The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-09-14

industrial combinations. have mentioned
the most important ones 10 which my alton
ton has been called. 1t 10 hoped that wise
counsel and conservative thoughts may in no
| long time solve some OF them"
DIR. Henry Carter Adams. Of the University OF
| Michigan. followed Prof. jerks. He said In
| substance;
| Whatever the trust problem may be. IL has
| TO do with business organ izations. and on this
account the first question that suggests itself
IL one that pertains to the science Of economics.
Without undertaking the analyses Of Industrial
conditions and motives. shall state at once
| what seems to be the correct impression
upon this subject. 1t 10 likely TINT
| this discussion will turn upon three
| points. First does consolidation OF manu-
| featuring industries tend toward tho reduction
| OF cost7 Second. will manufacturing under
trusts. by measuring the output OF the cur
rent demand. tend to guard society from the
evils Of commercial panics and commercial de-
| prsssions2 And. lastly. 10 this new organiza-
ton OF industry In harmony with democratic
organization Of society,"
while It 10 true that the concentration OF
capital and labor under a single direction Is
followed by economy up to certain point. 1t Is
not true that combinations and concentration
beyond that point tend to reduce the cost OF
the production.
1T 10 not so difflcult to suggest the line OF
reason upon the second question. The chief
argument in favor Of combinations among
producers 10 that by this means pro-
ducton will be measured to demand
and consequently there will be no
overlooking OF the market no depression and
no commercial panics. In addition to those
purely industrial considerations II Is necessary
to inaniro respecting the general social and
political results of trust organizations before
one can accept them az heathful tendency In
modern life. The business Of transportation
underlies all other business. 1t underlies the
circumstances OF other industries and by the
manipulation OF rate schedules. tone. color and
character can be given to industrial society at
large While the solution OF the railway prob
lem would not necessarily cause all trusts and
combinations to disappear. its solution is es-
sential for dealing wisely with the trust prob
lem. No one can deny that equitable railway
charges and Determinations in railway rates
form an important element in the elements
that foster com binations
He who believes In local government will
not readily consent to the proposition that the
Federal Congress should assert exclusive
authority over commercial and industrial con-
ditions"
Arc the new com binations socially danger
ous?" was the title OF paper by John Graham
Brooks. lecturer on social economics OF Chicago
University formerly expert Of the Department
OF Labor at Washington. Mr. Brooks said;
People won't Gork for corporations as they
will work for themselves. We have lived to see
a large part OF the worlds work done under
corporate form. At the close OF this century
the instinct toward still vaster and more COM
pact organization is everywhere asserting itself
and again men are frightened. Are there signs
that the mon steT Ia dangerous to the common
wealth? II would be very simple minded to
answer by an unqualified yes or no. We do
not say corporation is good or bad until
we know what the corporation is or does. II
the business is properly safeguarded. the cor
poration renders social service as essential
as the college. the library or the church.
II assume that no answer is possible to my
subject: Are the new combinations danger
ous? unless that measure OF control Is secured
which Is represented by complete publicity.
the removal OF tariff privileges. and the
ending OF special railway favors. II the
trust movement spreads, as now seems likely.
by far the larger part will 90 to the wall from
shear speculative bravado. The people. lean
while. will be- rapidly educated. and. above all
the banks will DO swift to learn the lesson and
refuse to underwrite. II the venture is too i'm
pudent in It's risks. Only those trusts will sur
vive that are prudently organized and deal
with product which lends itself to the condl-
tlOhS IlupOSeu W tuc new SSL- pIuatiOu'
William Fortune. President Of the Indiana
State Board OF Commerce. spoke earnestly Of
conservative procedure as a more hopeful
course than the application OF theoretical.
revolutionary. or too radical measures
to an evolutionary problem. Somewhat
guardedly he suggested the danger capital
may bring to itself by needless abuse OF
its power and indicated the importance
to it OF seeking proper regulations
which will make trust methods accept
able rather than obnoxious to the people. by
whose permission and federation only can their
existence continue. His speech was plea for
the practicable rather than the theoretical
approach to the subject. which. in its present
stage. the speaker believed to be too immature
to give basis for conclusive judgment as to the
extent o; either its harmful or beneficial
effects.
After much discussion William Writ Howe OF
New Orleans. former President OF the Ameri-
can Bar Association. was chosen as permanent
Chairman OF the congress. The following
were chosen as Vice Chairmen: For Thursday.
Dudley Wooten. Texas for Friday. Mayor H.
V. Johnson. Denver. Col. for Saturday. =. z.
Corliss New York
Dudley Wooten. member Of tho Texas
Legislature. eniivened the galleries by a speech
which was easily the best Of the day from
oratorical standpoint. 1t was genuine Demo-
cratic Convention speech. and was frequently
interrupted by outbursts OF applause. Mr..
Wooten spoke on The Trust Question. as
Texas sees it." He said:
TRUSTS seek to justify their operations on
the plausible ground that they improve the
quality and increase the quantity OF useful
manufactures. reduce prices to the consumer.
save money. time and labor to their customers.
and add to the aggregate comfort.
happiness, wealth and prosperity OF the
country. 1t might be admitted for the sake OF
argument that some Of these contentious
are temporarily true during the period that
the monopoly Is perfecting its machinery and
establishing its tyranny: but ultimately. none
OF them is true or possible. in the very nature
OF things.
But suppose some Of these things to
be correctly stated. Are there no other
factors to lie considered in the problem?
At what and whose expense are these
much praised results attained At tho
expense Of the producer OF the raw