The Portland daily press., 1898-02-22

why it shouldIhave been SO widely pre-
| ferred. 1t promises quick relief from
| present II ouDle and in some cases affords
promise of comforting even unusual
profits. 1t holds out a temptation OF pos
sible profitable speculattons upon the
issues of the amalganated concerns. IL
| gives to the cautious an opportunity OF
Getting ont of their new commitments by
selling OUT their interest at better prices
than would otherwise have been possible;
| Judging from the experience OF some Oh
| the older trusts, these amalgamations
have seemed to have some cnance ior
notable success. On the other hand, Vhe
policy of waiting for the survival OF me
| httest and wedding out the least HI Wouio
| be at least painful one and there would
be no saying to,whom might fall the laee
| OF coming out the .hindmost. Inese are
no doubt the leading considerations Wnloh
are now inducing SO many to snter THESE
com binati6ns. The average man OF pusi-
ness might be expected to regard such
troubling himself about the leRalitles or
moralftins. of his actionsor inquirlng INTO
its future results; and, for our part, we
| concede that if man choosing this course
Is prepared to take it's risks, nc one mas
any occasion to call him to account for
d1sregarding the common standard OF
| commercial morality or honor
There is, however, another side to this
question than that which concerns merely
first effects; and upon that virtually no
consideration has been bestowed. The
! com binations may justly claim that they
have effected readjustment which i'm
| proves the present earning capacity OF
their properties and enables their proprie-
tors to easily dispose Of their investment
| to the general public if they so desire.
| But If they are solicitous about the
| future Of their interests such questions
as the following imperatively demand
| their most earnest consideration.
| /. What assurance can they have that
their newly acqired control over competi-
ton will prove permanent?
2. AS possession of the most improved
methods Of production is essen Sial to the
control of any industry, can they be sure
of monopolizing all future improvements
in plant?
8. Can they be certain about their abil-
ity to buy off or crush out all future new
competitors; and would not each attempt
in that direction disable them for subse-
uuent unlimited repetitions OF like opera
lions?
4. Must not this process of absorbing
all forthcoming new competitors tend to
that very oyer-supply Of plant which this
expedient is designed to remedyi
s. What reason have they for expecting
to escape the sort of experience which,
| for instance, is now Detailing the Sugar
Trust which from having complete
| monopoly with a maximum pro-
ductive capacity of 80, 600 barrels per day,
now finds itself liable to opposition from
established), with q united productive
capacity of II 900 barrels per day?
6. Is there no danger that the conn-
| dence Of control which inspires these COM
binations may lead them to forego I'm
portant outlays on improvements in plant
and so put them in the rear of industrial
advance?
| Z. May not the same sort Of self conf
dence tend to failure in that vigilance,
ability and economy Of management
which Is indispensable to any form OF in
| dustrial success?
| 8. As it is the essence and problem Of
the trust method to force through artifi-
cial means a higher range OF prices than
| would exist under natural conditions,
must not this policy establish higher
scale of values in the United States than
| exiats in countries where competition is
unrestricted?
| 9. And would not this policy of max
ing ours relatively dear country tend to
exclude us from foreign markets,-the
necessity which above all others is now
pressing upon our industries and becom-
| ing sine-qua-non to our industrial pro-
cess?
! 10. As power to control production
directly implies power to control employ
ment and wages, what is likely to be the
effect Of this policy upon the working
| masses of the countryS
| II, Can there tbe much uncertainty
as to what must be the political attitude
or action of the millions Of employed thus
situated, or as to what sort of legislation
will be sooner or later brought to bear
upon these institutions?
We forhear to peer further into the dark
ness which surrounds the final consum-
nation Of this new organization of INDUS
try. A word to prudent and farseeing
men should be sufficient. But we cannot
forbear from suggesting to those who are
aiming to regulate industry through the
defeat of competition that their initial
success should not be allowed to conceal
| from them future beset with the most
threatening forms OF social danger and
ultimately with the inevitable overthrow
of their system.