The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1899-06-13

MORE ABOUT THh TRUSTS.
The convention OF southern govern
20 be held in ST. Louis in Septem-
Der to consider the perplexing trust
question my prove of value in secur-
ing some sort Of uniformity Of action
among the states, but at this time it is
difficult to see how these giant organ
izAtions are to be reached so long as
any Of the states permit their incorpo
ration.
There is much talk about the trusts,
and naturally SO, because the marvel
GUS growth Of these combinations
during the past two years has been the
most notable development Of the times
but so far suggestions as to hsw to
reach the evil have seemed TO fall far
short of a solution OF the problem.
There can, however, be no doubt OF
the immenslty Of the problem itself.
Whether the trusts have come to re-
main aud mark new era in indus
trial development, or whether they
are to be effectively met by legislation
or some other sort OF regulation, IL
will remain for the future TO deter
mine. The courts have held as q rule
that restriction of competition is un-
lawful. Ia this connection IL may be
interesting to cite a decision lf the
supreme court of Indiana, the effect of
which is to declare that a public cor
porstion which enters into u com 'oina-
tion with other corporations 10 des.
troy competition and thereby increase
the price at which an article is sold TO
toe inhabitants of the state, becC mes
liable TO forfeiture OF it's corporate
franchise. This decision says in part:
When the state seeks 10 destroy he
life Of some incorporated body il is
expected TO show some grave miscon-
duct, some act, at least, by which il
has offended the law OF its creation,
or something material which tends to
produce injury 70 the public. End not
merely that which affects ouly private
interests for which other adequate
remedies are provided.
Where, however, the facts disclose
that a corporation has failed in the
discharge of its corporate duties by
uniting with others in carrying out an
agreement the performance Of which
is detrimental or injurious To the pub
llc IT thereby may be said To offend
against the law OF its creation and
con equently To forfeit its rights to its
frAneh So. 1t is an old and familiar
maxim that competition is the life Of
tlade. and whatever act destroys COM
petition or even relaNes il, upon the
part of those VINO sustain relations TO
the public, is regarded by the law as
injurious to public interests, and is,
III refore, dee med To be unlawful on
the grounds OF publ policyS
The authorities afii, m, as a general
rule, that IL the act complained Of, by
it's results, will restrict or stihe con-
petition, the law will regard such an |
act as Incompatible with public policy. |
without proof Of any evil intent on the |
part OF the actor or actual injury to
tue public.
The Commercial Year Book, pub
lished by the Journal Of Commerce
and Commercial Bulletio, contains
compilation OF the trusts which had
been formed up to the time this book
went to press, ia the middle Of March |
Since then there have been a number
OF additions TO the list, SO it cannot be |
sa to be complete; but the totals Of
the year book show show $50 OF these
combinations with common stock |
aggregatiug s4,2f7,9ls,giB, preferred
stock amounting 10 Ss70, ,s75, 200, and |
bonds to s7lt, ,sss, ,66i-a total capital
cation Of s5,s32 ss2, ,779 supple
mental list is inserted as a separate
sheet 70 cover the organizpti tions up to
the 27th Of May. This shows sixty-
three 10 those ten weeks, bringing the
total Of trust capitalization up to
s7,4i6. .2s5, ,779
The New York Journal cites these
figures as reasons for the adoption OF
the policy it adVoeates--the destrue. |
tion Of criminal trusts, no protection |
for oppressive trusts, Referring 20 |
these figures the Journal says
Do you realize what seven billions
aud half means2 IL is enough 10 run |
the government Of the United states
for fifteen years. The interest on IL,
st the rate earned by many Of the |
trusts, would run the government for. |
e'ci' ~ ~ huhhfcu nOiiala lot every Il
man, woman and child 10 the country /
five hundred for every fAlly. IL is /
over seven times the bonded debt OF
the united States. and more than any
other ma ional debt Ia the world b.;
this enormous capitalization does not
tell the whole story The sugar trust
pays regularly ~ per on it's common
stock The last dividend Of the Amer.
lean Bell Telephone company was IS |
per cent The Standard OIL paid 80
per cent.
Such illust' ations serve TO bring the
immensity OF this organization home
10 the people more clearly than IL can
be BY any amount Of talk Of the mill
ions and billions OF capitalization.