The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-05-06
PUBLICITY AND THE TRUSTS

PUBLICITY AND THE TRUSTS
At the meeting of the trust conference,
held in Chicago, the most effective rem.
edy, or at least the remedy most effect
lively presented, for the cure of the trust
evil was publicity, supported by Bourke
Cochran In very much the strongest
speech made before that conference.
Mr. Cochran invited no controversy as
to the principle of competition as regu
lator in trade. Denunciation Of the high
organization OF industry was no part Of
his discussion, and what he proposed was
intended not so much to demolish as to
cure. And this he proposed to do by ex-
posture. He would have everything about
com limitations and trusts so thoroughly
exposed and laid bare before the public
that public opinion would do the rest.
He contended that. every step in the or
ganization OF the trust, beginning with
the basis of capitalization and going
through to the expense Of operation and
the gross and net receipts, should not
only be subject to inspection by consti-
tuted authority, but should be made
known by wide publicity. His theory was
that when this is done arbitrary and ex-
orbitant prices. fictitious capitalization
and the payment of dividends thereon,
would become impossible. Discrimination
would be stopped and the evils complained
of would be practically eliminated.
In the present attitude of some Of the
trusts there is evidence that Mr. Cock
rams remedy is viewed with deep con-
Germ by them, and that publicity is the
thing they fear at this time more than
anything else.
Take, for instance, the beef combine.
Before it was known that the government
was likely to investigate the charges
against that combination the members
of it were very profuse in their assur-
ances to the public that they invited: the
fullest Investigation. There was~no COM
bine, they said, and they would be glad
to show that the Big Six" were not CO.
operating to control the market, or doing
anything in restraint of trade. But no
sooner does the attorney general of the
United States take steps to begin action
against them and make the Investigation
which they so cordially invited than they
prepare to fight the government and
courts with all the legal ability that
money can hire. $500.
So, also, in the case Of the Northern
Securities company. We had repeated
assurances from Mr.sHilleand other mem
bers and officers of that company that
they would be glad to have the courts in
vestigate the whole pr epp sition; nothing
would suit them better, and that it could
not be done too soon. But no sooner did
the authorities of the state and nation
begin proceedings to determine the legal
ity of the great central organization than
it's officers proceeded to resist that effort
in the courts by every means in their
power. And not only that. but far more
significant, the president of the Northern
Securities company becomes so agitated
as to the probable effect of the action of
the government in developing the facts
concerning the merger. that he has so far
lost control of himself AS to use violent
language threatening the president of the
United States with dire consequences if
he does not cause the suit against the
Northern Securities company to be dis
missed and abandon the proceedings
against that company. Publicity evident
ly IS not what the Northern Securities
people want.
Note also the apprehension Of the coal
barons lest strike Of the miners may
result in such investigation and exposure
of their methods as shall destroy the
power Of five or six men to fix the price
of coal throughout the country. If the
miners win their strike without hard
fight, their success may be attributed in
large part to the dread on the part of the
coal companies lest prolongation of the
Matte may ,deyelop-for the information
Of the public-facts and conditions which
the coal trade cannot have made public
without furnishing evidence which would
be sufficient to convict the mine owners
of violation of the law against combina-
tion in restraint of trade.
Publicity is evidently powerful weap-
on, the value of which has not been over
estimated. d. T. ~ -,