The Owosso times. (Owosso, Mich.) 1897-1926, 1899-09-15
INDUSTRIAL EVOLUTION.

Interesting Paper Read by Mr.. Harry
Turr er Newcomb on Trusts at the Y.
M. c. A. Rooms, Monday Evening.
Mr.. FL. L. Newcomb, who has been
visiting his grandfather, Judge Josiah
Turner, and Mrs. Newcomb's parents,
Mr.. and Mrs. John Comstock, in this
city for the past two weeks, read very
interesting paper on the subject of
TRUSTS, Study in Industrial Evolu-
tion," before an audience of men In the
Y. M. G. A. lecture room, Monday
night. Mr.. Newcomb is q chief of SEQ.
ton in the division of statistics of the
Department of Agriculture at Washing
ton, ID, G, The work in statistics seems
to have fitted him for the conducting of
Investigations and the preparation of
instructive magazine articles, or at
least he has made his statistical train
ing stand him in good service in such
undertakings in which he is frequently
engaged.
The paper read Monday night was
one which showed thoughtful prepara-
ton and a comprehensive grasp of the
subject. He believes that there are in
reality many important services being
done for society by trusts which could
be performed in no other way. He also
believes that as yet not enough is
known of the operations, causes, and
effects of these combinations to make
any antitrust legislation profitable, be-
lieving In fact that the most of such
legislation would be more likely to have
an evil effect at present But the read
er may judge for himself from the fol.
lowing synopsis of the paper:
The classical political economy of
England is study of industrial rela-
tions under regime Of free competition,
and as first formulated, was largely O.
protest against legislative interference
in the conduct of industry. AS early
legislation OF this kind was addressed
directly to the individual, there has come
to be a not unnatural confusion OF
thought by which free competition is
made to seem almost synonomous with
political liberty. Thus American and
English devotion to liberty have been
made the basis of prejudice favorable
to competition in trade which is rarely
subjected to critical examination. The
aphorism that Competition is the life of
trade" is accepted by the general public
as an economic axiom, and Is made the
major premise of syllogism of which
the vital Importance OF perpetually un.
restricted competition is an inevi,able
conclusion. To public opinion thus sum.
married, the industrial progress of the
nineteenth century has consisted very
largely OF succession of exceedingly dis
quletlng phenomena, which are suggested
by the terms factory system trodo,s
union of corporation, consolidation. com.
bination, railway pool, and the more re.
cent term OF indefinite significance.
trust" Though the system OF house,
hold industry in vogue during the
eighteenth century seemed to offer an
almost perfect field or free competition.
1t was never entirely freed from the
control OF custom, and it cannot
be said that the realm of competi-
ton has ever been co.extensive
with the domain OF industry. 1t fur
nished the groundwork for the classical
system OF political economy, but even
while the latter was being formulated.
Hargreaves and Arkwright were at
work upon the inventions which. with
that of DIR. Edward Cartwright, a few
years later, have revolutionized tbe busi.
CONTINUED ON PAGE TWO.