The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1910-09-15

known The president knew Of it, The
whole world knew Of il. II proceeded
without official hIndrance, and in the
succeeding year the published report
Of the Union Pacific railroad showed
that is purpose had been carried into
effect, resulting In the acquisition oi
complete control on the part of the
Union Pacific over the entire Southern
Pacific system, also that an influential
interest had been acquired in two more
Of its Pacific coast competitors but
this unifcatlon Of control and conse
quent destruction Of reasonable compe-
tition had been accomplished to such
an extent that we shortly found the
Union Pacific doubling its earnings up
on bare increase Of less than one
fourth Of the traffic handled.
I'VE find that its vast volume Of
common stock from which the corpor-
alton had not received an average OF
ten per cent Of its face value, had
risen in the markets Of the world to
oyer one hundred and seventy per cent
Of Its face value.
We find it receiving in dividends
annually sum equal to the entire
amount the corporation had ever re-
ceived for its issue, and at these prices
Mr., Hartman and his associates, who
promoted this combination, acquired
their vast fortunes, running into the
hundreds OF millions Of dollars. not
from legitimate increase Of prop.
erty values, but from sudden imitation,
the result Of destroying competition
in the presence Of presidential silence.
I'VE find that the estates Of invest
ors, the widows and the orphans of
the world, attracted w these fabulous
earnings, had become the innocent
holders of these watered stocks at in
Hated prices and today we confront
the porblem shall the shippers Of
Aemrica forever pay rates TO provide
a ten per cent dividend on such capi-
talization or shail these innocent in
vestors suffer loss?' What could have
been prevented by presidential activity
in 1901 and 1902 cannot be corrected
today by simple declarations Of regret
or expressions Of sympathy for the
public which bears the burden.
Industrial Monopoly.
Colonel Roosevelt became president
in Septembers 1901. we then had
among the multitude OF iron and steel
manufacturing Industries in the United
States more than one hundred Of suf-
ficient magnitude each in itself to pro
vide reasonablesc competition and afford
the consumers a reasonable opportu-
nifty to supply their necessities. A pro-
tectiye tariff already enabled these
home institutions to levy tribute upon
our people. and what was then nam
moth capitalization Of few million
dollars for the largest, had grown
largely out Of legislative fayoritism,
but the ways and means to sudden
riches of fabulous volumes were nat
urally avaiIed Of by the conscienceless
financier and helpless public could
depend alone on the vigilance Of their
high officials. A protective tariff stiff
ing the competition from foreign lands
had fattened our infant Industries until
competition at home threatened to re-
lieve our consumers OF unjust burdens
and on the eve of Colonel Roosevelt's
entering upon the presidency, the Unit
ed States Steel company was barely
projected to the end that this aggre-
CATION of lusty infants might be mould /
ed into one vast glutton at home, and |
by thus consolidating and monopoliz.
ing this important industry forever
levied upon the American people
tribute for this perpetual profit, and
we note that the first three years OF
President Roosevelt's administration
the consolidation and absorp-
ton Of about one hundred and twenty.
.wo Of these leading Industries into a
single corporation, nation wide, with a
of fourteen hundred and
orty millions Of dollars face value.
where no intelligent man in our coun-
ry today viii contend that one-fourth
If this amount was represented by ac-
ual investment Of money or actual
property values. Yet it was then con- !
and has ever since been !
racticed, that the consumers Of iron Z
nd steel in our country must pay y
rices that provide the yearly income /
n this mammoth capital 5f more than Q
our times the actual investment, and v
entrench this monster against the y
of competition a few years Il
tier and still under President Roose- a