The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-03-05
Regulation Of Trusts.

That potnef8oEue Auu lutElCAge PEVU-
lem, the regulation Of the trusts. has re-
ceived distinguished attention at the
hands Of the Industrial Commission,
which was authorised by act Of Con-
gress TO take testimony and make rec
concentrations upon the general subject
Of trusts and the various industrial
combinations that have recently come
into existence throughout the country.
In the preliminary report Of the COM
mIssioners there are many interesting
developments. In the examination OF
the great number Of witnesses that APP
peared before the commission diverse
views were to have been expected. The
report upon this point says: THE evil
dencs, evea ON questions in fact, has
often been contradictory, and in some
Instances Il has been impossible from
the testimony so far taken to reach any
positive statement"
In It's comment on this feature Of the
report, the Journal Of Commerce says
there are no less than three different
views as to the good or bad eftects
arising from the trusts practical con-
troll OF prices. 1t continues; Trust
advocates themselves say that prices
are reduced by reason Of the large cap
ital controlled by the trusts. It's ability
to buy raw material in very large
quantities and pay for It In cash and
the numberless other economies within
reach Of 50 large an aggregation Of cap
ltal. Opponents Of the trust, who arc
not engaged In the same line of busl-
ness. are inclined to believe that the
prices of !ts commodities are main
tanned at a permanently higher level
than would be the case under free COM
petition. Meanwhile. those opponents
Of the trust. who are at the same time
It's competitors in trade. complain chief
Is that 1t uses its large powers for the
purpose OF selling at rulnously low
prices for limited periods and within
limited areas for the purpose Of de-
stroying competition and securing the
whole market TO ltselE After this end
is attained, they do not doubt that
prices ara fixed unduly high, but their
main grievance is against the means by
which this result is accomplished rather
than againEt the result itself.
There were three points. upon which
the commission found greater degree
Of unanlmity than upon any OF the
many Others brought to its attention.
AS to The cfIect of the tariff upon trusts
the committee reports that all Of its
witnesses testify in favor OF the tarifr
upon the Industry represented, whether
they be members OF the combination or
It's opponents" In the second place.
il is practically conceded by all of than
that trusts have profited very largely,
both before and since the enactment OF
the Interstate Commerce law. from
their ability to secure important and
valuable determinations in their IA
vor in the freight rates Of common car
riers. The third point Of general
agreement among the witnesses has
reference to the value OF publicity. Up
on this subject the commission sayS:
Many Of the WITNESSES. including even
representatives Of combinations. are Of the
opinion that much greater publicity re-
EaFdlng the aifairB OF such combinations
than q now customary would tend 70 re-
move many OF the evils, Al regards the
general public. the knowledge thus seeur-
ed would 9N1il 70 prevent the malntenGinese
o. extortionAte prices as well a. unfair
methods and conditions Of competition.
Stockholders and investors would also be
protected against abuses by promoters and
officers Of corporations.
Most Of the commissions recon-
nendations," says the Journal, have
reference, directly or Indirectly. to ths
necessity OF requiring greater exactness
hnd publicity in the accounts. reports
and prospectuses of corporations. In
this respect, the report Is strikingly like
the Companies act proposed for adop-
ton in New York, upon which We have
cently commented at some length.
Until the recommendations are put in
more specific form It will be difhcult
either to adopt them or dissent from
them with any degree Of confidence.
Some degree Of publicity Is unquestion-
ably DESTROYS. But any business,
whether managed by a corporation or
an Individual must be assured an ample
measure Of privacy with reference to It's
business contracts. The whole question
turns, therefore. upon the kind and de-
gree of publicity to be enforced, and
upon this aspect of the case this pre-
llmInary 7sport Is too indefinite to FORM
the basis for argument"