The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-02-15
Trust Movement ga Positive Craze.'

There is a weekly publication in
New York known as "Bradstreet's-A
Journal of Trade, Finance and Public
Economy" It's columns contain a week
ly review of the general conditions
prevailing under the three separate
heads above stated. This journal is
unbiased, except that it necessarily ad-
vocates sound money. 1t is non-par
tisan, and always stern in its criticisms
Of those things which make against
true public policy.
Under the title combinations in the
Steel Trade" in the last issue Of Brad
streets, appears this characterization
Of the present tendency:
What the public for convenience denomi-
mates trusts continue to make their appear
ance from day to day; and to include almost
Among the organizations brought out this
week are combinations Of the iron pipe con-
Germs and also of the principal car-building
works of the country the latter being under
the title of the National Car and Foundry
company, while these which are said to
be In process of formation include the varnish
manufacturers, the shipyards of the great
lakes and an enlargement OF the organization
which already embraces a considerable pro-
portion Of the concerns engaged in producing
prepared cereal foods. The list, in fact, Of
ACTUAL OF prospective lHcoTpUTdilOHS ana COLI
solidatiops of this general character might
be indefinitely extended. 1t would seem that
the willingness with which the public pur
Chases such portions OF the stocks of the COM
Ianies as may be offered in the market, the
profits which are currently realized by pro-
motors and underwriting syndicates, and the
advantageous valuations at which manufac-
tLrers are able to sell their plants and busi-
ness under such arrangements, form a combi
nation which has caused the movement to as
sIme the character of a positive craze.
Every step that is taken along these
lines of absorption of smaller enter
prises into the bull ring of monopoly
adds just so much to the forces which
sap the developing energies of the peo-
pie. The existing so-called EZRA of
prosperity" now favoring the country
in the line of vast agricultural and in
dustrial production, accompanied by an
expanding volume of exports, is likely
to prove one of the sources Of greatest
future evil by reason of the fact that
advantage is being taken of it's advent
by superior powers to invite investment
in properties by certificate which be-
fore long and when the tide shall have
turned, as it inevitably must turn, will
prove absolutely worthless.
The G o b has recently called at
tention, in many ways, to the existing
dangers. 1t has not. however, ventured
further than to give the warning to
those who are already cited as the
victims Of the organizers of these dan
gerouS schemes But where a journal
of the sterling qualities of Bradstreet's
joins in issuing this note Of warning,
and does not hesitate to denominate
this general combination or trust
movement as one that is assuming the
proportions of "a positive craze" no
stronger Endorsement. from the stand
point of sound business judgment.
could be given to the position The
q b e has taken.
The trust doctrine, of itself, is I'M
Democratic, aside from all it's vicious
economic inciinations. Its DEVELOPMENT
has been almost wholly associated with
those periods when the Republican
party was in the ascendancy; its gen
eral fruits are gathered as sort of
aftermath when the chiefs of the glut-
tonous hosts have departed, and the
husks only are left for their victims