Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-03-23

/ "
the county would be done by the new
company. What was the result, The
elements of which l have spoken came
| in, the price was raised and there are
more independent lime operators in
Knox county, today, than ever before.
and they are doing business at a rea-
sonable expense with the element of
personal interest and personal super
vision in full sway.
On the second theoretical proposition,
theory has been overthrown by prac-
tice.
III. The Securities,
Three classes OF persons are inter-
| ested here:
l. The sellers of the original proper
ties making up the combination.
| A few years ago, it seemed rather an
attractive proposition when the stock
holders III Ii small enterprise were Of
ferred III exchange an equal amount of
preferred stock, all promising increased
dividends.
How Go they view it, today? Here
| again our own State furnishes apt il
| lustratiCns.
Take the American Ice Co. I can re-
| member when the Biographies in our
common schools had illustrations of ice
| harvesting on the Kennebec river as
one of the great Industries of the State
and we can all remember when a dozen
| or more companies were doing sat
| isfactOry business. Hundreds of thou
sands of dollars We're distributed every
winter in harvesting Il crop that nature
gave without cost, and other thousands
in the summer in shipping the product
| to the cities of the middle and southern
states. The trust was formed and now
hundreds only are spent where thou
sands were before. Some years Il par
| tial crop is gathered, others none.
The Kennebec valley has suffered Sc
verely from the loss of this great in
dustry. But what Of the original own
ers of the properties? Their stocks
have fallen in value and the promised
dividends have we'll nigh ceased. Don't
you think that thy would be glad to
SO back to the old days of safe business
and reasonable, but assured profits?
And would they, today. repeat the ex-
pertinent Of six or eight years ago?
Take another illustration within our
borders, the United States Shipbuilding
Co. 1t had a short career because it
was born late. Would not the Bath
Iron Works, with it's magnificent plant,
prefer, today, to be back on it's own
basis and doing business for itself
alone? I predict that it will be in due
course of time.
Indeed the sellers are now slow to
embrace the trust proposition.
?. The investing public.
How 40 they feel toward the propo-
sition: 1 am looking into the faces OF
men whose experience answers the
question and renders argument unnec-
essary. Would you care to purchase
more of these stocks in Industrial COM
binatiOns as an Investment?
3. The promoters.
If the owners of the constituent prop
lie do not care to buy, the work of the
promoter is over and his occupation
gone. Have you heard of many of these
trusts being formed within the past II
months? Could they float their secur-
tiles if they were2 Experience is hard
teacher, but the well-taught lesson is
not easily forgotten.
There are other phases of this trust
problem that are worthy of careful
consideration and study, but as Kipling
says, that is another story" Enough,
tonight. to consider it along business
lines and to show that it IS working it
self out as it should. Legislation may
aid somewhat, but not greatly. The
laws of business and the common sense
of the people are solving it and solv-
ing it rapidly. 1t should no longer be
political question. 1t should no
longer be considered a menace. The
day when it was Il terror has passed.
If it remains it is as bogy. 1t is a
business proposition with inherent
weakness and what those weaknesses
are, the business world is fast finding
out. have great faith in the American
people They have faced many prob
lens and solved them all. They have
been facing this and they are solving
this too along Oldfashioned New Eng
land business lines. 1t will be settled
and like all others. it will not be set
tied until it is settled right.
Mr.. HIcHBORN'S ADDRESS.