The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-02-21

from the legitimate earnings Of the roads.
but IT the profits derived from the daily
margins on what might be called the
teeterings of the market could be calcu-
lated the student would be astounded.
The cash market value of speculative
privileges in this country is sufficiently
shown by the fact that membership in
the Minneapolis Chamber of Commerce is
worth $4,000, in the Chicago board of
trade $4,000, and in the New York stock
exchange $4,000. And these memberships
are, mostly held by persons who do not
speculate themselves, but =, who simply
handle the speculations Of others on a
small commission. There is not a state,
not a. city, probably not an organized
township that does not have some foun-
tain which heads some rivulet flowing
into Msome stream emptying into this
mighty ocean OF American speculation.
Railroads, mines manufactures, are pur-
chased. leased or acquired by guarantees
OF liked dividends; additional stock is
placed upon the market at 2 or 3 cents on
the dollar, run UP to par or above, then
merged into syndicates, which put out
still more stock, and if you are asked
what is the limit to this game your only
| answer is "The sky"
One investment company has just been
| formed, made up mostly of Pacific lines
by way OF feeler in the west, with an
authorized capital of $500 1000, 900 and au-
thorized to commence business with $780,
600. 1t is permitted under it's charter to
90 business in any town in the world.
| The duration of it's existence is perpetual.
minority of its board of directors may
| constitute a. quorum, they may transact
business anywhere they please, on land
| or water; the stockholders need not be
permitted to see the books, and the board
| OF directors may appoint as many vice
presidents, assistant treasurers and as
slstant secretaries as it sees fit, confer on
fthem all the powers it sees fit, authorize
| them to do business anywhere it pleases,
and dismiss or remove them at will. The
purpose for which the corporation. is
| formed is ito purchase, hold, sell, assign,
transfer, mortgage, pledge, or otherwise
| to dispose of the capital stock of any
other corporation or corporations, assoc-
alton or associations anywhere in the
world, 'lncluding the right to vote there
| on 1t is also empowered ito acquire,
own and hold such real estate and per.
| sonal property as may be necessary or
| convenient for the transaction Of It's bust
ness, SO that, unmoiested, even the most
obtuse can see that this combination s
watering process is destined to soon own,
| rule and govern the world. ..-.-.x
| But the mighty financiers of whom
these combinations are composed are not
| necessarily to be despised. Indignation
| and disintegration are but the immutable
| processes OF nature. The moment an OBJ
ject ceases to grow it is on the road to
decay. The public has duty to perform
as we'll as the finanier. Mr.. Rockefeller
does point out not only the dangers but
also the remedy. Combination is neces-
! sary,": he says, land it's abuses can be
minimized, otherwise our Legislators
must acknowledge their incapacity to
deal with the most important instrument
of industry" And not only our legisla-
tors but also our judiciary and our ex-
| ecutive departments.
T. All that the public needs is knowledge.
Any man with a printing press and few
| pounds of type, if he but be disposed to
study, is in position to render invaluable
| service to human society.