The times. [volume] (Richmond, Va.) 1890-1903, 1899-04-13

price. We contend that tho trust that
Is organized upon this principle and for
this purpose is of benefit rather than
dctrimont 10 the great mass OF American
people and that 1t is not monster OF
oppression" as some hysterical people
have tried TO make 81 appear. No one
can dispute the fact that In spite Of the
prejudice against trusts the goods which
certain trusts manufacture and sell TO
the people are the most popular goods
in the world to-day. Business men have
not been slow TO discover this fact, and
as soon as the advantages OF combina-
ton were fully realized. as soon as 1t
was discovered that there was a great
popular demand for the goods OF the
trusts. and that the trusts were making
money by selling the best goods at the
lowest price, something very like trust
craze developed and combinations came
thick and fast
Now for an interesting development.
II IS apparent that many so-called trusts
have been formed. not so much for the
purpose OF carrying on business upon
the principle which we have above out
lined as to sell stock. Many Of these
organizations were formed not by man
ufacturers. but by professional promo
tcrs. and so it was that within few
months the market was flooded with all
sorts and conditions Of trust securities.
otherwise known as "industrials." Peo-
pie began to buy them without knowing
anything about their value The indi-
vidual concerns had been operated II IS
true and successfully operated as such.
but no one could tell how far the indt
vidual factories would pay when ope-
rated under one organization. and the
securities had a speculative value only.
Yet "the public got into the market and
began to boom these speculative securi-
ties skyward each man paying little
more than the other with the hope that
he would sell to some more enthusiastic
speculator than himself al higher
price. Then Sc was that the New York
banks with singular conservatism. not
10 say heroism. called a halt and refused
to advance the money for any such wild
cat speculation.
The Times docs not believe that any
craze will ever succeed. It may have A
brief season OF prosperity but the day
Of reckoning will come. Hence We say,
tho substantial trusts those which have
been organized upon good business prin-
ciples. and which are operated clearly
in the intcrct of the public. will succeed.
while the crazy trusts. which are organ-
ICED for speculation only will fail
Another interesting point in this con-
nection. already limited at Whenever a
trust attempts 10 put up the price Of its
goods beyond a legitimate margin OF pro-
1T. that trust win undoubtedly have COM
petition. and that too in short order.
In illustration. one of our Western con-
temporaries points out that the whiskey
trust which attempted TO put up prices
is now to have opposition. and it will be
so in every instance. Those who con-
duct the trusts have learned full well
the lesson that in order to prevent COM
petition Ii is necessary 10 hght compeu-
ton by the same methods as would be
employed If such competition actually
existed. that is to say by holding down
the price and by giving the people the
greatest value for their money.
We have reached this deliberate con-
cusion by following the logic of events
Hence We say that the trust problem il
one which will solve Itself. without. or
i'm spite Of any legislation that may be
enacted.