The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-02-20
bricks and mortar. There wa. no water in this

lation1 Alt was positively not.
Now" said the boss hunter. apparently
satisfied. that is what 1 want to get at. win
YOU explain Why Il 10 that The ownership OF H..
d~ustriais Ia distributed to the public so literally
after the stock has been so largely increased ~
The monster settled back in his chair and re-
"The reason Of the distribution is owing TO
the fact that the public recognizes the advan-
tages OF Capitalization and the value OF having
.Q.-Do you mean to say that the public be-
iieves that there is any advantage derived from
the placing Of our industries under a great over.
s%ssdowins monopoly AL do not believe
"waitl' said the boss honter, Now tell me
do you not believe that IL is against tho public
discriminatory Individual Industry. and gather
everything into the hands OF the few
having their. money Invested in readily saIable
securities, who also recognize the advantage of
be used at short notice at any financial ~institu-
tion for the purpose of obtaining money, BY
, poIie;y a" . MD e ssn mep .hsr ILi ssS,n Stocks psS are
a sort OF reserve investment. There are other
advantages which | will not mention"
MRS. PARTISGToS AND HER DRooM AGAIN.
The answer seemed to take the wind out of
the hunters, for a minute. and before the next
of every ono concerned that the present evolu-
ton going, on In economic manufacturing
should continue. | am satisfied that there 10 no
other way that the country can hold its place
among the manufacturing nations Of the world
| III tNthp libuuNbioHs 4 ~" rAtithth thhN z
T. no other way II can sustain, tho high wages
that are paid III here. believe eth that I II the esola:
With the wages paid In tho more densely popu-
blnations and the changing OF industrial enter.
prises to speculative stocks has the support of
erai rule can h, laid down that will apply to all
Industries. So far as the United states Rubber
the parties VINO we're the original holders still
have very large holdings and continue to
rress oTsa anG GqnSs'e can he es ssu nede the same nU "s
copartnership, out II combinations are managed
on economic lines, 1 believe that they result to
the best Interests of the country. and that has
been proved by experience abroad. ! have In
mind tha, during the last year there were
""in other words" snarled the boss hunter.
tune OF $3.50. 00O. 900, and have successfully
toisted the schemes on the Investing public.
policy OF the state or the nation to permit indus
trial enterprises. to become absolute monopolie,
lators OH the stock Exchange? DO you think It
good policy for tho State or the nation to per-
NIT this"
FLiST DOESN'T KNOW. BUT LENow KNOWS.
II don't believe In monopolies." said the
monster. and l don't believe in speculAting in
stocks; ! think that sPeSulation is demorali.-
sents q difficult question from the fact that Il is
very difficult to frame laws to control the COM
pick conditions ~ trade. Ia the main l believe
that trade should be regulated oy natural laws.
English experience Is broader than ours, and
my studies OF II show that in general they per-
nit there the Organization or aggregation OF
capital and intelligence without limit as to
whether tho dlsadvantsges or possible abuses
that come with combination; tho question
whether tina; can be covered by legislation Is
one that | am not prepared to answer
on, you're mott" snapped tho Chairman.
We'll. such combinations as you represent In
crease in power and strength as time rolls on,
and become Of necessity monopolies after years
do they not p
III n company is managed intellireu,iy. and
Is looking 10 the Interests OF the stockholders, II
must recognize the fundamental principles that
the hest Interests are subserved by giving the
best articles TO the consumer. IL they do this.
s sSeI,al and, and IN eha po s"Sn . B SGniPH IL Sp ,Hs.ssse es N
narrower policy. than this and disregards these
t r.. nssa R1,ne'S Viii n 1ssn, o IN my lSds%en q;
growth. but such n corporation will come to
DO YOU consider it," demanded the boss
hunter. "a good policy TO permit industriais to
be made the subject OF acquisition by monopo-
lies, and to become n football to speculAtors p
lit is certainly desirable" said the monster.
TO prevent the orercapi,aiization of indusirials
and TO prevent their becoming the football OF
The fact IL. is It not. tina; aggreQations.
American sugar Refining Company, organized
In the objection you say. o: ECONOMY. do become
objects OF football play On the stock Exchange -
No. they do not" said the monster.
STATE REGULATION or PRICES.
o.-Isn't It the main purpose of these pro-
m0tets to change a legitimate enterprise into n
Wall street speculation 2 Alt Is not, so far as
the egs'niss Win q nwh; ,hai ! nn Gonn9e;sS Is con,
will apply TO all industrios. because some are
organized wisely and managed wisely. the par-
ties believing IN the ultimate success Of their
plan based on the economies that they bring
about. UnqGestionably there are some concerns
that are mtsmanRged, as sOme frns are misman-
aeed, and the parties in some OF these may spec.
ulate to the prejudice Of the stock holders and
tie public. Since the creation Of large organi-
cations. which have aided So much In develop
ing :he resources OF the country, there has been
! m ..HV ID, AVA ~ aV,Aapl tNAt. ~ aAnEaa .Ht
undoubtedly n large increase in tho number Of
shares dealt In. but speculation has nothing to
do with the formation OF q. company that is IN
the hands OF men that are doing wisely and well.
Now" said the bo-s hunter. do you believe
that the state which permits a monopoly TO ex-
list should regulate that monopoly IN the matter
OF prices 1t charges to the consumer a. IL regu-
I'm my Judgment replied the monster. lit
woulG be impossible TO do that. 1t would he i'm
product because OF the Conditions being varied
and complex. II would not be!p%ssi6le to tormu-
c cor" sHy p MAKE o. .n sSSSp reSuIaiion t uossiol ." By the
Law Of supply and demand only,
2.-Do you believe that the state which per
has not also the right TO Insist that on the one
hand the consumer AID on the other hand the
laborer shall share In the advantages that come
from the economies made possible? Al be-
lieve that 1t will be absolutely impossible for
the state to regulate the price OF the manufa3.
tured product In the way that 1t regulates cost
OF transportation.
M~'CARRES TRANSLATES LExow's SOCIALISM.
Senator McCsrren leaned forward here and
asked the monster II he would nd vocatc the pol
icy OF the State buving up all manufacturing
plants and doing All the manufacturing.
From what | know OF the State" said the
monster. lit has sufficient business on its hands
at present. don't. think 1t wise for the State
to undertake to GO into the manufacturing bust
ness. | have In mind now an example, In the
paper. Of this city the United states OF Brazil
are advertising for sale to-day all the railways
OF that country. Experience there has shown
them that the cost has been considerable to the
country for the management OF It's railroads..
ana now there is n syndicate ready to take those
roads ana 10 pay TO the state n substantial profit
OH hem.
Q-Is. there any way that occurs to you by
which the state could regulate the prices OF
manufactured goods other than buying the
plants aud making them 2 A.-There Ia no
other way by which the quality of goods can be
ilxsd except by owning the plants.
The boss hunter pushed Senator McCarren
aside and asked:
Q.-You claim that combination rs applied to
industrialsi Is II natural evolution OF trade A.
| L. La