The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1900-10-18

the nFerymen will lose their hest nat
lohs' ana tie newspapers will lose the
"u'eItislhg, because it will not he
necessary to advertise when there is
10 competition. All this might be fol
traDie II the saving thus made went
70 the consumer, but as a matter Of
iact IL goes to the monopoly. Nv at
.ehlloh mas been called to prospectus
ISSUED by the International Steam
fuinp company, organized March. 1899
under the laws of New Jersey. and
capitallZed at S27 800, 900. Of which
nearly half IS preferred stock. and the
remainder common stock | call at
,eiltioh 10 this prospectus, because it
sets 1orth the plans Of the trusts. and
SHOWS VINO are to be beneficiaries.
he international Steam Pump COM
pahy was organized for the purpose of
MIN tlacturlng steam pumps, and ac-
corning 10 the prospectus, "acuuired
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 NAV be
found practicable" Then follow the
names Of five pump companies. accom-
panied by the statement that these
companies are estimated to transact
10 per cent. of the steam pumD bust
ness of the United States. exclusive
OF hiGli-duty engines The majority
OF the companies also manufacture
such engines.
sample Case of Trusts
one Of the companies, taken into
l,4. ~ l., =
at Il little more than SG,G0OOOO; an
other company had assets estimated at
little more than $1,000, 900: the third
company had assets estimated at q
little more than 81 600, 600 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- Th" total assets. therefore, of
the five companies, not including the
good viii, were less than S12. 900. 900.
and the prospectus states that the com
bined net profits Of the five concerns
for the year 1898. estimated Oh the
business Of ten months of the wear.
would amount to 81 .20O,O Under
the head of "Estimatcd 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
in"ton and Blake companies have
store and carry stock in London
Hamburg. Vienna. and other cities.
SGfHe ii them have expensive saIaried
managers. Nh these agencies in this
ana other countries will be consoli-
dated I'll, ~
tanned in Tie cities Of this country, and
the forces Of clerks. statesmen. etc.
necessary 10 conduct them. will be
united and decreased involving an cs-
timatcd saving of at least $500, 900 a
year. The expenses Of each company
for its draughriGg department. Incl
d"rt - the elaborate drawings. and
specifications for estimating Of work
viii bring about Il further reduction
The standarhZing 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. viii re
suit in m estimated saving Of at least
S2On,NO per year
And then follows in black type this
significant statement:
iutantas.tt al OE Sol .datlDn.
~ conservative estimate of the ad-
vanta~e< derived from consolidation is
believed TO he 81 800 coo over the pres
ent earnings, which would make Il to
tai of future net earnings, with the
estimated earnings based on ten
months of the years business Of 81
5000. of 4 per cent on the preferred
stock. ana over II per cent. on the
common stock of the new company"
1t will thus be seen from the pros
pr"tuS that the advantages secured by
the cutting down of expenses. will
double the income. and not Il word is
said about giving the advantages of
this reduction - the consumer. The
money j;'kru from the travelling men,
from tie hotelkeepers. from the rail
roads. from the lverymcn, from the
new Spaperr. ard from others who suf-
Ter by the discharge of travelling sales,
men, clerks etc. will all be added to
the protits, Of the monopoly. The stock
was 10 he Watered. and prices main
tanned 10 pay dividends upon fictitious
capital.
70 give Il further guarantee to
the monopoly. the prospectus says that
the prinripul men connected with the
*
titled with the company and would
contract not to engage in Il like bust
hess for ten years. But what about
III" public? What guarantee has the
public that this monopoly will not
raise prices? Is it not human nature
to make all the profit possible out of a
munur"ly? Is it not reasonable to ex-
pr,t that The monopoly, after eliminat-
inc hh
Saln3.itS and expenses to the profit &C
count. viii seek a further profit by
raisiu~ prices. and lowering wages
Is It l,;:t reasonable also to expect that
there will be deterioration in quality
when the spur of competition no long
rr CulupGlS the manufacturer to furnish
the best goods for the lowest possible
price:
In Il little book described as an I'm
vt<tmcut Guide" and issued in 1900,
10y Henry ClrWS 4 c., bankers, | find
Il list of large corporations. together
with Il brief description of the bust
ness done and advantages secured by
con -oiidation. In some Instances an
estimate is given of the output of the
company as compared with the total
product of the United States.
Mr.. Bryan then gave Il list Of few
Of the corporations organized since the
last presidential election, and contin-
ueN.i No Hope from Republicans.
During the present administration
no honest effort has been made to pro
| tcct the people from these monopolies
| Tie Republican party controls the ex
| ccutiVe and the legislative depart
! meut> of the federal government. II
| can enforce the laws which now exist
| it can propose and enact new laws
| bur it does neither. No persons car
watch the conduct of the Republican
| party and read the speeches of Re
! publican leaders. and still believe the
| Republican party sincere in its dec
| laratiOn against the trusts.
The Republican platform on this
| question and the presidents letter OF
| acceptance. taken in connection Will
| the party'S record, prove conclusive
| " that no relief can be hoped for from
| that party. Instead of pointing ou'
| the evils of trusts the Republican lead
erS spend their time in eXulting over