Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-05-05
No More Big Combinations to
Be Financed at Present
Time
PUBLIC TO BE GIVEN A REST
"Undsested Securities" to be Given a
Chance Before More Are Placed on
the Market-New York Farmers
Form Big Trust to Control the Milk
Supply.

| New York, May 5.-Holland's special
to Philadelphia Press: a few days ago
word was passed all along the line of
those promoters who have been max
ing time" impatentiy for some weeks,
that not for some time would there be
the way of promotions of new com
binations or so-called trusts This re-
port was justified since the feeling has
been held without dissent among the
greater and the more conservative of
the-financiers that there ought to be
a rest, SO that what j. Pierpont Morgan
calls the "undigested securities" al
ready issued but not marketed, may be
assimilated by the public.
Yet Saturday there came an an
nouncement that the important work
undertaken by Charles I. Yerkes in
London to give the people of that city
speedy and convenient transportation
TO any part of 1t is to be financed to the
extent of S30,000,000 by an underwrit-
ing syndicate international in it's char
acter. To Speyer, whose international
characteristics are made evident by the
interest which he has taken in the de-
yelopment of the Mexican railways and
the authority he possesses there, has
been committed the organization and
management of this International syn
dictate. Thru his American house $751;
100000 Of the securities of the Yerkes
syndicate are provided for and thru
his London house a like amount is
financed. The whole s30,00Q,0O0 could
easily have been financed here, but it
was felt that it would be far better
If there We're division of interest. That
method was characteristic of the estab-
lishment of the vast Westinghouse
plant in Manchester, England, truly
international industry. since the di-
recting ability is almost exclusively
American, while the financial organic
alton is represented partly by American
and partly by British patent.
There Will be no difficulty in the
financing of other undertakings whose
success seems to be so we'll guaranteed
as is that OF the London underground
railway system. For instance, il Mex,
leo succeeds by an indirect, tho certain
in guaranteeing the maintenance OF her
existing silver currency on a par with
gold. there will be no trouble about
financing large investments in Mexico
for with the adoption of the cord stand
ard the development of that republic
is certain to be relatively as great as
great as was the industrial and COM,
mercial vigor felt turnout the United
States after the gold and currency leg
islation adopted soon after Mckinley's
first inauguration.
A combination so far perfected that
the incorporation of it was made last
week, and so important that 1t calls for
a capital of $25.000,000, illustrates the
recently disposed tendency on the part
of the farmers to initiate the example
set by the promoters of industrial COM
bination. This combination will be
colloquially called THE milk trust 1t
is not to be a trust in the strict mean
ing of that term. 1t has the character
of a corporation, but it proposes to
make one market for the output of the
10000 dairy farms of New York state,
and furthermore to buy both whole
sale and retail business of the milk
dealers in New York City. 1t is a COM
hination 1t seeks to be monopoly.
In one sense it is clearly in restriction
of the trade, for one of its aims is to
put an end to competition, but it cannot
be reached by the Federal laws, nor
will any Judge of the Unites States
court take jurisdiction in case COM
plants be made to him. For it is to be
exclusively u New York state business
Its field is to be in New York only, and
throughout the state it is to invite the
cooperation of the dairy farmers.