The times., 1899-05-09
Daniel Doves, a prominent engineer of
Phillipsburg, n. j., is at the National.

Major Beverly A. Reed, who has been
with the army of occupation in Cuba dur
ing the past eight months, has arrived
from Havana, and is at the Metropolitan.
He stated last night that since the Ameri-
can occupation Havana has been wonder
fully improved, and that the sanitary bet
terments now well under way will be as
much of a blessing to the threatened
coast cities of the South during the hot
months as they will prove TO Havana it=e.f.
ID. c. Rice, prominent business man
of Dayton, Ohio, is at the Raleigh In
conversation last night regarding the re-
cent immense development OF trusts he
said: There is the building of the great
est era of prosperity this country has ever
seen in the demand for American manu-
factures everywhere, and in our widen
ing markets. but careful people are be-
ginning to wonder if the trust will not
negative all this and bring instead the
most terrible financial disaster. Leaving
out of the question entirely the morals of
the trust, and the discussion whether or
not combinations of capital are a benefit,
there is growing UP another evil to capital
itself and to the very basis of financial
stability. The present craze for the COM
bination of concerns in all lines of busi-
ness is, TO large extent, a hoax for the
earlier trusts were undoubtedly genuine
combinations of small business concerns
to control markets and prices. During
this year a set of clever men with little
honesty but great persuasiveness. have
followed in their lead all over the coun-
try forming trusts Of everything. Stock
companies have been created in which the
actual value of heeplants forms a very
insignificant partuof the total capitalize
81 ,fo--G Ne sfya
turers. for instance. worth perhaps s5,00O,-
900. sell out TO trust for SIC, 600 900 and
the organization puts on the market stock
of a par value of s15, ,000, GOO. This stock
is divided into preferred $500, 900, and
common S7,500,000. Two-thirds of all this
stock is worthless. 1t is this kind of
stock that the1public is subscribing for
now, and subscribing for, too, ten times
over something In its eagerness. The
| banks very reasonably refuse TO lend
money on such stuff The New York Stock
Exchange has made, stringent rules against
the admission of new stock without care
| full scrutiny. Many of the common stocks
| have tumbled tremendously in value. The
present panic in Wall Street is due di-
rectly to these trusts. But with all these
signs Of trouble in sight the people con-
| tinue 10 subscribe to new fake combina-
| tions. The entire floating funds in the
| country will be invested in short time
If a halt is not called in some way. 1t is
another South Sea bubble, and it will end
in another Black Friday unless people
come to their senses"
Chairman Hull, of the Military Affairs
Committee of the House, is in the city
The Mechanical Engineers Association
members are arriving on every train for
| their coming convention. A number of
the prominent men of the profession are
already at the Arlington and the Shore
ham.
Prof. William Watson, of Boston, is at
the Arlington.
f. McIlvain of the Bethlehem Iron
! Works, is in the city in connection with
| bids for his company for Government con-
! :-a.. L.. :.