New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-02-23

md preadvertse and puff possibly indicates
that zeal in that direction Is growing some
what more languid.
Meanwhile to cast light into some darkened
r,,rds u may he said that the trust form OF
organization is entirely lacking in the far great
or number of such concerns rs have been or
conized Of late and most OF them begin opera
tlons Inv an outright purchase of certain prop
critics which thereupOn become owned ny duy
orconized corporations. Whether their FORMER
ovrners retain much Of the new stock or none
NJ all makes no legal or moral difference
Nothing can prevent such sales II the holuerS
of great number Of industrial WORKS want 10
coll and If others are found who can raise
lot of money with prospect Of present OF from
s1 OOO 600 10 S50OO0O0 to themselves at tue
end If they succeed. With promoters aDle anu
hungry. with millions Of people ready 10 pun
their money into all sorts Of Industrial COM
NAMES. and with multitudes of owners eager
70 sell out their well-established ana prosper
ous works Mt prices offered. why should not the
business thrive? Yet IL one watches closer!
tbe hitch IS about the selling. Why should any
man who owns n plant costing Sl.0"'o"o' ana
which has been so successful that II mas pau
from $4,000 to 100000 a year, he DESTROYS OF
selling at any price? At the outset many OF
them are not But when n man Is offered HI
that his property is worth. and then sl'oooooo
more TO enable him To enjoy life without lapor
and responsibility. the case Is altered.
Presumably no one is so innocent MS 10 sup
nose that the prices paid 10 the owners OF SUD
stantlal and valuable properties have heen less
than those properties were worth. On the yer!
face of things il might he presumed mat the
prices paid were in nearly every case more 'han
the property was considered worth. 'ther'
wise why should the seller be content 10 SELL
breaking I'd the kind Of business to whlch he
has devoted his life and putting his pet manu-
featuring establishment, the product or bis own
industry or genius. under the control OF o'her
neople? Whenever the records OF such organ
Izotions as have been formed are closely scru'l-
nized II is found that there has been maze room
not only for large and liberal payments 10 me
promoters. but also for payments 10 the Pa'"ea
having important and successful WORKS 10 sen
materially exceeding what they or others Wouiu
have considered the works worth not man!
months ago. The root Of the business Is 'hat
the prices are sufficiently hgh 10 INDUCE All
sorts of people to sell
Assuredly II should not he n puzzling sus
ccstion to anybody that concerns TOT WHICH
exceptionally high prices are PAID IN eruer ~
hiring thcmsinto great industrial combinations
may not prove worth the whole sum paid wheh
all IS done. In truth not many people seriously
expcct TO sec the greatest and the most loudi!
t7Impeted organizations Of this sort estaollSh
\ nermanent success. What the Street expects
what most Of the promoters appear 10 eNpect.
Is that the men who receive large blocks OF
stock in the new concern will sell out as soon
as they have fine opportunity. and lei 'hoSe
manage the concern who have time ana 'aSI''
But when you take out Of great industry 'ne
enterprise and skill and experience or n Soou
many mon who have done much to buid II UP
within the last thirty years, to what extent IS
the prosperity Of that industry promoted'