Competition; Monopolies -- United States; Trusts, Industrial
conversant with its operations, have never been that it was particularly
oppressive to consumers of oil; but that, in the attempt to crush out
its competitors, it has not hesitated to use, in ways fair and foul, its
enormous strength and influence to ruin those who dared to compete with
it.
In a later chapter we shall be able to study these more intricate
questions regarding trusts with a better understanding of our problem.
Let us pay some attention now to the growth of the trusts and of
combinations in general for the purpose of limiting competition among
manufacturers, which has taken place within the past few years.
According to the little book entitled "Trusts," by Mr. Wm. W. Cook, the
production of the following articles was, in February, 1888, more or
less completely in the hands of trusts: petroleum, cotton-seed oil and
cake, sugar, oatmeal, pearl barley, coal, straw-board, castor oil,
linseed oil, lard, school slates, oil cloth, gas, whiskey, rubber,
steel, steel rails, steel and iron beams, nails, wrought-iron pipe, iron
nuts, stoves, lead, copper, envelopes, paper bags, paving pitch,
cordage, coke, reaping and binding and mowing machines, threshing
machines, ploughs, and glass--a long and somewhat jumbled list, to
which, however, at the present time, there should probably be added:
white lead, jute bagging, lumber, shingles, friction matches, beef,
felt, lead pencils, cartridges and cartridge-shells, watches and watch
cases, clothes-wringers, carpets, coffins and undertakers' supplies,
dental tools, lager beer, wall paper, sandstone, marble, milk, salt,
patent leather, flour, and bread. It should be said that, as regards
most of these combinations, the public is ignorant beyond its knowledge
that some form of combination for the purpose of restricting competition
has been formed. For the purpose of our present investigation it makes
little difference just what this combination may be.
The salient facts for us to note are, that among the manufacturers of
this country there has arisen a widespread movement to partially or
wholly avoid competition in the production and sale of their goods; that
in a very great number of manufacturing industries these combinations
have progressed so far that their managers have been able to advance
prices and check production; that some of these combinations have taken
the form of trusts, and by this means have every prospect of maintaining
their stability and reaping their enormous profits with the same
permanency and safety as has their predecessor, the Standard Oil Trust;
and, finally, that with this prospect before them, our manufacturers, as
a class, would lose their reputation as shrewd business men if they did
not follow out the path marked out for them, and combine every
manufacturing industry in which combination is possible upon the plan of
the trust.
Public-domain text, read in full here on John Shaqi.
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