The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-08-09
was divided among thousands OF em-
nlnvnrs LIE mot ilan 1arnha BILE

| that there will be thousands OF stock
| holders, among whom those revenues
| will be divided? When organized, the
| American Tobacco Company was formed
| by FIVE men or i've 1rms. At present the
number Of stockholders is probably In the
| tens OF thousands; az far as know II has
made no publication as to the number
OF stockholders. but the United States
steel has, and let us SEQ about the ten
4 or twelve men. At Its last report the
| number of the common stockholders had
increased from (usng round numbers)
| 1900 tho preceding year to 10000, the
preferred stockholders from 5000 to
81 900 and, In addition to the 81 900. there
were 1000 employees who took stock OF
| the company, and, according to recent
| Investigations, ninety per cent. of them
| are still holding 1t as issued to them; so
| far from the indications leading us to be-
| l!evc that any one Of the big trusts will
! be owned by ten or twelve men, their
| stock seemed to be enormously distributed
| and to be held by all classes and condl-
| lions OF men. women and children.
| But, says our friend. the military power
| and the standing army OF the govern
nent will be used by the trusts for our
oppression. Again, tho analogy Of the
| baron falls. because the power of the
| barons. when most tyrannical. was sup
| ported by the baron's own armed men.
| and as the government became strong,
tho baron lost his control and no longer
executed himself the laws which he had
passed. or robbed without pretense OF law
and without justice. AS an instance OF
the danger OF this military power your
learned correspondent refers to ,he Gal
weston and the action OF the United States
government. Yet II Is fact that the
counsel representing the creditors In the
Trigs case urged upon the holders OF
other boats who were similarly situated
ho ~ ~ maj "a hafpn
perfectly exemplary. and tried to compel
them to enter into a similar proceeding
or undertaking as the government had
voluntarily executed
In this connection It might be we'll to
call attention to the fact that the Trigg
and the result OF Its failure has been that
It's employees have been scattered their
wages hive been unpaid. except where
they have had the advantage OF outside
generosity, while other shipbuildinE con-
Germs, which were In the trust, which Is
| confessedly one OF the worst OF them
ALL have gone into the hands OF the court
| strength OF comparatively weak indi-
vidual concerns they nre still carrying
on business. and their employees are at
work and their wages are paid.
! This seems to be one OF the advantages
! OF these great combinations, that however
| reclsle..ly they have been conducted.
! whatever may happen the hard-work-
| Ink emplaye is protected no only as to
| the payment OF his wages. but what Is
| oven moro important. In being kept at
| work, and Is not compelled to wander
! over the country looking for other en-
ployment and often finding II not How
| ever much the enormous railway combines
! may he abused the courts records show
| that when wreck and ruin has IA Hen upon
! ". l,h NJ alNavs hRan paiG.
\ In no instance has there been nm excep-
ton to this rule, though many small and
| independent railways have failed and the
employees have waited for years hoping
| against hope that their wages might be
| paid
Your correspondent admits that the
| prices OF the products have not been
raised and in many Instances have been
| lowered that tho employees are well paid,
| tut he anticipate trouble In future. There
may be good reasons for his anticipation.
| but Judging the future by the past. We
| have yet 10 learn that the danger wasso
| great We have yet to lean that the
| employees OF the American Toba eco Com
| rany or the Standard OIL Company. or
| the Pennsylvania Railroad have been get
| t,nE7less wages either for hand or brain
| than other people OF the same ability.
The payment OF wages requires, as lis
| first fundamental fact, that the corpora
| ton shall earn enough TO pay good wages
| and the manufacturer Of to-day has TO
| meet the world competition. and often 10
| contend against governmental subsid es
| and bounties. 1t Is. therefore. an abso-
| lutte necessity for the American nanufac-
turere or trading corporation TO be strong
| enough 10 hold his own against his rivals,
| supported az they are by enormous cap
ital and often by strong governments. Tho
! sugar trust has to contend against ad-
.u;-f a{t 81 =
STA, Germany and other great poUfus.
The Standar OIL Company has to contend
against the Russian government and the
Russian oil baron. The Mercantile Ma
rne has for it's rival the old Cunard Line.
backed by all the power OF the Imperial
government of Great Britain. There may
be evil and outrages committed by the
trusts, but arc they not small in COMPARE
son 10 what would be the result II the
enormous American corporations. which
have so fnr successfully distanced their
rivals In the competition for the trade
of the world, were to be dissolved and
returned to the individual owner with
his limited capital and with his limited
He! How long would 1t be II this were
done before the American Bridge Com
rany, American Locomotive Company and
the American manufactures OF all sorts
and descriptions. would lose the place
which is now has. and when the foreign
nations cease to buy. how long would
tho American engineer or draughtsmnn
mechanic or laborer. continue to draw his
wages or to continue to work at all!
It may be true that we may drop a
tear OF sympathy on the old manufac-
turer who will look back to the day when
he owned his factory and the cottages OF
his employees, when his powers were an
solute and his independence was perfect
So also, we can look back to the farm
4 40 nd n al
Thorn on his own wagon and drove his
cattle, when he chose, to the distant mar
ket. His power was moro absolute and
his independence was much greater than
1t Is now. He ships his crops by freight.
his vegetables by lightning express, his
fruit on a refrigerator car, and his cat
Ito upon the well-appointed cars, but he
no longer has absolute power; he must
abide by rulels and regulations, must pay
charges as to which he has no absolute
control. yet even he is unwilling to 30
back to his former days Of independence
with his individual wagon and unlimited