The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-11-13
FRIDAY. NOVEMBER Is.
The Iron Industries.

The Iron Industries.
The great depression III the Unitod
States Steel stock has brought promi-
nently to the minds of men. especially
to investors In that stock. the whole
euo3ect OF industrial combinations and
of the methods Of their organization.
One thing has resulted from the col
lapse OF the market value of these stocks.
and that is the great bugbear Of the
monopoly has lost its terrors and people
see that there is no Industrial combina-
lion that Is stronger than the laws OF
trade. The great law Of supply and de-
rnand will continue its potent influence
despite temporary observations or OBJ
structions. The greatest principle Of all,
involved in industrial combinations, and
ono which was assalled by persons who
ought to have known better, Is the old
fashioned principle that owners Of prop
erty have the right to manage 1t as they
deem best for their own interest. pro.
vided they DO not impair the legal rights
of other people We have in no sense
changed our opinion that the Industrial
combinations which have been made were
created upon a principle as natural as
that which impels men to live together
in cities. We believe that the United
states Steel Corporation, the greatest OF
all industrial combinations. has been
most distinctly beneficial in its influ-
ence upon the trade and business of the
country While it has demonstrated Its
potency to resist the great trend Of bust
ness. 1t has modified the excuses of such
movements by keeping the price OF steel,
both biets and finished products. at
reasonable figures. when extravagant
prices could have been obtained: and
now. when prices are on the decline. 1t
is eteadying tendency which was rap
idly retrograding into an Industrial panic.
IT has acted as an efficient balance wheel
III the greatest Of industrial pursuits
Tho reputed author Of this great COM
bination is Mr.. J. P. Morgan, and II he
has done nothing else to insure for him
financial pre-eminence he could rest his
reputation upon the organization Of this
cOlpSsdl COIJp1lly' hl' GOW
sometimes assaued by those who n year
ago were loudest in his praise. because
the business OF the country Is stopping
long enough to take breath, and because,
from natural causes, stocks have declined.
The merest tyro. upon moments re-
Election. can see that an industrial Sc
cnrity is naturally nitro or less a specu-
lative one. and that when bonds of n
high class were selling on per cent
or even 3a per cent basis, 1t did not
stand to reason that IN Industrial stock
that was paying anywhere from 7 to 10
per cent. could be as permanent In IT.
value as the security that paid less than
halt as much. That some Of these COM
binatons have disappointed both their
organizers and the investors is but an
other evidence that there are principles
controlling values which are more power,
fu than the principle OF combination, and
that even a man of Mr.. Morgan's abil
tty and straightforward methods canno,
avert the consequences of change ir
The tide of business.
w cu LILO pupllC lGhe tplu oil TIC mar
ket and so In and buy heels over head.
prices so up in spite OF remembrance
When. on the other hand, they become
anxious and begin to sell. you might as
well try TO stop herd OF buffalo. and
1T Is imputing too much 10 the powel
OF any man or set OF men TO Suppose
that they cab control the great move
rpents OF popular opinion In It's Influence
upon the market. either up or down
The public are now learning something
Of the hazards and rapid changes thai
all manufacturers have known. Dir
Carnegie said long ago that Iron 1
either a prince Or pauper," That is
that 1t was immensely profitable or liza
BILE TO make bare living, and we do no
believe that any statement has been mad
by reputable promoters In any iron bus
ness that has denied this eslablishe
fact
II has been said that MIR. Morgan hal
been 50 much annoyed by criticisms t,
Z which ne has been subjected because o
This change in trade, ano consequent dc
ptN>*~e'~" ~ ~hN-o' h'iHt VIC contemplate
giving UP business. We are glad he ha
csaied the statement Mr.. Morgan ha
always moved In a mastery way. and hi
word has been synonym for integrit.
II would be great loss to the interest
wtth which he has been connected for hli
I q withhold the Influence OF his stron
judgment and high character. Anothe
year may see q complete change in ii
iron Industry OF the country. and the
fbose who are now SO depressed an
e4nsosious may change their lamentatior
10 praise