
used In the country; the National Lead
trust. with its capital of $1,000. 900.
which represents about 90 per cent of
the white lead cOrrOders IN this country :;
these are all shoots of the parent stem,
and are virtually under the control of
the nine men who compose the Stand
ard Oil trust directory. Here is an ag-
gregatiOn of S26S.OOO,0 900 of capital in
control of four industries in this cOun-
try. and perhaps owned by less than a
score of individuals. There is no means
of estimating the amount of capital rep
resented in other branches of industry
under control of the trusts, because
their certificates are not listed on the
stock exchange, and the public have no
means of obtaining information regard
ing them.
And yet. with all their power and
their money, the trusts have had rough
sailing. 1t was only week or so ago
that at the annual meeting of the Amer
lean Cotton Oil trust the stockholders
were Jumping on themselves with rage
because the profits of the year were
Sl,0J0,000 less than what had been
pro missed, and the upShot of the whole
matter was that the trust decided to go
out OF business and was merged into
the American Oil company. This was
timely action, considering the decision
that was rendered few days after
wards in the New York court, and the
example will probably be followed by
the other combines. The object of the
formation of these trusts would sooner
or later result in their destruction. even
without the aid of judicial interference.
They are formed for the purpose of
maintaining abnormally high prices
for their wares, and in any eco
nomic world where there is a
sphere of free competition the very
formation of trust must be the prOph-
ecy of its destruction. The high prices
established invite the competition of the
whole productive world. And sooner or
later all of these combines will discover.
just as the Cotton Oil trust found out,
that Nature will prevail in spite of all
human efforts to restrict her operations.
1t is just as easy to Keep air from rush
ing into vacuum as it is to shut out
competition from the industrial world.
Thus the decision rendered by the
New York court merely anticipates the
enforcement of the decree that Nature
had already promulgated. Still, it is a
matter of anxious concern to know what
effect the collapse of the trusts will have
upon business affairs in this country.