THE CONSOLIDATIONS CALLED "TRUSTS" 85 



of the natural landscapes that by rail or street cars are open 

 every hour of every day to him who has eyes to see and a 

 heart to enjoy. We are all heirs, in almost equal portions 

 too, not only to what God has given, but to what the genius 

 of mankind can add. 



It is sometimes urged that the growth of the so-called 

 trusts shows a tendency to lessen wages. On the contrary a 

 paper prepared by Professor Jenks, and issued by the depart- 

 ment of labor in July, 1900, shows that wages in general had 

 in 1900 reached and in some cases passed the former high level 

 of 1892, and that the wages paid by the so-called trusts were 

 not exceeded by those paid by the large private manufactur- 

 ing corporations. I think it can be fairly added, from a study 

 of the tables furnished, that the wages paid by the so-called 

 trusts are, in fact, larger than those paid by private enter- 

 prises. Since 1900, wages have been still further advanced, 

 while the hours of toil have been lessened. 



Perhaps the chief objection urged is, that the consolida- 

 tion idea increases the cost of living. The cost of living has 

 unquestionably increased; and it is but natural to put the 

 blame on the most likely culprit in sight. But let us look 

 again at the facts. I go to the bulletin of the department of 

 labor for March, 1902, to find a comparison of prices between 

 1901 and the average preceding ten years. In clothes there 

 was an average increase of but two tenths of 1 per cent, in 

 foods of 5 per cent; in metals and ordinary implements 10 

 per cent; in house furnishing goods 10 per cent; and in the 

 other ordinary commodities about the same proportion. But 

 let the increases be what they may, the question is not, have 

 prices advanced; but, have they advanced to figures that in- 

 dividual manufacturers would not, under the law of supply 

 and demand, have exacted? My own belief is, that under the 

 increased consumption always attendant upon the coming on 

 of good times, prices would have gone up fully as much, and 

 perhaps more, under the old system of individual manu- 

 facturers. Indeed, in one of the largest of our industries, as 

 well informed men know, prices have been kept down, by a 

 so-called trust, as a matter of business policy. The motive, 

 of course, was to discourage the coming in of competitors, as 



