Hutchinson gazette., 1899-04-20
A MIGHTY PROBLEM.
A sTuPENDous REVOLUTION
IN INDUSTRIAL GROWTH.
rhe Trust Calmly Studied. Principles
and Morals Ignored by This Modern
Octopus. Tho Problem Must be met
and Solved.

iho iolloWlnB ulbpubShOnhte yet
torceful treatment OF the subject Of
trusts appeared MS the leading editor
lal In recent issue OF the New York
journal OF Commerce and Commercial
Bulletin, the oldest journal OF Its class
in the country and the recognized Or
gan Of the business interests, particu-
larly wholesale and jobbing, Of New
York.
From advance sheets Of The Com
mcrcinl Year Book, shortly TO be issued
from this office, we are able to present
II summary OF approximately complete
statistics OF the trust organizations in
tho United States. We here use the
term trust IN It's trondest popular
sense, as covering not only Consolida-
ted corporations, framed for directly
moLopolistic purposes, but also ALI
onces Of independent organizations
acting under a common understanding
for the purpose of less directly rcgu-
lating or defeating natural competi-
tion, the latter being but small pro-
portion Of the whole, At the end Of
the last month these combinations
numbered 1853.
At the end Of February these 353
combinations had issued total OF
IS, 5,lls,5O0,OOO OF capital stock and
Sl4, $50, 600 Of bond obligations These
figures show un increase over those
published u year ago of 70 per cent In
the number Of institutions aud 60 per
cent IN the combined stock and bonded
debt, which indicates the extraordin-
ary rapidity with which the movement
has spread within the last IL months.
What proportion Of the entire manu-
factures Of the United States has pass
ed under this new form of organization
may be inferred from the fact that the
census Of 1900 values the entire capital
then employed in the manufacturing
and mechanical industries at 90, $685.
10000 which includes all the minor
or retail work done by small, individ-
ual proprietors. This means that the
total capitalization Of these combina-
tions is equal to about 90 per cent Of
tue entire manufacturing investments
OF 1890. About the only important
branch Of industry that has escaped
the trust invasion is that OF textiles,
md II we eliminate that department
from the total for 1890 the present cap
italization OF the monopolistic indus
tries will be found to about equal the
valuation OF the last census These
facts will indicate with approximate
clearness how closely our industrial
system has approached to complete
absorption under monopolist control.
The process Of transition has passed
far beyond the stage Of possible ar
rest; 1t is virtually completed accom-
plishment, except in few industries
which have hitherto seemed uususcep-
tible of consolidated management, but
which may be drawn later into the
maelstrom.
The change is the most stupendous
revolution ever accomplished in the
history Of the worlds industrial
growth. Its suddenness is as remark
able as It's magnitude. II has come
with none Of the careful deliberation
that usually attends the investment of
great uggregations Of capital, 1t has
been guided by no precedent expert.
ence. 1t is no gradual result Of ma
tural evolution. 1t is an abrupt out
burst of resistance to an unusually
severe pressure Of the natural reguln-
tory force Of competition, 1t is IL re-
versal Of all that economists have nc
cepted as fundamental aXioms Of trade
1t is an undeliberated revolt against
the most essential force in the regulu-
tion Of production, distribution aud
values, tho natural law Of competi-
tion, 1t amounts to q complete dis
ruption Of the relations between the
industrial forces and classes Of society,
1t is an extinguishment Of the volun-
tary exchanges between the producing
and merchanting interests, and the
creation of one exclusive producing
organization for each industry, to
which all other material interests
must yield subjection. Industry at
large Is organized into system of
feudalized corporations, each one of
which enjoys absolute power within
its special branch of production, while,
taken in the mass, the system consti-
tutes itself the supremest trade power
In the nation. These innovations upon
the fixed methods of industry, though
fundamentally affecting the citizens
free access to the opportunities Of In
dustrialism, take little account of
legalities, equally ignoring the law as
1t stands and as 1t may possibly be
changed TO meet the case. This head.
long precipitancy has pursued its pur-