The times., 1899-04-08
F. B, THuRBER ON TRUSTS.
Head of the Export Association
Vigorously Defends IihcIs,.

The first testimony taken by the Indus
trial Commission since its reeetit vaea-
ton was begun yesterday by ivoiuminous
statement by F. b. Thurber, OF New York
President of the United States Export As
sociation, on trusts and monopalies.
Mr.. Thurber opened his REMARKS by the
statement that when he began the study
of economic questions years ago, it was
with a strong prejudice against trusts, but
his opinion had materially changed. He
now believes trusts and monopolies 10 be
natural economic development that does
no harm.
The witness referred to the combining of
the great railroad systems as the first
development of trusts in this country. He
read statistics to show that this combna-
tion had reduced traffic tolls and had
proven a benefit generally. The Standard
Oil Trust was then declared beneficial and
figures produced showing reduction in the
price of oil. This same result was also
true in the sugar and many other indus
tries.
Mr. Thurber took very optomistic view
of the labor conditions of the country. In
this connection he said
The profits of capital have been steadi-
| ly decreasing, while those OF labor. and
especially organized labor, have steadily
increased. AT no previous period would
dollar buy so much of the necessaries and
comforts of life as at present. While this
is admitted by intelligent laboring men,
many of them contend that opportunities
for earning dollar have constantly dimin-
ished, and they are now seeking, by the
advocacy of shorter hours for labor to
make employment for a larger number of
persons. and | believe that this Is a worthy
and beneficent aim. 1t is better to have a
larger number of persons employed for
eight hours than a smaller number of
persons ten or twelve hours. Unrest of la
Dor in free country is not a dangerous
phenomenon, but rather safety valve,
and one which capital can afford to en-
courage. At the same time ii must not be
forgotten that education of the masses has
created new wants, and that these wants
have grown faster than the means of graf
flying them. The problem should be viewed
from both sides, and only what is reason
able should prevail.
Wherever unlimited power exits it is
usually accompanied by tyranny, whittier
of labor or capital. There are labor trusts
as well as capital trusts, and in all the ar
mails of combination there are no greater
Illustrations Of tyranny than the attitude
Of some of the labor organizations toward
laborers. This, however, was the iney. Ia ble
outcome of organization and of the evo u
ton which is now going on throughout the
WOTlu under tne operation OF the great
forces that now control the world-zteam,
electricity, and machinery. Under the p
Grafton of these forces the world has been
growing richer. All the resources of nature
are being developed Capital has increased
faster than the opportunities for its prof.
liable employment, as is evidenced by the
steadily decreasing rate of interest. ! usel
TO think that combinations of capital would
abrogate competition, but experience has
shown that, instead of abrogating competi-
tion, it has elevated that force to higher
plane. If a combination of capital in any
line temporarily exacts liberal profit, in
mediately capital flows into that channel,
another combination is formed, and compe-
tition eEsues on a scale and operates with
an intensity far beyond anything that is
possible on smaller scale, resulting in
breaking down of the combination and the
decline of profits TO a minimum. .
Il am not interested in ,rusts,'' he con-
tinued, except as student OF their
politico- economic features, but am salts
fed that We must have this organization
of industry II we would keep up with the
procession in the march for the worlds
trade. There are 40, 100000 people in
the world, of which We have "a, 900. .0O0
possessing a larger purchasing power than
any similar number elsewhere and a
larger producing power, because we com
mand the great forces OF nature and Of
brain power embodied in machinery to a
greater extent than aly other nation -