Morning journal and courier., 1889-12-17
No. 29o

in the speculation in American securities, or rather in the stocks of English companies owning American enterprises, but in certain lines will continue for considerable time. !"
 "Breweries are still great favorites, distill- cries equally so, while mines are picking up very much. Any great speciality manufact- uring enterprise if of long standing and good placed. Stocks of speculative character are sought fer mere than conser vative invest ments, we'll secured, but yielding a propor- tionately smaller return."
 ssHow is the trust idea regarded in Eng landl"
 eThe opposition to combinations ia noth- ing as compared to this country. Trusts in the necessaries of life are tolerated with eomposure. When was in London there wes an inmsnse bread trust formed which has taken over almost all the bakeries in the United Kingdom.
 'In discussing ths subject with gentlemen seemingly well informed, found that they regarded these combinations not inimical to the public, but they thought they frequently worked hardships upon the individual com. petitors, those who would not enter the or ganization. This bread trust wes brought out as public company, and the stock WIS subscribed for the same as any other organi- zation The chief difference could observe between our trusts and thcss in England was the boldness of the latter. All of their companies gre usually operated under the same name and one charter instead of the manner in which we proceed here. Combi- nations there, believe, are even more prev alent than here.'.
 I"What about the proverbial slownees of the English 6nancie1?"
 'This reputation am inclined to attiib- ute to the great number of middlemen and the difficulty they have in approaching the great houses. When once you get to the top, delays are exceptions rather than the rule. a7a 9c PEsT1FERous MIDDLEMEN.
 "The middleman is the pest of English fnanciering; he is ubiquituous, full of prom ises, always sanguine and sees success just beyond his grasp, barely eluding but seme- how always escaping his vociferous efforts.
 "Almest every man of influence in this city trades upon the same and expects 8 commission if he introduces you to anyone with whom you transact business. The prevalence of the tip in one form or another may be detected throughout the English so- cial, business and political system. The aims to the beggar becomes the tip to the lation to the influential gentlemen who trade upon their position, sperquislte' to the official, 'allowance' to the princes, and final ly Grown prerogative' to the Queen; but 1t is the same old tip all the way through, changed in name and amount only"
 "What evidence, if any, did you fad that English syndicates were trying to monopolize any American industries?"
 ssNone whatever. This impression has become current because of the options and purchases alluded to. know of no two con- cerns over here that are owned by the same parties, except two or three breweries pur- ohased in the same city for consolidation: The industries purchased are bought to sell again by the methods above outlined, and the stock is purchased and owned in small blocks by people scattered over the continent of Europe"