The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-02-15
,,.rrrys PROFITS NJ law.

---.v "a the drop In American Sugar, attrib-
ga 10 the Investigation of the company's
sSa,r. now making by q committee OF the New
york Legislature; and the resulting rear OF
.o.,l. legislation. II would be unoharitaole 70
ns.nms that any member o: the committee, or
M, any of the editors Of the newspapers which
40 essing II on, 10 specializing In Sugar STOCK
-, a fall. and the onslaught on the company
w.. therefore, be presumed to be one Of those
unreasoning outbursts OF Journalistic snimosity
u.a,r.t succossful enterprises. Of which We
~. .,.n 40 many during tho past few years.
~. American Sugar Refining Company 10 not
.",,u.t." nor Is II . confederation Of several
a..norstlons. II IL . single concern. inoorpo-
800 IN the state Of New Jersey. and It con-
- ia business strictly according to law.
v.h.,hor the profits Of hat business be great
y. .msll may DO an interesting subject OF In
IT., lint IL certainly cannot be made tho basis
Hs,,.s,.lstion by the State Of New York.
r,. burden OF the clamor against the Sugar
,.sn,ng Company. as II is Of that against all
~. thar so.called trusts" which are At
IN, the objects OF vituperation by the press.
- ~, hat the price Il obtains flor its product
49,, artidclally forced up above . natural
,.vs, hut that its profits are, 10 the opinion OF
-, a.s.ilants, greater than II should be per-
tod 10 make. Refined sugar has never been
..eh.ap a, IL is now. nor has the excess Of the
-. obtained for IL over the cost Of the raw
r.,.yial ever been 90 ANAL. Yet. because Of
AZ. .normous transactions OF the company, Its
.r,r,sate profits are co~rrespondinsly great, and
-, This reason alone the demand II made that
something shall DO done TO reduce them- Ere
el.ely how the reduction 10 TO 30 attained no
body has suggested. breaking up the COMPANY
and compelling 1t TO scatter US business among
a number OF smaller concerns might enoct II;
but this would also increase the cost OF its
product, and. necessarfiy. the price paid Tor II
BY the consumer.
In the case Of the gas companies the reduo-
tion OF their profits Is sought by . compulsory
reduction OF the price charged ~ them Tor
their gas. The fact that the Legislature cannot
FIX the wage, OF the iaborers nor the cost OF ths
materials employed By the c~oinpaniss In their
operations 10 not considered A. having any oser-
Ing on the question. Ths price OF gas 10 70 Dc
established BY law. and the companies must DO
the best they can With their employees and the
iurnishers Of the materials they use. That
since they first began operations the price AZ
which they have sold their product has stesdiiy
diminished from $40 per LOCO cubic feet TO
sl.e5 per 1000 cubic feet whhs their plant
represents Investments worth many millions Oh
dollars more than their original cost, 10 used ~
an argument against them. Ths newspaper
decree has gone fortn tnst tney are making TOO
much money. and that they must DO compeiiod
By law 10 make less.
Fortunately, or ~nfortunatsi Tor the other
great Industrial sntsrprisss. the stocks OF which
are dealt In BY specuiatorS their pronts are nos
As yet large enough to excite the amnesty OF
demagogues. The American Cordsgs Company.
after two reorganixations, 10 barely maintaining
It's existence. Tho Whisksy Trust the Cotton
Oil Company. the American Tobacco Com
pany, the Lead Company, the General Electric
Company, the leather. the h1bbsr. and various
similar combinations arc earning small divi-
dends or mona at ALL Coinoidsnt with thsas
failures TO secure great pronts We have had
lately announcsmsnts OF the dissolution OF ths
Nail Trust. Of the Bolt Trust OF the Glass
Trust. and. this last week. OF tho Steel Rail
Trust. 1t appears. therefore. hat these sup
posed monstrous and oppressive monopolies ara
more dangerous to those who embark money In
them than they are to the public.
Concedine-which u douotfui-tha leEisia-
ton can. In all instances. 10 II indtsputAb'y can
In that OF gas, successfully reduce the prics
paid By the consumer for any article OF large
consumption, the exercise OF the power 10 still
wrong In principle and impolitic In effect The
right TO forbid the combination OF capital In
large masses for business purposes Is ostsnstbly
derived from the old common Law against con-
~spiracies In restraint OF trade In tho dark
sses, whom transportation was difhoult and
costly. and when the purchase OF tho entire SUP
ply OF food In any special locality was easily
snected. tho civil authority interviewed. and. BY
declaring monopolists criminais, protected the
poor against their exactions. Inc reason Tor
this interference has ions since passed away,
AND now the rule can justly DO aefondsd only on
inc broad ground thAe whenever people think
mat the price OF any article 10 they
nave the risht 10 reduce II oy legal enactment
fu'tine the matter on this oasiss u ionows mol
sniy that the prices charged oy Corporations and
oomoinations OF individuals may rightfuIy Be
resuia'ed oy law cut nat those maze oy inoi'
,auais ana partnorship nrms mould % suo'
?eetto similar control mus u mas been SHOWN
he'aehIAiiy' IN the course Oh hvosteatihx the
AHA'rs OF inc American sugar fenning CON-
p,ny, 'hat the roasting OF ooHeo Is a business
"n'eh y'eias enormous pronts. couee 10 cor
'AhiS an article OF ~ general oonsumpt a.
ras Is and II the price OF gAs 10 TO be nxed By
,Av'lnA' Oh roasted Gomez snouio % h1ed oy
lA" aso' Newspaper paoi'shins Is Also very
p'VuNaoie' inc proprietor Oh one OF tne Jour
AIS most conspicuous In Remaining . reduc'
= IN Tue price OF gas ooasts OF An income OF