Barre evening telegram. (Barre, Vt.) 1898-19??, 1902-08-22
|SAGR SCORES MORGAN |
Takes Latter to Task For His World.
wide Trust Schemes.
SAYS PEOPLE WILL REVOLT.
Further Declares That One COnse-
Quence of MOrganizing the World
Will he the Greatest Finan-
cial Ruin on Record.

New York, Aug. 22.-Russell Sage,
for more than siXty-tve years one of
the closest observers of finance and
the temper of the American people,
does not agree with J. Pierpont Nor
gan regarding the combination and
consolidation Of all the great indus
tries, according to an interview pub
lished by the New York World. Mr..
Sage believes that the combination Of
all the great industries will inevitably
result in one Of the greatest financial
crashes ever seen in the United States,
and that, too, at no very distant pc
Rod.
Mr. Morgan returned from Europe
with his mind fixed on but one thing
the combination of all industries in the
same manner as he has Morganized
the shipping. steel. railway and coal
interests. He frankly admits the era
of gigantic trusts has only begun and
that in the near future even more 81
gantic corporations than the billion
dollar steel trust will most certainly
result.
Mr.. Sage bases his belief that comb
nations and trusts of the kind de-
scribed by Mr. Morgan will not be toll
Grated on his observations and knowl-
edge Of the character of the American
people.
What Mr.. Sage Says.
hi 90 oil I'M cf,,io
a menace to the government" declared
Mr.. Sage in his private Office to a
World reporter. "Such combinations
are not only a menace. but are the op-
pressors of the people.
SHOULD an era of combinations en-
sue the American people will certainly
revolt against them, and if they do
there will be financial ruin such as
people have never dreamed of in the
history of the world.
There are certain times when COM
binations are useful and beneficial,
When several industries are beginning
business. it is we'll for the individuals
to combine for mutual protection
until the business is got on its feet,
When the business is firmly estab-
lished. the combination should be dis
rupted and conducted along individual
lines. The embarrassment of one in
dividual would not then mean the
wrecking of the industry. 1t is better
to have such industries divided among
several individuals than combined into
one great corporation, the embarraSs-
ment of which would mean the ruin
of all.
Safeguards of Individunlism.
Industries conducted along individ-
ual lines have many safeguards. In
stead of but one source. each individ
ual has several separate and distinct
from the Others to which to apply for
aid during any great trouble
If combination is continued after
the industry is we'll established, it be-
comes monopoly and a menace to it's
own commercial life as well as to the
government.
1.-The American people will most GER
tainly revolt at no very distant time
against the enormous combinations of
the various industries. If continued.
the combinations will some day result
in financial ruin not only to those in
,lreStod. but to the country.
''Th, success attending the combine
tons of solte Industries has led to the
heliet that the same success will mark
the organization of other great COM
binations. This will not prove so, and
before many years every one will real
ize it,
Mr.. Sage said Mr.. Morgan was Il
close friend of his and they agreed
upon many matters of business. but
not upon the question of combina-
tiOnS