The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1899-07-19
THE TRUSTS PROBLEM.

Hon J Sterling Monton. ex-secre
tary Of agriculture, takes more
compiacent view of the trust problem
than the facts appear to justify. In
his judgment there need be no ap-
prehension as to the trusts crushing
ou: all competition " Over capitali-
zation and mismanagement, he
thinks, aiil result in the failure Of
most of them. Trusts, "may be form
ed with capital, energy and ability to
successfully take the market against
any and all trust products, except
those which are the result of natu
raj monopoly - He cannot see how
anything can be done by Legislation
to remedy the evils growing out Of
trusts, and calls the antitrust move
ment "mania."
There is good deal of truth in
Mr.. Morton's views, undoubtedly As
business ventures the big combina-
tions which are almost universally
stigmatized as trusts must be ultl.
mately governed by the laws of
supply and demand We may expect
to see these corporations, which are
enormously capitalized and poorly
managed 60 to the wall in short
order, as some of them have already
done. According to the United
States Investor the number of trusts
organized or projected in this coun-
sry since January l, 1898. is 487,
having a total estimated capitalize.
tion of s7,37O,7S3.S .SS3, Of which
S5,742, ,O76,4S3 is common stock
Of this stupendous amount two
thirds, at least, is water, including
all of the common stock and part of
the preferred. 1t is not thought that
any of the common stock has been
marketed
These figures indicate the enormity
Of the purely speculative feature in
this modern "mania," as Mr. Morton
calls it, and they bear on their face the
evidence of precariousness. It will
not be possible for these inflated cor
porations to place much OF this
watered stock on the market, and
one Of the prime objects Of the move.
ment will accordingly fail.
But after ali that may be said as to
the eventual failure of most of these
combinations, there remain plenty of
good reasons for continuing the anti
trust movement. 1t is not wise to
let an epidemic run its course un.
checked, even though it be impossi-
BILE absolutely to prevent it. There
are always ways of mitigating its
ravages. So there ase much that
may be done by concerted action,
discussion and legislation to counter
act the present epidemic of trusts.
And it is apparent thas very many
thinking people favor concerted
action from the interest they are
taking in the various anti trust con
ferences that are being arranged.
Admitting that many of these
combines are to be Short lived, others
are backed up by millions of money
aud tremendous staying power
Left to themselves without restraining
Influence, they will be able to
control production, ruin competitors,
raise prices, aud, what is the most
dangerous consequence of all, COR
rupt legislation
The majority of our leading men
who recognize the evils growing out
of the trust movement do not share
Mr.. Morton's opinion that remedial
legislation is unnecessary because if
left to itself the plague will eventual
ly die out through the operation of
natural laws. There is growing
belief that something must be done
to check the monopolizing ;encency
to study the problems which this
process has thrust upon the coutry.
As DR.. Lyman Abbotto states it,
What We most need on the subject of
industrial, commercial, labor and
transportation combinations is eight,
not heat - The conferences which |
are to be held during the coming
months for the purpose of taking
counsel Oh this burning question will!
undoubtedly attract deep interest
throughout the whole country De
troit Free Press