New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-11-12
CONGRESS AND THE TRUSTS.


W. H. CRANBERRY GIVES SOME IDEAS OF THE RE-
LATIoNs OF THESE COMBINATIONS TO A
SOUND FINANCIAL CONDITION.
The attitud, OF The Tribune announced edi-
torially yesterday, regarding trusts which have
been seeking to evade the Sherman law and to
continue their conspiraces in restraint OF trade
and against the people. attracted the close atten-
ton OF Wall Street. II was generally felt In the
Street that It opportune time in which TO
ask the attention of the coming Congress to the
need OF calling these freebooters a sharp &C
count.
The action OF the Whiskey Trust in
adroty marshalng it's forces for a second raid
upon public confidence; OF the Leather Trust in
arbitrarily closing a large number OF tanneries.
ard OF the Sugar Trust in closing refneres with
one hand and apparently closing the mouths Of the
Governing Committee of the Stock Exchange With
the other has stirred the Street never before to
a realizing sense of the irresponsible character
OF the manpulations OF these organized bands OF
freebooters.
There is no closer student OF the operations OF
trusts in Wall Street than w Fl. Granbery. VINO,
1t will be recalled. recently resigned member OF
the Committee Unlisted Securities Of the STOCK
Exchange rhen the Governing Committee refused
TO demand from the Sugar Trust financial state
ment which 1t had not made for nearly two years
Mr. CRANBERRY is conservative and cautious. so
when he was asked by reporter OF The Tribune
yesterday what he thought OF the relations OF
trusts 10 the welfare Of Wall Street and OF the
country at large he hesitated for moment ana
then replied: THE Tribune is taking up the trusts
from the point OF view Of the public welfare wall
Street has not yet arrived at the point where IL
considers any financial investment from mat
height"
But how about the trusts in their relation 10
safe. sound and conservative financial condition IN
the Street, Mr.. CRANBERRY was asked
We'll" he replied. slowly. that depends 10
certain extent upon the amount of light which the
Street has upon their operations as guide py
which to Judge them The Leather Trust and one
or two others-which. by-the-way, do not ackho"i-
edge tina; they trusts-have made hhanc'a.
statements. and far as they are TO De rene"
upon. they afford basis upon which the stree.
may make up its mind about their condition ana
the value OF their securities
But is the Street satisfied with these statements
as prepared By the trusts themselves" ~ .
We'll" continued Mr.. Granbery dryly, that DE-
ponds There are those on the inside VITO pto n,
10 believe that these statements are perfectly trust
worthy and that the securities OF these RUSS ar
worth really mere Saan rhe BUT them there are
others who hold that these statements. peHs pre-
YEAR are OF no possible in enabling an outsider
to arrive a, proper estimate Oh the
us It not true that there s an element OF decided
uncertainty as to the standing 81 ihe I b cca ron
their own statements as compared Win the accessi
bic status Of railroads? -, c.s.., o-,,ha.t,
Most certainly was Mr.; CRANBERRY empnatI,c
reply as Re added: Fully SO per cent OF the rail-
roads OF standing make monthly rep9r; OF their
gross and net earnings In this State and in several
others they are required TO make a quarterly re-
port to the State authorities. The annual report
bear I'm mind, must correspond In Its totals with
these monthly and quarterly reports. There Is no
opportunity there for Juggling with hgures or DOCTOR
Ing the situation. ;,
THE trusts, on the contrary making. as they do'
only an annual report-and the Sugar trust iot m
stance at all-are in position to put forth
statement which leaves i TO each person to decide
5 its trustworthlness.
Then the trust is element of great uncertainty
in the Street,
Most assuredly
The Leather Trust has become involved In a fur
Their fright In ts attempt TO throttle independent
interests II has reduced Union leather to 30
cents and although It's officers refuse 10 deny or
confirm the truth Of this situation, II is known In
the trade that the trust has directly offered Cnion
leather for 81 cents keck, Mosser AZ co. on Octo.
Der put the price down to 80 cents, when II had
been 36 The Independent tanners have promptly
met the trust and are not refusing oners OF 80 %
and 70 cents for middle and heavy weight
The Trust still as a mouse yester-
day. 81
The Whskey Trust Is on a still hunt among West
e-n dlsti.leres 10 close up all Its gaps