No. 4.] TRUSTS AND THE FARMERS. 189 



bine, Pullman stock rose in the course of a few weeks from 

 165|^ to 205. Such facts make the public anxious to take 

 all the trust stocks they can get. In one day, when the 

 sugar trust put its stock upon the market, 70,000 shares 

 were sold, the price going to 120. During this past year 

 new corporations have issued stock and bonds to the amount 

 of more than 3,000 millions. 



6. The trust commands the necessary raw material at the 

 lowest prices. Being almost the sole buyer, it can dictate 

 prices. If it thinks best to produce its raw material, it can 

 do so. Spreckels owns great sugar plantations in Hawaii, 

 and the Standard Oil Company owns oil wells. 



7. The trust commands the best means of transportation. 

 The Carnegie Steel Company, having an annual output of 

 4,500,000 tons, can aflbrd to secure the service of the best 

 cars, of immense engines, of huge whaleback steamers, and 

 can procure very low rates for transportation of ore and of 

 steel. In the transfer of intelligence by mail and telegraph 

 and telephone it possesses peculiar advantages, hy which it 

 keeps informed as to the conditions of the markets of the 

 world, so as to take advantage of every favorable change 

 and to prepare for every adverse condition. 



8. Tiie trust commands the best localities for its business, 

 whether it be manufacturing or trade or transportation. The 

 great railroad combination controlling many lines may carry 

 its freight over the easiest grades and its passengers over the 

 shortest routes. The great department store syndicate may 

 locate its store, or stores, in the very best place. The fac- 

 tories may be located where all things are most favorable : 

 steel works at Pittsburg ; paper mills at Holyoke ; coarse 

 cotton mills in the south, near the cotton fields, where day- 

 light is plenty, climate warm, fuel cheap, and labor docile 

 and to be procured in abundance and at little cost. 



9. The trust commands the best machines. A small 

 company whose output is little cannot afford the best ma- 

 chinery, which is costly. The first cost of the plant would 

 not be made good before it would be necessary to procure 

 new machinery. But, where the value of the products 

 amounts to millions of dollars annually, the very best ma- 

 chinery is found to be the most profitable. A man, a part- 



