The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1908-08-07
PRESENT CONDITIONS.

PRESENT CONDITIONS.
The present panic has brought
home to the public the fact that
there has been a number of eco
nomic and industrial changes in
recent years and among them
the fact that the trusts domi.
nate the markets to an extent
possibly suspected but not real
lied.
We are all familiar with that
comfortable old saying that the
la" of supply and demand regu.
lates prices, and we all remember
how, when prices went soaring
o. on the contrary agilely took a
tumble, the explanation of these
acrobatic feats of prices was
given US that the supply or de-
mand was too great or too little
as the case might be.
But the magic of combination
has changed the complexion of
affairs, and to-day supply or de.
mand rs a determining factor in
prices is no longer to be consid
cred.
The organization of the indus
tries has now reached such a
stage that they are in q position
to dictate both the buying and
selling prices of practically all
commodities and not being ut all
bashful they do. And though
times are hard and money scarce
prices remain the same with a
decided tendency upward. The
N. O. Picayune commenting on
the situation says:
Ordinarily q decline in prices has
hitherto followed q decline in demand
in a period of trade inactivity. The
country just now is living in the hope
of an early revival of trade in all the
great markets; but the cost of nearly
everything has been increased by the
powers that control the markets in
advance OF that revival, and the hard
ships endured by q helpless pu bile
have thus been arbitrarily increased.
In other like periods an oppressive
policy of this sort could not have
been maintained. If is possible to
maintain it now it is only because OF
. very general suppression Of CON-
petition. The capitalists in control Of
the situation fix prices, and there is
no cheaper market 10 which the much
enduring o sumner q look for relief
Competition would solve the difficulty,
but there is nc competition. The old
law Of supply and demand has been
declared illogical and unnecessary.
It will be remembered that only a few
weeks ago the distinguished Chairman
of the Steel Trust Board officially an:
nounced that it was not the intention
and not the policy Of that corporation
TO cut prices in response to q decline
in the demand. If the demand for
steel goods had rapidly increased in
stead Of falling OF, argued Chairman
Gary, that would not justify US in
charging excessive and onerous
prices, and there is just as little
reason why we should submit to a
hold-up when the demand has ma
terially slackened. These are not the
words actually employed by Chairman
Gary, but they serve to state his argu-
ment with perfect fairness. The soph-
ism in this instance is so evident that
it is worth while to Uncover It. What
is important to note is the assumption
that the Steel Trust has co implicitly
s~ubjugated the steel market, and so
has Acquired the right as we'll as the
power to dictate terms. "What are
you going to do about it?"
Judge Gary forgets some things
which the public would do we'll to bear
in mind until the presidential election
has been decided-things, indeed, that
should never be forgotten until the
monster wrong OF the age has been re-
dressed and its recurrence rendered
impossible. One of these things is
that the people of the United States
are paving a heavy tax to save the
Steel Trust from competition. Another
that. that corporation is selling its
goods cheaper abroad than at home,
whereby it is demonstrated that the
tax in question is wholly unnecessary
- pure gratuity to q very migrate
full beneficiary. Now the old school
protectionists used to argue that q
protective schedule of duties tended to
lower prices and to prevent the growth
-~->ro1sno hv ctiunr1ot;rn oo--o