The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1901-11-16
SOME TRUST PROFITS.
den of OycrcharginE That IL
Being Kept from the
People.

The trusts have more ways than
n of fleeing the public. Of course
they charge for their wares "all the
traffic will bear" which, thanks to
the protection they receive through
the tariff and from the monopoly
that most of them enjoy of supply
ing the American market without
competition, should enable them to
pay large dividends. But this large
profit does not satisfy some of the
managers or insiders who, by know
ing the actual condition of the prop
critics and the amount of business be-
ing done, are able to manipulate the
market for the trust stock and thus
bleed the public who are silly enough
to deal in such stocks with nc knowl-
edge of their actual value except
what the trust managers deal out to
them. Speaking of a law which would
compel the trusts to publish their
condition as banks and railroads do,
the Philadelphia North American
says: "Of course the business fol-
lowed by constituencies insiders in
certain of these industrial properties
would suffer from the adoption of a
policy of publicity, because it would
safeguard to some extent the general
rule of small investors whom they
find it immensely profitable to fleece.
But among financiers and investors as
a whole any chance tending to reduce
mere gambling would not be unwel-
come" Then, after showing that pub
licity has been put forward as one
of the means for controlling the
trusts and that the steel trust has
voluntarily made a partial statement
of its financial condition, the Ameri-
can goes on to say: 1.-THE steel trust,
however, has thrown out a valuable
hint, perhaps inadvertently, which
would contribute in some measure to
a partial solution of the problem of
monopoly. The compulsory publica-
ton by all corporations engaged in
interstate commerce of regular finan-
cial statement would at least afford
a starting point for intelligent discus
sion. The semiannual statement OF
its earnings by the steel trust has GER
tainly served a distinct purpose. 1t
shows that under present conditions
. this immense monopoly has earned a
ten per cent. income on a capitaliza-
tion that is more than one-fourth wa.
: ter.
"While doing this it has charged
from $26 to S2s per ton for steel rails
: to name one article-which Mr.. Car
negie has testified can be turned out
. for SIS. and has sold its products
cheaper abroad than at the point o
= manufacture in this country. Wha'
) the other trusts are earning there i
no means of ascertaining under thei,
present secretive system of operation
but the average customer-and tn,
: average customer, in fact, is none 9th
: er than the whole people of the Unit
ed States-feels legitimate curiosit,
= to know how much he is being ove1
u charged since healthful and natura
competition has been suppressed. I
10 may save some of the trusts niue,
undeserved criticism if they will volur
- tarily follow the steel trusts lead i
N letting the public know more of thei
{ affairs. Their habit of concealmen
is a virtual confession that to expos
? their earnings would encourage legis
lation which they do not consider d.
IL sirable for their own ends.