Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1900-09-27

shows VINO are TO Oe DeIieuelaFteS-
The international Steam Pump COM
pany was organized for the purpose Of
manufacturing steam pumps, and &C.
cording to the prospectus. acquired
control OF the business of the follow
ing corporations, either through the
conveyance of the title to the proper
ties, and businesses of such companies,
or by the ownership OF not less than
two-thirds of their stock, as may be
found practicable" Then follow the
names of five pump companies, accom-
panied by the statement that these
companies are estimated to transact
30 per cent. Of the steam pump BUSH
ness of the United States, exclusive
of high-duty engines. The majority
of the companies also manufacture
such engines.
Sample Case of Trusts.
One of the companies, taken into
the combination had assets estimated
at a little more than $6,00O.OO0; an
other company had assets estimated at
a little more than 100000 the third
company had assets estimated at a
little more than 81 100000. The fourth
company had assets estimated at $780,
600, and the fifth company had assets
estimated at 100000. The good will
was not estimated in the above fig
ures. The total assets, therefore, of
the five companies, not including the
good will, were less than $4,000, 900,
and the prospectus states that the conf
bined net profits of the five concerns
for the year 1893, estimated on the.
business of ten months of the year,
would amount to 81 100000. Under
the head of Estimated additional
earnings from consolidation" find the
following:
Each of the five companies now
maintains agencies In the principal cit
les of the United States The Worth
ington and Blake companies have
stores and carry stock in London,
Hamburg. Vienna, and other cities.
Some of them have expensive salaried
managers. All these agencies In this
and other countries will be consoli-
dated. The stores and agencies main
tanned i'm the cities of this country, and
the forces of clerks, statesmen, etc,
necessary to conduct them, will be
united and decreased, involving an es-
timated saving of at least 100000 a
YEdI.Z uC CADcnGCC Vi ClNA P0bJ
for its draughting department. incl
dent to the elaborate drawings, and
specifications for estimating OF work,
will bring about q further reduction.
The standardizing of the patterns for
farm and domestic work, which
is now under way in the Worthington
factory, when applied to the entire
business of the new company, will re-
suit in an estimated saving of at least
5000, 900 per year"
And then follows in black type this
significant statement.
Advantages of Consolidation.
"a conservative estimate of the ad-
vantages derived from consolidation is
believed to be 81 100000 over the pres
ent earnings, which would make to-
tai of future net earnings, with the
estimated earnings based on ten
months of the years business of 49,
500, 1000, of @ per cent. on the preferred
stock. and over IL per cent. on the
common stock of the new company"
1t Will thus be seen from the pros
pectus that the advantages secured by
the cutting down of expenses, will
double the income, and not word Is
said about giving the advantages of
this reduction to the consumer. The
money taken from the travelling men,
from the hotelkeepers, from the rail,
roads, from the lIverymen, from the
newspapers, and from others who suf.
rer by the discharge of travelling sales
men, clerks, etc, will all be added to
the profits of the monopoly. The stock
was to be watered. and prices main
tanned to pay dividends upon fictitious
capital.
TO give a further guarantee to
the monopoly, the prospectus says that
the principal men connected with the
various companies would become iden-
titled with the company and would
contract not to engage In like bust.
ness for ten years. But what about
the public? What guarantee has the
public that this monopoly will not
raise prices? Is 1t not human nature
TO make all the profit possible out Of a
monopoly? Is 1t not reasonable to ex-
pect that the monopoly, after eliminat-
ing the statesmen, and adding their
salaries, and expenses to the profit ac-
count will seek further profit by
raising prices, and lowering wages
Is it not reasonable also to expect that
there will be deterioration in quality
when the spur of competition no long
er compels the manufacturer to furnish
the best goods for the lowest possible
pricef
In little book described as an "In-
vestment Guide" and issued In 1900,
by Henry Clews & c., bankers, find
a list of large corporations, together
A,.f1 - ,-f
ness done and advantages secured by
consolidation. In some instances an
estimate is given of the output Of the
company as compared with the total
product of the United States.
IMr. Bryan then gave a list of few
of the corporations organized since the
last presidential election, and contin-
ued.
No Hope from Republicans.
During the present administration
no honest effort has been made to pro-
tect the people from these monopolies.
The Republican party controls the ex-
ecutive and the legislative depart
ments of the federal government. 1t
can enforce the laws which now exist;
it can propose and enact new laws,
but it does neither. No persons can
watch the conduct of the Republican
party and read the speeches of Re-
publican leaders, and still believe the
Republican party sincere In It's dec
laration against the trusts.
The Republican platform on this
question and the presidents letter of
acceptance, taken in connection with
the party's record, prove conclusive
~ that no relief can be hoped for from
that party. Instead OF pointing out
the evils of trusts the Republican lead
ers spend their time in exulting over
present conditions. The trust is part
of present conditions, and Mr.. Flint,
from which / have already quoted, de-
clared that the formation Of large cor
porations was one of the important
features of what he described as the
present business activity. IL Repub-
lican leaders really regarded private
monopoly an evil; IL they really in
tended to apply an effective remedy,
they would not hesitate to denounce
trusts and suggest means for their
determination, but they express far
more solicitude for the corporation
than for the people at large. One Is
reminded of the picture which moth
err once showed to her boy to impress
upon his youthful mind the sufferings
of the Christian Martyrs, who were be-
ing thrown into the arena and torn