The mirror. (Stillwater, Minn.) 1894-1925, 1901-05-02
IN DEFENSE OF THE TRUSTS.

to take in profit enough to tempt
capital, capital will enter into COM
petition.
1t was not long ago when the sugar
trust was considered too formidable
for any competitor to successfully en-
gage, and yet for the past year a sugar
war has been waged, this because of
worthy competitor.
The trusts have not been very grasp
ing so far, and have been rather
benefit than curse. Many of them
were formed because the manufacturers
believed it absolutely necessary to
protect themselves in that way. l
fancy [ see my socialistic friends
SIZZLING at that statement, but it is a
fact, nevertheless. The eastern manu-
facturer considered he had had fairly
profitable year when his investment
yielded him three per cent. Because
of severe competition, this profit was
often cut down to almost nothing and
sometimes an actual loss. But this
was not the worst of it; no sooner
would the manufacturer get a large
rush order than the employees, for
getting that the factory had often been
kept running at loss to its owners, to
give them employment, would strike
for higher wages, or shorter hours, or
something else, and the result would be
that the manufacturer would have to
give up the order and his profits there
from, or else he would have to meet
the demands of the men and lose a
large share of the profits in that way
But the benefit to the people? Aside
from the benefit derived from having
the factories running instead of closed,
thereby giving employment to so many
who would be in sore straits without
it, most of the trusts have reduced the
prices of their commodities and have
been of benefit in that way. Not only
that, but large aggregations of capital
were absolutely necessary in order to
make it possible to so reduce prices.
Let us take, for example, the Standard
Oil Co., which has been the recipient
of so many curses, threats and legis-
lative acts in the past. Was not some
consolidation of capital necessary to
build those immense pipe lines that
have been one of the greatest means of
reducing the cost of the various pro-
ducts of the raw oil? Could private
capital have built those lines? Could
it have reduced the price of oil to the
extent the trust has? Take kerosene
oil-something used by every poor
man. 1t has been reduced from
between 36 and 40 cents per gallon to
10 cents for the cheaper grade, and 18
cents for the higher grades. Has this
not been benefit to the masses?
1t cannot be said that these trusts
shut out the young man from all hope
of rising. The very fact that Charles
M. Schwab was selected for the execu-
tive head of the recently organized
great steel corporation is refutation of
that.
The limits of this paper do not allow
me to mention all the possible good
that 1 believe may arise from the
present great aggregstions to capital,
and do not purpose considering the
possible dangers of the trusts. 1 wish
merely to draw attention to the fact
that there may be two sides of this
question, as well as all others. There
is but one more point wish to bring
to your notice, and that is that the
efforts of this new organization will be
directed towards maintaining the peace
of the world, for its very existence
depends upon that. If successful, will
not that be of immense benefit, not
only to the United States but to the
entire world? w. w.