New-York tribune., 1900-04-21
CAPITAL AND PROGRESS.
BUSINESS INTERESTS CONSIDERED BY
ACADEMY OF POLITICAL. AND SOCIAL
SCIENCE-JAMES b. DILL on IN
DUSTRIAL INVESTMENTS

DUSTRIAL INVESTMENTS.
Philadelphia April 2O.-Interesting addresses were
made at to-days session OF the American Academy
of Political and Social Science annual meeting.
large audience OF professional and business men
was in attendance Theodore Marburg. OF Baltimore.
presided The subject under consideration at the
morning session The Combination OF Capital
as a Factor In Industrial Progress"
Previous to the meeting the members OF the
academy made a tor. OF inspection through the
University OF Pennsylvania. Addresses were made
by James B. Dill. Of NcwYork City, on "Industriais
as Investments for Small Capital; by John Wana-
maker. on The Evolution of Mercantile Business
and by William H. Baldwin. jr. president of the
Long Island Railroad. The Interest OF LABOR
in the Economies OF Railroad Construction
The Future of Protection the subject under
discussion at the final meeting held tonight at
the New Century Club Dr. Charles C HARRISON
provost OF the University of Pennsylvania presided
Robert P Porter OF New-York. who was to have
read a paper on The Tariff Policy of Our New
Possessions was not present and his paper was
read by Stuart Wood OF this city
The other speakers Senator Nelson W Al
drich of Rhode Island. who spoke on The Indus
trial Ascendancy of the United States" and Charles
r Miller editor in chief OF The NewYork Times,
who discussed The Next Steps in Tariff Reform
After the meeting a reception was rendered at
the Manufacturers Club TO those who participated
in the various sessions
In the course of his address Mr.. Dhl said;
The industrial movement must stand or IAN Dy
the proposition whether industrlas are OF are no'
l have read with interest, ofttmes with amuse-
ms sn! sometime b9 en of Rgh political reputation
who have gravely told the pubnc nov ti lais
dealt in matters other than those with Whe4 Wi
they mad had Pracueal e%perienGeL ere HfI bT in ali
frankness l say TO you that l nave yet 20 near
and financed a public Industrial combination how
such organiza ttons are really promoted orsanize1 @
and financed may add ParentneuSGaL.y, ~ II you you
feel it would not be relevant for me TO be the
first to break this silence.
WORK OF THE PROMOTER
We told that combinations are brought about
by natural causes. that it is natural evolution,
petition and business 1,s sGrroundinss nave tended
lions erHs 1 e F not me be gt @ b od Of rbe pu6
lie large that these large combina tons have
the pocket OF the promoter and the fnancier. The
result of the promoter in combinations is watered
stocks. The industrial Of to-day Is not looked
unon as the solid investment or as the security
i me pr re"tPd conGeaed IN & I &
stock but devotes its surplus earnings to making
good the capital issued for goodwill other in
ing financial reserve ordinarily, but sometimes
dustrial wtthdraws its stock from speculations in
Is sought 20 be decreased, 20 make its holdings OF
stock permanent, rather than huctuating- The
us stocks into securities valuable as investment.
ne rue Iu5rIlal ulIlets as Wleig from me 700
name OF the industrial as the merchant differs
from the gambler Such speculation is the op
cannot go hand in hand in any one organization-
Industry always. speculation never, affords a ma
tfon security. prosperity and ultimate success.
II II be possible Tor any body of men,
controlling officers any industrial corporation
20 close any factory or number of factories TO
throw out of employment either temporarily or
permanently. 5000 or 5000 men-if it be possible that
this may be done for the mere purpose of stock
speculation, then Il certainly follows
Just cause for fearing grave disaffeCtion. That
combination whose energies, through its Beard Of
Directors and officers. is mainly given the Wall
Street end of the proposition is not industrial
in the true of the word. That corporation
time and more attention the ups and downs of
the market price OF its stock than the distribu-
tion OF di1ldends among the stockholders, TO the
increase IN efIectlVe1ssS or production 10 the
cheapeninG and bettering OF the article produced
Is the enemy Of every honest combination OF capital
There are certain lnVdra bic marks of promotion
speCUlatiCrs and schemes which will point the true
character Of the organizations beyond the posi-
b1iry OF a mistake The classes are clearly dis
have professional men who examine titles 10 real
estate have title guarantee companies which
issue policies of insurance titles; but the people
seem 20 ha e no need for bureaus OF iufOrTna
tiOn the Industrial promotions and CANDLES
which freely offered the public. Indus
trial combinations are producing a new class Of
character and personal character cannot. in
the long run. dlfferentiare widely The institution
which places stock manipUlatOrs and spectators
in charge OF its affairs should be promptly claSs
fed. The company which fails in it's board
men who feel themselves charged with a large and
public duty toward tts stockholders should fail
find market for its securities.
ANALYSIS OF CHARTERS NEEDED.
If the journals Of trade and commerce in our
great cities would accurately and impartially
stock is to 60 TO the public the public would
be educated as 10 the difference between the IN