The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-05-10
THE DEVELOPMENT OF TRUSTS.

4 IHEN great combinations of capitalists began
\N some years ago to form what called trusts"
for the management of important industries it
was generally accepted by the public that the object Of
such associations to raise prices by crushing out
competition and establishing virtual monopoes. They
were suspected of interfering with the natural order Of
economic development, and in the legislation directed
against them they were described as associations
formed for restraint OF trade"
The experience of the last few years has taught all
classes of intelligent that such associations far
from raising consumers the prices OF articles pro-
duced by the trusts have had the effect of reducing
prices and so far from restraining trade have de-
veoped it and stimulated it that America, which a
short time ago hardly produced enough manufactured
goods to supply her own people has now become one
OF the largest exporters of such goods the globe
The stimulating effects of the trusts upon American
enterprises have been noted by acute observers
abroad Lord Revelstoke member Of the banking
house of Barring Brothers & Co. and director of the
Bank of England, in recent interview concerning the
rapid development of such combinations in this
try said:
These combines appear to be of immense advan-
tage. Wildcat schemes will undoubtedly be formu-
lated from time to time, but great organizations
of industry in America have, in my opinion, in most
cases resulted in undoubted economy Of labor and
expense of management, and have been beneficial in
financial and other results. Englishmen hardly yet
appreciate the force and potentality of the present
movement but there will be revulsion of
public opinion in favor Of these combinations Amer
lea is going forward by leaps and bounds. and will
make things extremely uncomfortable for British
industry If of England do not recognize more full
ly that vast capital enterprise opposed to more
limited individual venture only end in favor Of
the former and that is where America is now get
ting her pull.
1t may now be said that throughout the United
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of such combinations. They made of not only
by manufacturers but by farmers In California we have
seen the upbuding of a raisin growers association
and wine producers association, both of which have
produced good results and there are now in process of
formation other combinations to manage the mar
keting OF prunes and of canned fruit of all kinds.
Last winter certain Democratic leaders, DESTROYS of
relieving the party of Organism and free silver started
an antitrust campaign in the expectation OF making
that the leading issue of 1900 thus paving the way for
the nomination of candidate for the Presidency
Although the campaign worked up with great
industry and political cunning, it failed utterly The
New York Herald, which made special investiga-
saying:
Sentiment in the State Legislatures at their most
recent sessions, is apparently in favor of the
trusts than in opposition. The proposition to have
Southern Legislatures put the trust issue to the
front. in order to discomfort Bryan has not worked
we'll One after another they adjourning without
doing anything
Such is the prevailing sentiment at present in all