The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1896-03-04
aggregate for the same time was S23, ,5OO,-
0Nn 0ll New York does more money.

aggregate for the same time was S23, ,500,-
600, 900. New York does more money
changing than all the rest Of the country,
and the man who handles money takes
care that plenty of it sticks to his fingers.
and the New York bankers are no excep-
ton The Chemical Bank has for years
paid $50 per cent, annually on It's
capital, and another bank has paid 100 per
cent, and the average of all Is very high
one.
In 1895 the New York Stock Exchange,
which is an uncharterei body. mere club,
! in fact, and entirely independent OF the
obi cations of corporation TO State or
Federal law, bought and sold 66,440,576
shares of stock, of an aggregate par value
OF about Sc, 000, 100000. In addition, $780,
00O,0 600 of railroad and State bonds were
sold and about 100000 Of Government
bonds. Is it not more?
The two latter class of securities are
largely dealt in over the counters of bank
| ing houses, and the figures do not repre-
sent all trars .ct:onS. Besides there Is
another exchange within the Wall :treet
precinct actively engaged IN the same line
of mani pulation. There are now listed on
the New York Stock Exchange a par value
OF 81. O67, 2l0, 334 in stock and s., l22. .092,-
469 IN bonds of various classes. In 1895
alb ut $500, 600, QUO IN new issues Of securl-
ties Were placed or sold. OF these. Sl2o,
000, 900 We're purchased abroad and $780,
000,O 600 were purchased or placed here
This includes the Morgan government
bond syndicate issue OF February, 1895.
But this is only one phase OF the matter.
It is only one of the many schemes that
have been invented and carried to success
by the harpies who frequent the gam bling
dens known as the stock exchanges. Ihe
products OF labor throughout the country
have been manipulated from Wall street us
centre so that those WHO produce the
wealth receive as little as possible, while
the men represented in and by Wall street
have continued to amass wealth at an an
exampled rate. Speculation drives prices
down when farmers have to sell and drives
prices up after the farmers products have
passed into other hands,
Cotton, wheat and other staples have
been governed in prices by futures and not
by the natural law of supply and demand
Prices have been raised or depressed as
this syndicate of bankers and brokers have
sold the market mp or down. There are
now several hundred industrial trusts, the
principal ones being listed in Wall street
All are founded on the simple principle Of
forming monopoly, minimizing the cost
OF production a2d forcing the prices to the
consumers to the highest possible point.
An illustration or two:
The American Sugar Refining Company
is New Jersey corporation intended to
mon >polize the entire sugar trade of the
country, which it most efectually does. 1t
has an outstanding stock issue OF S75. .000,-
900. This is supposed to represent tue
value Of their several reineries and
tools Of trade 1t really represents the
amount of money on which the sugar
baronS desire the American pubic to pay
tribute. The Havemeyers ard others en-
gagged in the sugar leining Industry in
1887 turned their properties into the Sugar
RehrerieS Company and took stock II the
concern to the extent of two or three time,
tie actual value of their plant.
In other words. according to competent
experts. an apprais=ment Of the properties
comprising tue present company would
show an actual value OF about SIS. .0O00 00O
The trust. in order to pay its priucely div
idends Of per cent. per month. IS e1tort-
ing from the masses tribute which would
be wholly unnecessary if it were working
on an honest basis. Even now it is claim
ed in Wall street that the trust has invested
in cash no less than Sll,O0O,0O0 in raw
sugars. The management hold their SeS-
sious in secret, and no one but the Have
meyers and their lrtlmates are permitted
to know anything as to the profits, invest
meuts or anything else to which stock
holders are justly entitled.
Even more outrageous is that great COM
bination of capital known US the Coal
| Trust
The entire hard coal district is COM
prised within very limited area That
area is traversed by the lines OF eleven
railroads known as 1.-The coa!erS." They
have formed combine and control abso-
lureiy the entire matter Of coal coDsalnp-
ton, Many of them own large areas Of
coal lands and are miners US well as trans
por,ers. There are large number of pri-
vate miners, but they are entirely under
control of the roads embracing the coal
com bine, since they can get no transit to
inarket or tide water except over these
roads.
Once each month the sales agents OF
these roads meet and fix upon the outpNt
OF coal for the coming month and the pr:ce
..t wh. .ch it shall be sold. This combine
includes several roads now in the hands OF
receivers and therefore under the control
of tie United States courts.
TueSe roads enter into the agreements
and are Us greedy Tor their share OF the
coal output as any of the others. The out
pat aud price is nxed by the weather, the
demands of trade and is GENERALLY about as
much as the roads think they can squeeze
out OF the public. The consumption is
about $40, ,O0U, UO0 tons year, so that rise
If only III Cents ton means al extra St,-
0UU, 0U0 year in the pockets Of the coal
barons. a dollar means StO,OOo,OOO q
year.
\ private mine owner Is compelled to
turn over his coal to the railroad company
1T their price rs soon as it comes from his
pit. Any attempt on his part to SEND 1t to
market and sell 1t us his own price would
be met by refusal 10 give him cars 10
which to transport 1t.
The farmers of the land, representing
many millions of people. alter long agita-
ton and enormous petitions, have sought
in vain to get Congress to stop this Ne
tarious traffic The cotton, produce and
Other exchauaeS whose members number
|
tanners and persons dependent on farm
ers, have outweighed IN the councils OF
the nation at Washington the cry for relief
that has come from the sufferers.
Yet there are statutes which make 1t ob-
iiya.ory upon the Attoruey General OF thu
United States to protect the people against
these unjust combinations. How many
suits llas he brought? Not one.
What further proofs do We need that the
Government at Washington is absolutely
controlled by the money power OF Wall
street aud that the President. the Cabinet
officers, tie Senators for many of WHOM
seats are purchased, the Consressmen and
the coarts are the tools aud agents OF the
octopus which has its teutacleS fastened
upon the people throughout this vast
countr:', sucking their substance Year IN
and YEAR out?