Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1902-06-05
PAPER ON TRUSTS
Question Of Combination as Advo-
Gated by Chris Haw.
MEETING BROTHERHOOD OF ST. PAUL
Monthly Gathering of Order Held
Last Evening at Home of J. w.
Neasham-vieWs on Consolidation
of Capital Given.
[From Tuesdays Dailv.l

lFrom Tuesdays Dailv.l
Under the present reign Of trusts
and combinations we are enjoying
prosperity to a degree never before
equaled in this or any other country"
said Chris Haw in his paper read be-
fore the members of the Brotherhood
of st. Paul of the First Methodist
Episcopal church, at their meeting
held last evening at the home OF j. w.
Neasham, Market and Sixth streets.
The event was the regular monthly
gathering of the order and was at
tended by a large number of the
members. The meeting was opened
with a prayer by DR.. A. E. Craig, af-
ter which the minutes of the last
meeting were read by the secretary,
George Haw, Jr. The reports OF the
different committees were then read
and motion passed appointing COM
mittee of three to nominate officers to
serve the society during the ensuing
year, to be reported on at the next
meeting. Prof. o. H. Kleinsmith then
favored the company with selection
on the piano which was well received.
Paper on tFuSISs
The paper read by Mr.. Haw relative
to- trusts and their uses and abuses
proved very interesting and was in
dicative of the deep thought given
this subject by Mr.. Haw. The ques-
ton of trusts as advocated by Mr..
Haw met with quite lively debate in
the discussion which followed and ar
guments were presented in strong op-
position to the existence of all COM
binations by H. L. Waterman, F. w.
Simmons w. A. Work and A. W.John-
son. The question as presented by
Mr.. Haw was as follows:
The changes in industrial and COM
mercial conditions, and methods,
which affect the social, political. and
financial affairs of the individual,
state or nation, is worthy the consid-
Grafton of every citizen who is solicit
tous FOR the welfare of his country, the
elevation of society, and the prosper
Eity of the individual. The centraliza-
tion of capital, the community of in
terests with railroads, and the form
ing of trusts on industrial lines in re-
cent years, has brought about new in
dustrial conditions and commercial
methods, which demand our most
thoughtful consideration and deliber-
ate Judgment. These new conditions
have grown out of the experience, con-
ditions and methods prior to 1896,
| when the business interests were I'm.
der the deceptive principle that Com
petition is the life of trade" 1t doubt.
destructive of the profits, by which
l lo1 MI ,1 Of hot,
just reward.
These conditions continued until dis
| trust hung over every manufacturing
enterprise and commercial interest
Wages We're depressed to the lowest
| level. Men withdrew their money
from the channels of trade. Business
was Improbable, improvement and de
/ velopment ceased, labor was in dis
tress, until prophet arose in the per
son of William Mckinley, who by ma
! ture, education, and noble life, was or
dained to be a leader, in whose ster
ling integrity and honesty of purpose
the people trusted.
Mckinley plead for a sound financia
basis, restored confidence, and the re
sumption of business. He led his
country into the greatest era OF pros
/ perity in its history.
These years Of depression taught oul
great financiers and business men the
necessity of adopting new methods
The result has been the Capitalization
of capital to control certain commodi
ties, the community of interests witt
railroads, and the forming of trusts II
all the industrial lines of manufacture
and trade. AS citizens we must decide
if these conditions are better than thu
old, and to what extent we should de
fend them or strive to defeat them.
/ In their general characteristics
trusts have been divided into thre'
!. classes. First such as are created b,
unions or combinations of number o
corporations or companies. In thi
, class all the stock of the combination
is transferred to board of director
or trustees. In lieu of the stock thu
] surrendered the stockholders receiv
| trust certificates. Under this form 0
trusts the directors or trustees ar
clothed with absolute control of tn
: entire business of the combination
They receive their appointment fror
the holders of stock certificates an
!, are answerable only to them.
The second class of trusts consist
!, of corporations that have acquired cor
i troll of other corporations by purchas
ing their stock. This organization
of the same general character as tn
first, but the form is changed in orde
!, to escape the force of the decision @
the courts relating to corporate par
nership.
The third class of trusts consist G
!, corporations which have purchase
the plants, including the real estat'
machinery, stock in trade, good will
!, ETC., of number of corporations, firm
or individuals engaged in a particula
: branch of business, The work is the
! carried onby the official directors of tn
: corporation with reference to the il
+ terests of all stockholders alike. TIL
t object of the combination in this forl
!. is to limit the production, where ths
can be made profitable, as well as I
create a monopoly to control prices.
!, Country's Prosperity.
Men invest money and employ labc
| for profit and to receive the largest n
e turns from capital. No country can b
: nrocnorous unlass it's capital and Il