The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-02-11
COMBINATIONS OF CAPITAL.

1t Is generally believed by those who are
in position TO know that the recent extraor-
binary growth OF our foreign trade end
the remarkable progress made by the
United States in capturing the markets OF
the world are largely due TO great COM
binations of capital and consultations Of
interests which have resulted in so reduc-
ing the cost of production and distribution
as 10 give American manufacturers an adj
vantage over all competitors. This view Is
held by prominent Americans who have
made a study of the subject. and also by
the leading statesmen and manufacturers OF
foreign countries. 1t Is conceded on all
hands that in no other country is the ten
dency towards great a%ggregations Of capital
as marked as in. the United States and
that it has been accompanied by a develop
ment of our foreign trade that is exciting
the establishment of the world. A writer
in the Atlantic Monthly takes the ground
that this era of American industrial and
commercial supremacy was assured in
March, 1897. by the Capitalization. at Pitts
burg. Of Mines. foundries and railroads
which made possible the reduction of the
price of steel rails TO SIS a ton. "At one
bound" he says. America bestrode the
world" The writer calls this achievement
1.-THE triumph of Carnegie" and says the
ome it was accomplished 1.-THE world
knew that the giant had arrived" He at
tributes some of the most important move
ments of European powers since that time
to a desire to regain their waning prestige
in the commercial world, and even attrib-
utes the aggressive policy of the powers
in China to that motive. He points out
that in November, 1897. seven months after
the accomplishment Of the great combina-
ton at Pittsburg, Germany seized Kiao-
Chau, a month later the Russians occupied
Port Arthur, and the following April the
English appropriated Wei-Hai-Wei. The
significance of these movements lies in the
fact that about equally distant from all
three Of these points is the center of the
richest coal and iron deposits in the world.
the control of which by either one of the
powers would be of the greatest possible
advantage in preventing the threatened
commercial supremacy of the United
States.
Whatever may be thought of the phase
OF the case relating to the movements OF
foreign powers there can be no doubt that
the rapid growth of our foreign trade is
exciting the alarm of all commercial coun.
tries and that nothing will be left undone
to counteract it. The signs of the time:
indicate that the first half of the twentieth
century is to witness a struggle for com
mercial supremacy. the like of which til,
world has never seen and that 1t will resul
in a commercial alliance, offensive and de
~fensive, Of all European nations agains'
their commercial rival, the United States
In this situation it would be the height O.
folly for Americans to denounce or oppos'
what all intelligent judges regard as on
Of the most important factors in our com
mercial success-combination Of capita
and consolidation OF interests. If we ar,
to win or even hold our own in the struggl
We must use the best and most effectiv
weapons of modern commercial warfare.