The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-01-24
THE ANTITRUST BILL.

II such bill as has been agreed to by
the House judiciary committee for the
control of trusts and the prevention of
monopolies had been a law thirty years
ago, and had been enforced. there would
be no such monopolies to-day as that con-
trolling coal oil and the traffic in meat.
Competition was impossible under such
privileges as the Standard Oil Company
had from the railroads, and monopoly was
the natural result The packing companies
owe their prominence to the large and con-
slant rebates which the railroads were
compelled to make to them. Such advan-
tages gave them control of the markets in
which they purchased cattle, and a mo-
nopoly In the markets In which they sold
meat. the packers getting their meats to
market for half the cost paid by competi-
tors. When the packers desired TO control
a certain field they were in a position
by reason of the rebates they had received,
to make prices at which competitor
could sell. The result was that such COM
petitors had to go out of business. Thus
the packers were In the position they have
occupied for years in every considerable
town In the country, namely. they have
made the prices, whether reasonable or
exorbitant. II the bill now practically be-
fore the House shall become law the great
evil growing out of these combinations,
which were organized 20 secure control
Of all the trade in their line of industry,
will be ended. 1t is evil that has ex-
listed for years, building up a few favorites
and destroying the business of thousands
of worthy citizens who were compelled
10 retire or go into bankruptcy. AS for
| the railroad corporations. there is reason
to believe that they were drawn into the
policy of making rebates by the COMPETE
ton Of such large shippers in the vain
hope Of making good their revenues by
larger shipments. Most of them must have
become weary Of this destructive system of
| blackmail. which for years made deep cuts
into their revenues.
The other feature of the bill-publicity-
| may not seem so important. but it is be-
| lieved that the publication of the minutest
details Of the affairs Of corporations will
have a most salutary effect. Interstate
combinations which are financially strong,
paying dividends on stock and meeting
| regularly the interest on bonds, will be
benefited by such publication. On the other
| hand, when the statement shows that a
corporation has little capital outside of
| overvalued plants, watered stock and
other unsatisfactory assets. the public will
not invest in its stocks and they will not
be very good material for speculative pur-
poses In the stock exchanges.
The provisions of the bill must be gen.
orally satisfactory to those who have de-
sired that Congress should provide some
conservative legislation bearing upon prac-
tices which have created monopolies Com
pared with the vagueness which existed
| year ago as to remedies for recognized
| evils growing out of a few combinations,
| the judiciary committee bill is evidence of
| a far clearer comprehension of the causes
of monopolies and the application of ade-
quate remedies. No ordinary obstacle like
| that which has deadlocked the Senate
should prevent the passage of the bill this
/ session.