The Minneapolis journal., 1901-03-01
He IS NOT ALARMED
Walter A. Wyckoff's Philosophical.
5Dplb ~ EeYE
Views on Combinations.
SIGNS OF PROGRESS IN THEM
Decentralization, He says VIII BE
Behind Our Next
Panic.

Walter A. Wyckoff of Princeton uni
verslty, who lectures at the Lyceum to-
night on social problems, views the effect
Of the Capitalization of capital in the
larger enterprises, now in progress in
the United States, with anything but
| alarm. Mr.. Wyckoff arrived in the city
this morning from Chicago and is the
guest while here of William Chute, First
avenue S.
He has the air of a college man. He
is about 80 years of age and talks pleas
antly Of his investigations. He said:
Large combinations of capital is the main
subject agitating the world Of labor and the
world OF business. In the last campaign we
had it for one Of the issues. / believe that
the general effect of these combinations or
the prosperity of the country is good. They
give more stability to trade They make
America more successful competitor for
business In the markets Of the world. The
success Of these enterprises has much to do
with the prosperity we are enjoying to-day
| The laboring class comes in for its share Of
these good results. This capitalization Of
capital is also accompanied by a tendency
toward higher Capitalization of the labor
interests. believe that organized labor is
also using better judgment and less preju-
dice in dealing with the employer. The de-
velopment of that feeling in the ranks of
organized labor means fewer strikes. The
men who are large employers of labor know
it is to their interests to act fairly and not
arbitrarily. When organized labor meets
them with the spirit it is now showing, diff
| ferences between the opposing interests
lessen.
Progress Being Made.
| The progress of this country in the solu-
| ton of dts social and business problems IS
| toward the greatest good for the greatest
number We are passing through the same
stage Of sentiment and prejudice with regard
| to these large combinations that accompanied
| the Introduction Of labor-saying machinery,
which improved the condition of labor in
general, although some individuals may have
| suffered For instance, the printer of to-day
| is versed in the secrets OF operating llno-
| type machines. The'tramp printer" has dis
| appeared. The printers organizations are in
| the best shape they have ever been.
| Common labor is dependent upon the cen
| dition OF business. With America a creditor
| nation, and its bids for work and business
| winning In the markets of the world, there
| is, of course, an increased demand for labor
/ at home.
The Smaller Units.
| The smalled units in the independent bust
| ness world are the ones most liable to be
| ground between the upper and the neither
m1lStOneS. That is WnaL gave rise 10 the
| statement made so often by Mr. Bryan in
the last campaign, that the young man of to-
| day has not the opportunity presented his
| father Yet the future will undoubtedly see
many men who, under former conditions,
would have been at the head Of small bust
/ ness establishments of their own, in salaried
| places for big. concerns, where they may rise
| to that height in the business world which
| their abilities will permit. This will also af-
I - k1,o
| OF this class, which includes a large number;
| but in the shifting of conditions, the great
| est good to the greatest number and the
| general prosperity of the country will be
4 preserved.
The Next Panic.
Overcapitalization is the only thing which
4 the business world has to fear in the organ
| ization Of these large industrials. The next
| panic will inevitably result from this. Such
| organizations as the big United States Steel
| corporation, recently organized by Mr.. Nor
rrl~