The Spokane press. [volume] (Spokane, Wash.) 1902-1939, 1907-01-12

have suffered loss amounting to
millions of dollars through shrink
age in the value of their share hold
ings during the II months just
passed.
"This is in the face of our great
prosperity, the greatest era Of
prosperity in the history of our
country.
"Why should stock value be low
Ter today than they were year ago?
I can only account for it by the at
tacks that have been made upon
corporate interests during the last
year or two years-unwarranted at
tacks that go to tear down the
structures that have been reared by
our people through great effort, en-
ergy and patience.
"The effect of these attacks was,
Of course, first felt by capitalists,
and then, through them, the effect
was felt by the debtor classes.
"The debtor classes are feeling
the effect more than ever now.
"Who will be the next to suffer?
Why, the man with the dinner pail
the workingman, whose wages
are now higher than ever before in
our history; 20 per cent higher, |
believe the statistics say, than they
We're five or six years ago.
when stock values are depre-
ciated, as at present, capitalists ma
turally begin to take in their loans,
dispose of their collateral and then
the debtor classes feel the depres-
sion. When the debtor classes feel
the depression they retrench, and
then it is the workingman' turn to
suffer. believe that January in
ventories will be a surprise to many
people"
These are the words of John D.
Rockefeller Coming at time
when the whole world looks upon
America for her greatest measure
of success in commerce and trade;
coming at time when the whole
strength of the administration at
Washington Is supposed to be di-
rected against Mr.. Rockefeller's gil
gantic oil trust, and when state gov
ernments seek to disrupt the NAM
moth monopoly, it is perhaps the
most extraordinary public state
ment ever made by the founder Of
the Standard Oil Co.
Mr.. Rockefeller's broadcast declar-
alton has been quoted above. He
made no reference to President
Roosevelt or his administration,
nor did he once mention the name
of the Standard Oil Co.
He did say that the shrinkage in
the value Of his own stock holdings
would be shown by the January in
ventory to amount to several mil
lions of dollars" This was said
mildly, without show of feeling,
and in tone Of voice that the av-
erage business man might speak of
a minor failure or temporary disap-
pointment in his affairs.
Things used to be very different
in this country" he said later.
"Under the old system A Joined
Interests with b in a partnership
for mutual benefit. Sometimes
those partnerships continued agree
able and profitably, but frequently
they did not endure very long. In
the old days competition was severe
and there was much unnecessary
waste of material and effort.
after a while it became apparent
to thoughtful businessmen that the
best way to accomplish an economic
system OF business was to CONSOLE
date interests. For years now in
terests have been consolidated, and
we have our great corporations as
the result
Sometimes | look back upon
the times in Cleveland. when was
starting my business life. re-
member that my first employer in
Cleveland used to get 81 a ton for
freighting ore from the Marquette
country over the Great Lakes to
Cleveland. No one complained
about rates at that time.
'But later, when was asso-
ciated with party Of gentlemen
who had consolidated these inter
ests, and We were shipping <re
over the same route from Mar
Quette to Cleveland for 6S cents a
ton | was called wicked monopol-
ist.
'But you see what the consoli-
dation Of interests had accom-
plished, They used to think that
a barge with n thousand tons ca
pacty was large enough for the pur-
pose. After the consolidation of In
terests and when economists were
strictly regarded we realized that
1000 ton barges were wasteful and
we enlarged our ships to 1000 tons,
5000 tons. 5000 tons. 5000 tons,
and the ore ships today, | am told,
carry as high as 10000 tons of ore.
when we started to establish