The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1896-03-24

Chemical Bank has for wears paid $50
per cent. annually on its capital, and
another bank has paid 100 per cent ;,
and the average Of all is a very high
one.
In 1895 the New York Stock Elk
Change, which IS an uncnartered body,
q mere Clue, in fact, and entirely III
dependent Of the obligations Of a COr
pOraTiOn to S ate or Federal law,
bought and solo IS 440 576 shares of
stock, OF an aggregate par value OF
about So 900, 600, OUO In addition, $780,
Geo 600 Of railroad and State binds
were sold ant about $40, OUO. 600 Of gov
ernment bonds. Is 1t not more?
The two latter classes of securities
are largely dealt u over the counters
Of banking houses. and the figures do
not represent ali transactions. B-sidCs
there ID another exchange within the
Wall street precinct actively engaged
an the same line Of manipulation
Chere are row listed on the New York
SO k Exchange a par value 0t 81 t67,
2lO S34 IN stock and S. l22 O92 469 in
bonds Of various classes In 1895 sODuG
$500, 900. 600 II new Issues Of 1t curitifs
we're placed n Rold OF these. 1925,
eco 600 were purchased abroad and
$3.50. UOO.O coo were purchased or placed
h're. THIS includes the Morgan gov
eiumnnt bond 81 ndjCaJe issue or FeOru
.try 1895
Buo This is only one phase Of the mat
ter. IL is only one Of the many schemes
that have been invented and carried TO
success by the harpEes VINO fceQlont
TIE gambling dans known as the S OCk
eX -hanges. The products Of labor
TVg.TnEvnFs thu n,.v-F.y h-ryN EOngE
manipulated from Wall street as G cen
TIE So yhaC those Who p~uGu"e the
wealth r i've as li,tia a8 pasaI0le,
while the men reprs sapCed III and b.
Wall street have continued 20 Arnas5
wealth at an unextmpied rate. Specu
latlOn drives prices down \ hen farm
ers have TO sell aa6 drives up afG8: the
farm RS products have passed into
other hands.
Co ton, wheat and other seraals
have BEEN governed IN prices by futures
and not by the natural Law OF supply
and demand. PrI es have been RAISED
or depressed s this syndicate OF bank
ers and brokers have sold the market
up or down. There are now several
hundred indus rial ETu8ts. the principal
ones 0eIHg listed III Wall sire t All
ere founded on the simple principle OF
forming q monopoly, MINIMIZING the
cost of production and forcing the
prices to the Consumers to the highest
possible point.
An Illustration or two:
the American Sugar Refining Com
Dany IL 3 Nav Jersey corporation IN
tended to m2nODOhze the entire sugar
trade Of the country, which 1t INST
e~tfectuaily does l. has an Ou;SGand
ing stock issue of SIS 600, OG0 Thus is
supposed to represent the value of
Uneir several refneries ana tools of
trade. IEreally represents the amount
OF money On which the sugar UarOns
desire the American public 10 pay
Route. The HavemeyaTe and others
engaged in the sugar refining industry
in 1887 turned their properties into the
Sugar Retinarias COmuany and took
stock in the nee to the extent Of
two or three times the actual value OF
their plant.
IN other words. according to cOmpe
tent experts, en- appraIsemeDt OF the
properties comprising h present con-
pany would show M actual value of
ABOUT $25 600, 0G0 The trust, In order
60 pay It's prIncely dIvidente of l per
cent per month, is PXGOTting from the
masses tribute which would be wholly
unnecessary If it were working on an
honest basis. Even now it is claimed
In Wall street that the trUs5 has in
vested In c6sh no less than 81 900. 600
IN raw sugars. The management hold
their sessions 10 secret, and no one but
the Havemeyers and their intimates
are permitted TO know anything as TO
the profits, Investments or anything
else to which stockholders are Justly
entitled.
Even more outrageous is that great
combination Of capital known as the
Coal Trust.
The entire hard coal district is com
prised within a very limited area.
That area Is traversed by the lines OF
eleven railroads known as the coal
ers." They have formed a combine
and control absolutely the entire mat
ter OF coal consumption. Many of
them own large are8s of coal lands ard
are miners as we'll as transpOrters
There are a large number of private
miners, but they are entirely under
control of the roads embracing the coal
combine, since they ran get no transit
TO market or tide water except over
these roads.
Once each month the sales agents Of
these roads meet and fix upon Jhe out
put of coal for the coming month end
che price at which it shall be sold This
combine includes several roads GOV
in the hands of receivers and therefore
under the control Of the United States
courts.
These roads enter into the agreement
and are greedy for their share Of the
coal output "a any Of the others. The
output and price is fixed by the weather,
the demands of trade is generally about
"a much as the roads think they can
sque' re out Of the public. The o
sumption is about 40. 600, OCO tons a
-nn. % Ahnk o .ian nE a.L- 10 annAa o.