The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1899-11-02

plausible on its face, and the unwary
are drawn on.
When the Crash Conies.
THE worst feature OF the industrial
trusts of today is that nearly every
one Of them is vastly overcapltallzed
The promoters comes along with his
idea. He finds one or two concerns
making a Legitimate profit, while half
a dozen others are practically bank
rupt and making no money. Invaria-
bly, the concern that has been most
unfortunate is the most anxious to go
into the trust. These unthrifty con-
Germs are able to get along In times
Of great prosperity, but when we get
down to normal conditions IL ese con-
Germs will go to pieces, no matter
whether they are In trust or not.
Just at present there is a demand for
every conceivable thing, and times are
elastic and money is plenty. Every
thing is floating along prosperously.
When the collapse comes, as come 1t
will, 1t will sweep all these naturally
non paying concerns to financial ruin.
OF course, the theory ON which the
trust Is built is its ability to raise
prices, but that Is sure to result in
trouble.
Take steel rails for instance. One
and half years ago rails Of fair quail
ty were being sold at SIT ton, at Il
profit Of perhaps s150 a ton. What
was the consequence? We sent rails
all over the world, invading Great
Britain. China and Japan and other
countries. With the enormous depos-
Its Of high grade ore In Minnesota and
Wisconsin there is no reason why we
should NOT be able to produce rails and
other steel products cheaper than any
other nation. AS result of trust
manipulation steel rails come at $50 q
ton, or thereabouts. OF course, the
profit Is eXorbitant. 1t Is an outrage
on the public, and 1t Is shortsighted-
ness on the part of the manufacturers,
because they cannot sell their rails
long outside of the country with such
an enormous profit The result of it
It will come good deal quicker than
most people think When the tumble
comes it will be general. If only the
promoters suffered it would be all
right, but the crash will carry pretty
much everything with 1t, and the in
nocent will suffer along with the
guilty.
"The natural conditions today are
better than ever before. With a large
balance of trade in our favor prosperi-
ty should continue for long time.
This prosperity has resulted in inha-
tion and the issuing Of millions Of
shares on wind.
Flour Trust an Example.
"Take the flour trust. l am person.
ally interested in two milling COM
panies, the Pillsbury- y-Washburn and
the Washburn-Crosb We were not
making large money, but doing well
and getting a fair return on our in
vestment. The other mills were not
doing so well, owing to lack OF capi-
tai. Along comes this man Mcintyre of
New York with his trust proposition.
We didn't go into II, but the others
did. The only concern that went in
! the trust that was making any money
was the Consolidated Milling company.
The trust Is paying enormous salaries
and spending money lavishiy. There
is certain to be collapse before long.
II cannot last two years. The securi-
ty holders will then be the real suf-
out by that time The concerns that
have not paid anything in 10 years
and have gone into the trust with an
/ enormous capital will not be able to
stand up when the pinch comes,
f! There is one thing that greatly dis
; turbs me. The Republican party.
whether Justly or unjustly, is assooi-
ated with trusts in the minds of the
masses. AS a party we have reached
crisis where we have got to call a
halt. The Republican party has go,
to disconnect itself from trusts. 1t has
got to do something more than to
adopt reform planks against trusts. II
has got to put forth It's full strength
and legislate against them. The feel
ing against the trust idea Is intense
in the west. It is so intense In the
Republican party that the party will
break ranks unless something Is done
The undertow Of sentiment In the
western states against trusts Is no'
understood in the east. The revolt
may strike us as early as next year.
Suggests "a Kennedy.
''It seems to me, after giving the