The Minneapolis journal., 1901-03-04
MUCH WATER IN
Mr.. MORGANpS TRUST
Absorbed Properties Could Be Duplicated for
One-Quarter of the Proposed Capt.
talZaton of the Combine.

which will be available in the payment
of dividends to stockholders and the re-
mainder to go to the public in the form
of cheapened prices on articles entering
linto universal consumption. In practi-
cal operation, this, according to the Nor
gan theory, means that the public will be
satisfied, and will stand for the trust.
and that stockholders will be more than
satisfied with the results, the outcome
being that stock exchange quotations will
advance, and that there will be no attack
from the rear On account Of alleged ex-
tortion.
The bulk Of the saving is to come from
transportation OF raw material and fin
1shed products. That means saving in
lndustrials at the expense of the railroad
companies. From the Industrial stand
point the economy is to come in the
manufacture Of goods at the point where
the article can be produced at smallest ex-
pense and transported at a minimum OF
cost.
This saving is, therefore, necessarily at
the expense OF the railroads. Mr.. Morgan
is more heavily interested in transporta-
tion securities than in industrials. He is
therefore, proposing to cut into the big
end OF the revenues for the purpose of
prohting the smaller end. Just what his
position will be after he secures his COM
mission for combining the big manufac-
turing corporations will be determined
later. The logic of his position at the
present time is one Of the problems Wall
street is mixed in trying to solve.
Moore Got In Well.
There are many things in connection
with this big steel deal that arise to puz-
zle spectators. Not day passes without
new and interesting development To-
aU fe Il.
1t will be long time before the various
and divers propositions are finally fixed
in their proper proportions. Meantime
the spectators have abundant field in
which to make bets and form opinions.
The one thing which is seemingly in the
foreground is that in the consolidation
Judge Moore secured distinct advantages
for his group Of properties. Tinplate,
Sheet Steel, Steel Hoop and National
Steel. The judge. in floating this group Of
industrials, took the precaution to pro-
vide abundant cash capital for the con-
duct of business. The result Is. that
the present time finds his corporations
very strong in cash; and, therefore
in position to stand out against exac-
group, which is capitalized at close to
5000, 100000, and which comes into the
combine very much above that figure was
in position to stand out against extrac-
tions and did so. 1t was formidable either
in or outside Of the combination; and,
being Independent, was the more desira-
BILE.
The billion dollar trust will need all the
cash capital it can get to carry on busi-
ness on scale commensurate with It's
colossal proportions. None of the COM
panies taken into the combine is better
equipped in that regard than the Moore
companies, and that is the way the Judge
was able to command the terms he did.
AS far as can be ascertained, the only
real sure winner in the big combine is
Mr.. Carnegie. The entire consolidation
is pledged to pay him something like $15,-
coo, 600 a year for his interest. The whole
combination will be working for him un-
til it pays out. Long before that consum-
nation he will be dead, and his heirs will
be In receipt of the installments.