Workmen's advocate. (New Haven, Conn.) 1883-1891, 1890-01-11

ported purchases of American works
and factories by foreign syndicates fell
through, but enough were carried out,
in addition to the combinations between
domestic manufacturers, to Justify the con
clusion that foreign money acted an i'm
portant part in this general crusade
Of Capitalism against competition.
Through the fundamentally Of skilled
brokers and negotiators, anxious to
earn handsome commissions, a portion
Of the vast revenues which British mer.
chants and bankers derive from therin
vestments in all parts Of the world, and
for which there is no sufficient field Of
re-nvestment in Great Britain, was
attracted here by the prospect Of high
| dividends and perfect security; whereas
on the other hand the inducements
offered to our domestic manufacturers
were such that they willingly parted
with their property at large profit over
! its cost, while in most cases retaining
its management with liberal salaries and
perquistes.
OF course, such a movement could not
take place without awakening the fears
and encountcring the opposition of the
small merchants and traders, whose
existence is threatened by 1t. While
cursng competition, which reduces their
| profits, these middle class men are not
willing to see it abolished by a process
which would abolish them also Where
| ever they are strong onough-with the
| aid of that working class upon which
/ they live or vcgotate like parasites-to
| command the support Of the judiciary,
every possible legal impediment was
placed in the way Of the trust system
All III vain, however; for it is not with
legal pins that such u giant can be de-
stroyed. A great battle will be fought
some day between Concentrated Capital
and Organized Labor. In the meantime
woe to those who stand in the way Of
either to the final conflict.
Another striking feature Of last years
business was the marked decline of spec
ulation. For instance the transactions in
wheat al the New Yark. Rraduee- E,x.
change in 1889 show decline of about
300 million bushels as compared with
the preceding year, and 500 million
bushels rs compared with 1887. This
! does not mean that ther" was less wheat
sold for cash, since the population is
constantly inCrt asing and therefore
requiring a constantly larger quantity
Of hreadstulfs. Nor does it mean that
the average price of wheat was lower
! than it would otherwise have been. 1t
means simtly that the number of specu-
lative operations which the cereals
undergo before reaching the consumer
has been steadily decreasing; in other
words, that "a number Of spectators
! have been driven out, and few of those
worthless are now making all the profit
The same phenomenon is noticeable
in all the other staple products and
even, though to less extent, in bonds
and stocks. To understand the full inn
port of it, we must furthermore observe
that the number of failures was larger
this year than in any previous one.
Here are, then, two facts apparently
Observation-Disclosures amount of
speculation and increasing amount of
bankruptcy, Yet, upon investigation,
one is found to be the logical sequence
of the other. With the decreasing abil-
ity of small capitalists to hold out
against the big ones the first are swept
away, further concentration of wealth
takes place, the few who remain to
handle the product control it more