Omaha daily bee., 1902-11-28
TRUST MAGNATEs ALARMED.
Legislation Against Combinations
F~riRhtens Promoters.
Baltimore American,

baltimore American.
The maintenance Of republican control of
congress has led to the general belief that
important antitrust legislation is newt
able. Wall street shows evidences of a
similar conviction, because the purely spec
ulative element are unloading their hold
ings of the big industrials' stock. A close
observation of these stock market move
ments will disclose to the public the cor
porations which are really trusts. Wall
street dealers are not sentimentalists.
Neither are they stubborn. They may talk
one way about an absent proposition, but
when face to face with its actual presence
they are certain to act as their keen judg-
ment dictates.
1t will be so in this instance. The big
hnanciers have insisted that there are no
trusts in existence. They have repeatedly
assured the public that the various COM
blnations are invulnerable. 1t will now be
seen whether they meant what they said.
Since antitrust legislation is inevitable,
every corporation which has violated the
antitrust principle will be affected by the
new congressional enactments. The Wall
street crowd knows what constitutes a trust
and will be very wary accordingly.
All those combinations which have Sc
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qualities within them will find those earn
ings somewhat reduced when they are right
eously curbed. This c%urtailment In earn
ings will make their securities less val
liable. Indeed, some of the stocks will be
rendered absolutely valueless. Wall street
realizes that, for which reason Wall street
will make a diligent study OF the Industrial
list. It will be found that every corpora
tion which bears the least faint of trust
Ism" will become exceedingly unpopular
with the bull crowd An unloading process
will develop. Wise men will hasten to rid
themselves of the trust stocks at once be-
fore the decline becomes so. great as TO
make the losses severe. The companies
whose plan Of organization brings them
furthest within the ideas which constitute
q trust will be the first and sharpest suf-
ferers.
An observation OF the stock market, then,
will be a key to the financial crowds judg-
ment as to the various trusts. Spectators
will sell those shares which antitrust leg
ielation is most likely to disturb. The
weakest Industrial securities, as a conse-
quence, will reflect Wall streets estimate
as to its vulnerability. Though Wall street
leaders in the past have denied that any
OF the big enterprises are trusts, 1t will
be found. nevertheless, that they will be
the first to be completely rid Of the SUE
pected trust stocks before the hour OF
legislation arrives.
All of this is a compliment to the repub-
lican party. II is a very conclusive bit Of
evidence that the financial explolters OF the
country expect the republicans to protect
the public against the ravages Of the
trusts. The anger Of the trust magnates
shows that they count the republican party
as the champion Of the people in this i'm
portant struggle. No wonder Belshazzar
is enraged at the prospective interference
with his feast, Tuesdays victory for the
republicans was like an ominous hand
writing on the wall to the tyrsnts Of in
dustrialism.