The daily sentinel., 1912-10-30

ing company and OtnerWlSe mold
stock in and dominate the affairs of.
and are acting in cooperation and
concert with fourteen of the above
named companies, which operate
thirty-two factories, the combined
output of which for 1907, 1908 and
1903 was about 100000 tons, being
81 per cent of the total domestic
production of beet sugar. And the
conditions prevailing during those
years fairly indicate those of the
present year"
The acting President of the Trust
stated under oath before the Hard
wick Committee that 1t owned S23,-
lS3,990 out of total of S56,Ss3.6l7
of the stocks of the Alameda, Spreck-
els, Amalgamated, Utah, Idaho, Great
Western, Michigan, Iowa, Carver
County MenOminee and Continental
companies. The American is still out
Of the fold, but II must be very good
and do precisely as directed. The
lobby at Washington is employed and
maintained by the Trust. which is
the very head and front of the op-
position to all change in the sched-
ults. Is it doing this for the farmer.
the laborer or itself?
To contend that the cane sugar re-
finers are making the fight for free
raw sugar is 10 ignore the trust
which dominates the industry. The
/ few independents left may be doing
/ so, as a necessary condition to com
petition with great monopoly,
which not only wrote the existing
schedule and that of the DinEley bill
but has pleaded guilty to robbing the
] Government Of millions in duties
/ through false weights and manipula-
tions OF accounts
II the beet grower does not un-
deTstand why he has to fight for five
dollars Per ton for his product, and
why the Trust protests that 1t can
/ pay no more, he has only to reflect
that the beet sugar Tefiner, follow
ing the fashion of the time. has Capi-
talized his pursuit for as much as 1t
Will stand and many times more than
the amount of money invested and
profit is expected for every dollar in
vested and every dollar of water that
has heen pumped into il.
To illustrate: The American Beet
Sugar company is capitalized at So
OO0, geo preferred, with a guaranty
of per cent. 100000 common
and bonds in the sum of $l,936, 900
making a total Of $2l,936,O00. The
Great Western has an authorized
capital Of SIS, ,OG0 preferred and
$15, 100000 common. 1t has out
standing Sl3.130,OOO preferred and
$lO,5Ai, 900 common, a total of S23,-
ga, 700. These two companies oD-
Grating in Colorado, have an aggre-
gate capital of S45,61O, 1000, not less
than $30,OOO.O00 of which is blue
sky. The beet producer at one end
and the consumer at the other is
nevertheless paying huge profits up
on 1t. The Great Western Company
/ is out of sight" in price. because
there are said to be some $6,O0O,0O0
surplus in the treasury to be dis
/ tributed among its holders. This
money has been taken from the peO-
/ pie through the operation of the wat
ering stock system. aided by the tar
/ ifs; and the beneficiaries tell us not
/ to meddle with the latter lest we ruin
4 the Industry ] affirm that the large
| percentage of our hard times and
| high prices flow from this evil. We
are compelled to pay for all We CON
sumo, not only what they are worth,
/ but an added sum sufficient to pay
profit on and give value to these bill
lions Of fictitious wealth. Thomas
/ f. Ryan told a New York grand jury
. a 'bhllf VI ftdlo dbp lltdl Va pei NthL
of the stock of all the railroads in
the United States are watered and
have but a bare percentage of in
trinsic value. 1t is safe to say that
the same is true of IS per cent of
/ the stock of our industrial concerns.
What a colossal burden they impose
upon the producing and consuming
energies of the Nation.
Senator Guggenheim gives us some
interesting figures in this connection.
He says that our product of beet
sugar for the year just ended was
worth 5000. $l3, 200
of which the
farmer re-
Ceiyed &C.. S5,3G2, 900
Factory la
bOrcrS re-
cciyed O.. l,329,O0O
Field labor
ers reed. 100000 S,31l, 900
l. cav ng
balance of s 5.56I,OOO
The last item of payment to la
borCrs should be deducted in large
mart at least from what the farmer