New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-09
THE QUESTION OF TRUSTS.
JAMES B. DILLS ADDRESS BEFORE
WILLIAMS SOCIETIES.

Williamstoyyn Mass June (SpeciaD.-The feat
ure of the exercises at the meeting OF the "iaH's
College literary societies tonight was an ADDRESS
by James B. Dill, the well known corporation la"
yer of New-York City.
Mr.. Dill took his subject THE College Man
and the Corporate Proposition" He said in part
The corporate tendency of to-day has created an
active demand for and put premium upon co on In
professional pursuits. 1t has set at rest the dls
fn Gus as TO Wne.ner bas answered that ques
ton in the affirmative, because the demand to-udy
has created ' demand for active college men The
man who intends to follow the law VIII ma tou ro
that the corporal on evolution has produced pro-
fessiona evolution. The profession OF t t law
only of strong Individuality. but men capable lie
of intelligent, strong team work. The man wro t -
est reward the man who in short, is most success.
full is the man not only of strong lndividuats and
energetic and brainy team combinat ton work; !
Rn app the en ta amy 70 the o e
But must say here that the Ghurcn M Work with
There is no ~asg
L is in paint Of rdm the pres
Of kindersartens throughout the entire and
ought to be thpeadbare Nevertheiess to-day there
is no proposition more actively. thoroughly and
generally misunderstood than the corr tu
trust question" The progress of civlliza ton has
led to combination. to cooperation. ana as sie
logical result. TO Capitalization of control we see
this exemplifed in the tendency of mankind TO I'VE
see the tendency to aggregation and centralizaton
in the erection of huge hotels, apartment houses
buildings. bringing under one roof great bodies OF
and in every form of activity and or business
The same tendency Is not wanting in our educa-
tional institutions. Abraham Lincoln, by ms IN
dividual effort. alone and by himself became able
to rank with the educated men of the country
and yet no man today of experience or Wdsu Wa
able to enjoy the adyantagss Of OF b Cd
in one of our colleges.
VALUE AND POWER OF COMBINATION.
The element essential the carrying OF the
manufactured products of this country abroad to
the handling. creation and the financing OF grea great
aggregation of capital; therefore IT is oIng ' of
finances of the many into hand, and under
one control that is able to provide the means 90, as
ing employment during all the year to the anoter,
and the storing and shipment in due season OF the
1t is equally true that the greater the combina-
re o good or evil according as that power is
used 1t is therefore as safe 10 premise lhtt
Itself and by itself, an evil 1t is the necessary
result OF business grown, orT itai i is positive
good. Combinations viciously promoted unwlsGS
be hsn ana are an evil The class
is condemned because of the individual CorPo5dd-
ferent but the existence of bad combinations does
prove that combinations, as a Glass; as CUM
II was found that, when two or three or four
competing firms united, first in the distriputioh OF
property second in the fixing of the price tnra'
in a standard of time of credit, and fourth In re-
profts would be increased The first arrangements
made in this direction We're commonly SHOWN aS
tracts designated 'gentlemens agreements.
Ta yagre@ments were often secretly violated
and this experience led TO the formation OF many
THIS Vas the first stage in combinations, and
these We're combinations pure ana smP,e Tp
to this point there charge that they in any any
way affected the general prices throughout 'he
country. --
AGENTS IN TRANSACTIONS.
This was the first chapter in the history of com
binations and I call your attention at this point
to the absence OF CERTAIN be n fhe order Of their
Subsequent birth %. the promoter; q the man
S fesTon s p 5 labor in this matter not
one of love and therefore his r h woTk "a aro G
of the This MAS GG aenf
size so that the promoter could get some Of TINS
stock This brings us to the point IN the hls'oL
introduction of water in stock issues. The pro
was not working in this matter upon Purely 1o
of stock Now this block of stock, while IL was
desirable for the promoter and desired by him was
generaIIy owing to the nature OF the promoters
finances not his eventual object In the matter
He was not, as rule man looking for invest
mepts a6 pg h he When the got his
stock his next object was to turn this stock INTO
the promoter into contact with the men VINO
We have now come down to the origin Of the
fnancier The fnancier saw that the promoter OBJ
the second place that the stock created for the
purpose of paying for these services. and there
value as the rest of the stock. The promoter and
the financier then came into closer relations and
each for more water in the shape of more stock
deal with more water. and so we find by the com
bnaton OF the promoter and the nnaneler that
atiOnS vPra
might he more reward the promoter and the
fnqncier What the result? The answer is
At this point another element arose which tended
to increase the issue of watered stock As the pro
services the financler too Joined the group. so
n of wat who was made Tp the
The manufacturer the merchant and the dealer
TO receive stock at its par value. but demanding
bonuses in the way of stock. In other words, COM
or put az another VAN the Wall
end came prominently forward into the business
wal street p ysDs it Va more
and apparently involving whole trades This
enabled so much stock to be issued water that
the Stock was able TO dispose of it all and there
fore market had to he created for It The result
no man or combination of men has yet been
able to Se ed ns became t SuP W md
dustrials. so-calied. and the end Of the promoter
These so-caned ndustrials were not true indus
trials 1t just much Of a misnomer to call
industry was but secondary to the speculation. BY
that time the director or trustee had largely dis
fee for the stakeholder the wage Garner or in
cerned The tendency was that OF mad race to
quick wealth.
TWO KINDS OF CORPORATIONS.
At this point let it be clearly understood that
by means all combinatio were improperly pro-
that some were Therefore at this point have