Pine Bluff daily graphic., 1902-09-09
LIST OF THE TRUSTS
Nearly geo in All, 7wo=Thirds OF
Which Are Protected by Tariff.

Washington. Sept. Sit is claimed
tor the astonishing list of trusts pub
iished by the Democratic congress-
Ional committee in its campaign book
that it is authoritative. The list, which
is probably the most complete one
ever published, was prepared for the
committee by Mr.. John Moody of New
York, publisher of the Moody Manual
of corporation securities.
IN this list is given 2S7 industrial
trusts with total amount of stock
issued of S5.So3 231 900 and of bonds
Outstanding Sligo ,251-making a
total capitalization of $6,972, ,44S,S5l.
The list aims only at including cor
porations that are really aggregations
OF capital or are securt3y-hOlding
companies, and, as an illustration, the
Bay State Gas company OF Boston,
IS included, being trust; whereas.
the New Amsterdam (ConsOlidated)
Gas company OF New York. being the
owner of various gas companies, is
omitted.
There are few errors in the list.
The CONNIE ercial Gable company is put
down as trust in the same category
With the Western Union Telegraph
company. whereas the Commercial
Gable company was organized as dl-
rect opponent Of the system of mo-
nopoly fostered by the Western I'm
ion. and it is direct distinction to
the Western Union which, for the pur
pose of Wiping out competition, pur-
chased all the telegraph lines in the
United States, and, at one time, all
the eXisthing cables between the Unit
ed States and Europe.
Some Trusts That Are Omitted.
The aim of the compiler has been
to include in the list companies that
are consultations or absorptions OF
one kind or another of industrial en-
terprise 1t has not included those
trust which are understood to exist
by "gentlemen's agreement and has,
therefore, ommitted from the category
the two most rapacious and eXacting
trusts of all. the beef trust and the
anthracite coal trust.
These and kindred combinations,
which are really price and rate fix
ing agreements or profitsharing pools,
selling and buying agencies, or pro-
Understanding agreements, nave
been omitted, although it is confessed
in theh book that they exist in nearly
every industry and in nearly every
state and city.
In addition to the beef trust and the
coal trust are to be mentioned in this
connection the Steel Rail Manufacture
ers' association, which really has con-
troled the product Of the steel makers
during the last fifteen years; also the
pools or agreements for the control
of the price of steel beams. steeel
billets and armor plate, and the Paris
Green trust. which has existed only
by agreement at irregular Intervals
and has at times doubled the price
of the commodity to the farmer at the
beginning of the potato bug season.
Nearly All Are Protected.
In the list of trusts, it is claimed by
the compiler. 16S of the 2S7 enjoy
full direct tariff benefits under the
Dingley law and thirty-eight minor
benefits. These 1GS include all steel
manufacturers and manufactures in
which steel is used as a product
the sugar trust. type trust, pipe
trust cement trust, tobacco trust,
gin trust. beet-sugar trust-all the
trusts engaged in the manufacture OF
food products and all controlling wear
ing apparel
The products of the remaining
+rusts are almost all on the tariff list,
but the protection is said to be nomln'
al TWent-one of these derive their
strength chiefly from patent rights;
twenty-eight are based on munclpal
or other franchises rights sOf-Way. ETC..
while nineteen are based on exclusive
control of coal and other lands, mines
and ore deposits.
It is calimed that where the ele-
mant of monopoly is, small ana the
tariff is not looked to for the prott on
tho nrOduct the general hnanclai
Standing of hte trusts is. in nearly all
cases, weak
Separating the 16S full-tarifffed
+ructs from those that do not largely
danend upon the tariff, the following
result is reached:
Total Capitalization of 16S fulltarliI-
protected trusts:
Stocks. $4,1S2,S12 ,9o2
Ronds. S9140S1.11
Total s. .096, ,S94O1
Total canitalizatian of 10 trusts;
Stocks, 81 5S0,419,69S
Bonds. $3.50 1876 100.
Total 81, ,S35. .554,79S.
This gives the proportion of trusts
anioving full tariff benefits SO per cent
and the proportiin Of the capital en-
nloved in tariff-fed trusts "A per cent.
The total capitalization OF the l6s
t,nsts enioving full tariff protection,
and the thirty-eight trusts enjoyir
,nore or less protection is s5.571 SIG
4bo total Capitalization O.