The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-11-28
.~ov,rrrrIov AND COMBINATION.

-. With Spain disturbed the minus OF opcr-
wv, md announcements, made one day and
,",.a .he next. In regard TO special stocks,
" .ornicting influences upon the prices paid
~ ,hem. The appointment OF a former en-
"0..a n n Vanderbilt railroad COMPANY to the
TsN.,Int.ndency OF Manhattan Elevated gave
'"t..ton for an otherwise ~groundless assertion
~, Aha Vanderbilt family had bought a large
nm Of the stock Of the company the quar-
~ ba,wscn the railroad moGnates OF the
r~,,,hves, was. at latest accounts. laid to be
! rEs.Asd: the steel makers and the anthracite
w. r,Iners were. In like tanner. reported to
!, oce more harmonious. while. respecting
80, Tobacco. whisky and other lndustrials.
,s,ra was the usual variety OF stories. favorable
md aniayoraoie'
-, hearing upon the prices Of stocks. we find
49,, tbe majority OF them refer either to COM
V.,,,ons which threaten to lessen profits. or to
snhinntlons which promise to increase them.
sso-noration Is nothing but a partnership. In
A A ia stockholders are partners. except
n,,,h.v enjoy the privileges OF exemption from
"n..onai liability and OF liberty to withdraw at
s,as,nrr. which u~nincorporated partners donot
pp".ses. and its business Is subject to the same
Io,nr,j laws as II it were not a corporation. 1t
~, lseitimately. mako dividends only out OF its
..rrinrs. and il those earnings have to be re-
S',,a because a rival compels It 10 reduce the
80. II gets for its products. or the services It
.a,1srs. its dividends have to be reduced also.
"a nth the reduction the market value OF its
80, n, stock naturally falls. On the other
t,rd ,he extinguishment OF such rivalry as
.,-os IN. enhancement of profits and dividends.
I'D with them that OF the prices OF shares.
por example, the stock of American Sugar
pasninR Company Is. Just now depressed. be-
,,,sa Of the establishment OF competing re-
snsries. A few years ago. the same stock adj
-,,cad in price because of the absorption by
N. COMPANY Of a great rival refinery in Phila-
dslphia. The stocks OF the gas companies in
his city. in Chicago and in st. Louis have gone
nm and down wildly nan times during tho
rast few years. according as the companies
scanned to be about to encounter opposition
irom other companies or to be relieved from 1t.
Du-ins the fierce coal wal of 1875 the an
,bracite coal stocks deprecated enormously.
and recovered only after the war was sue
eeeded By peace between the companies. How
nnch the cessation OF competition between the
iron and steel manufacturers the paper manu-
tacturers and the wire manufacturers has i'm
proved the market value OF the stocks OF the
corporations engaged In these industries. and
how fears that the competition may be renewed
depress It. recent experience demonstrates.
The Injurious effects OF competition are not
limited to the business OF great corporations.
but extend to that Of private partnerships and
Individuals and to the broad field Of personal
labor and service. Competition In trade matters
4 shut one Of the many forms Of the struggle for
existence which prevails everywhere in the
world. and which. in the lower realms Of crea-
.Vn' .So noa,"n bn ~ stnonass Hnman
49, aS,o 4, - : .oa,raInad h. Iow
ue IT, tSosamss. 49, :"
.S"i. = - - 90 oortain rastr;ot;ons
'ne. "a,' ~ - 30
go. n1,ahi,.hns -. .har - jnnatr
"l 49, -, ornran r,,in e.,
. .s IS,,oan 49, 80 liza - antarnrisa
80 az 80
- r. a.. Az nro,ss.ion. are orarcrowdsJ
sn-oa naSntootori.s 90 nrI,,niinS
hano"S - s.mana g. ,ham an5 ~ uramN
80 = .,aL;-n nm.I,rnsn ant
"a .b,a 1870 - saI.I.s 40 800
S,rrad Nv tha contamnr,tion ~ tbs nnbon,,-
,ss oausad nv this nniysrsoi tndnstrioI com-
r.s,ior nhi,onthrorists ana tbaorista v;tbont
nrmhar re Jevised scbsmes for obviating Il
Nv ,ho ,.hor yror,d Iahor nnions b.va baen
,,-maa 81 nravant v,gaa from ain hing rpda-
,ba nrassn,a NJ mar nIoved labor and have In
Iaroa ma,srra hean successful in their obinct
For Iahorars horevar who cannot oct work AZ
unIon prices the Unions provide no relief To
,rnnIv thiz dafaot .yorta have raoontIv banr
made 10 reduca the bours Of work 40 that the
number of man raonired IN lie a given
rssult NAV ba Increased TemnorariIv thasa
efforts NAV ha successful. bnt as soon ss thew
bacoms a mnIetoIv 10 a sraab snnnIv ~ bords
seeking employment will have to he nro-
ydad for and the process will Ananx
have IN ston bacausa tha limit NJ noesi.
be reduction will have heen reached
A broader and more omprebensi scheme IA
that O, socialism. or, IA Il Ia othervise termed
eoIeetiyism and n~ationaIfsm. in which No
Individual ia 10 be allowed 10 qain. hv his an
perior ability. any advantage over his fellows
but nut that ability at the service of the entIre
community. This scheme. n II could he
adopted, would indeed make an and Of CONNIE
ttion and OF all the sviIs which comnetition
generates. but IL would. obviously. at the sama
time. destroy the spirit Of enternrise now
istered by the desire Of p~arsonaI Gain. and for
that reason it fnds few advocate. As vat
restricting competition betwesn the emnlovers
Of labor does not seem to bo REGARDED ma NJ
evil by any great number of our citizens On
the contrary. tho p~repondsratinr aentiment Ia
In favor of encouraging It. and of counternctinp
BY legislation all attempts to check IL Thus,