100,000,000 1,500,000 12,000,000 425,000 Bay State Gas Co. x Biglow Carpet Co. x Borden's Condensed Milk Co. x Casein Co. of America. Central Hudson Steamboat Co. x Chicago Pneumatic Tool Co. Chicago Railway Term'l Elevator Co. x Colorado Fuel & Iron Co... Commercial Cable Co.. Compressed Air Co. x Consolidated Car Heating Co. x Consolidated Lake Superior Co. x Consolidated Lime Co.. Consol. Railway Lighting & Refrig. Co. 4,030,000 5,500,000 25,000,000 4,500,000 2,891,600 4,337,200 45,000,000 6,492,000 .... .... 2,673,350 4,000,000 500,000 600,000 2,500,000 2,733,770 1,365,500 City of Chicago Brew'g & Malt'g Co. Ltd. 6,087,500 3,166,000 x Consolidated Rosendale Cement Co. 1,500,000 1,100,000 x Consolidated Tobacco Co. 94,844,600 167,844,600 x Consolidated Wagon & Machine Co. 1,200,000 x Continental Cotton Oil Co.. x Continental Gin Co. x Corn Products Co. x Coxe Bros. & Co. The foregoing list embraces 287 industrial combinations or trusts, and includes practically everything of importance in the United States. Of these trusts, those marked "x" enjoy direct tariff benefits in more or less degree. There are 168 of them. Those marked "*" probably receive some benefit from the tariff. There are 38 of these. Two hundred and six trusts, then, are more or less tariff protected. The products of most of the remaining 81 trusts are on the tariff list, but their protection is only nominal. Of this list of trusts, 21 derive their strength chiefly from patent rights; 28 are based on municipal or other franchises, rights of way, etc.; 19 are based on control of coal and other lands, mines, ore deposits, etc., exclusively. The balance of the unprotected trusts have in most cases some other element of monopoly which contributes to their strength. Where the element of monopoly is small, the general financial standing of the trust in nearly all cases, is weak. TOTAL CAPITALIZATION OF 168 TARIFF PROTECTED TRUSTS. $4,182,812,902 914,081,110 $5,096,894,012 Stocks Total TOTAL CAPITALIZATION OF 119 OTHER TRUSTS. Stocks Total $1,580,418,698 Proportion of trusts enjoying tariff benefits, 59 per cent. Proportion of capital in trusts enjoying tariff benefits, 74 per cent. Total capitalization of 206 trusts more or less protected by tariff, $5,571,616,153. Total capitalization of 81 trusts with little or no protection, $1,380,832,657. Proportion of trusts not protected, 28 per cent. Proportion of capital in trusts not protected, 19 per cent. UNINCORPORATED TRUSTS Besides the incorporated industrial trusts there are innumerable price and rate-fixing agreements, profit-sharing pools, selling or buying agencies, product-restricting agreements, etc. They exist in nearly every industry and in nearly every State and city. They are often very effective for longer or shorter periods. Thus, much of the profits of the steel makers during the last fifteen years is due to the Steel Rail Manufacturers' Association. Pools or agreements control the price of steel beams, steel billets, armor plate, and, in fact, with intermittent relapses, the price of most important steel and hardware products. The price for iron ores in the Great Lake Districts is fixed yearly by the Bessemer and non-Bessemer Associations. The Anthracite Coal Trust was never more than an agreement by the principal carrying railroads on production, freight rates and prices. The Paris Green Trust, which has sometimes doubled the price of this commodity at the beginning of the potato-bug season, usually lasts but a few months, and appears at irregular intervals. Wholesale and retail grocers and druggists are more or less éffective in controlling prices in most States and cities. Lumber dealers and mechanical manufacturers have many price and selling agreements or pools. Natural monopolies, such as railroads, street railways, gas, electric light and water companies are not classed as trusts, because they are not composed of naturally competing concerns. Consolidations and price and rate-fixing agreements in these industries exist in nearly every city in the country. Many of the combinations in these lines are very important. Our great railroads have rate-fixing agreements, or "community of interest" understandings, for controlling rates and the distribution of freights. Besides, they are rapidly coming together, through absorption into larger companies, so that competition no longer exists in most sections of the country. The new Northern Securities Company, is expected to unite railroads whose stocks and bonds are worth more than $1,000,000,000. The Metropolitan Street Railway Company, of New York City, now owns or controls the entire surface roads of the Boroughs of Manhattan and Bronx. Its capital is $52,000,000. Its bonded indebtedness is about $100,000,000. Besides it has guaranteed dividends on about $30,000,000 of stock of the subsidiary companies. The Consolidated Gas Company, of New York, owns, or controls, all of the lighting and heating plants in Manhattan and the Bronx. Its outstanding capital is $72,878,500. Its bonded debt is $1,469,000. The bonds of its constituent companies amount to $69,638,957. The street railway and gas companies of New York City are duplicated, on a smaller scale, in most important cities. The People's Gas, Light and Coke Company, of Chicago; the United Gas Improvement Company, of Philadelphia; Brooklyn Union Gas Company, of Brooklyn; Consolidated Gas Company, of Baltimore; the Laclede Gas Company, of St. Louis, are some of the best known samples of local monopolies in the lighting line. The Union Traction Company, of Philadelphia; the Brooklyn Rapid Transit Company, the Boston Elevated Railway Company, the International Traction Company, of Buffalo; the Twin City Rapid Transit Company, of Minneapolis and St. Paul, are some of the best known samples of street railway monopolies. ROLL CALLS IN THE SENATE. No. 1. Election of U. S. Senators by Popular Vote. The joint resolution providing for an amendment to the Constitution authorizing the election of Senators by popular vote was before the Committee on Privileges and Elections for six months, and then on a motion to discharge the committee from further consideration of the joint resolution, the vote was: Yeas, 21; nays, 35. The roll call in detail will be found below, being No. 1 in the table. The result of this vote was to keep the joint resolution pigeon-holed by the committee, and to prevent a report and vote on its passage. All the voters in favor of the measure were Democrats, except three. See Congressional Record, June 11, 1902, Page 7,083. No. 2. Special Embassy to King Edward's Cornation. On the 10th of May, 1902, Mr. Bailey, of Texas, submitted an amendment to Army Appropriation ill, providing : "That no money appropriated by this act, or by the act making appropriations for the support of the Army for the fiscal year ending June 30, 1902, shall be expended for defraying the expenses of anyone in going to, or coming from, or in attendance upon, the coronation of any hereditary king, prince or potentate." (See Congressional Record, May 10, 1902, Page 5,606.) On this amendment the yeas and nays were ordered and the result, as announced, was: Yeas, 15; nays, 26; not voting, 47. Of those voting, those recorded in the affirmative were all Democrats; those in the negative, all Republicans. (See Congressional Record, May 10, 1902, Page 5,611.) The President pro tem. noted the lack of a quorum, and Mr. Bailey then introduced a resolution covering the point more explicitly, to-wit: Resolved by the Senate, That it is contrary to the policy of the United States to accredit to any foreign government any ambassador, minister, or other diplomatic officer or agent to especially represent the United States at the coronation of any hereditary prince or potentate. 2. That no power exists in the President of the United States to appoint any ambassador, minister, or other diplomatic officer or agent and accredit him as the representative of the United States to any foreign government except by and with the advice and consent of the Senate, as prescribed in section 2, Article II., of the Constitution of the United States. Mr. Bailey tried to get a vote on this resolution on May 12 (see Record, p. 5,683) and on May 13 (Record, p. 5,730), but did not succeed. No. 3. Publicity of Trust Transactions. On February 15, 1902, Mr. Dubois, of Idaho, offered an amendment to the Census Bill, which will be found elsewhere (see Index). On this amendment the result, as announced, was: Yeas, 17; nays, 31; not voting, 40; the Democrats voting yea, and the Republicans, nay. (See Congressional Record, February 15, 1902, pp. 1,844-5.) No. 4. Temporary Government for Philippine Islands. On June 3, Mr. Culberson, of Texas, on the part of the minority of the Committee on the Philippines, offered as an amendment in the nature of a substitute to the pending bill, another bill, which had been agreed to by the Democratic members of the Senate Philippine Committee and the House Committee on Insular Affairs. This will be found in full elsewhere. The result, as announced, was: Yeas, 28; nays, 48; not voting, 12-a party vote. (See Congressional Record, June 3, 1902, pp. 6,665-6.) No. 5. Subsidies to Railroads. On May 15, 1902, the Senate, by a party vote, passed a bill which, In effect, gave to the Pennsylvania Railroad and allied companies $7,000,000 in money and properties, and the exclusive right of way to, from, and through the District of Columbia and across the Potomac River at Washington-the estimated value of the franchise and right of way being not less than fifty million dollars. This bill (S. 4825) was known as the "Union Station Bill"-a misnomer; because all the roads entering Washington were under, one management, and the object of the bill was to grant a perpetuity monopoly, and subsidy to the Pennsylvania Railroad. The vote on the passage of the bill in the Senate, as announced, was: Yeas, 45; nays, 24; not voting, 19. (See Congressional Record for May 15, 1902, p. 5,876.) |