Bisbee daily review., 1903-11-06
A LESSON IN ShRtNkAGE.

sn estimate in the shrinkage of values aa estimate in the shrirkage of values in the shares of 100 industrial stocks. which means trust stocks.
 Capital stock, par
 falHe .foIoco,fAV'oos Value al highest quo
 tations ....-.-...... 4,VSo,os'.foo Value at lowest quota
 tiOnS @fooo,Vo'-oo' Loss from highest
 pr1ceS ...-.---..- l,'oo''oo-'.o
 It is not hard to reckon that there has been a loss as shown in the above or more than a bil,fon and three quar- iers of dollars. And yet the property, whatever it consist Of. is all there. and the plants are just as capable of turning out their products as ever they were Probably some good fel- low with a pencil, adept at figures can explain what has become of the blll- ion and three quarters.
 It is probable that the actual prop erty value of alt these one hundred industrial or trust stocks. was never more than ten per cent of the capital ization represented, all the balance more than likely simply representing be anticipated profits, which were tn be made from the manufacture based on on the "wind' end of the propositions, and for which the share holders received handsomely en- g aved pieces of paper. and issued as stock certificates. Recollection Of the census of 1900 placed the total capitalization of the United States en- gagged in manufacturing al Ten bill ions of dollars. and vet II will be seen above that the capital represented is only about one third of the ten bill ion mentioned in the census.
 But the trusts wee. and are now in partnership with the government which enables the trusts to practice all kinds of extortion upon the peo- pie, and the partnership Is not visible property, but ii can be readily under stood by he most shallow mind, that such a ropartnership gives to stocks in the trusts a value that in 10 wise exists. and far in excess of the actual property engaged in manufacturing.
 With practically half the capital stock shrunk away 10 nothing, and no diminution in the actual property, anC yet these properties at their high est quotations were used by the re- publican party to show the great pros perity of the country. and all this was claimed to be due 10 republican and wise legislation.
 1t is true the country was prosper ous. IL is also true that the crops were large, and business general iy good, but it is jus, as true that the volume Of business as represented in he trust stocks was exaggerated, be cause the prosperity shown in them. never in the world existed, and was based upon fcticious values. It is strange that the people will not looK at these things, and sec the hollow mockery of the republican claims ta industrial prosperity.
 The situation would be precisely the same. as if tonight, party of our business men would meet at th.a Cop per Queen hotel. organize a manufact- uring or mining company vi tout a factory or without a mine, vota hen selves a million dollars worth of stock each. and The geltienen d.sperse to their homes. and in the quiet of their homes begin 10 count their assets as one million more collars than # hac been before the meeting Or the eve ming They would have q tard tine paying their obligations if :hey Of ferred to pay with stocks wa!ch had 1o more value than the paper Gn which they were printed.
 The whole affair of ipeustr:al, cr trust stocks has been to create w-na.,th by law which has been fc.iclous value and wealth and from Ehich much money has been reaped by men n partnership with the government. and by the deceitfu, preteDses of 2 new crop of 'fnanciers" of which J. Pierpont Morgan is a brilliant expo nent. and Charley Schwab a cheerful elaborator. as Mir. Dresser has found out. til, he has changed his occupa- tion from banker b bankrupt. II all, proves that the assumption of the re publican party to the creation of wealth Is one of the most painful an6 shallow imaginAtions of the age. Democrats should awake ,o this mat ter and he preparsd to form an of-