The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-08-09
TPIlSTS AND REMEDIES.

TRUSTS AND REMEDIES.
We print elsewhere in to-day's paper an
article from MIR. Willis B. Smith, In re-
ply 10 the article from the pen Of Mr.
William L. Royal, published In last sun
days paper, on the evils of the trust.
We also print another article from Mr.
Royal, in which he gives his remedy
Tor the trust evil
It is an interesting discussion and 1T IS
only by discussion pro and con that the
truth is finally arrived at.
Nlr. Royal said In his first article mat
II the tendency Of the trust was to destroy
competition and to put the great INDUS
trial enterprises of tho country into the
hands of a few men. Mr.. Smith replies,
as this paper has frequently pointed out,
that while few mon may control the
trusts, they are in fact, owned by many
men, and under the present system 1t is
simple matter for those who have
money to invest to purchase an interes.
In almost any one of the trusts The
stocks of these concerns are generally
listed in the New York Stock Exchange
and they are traded In day after day at
the market price A man may go In and
purchase one share or hundred shares
. or a thousand shares, II he Is willing TO
nav the market price, and thus become
stakeholder in the company and parti-
cipate in its earnings. He may also sci!
OUT at a moments notice. man may thus
become a stockholder in an Industrial
corporation, or in a railroad corporation
and everybody who is at all familiar with
the facts. knows that the number Of such
stockholders has increased enormously
within the last few years Mr.. Smith
calls MIR. Royals attention TO the fact
that the number OF common stockholders
OF the United States Steel Corporation
has Increased from 1900 TO 26.o1D during
the past year, that the number OF prefer
red stockholders has Increased from 5000
TO 400 and in addition 1900 employees
OF the company took the preferred stock
during the year.
We would call his attention to the case
Of the virginia-Carolina Chemical Com
pany, the so-ca!led fertilizer trust. 1t is
hardly necessary to say that there are
hundreds and thousands Of stockholders
in that company in Richmond, in Viz
ginia and throughout the South, and to,
day the general public is all in the dark
as to what particular persons actually
own the controlling interest.
1t may be said in reply that persons
who bought these stocks made bad invest
ments, as prices have declined greatly
within the past twelve months But that
does not alter the fact that individuals
have the opportunity under present con-
large corporations and such an oppor.
tunity as they never before had.
Under the old system, when a few
individuals operating together as partners
owned a profitable business, they kept II
to themselves under the present system
the general public are permitted to be-
come stockholders In almost every one OF
the large corporations to which Mr.. Roy
al refers
We do not deny that these corporations
are powerful. and as they are the crea.
lures Of law they must be regulated by
law. But corporations are a necessity
They have come, as Mr.. ROYAL hlmSel,
has so often said, to meet the nevtab
demands of this age Of steam and cleo.
tricty. and they are doing a great WORK
in development and progress and worl
which could not be done otherwise They
cannot re destroyed without destroying
the great enterprises and industries o
the country. They are here TO stay, anC
We must deal with them as necessities-i
evils, as necessary evils, and it Is on
business to regulate them in such wa.
as TO reduce the evil TO the minimum
and 10 make them OF greatest possibl,
benefit TO The public.
And now in conclusion a word con
corning Mr.. Royals remedy for trusts
he says that he would have Congress ell
act law setting up a corporation com,
mission In each State. ANY person SHOULD
then be allowed to go before The com.
mission and complain that certain trus,
was endeaVorlng to crush Tim by unfair
and dishonest traffic, called by IL com.
petition. II the commission should hnc
that the citizen had brought a trumped-w
tale before It, IT might put the costs OF
him and fine him for dishonest procedure
But II this commission found his state
n1ents To be true, it might fine the trus
10 whatever extent it thought necessau
TO make il trade fairly.
That Is indeed strange position for
Democrat 10 take First of all, Mr. Roy
all would practically do away with Stat
control OF corporations and vest that cen