The Minneapolis journal., 1902-08-11
Sworn Average Daily Circulation
for the Month of July, 1902:
$3.50 D
Record of advertising of
Minneapolis papers tor
July, 1902. COILS:
Journal, Il issues 944
Tribune, 81 issues Yl
Times, 81 issues .. I'll
The MARCH OF Com BINES


A St. Louis dispatch reports the or
ganization of "the greatest lead combina-
ton in this country comprising the
leading smelling companies of Missouri
with a possible capitalization Of $5O,O00,-
900. It takes in also companies manufac- |
turing products in which lead is chiefly
used. It is interesting to note the great
increase in the new capitalization OF the
eastern state interpretations alone, aside
from the organization of new trusts or
combines and mergers both east and west.
In the east the record of new capltallz-
alton for July shows an aggregate Oh
s469, ,S56 400, as compared with Sl96, 1873 oOO
in June For July and the seven months
of this year it foots up 81, ,724 ,064, 200.
Census Director Merriam, in his recent
article in The Atlantic on the showing OF
the census on trusts, which in 19oo num-
bered 1873 with an aggregate capitalization
Of SO, 500 615 1903, against assets OF 81, ,468,-
522,573, shows that the total property
value is short $216,OOO 900 of the valuation
of the bonds and preferred! stock, ana
this, with the value of the common stock,
Or. something over 81, ,000,000 would make
it appear that the real value Of the varl-
Gus plants was only Al per cent or the
total stock and bond issues.
Mr. Merriam also showed that, leaving
out the Standard OIL and Pullman Car
companies as EXCEPTIONAL the market
prices Of the industrial stocks have only
averaged 61.S per cent Of the capitalized
value, suggesting that the public VINO Duy
stocks estimate about billion dollars OF
the capitalization as water. Since the
census of 1900 told its story, there have
been vast increases in combines and such
Capitalization, but Mr.. Merriam showed
that there is plenty of room for more
combinations, as in 1900 the output OF the
trusts or combines did not exceed one
tenth Of the aggregate Industrial product
Of our country, which, In the census year
was something like $4,000, 100000 in
value.
The fact that many of the combinations
fall to use their power with due regard
to the public interests, and in violation
of the principles of common law and Of
state and national law directed against
them, has brought the new system OF
capitalistic combination and actual pur-
chase outright of related industries by
consolidated capital instead of federating
industries for mutual profit, into wide
public condemnation. There is nothing
criminal in doing business with consoli-
dated capital and plants. 1t is legitimate
and certainly profitable economically and
with respect to product distribution, but
hO de-
manded and obtained national legislation
touching railway abuses are convinced
that some way must be found, and that
soon, to place industrial combinations
under a. rational national law which. rec
ognizes the business advantages Of the
modern combine, also recognizes the
necessity for placing them under
such effective regulation as will re.
strain from abuses and compel them tt
use their power with proper regard fol
public interests. All the political par
ties profess to favor national control ant
regulation of trusts. Instead of antago
nizing each other on this subject, th'
obvious, imperative duty of the two dom
inant parties is to unite to secure th'
legislation needed. The republicans hav'
done something in the direction OF effect
i've legislation. The democrats have don
nothing but oppose the republican effort
to accomplish something. ,;.-g
One of the most intelligent suggestion
as to legislation for public supervision
and regulation of trusts which has ap
peared is that made by the New Yor
journal of Commerce, which in the mai
Is to be commended. Substantially it /
this: Protection of competitions; reduc
tion of tariff to revenue basis, notably O.
products dominated by large corporations
legislation to promote harmony Of stat
corporation laws; reform legislation per
mitting monopolies upon patents and pub
lie franchises; publicity Of trust affairs
a reasonable extent; legislation agains
hctional capital; government supervisio
of real or national monopolies; prever
small rivals from unjust competition
compel public officials to strict enforce
ment of laws against restraint Of trade
oppose all legislation looking to publ
ownership. These prescriptions, exceI
that offering a. moderate revenue tart
as a contributory remedy are practicabl
and reasonable. It would be we'll to cu1
industrial monopoly by reducing dutit
on foreign articles which are practical
excluded by high tariff duties which pre-
tect monopolies here and give them abst
lutte control of our market, which powt
is frequently and grossly abused. o,
patent laws permit monopolies. Liber
franchise granting has become monopo
granting. Stock watering has become
gigantic abuse and crime.
To say that the people of this countl
cannot devise rational legislation to me
the urgent questions Of the day is simp
to sultify ourselves.