Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-02-25
HARD TIMES IN GERMANY.
) to Blame.--Foreien Commerce

offset by large increases in manufac-
tured goods. The exports from Ger
MANY to all countries have been re-
marlfable for steadiness of volume and
there is no evidence that prices have
been cheapened and that surplus prod
ucts have been sold at sacrifice. The
purchasing power of the home market
i has not been diminished. There has
heen large increase, of over $4,000
4 tons, in the imports of wheat, and
great staples from the United States,
such as cotton, lumber, oilcake and
kerosene. have been received in undi-
minished volume. The condition of
foreign trade has been almost the only
satisfactory feature of the economic
situation during the last twelve months.
| Under storm and stress the ship has
weathered the gale and righted herself
because she has been well ballasted
with cargo in foreign trade. The stu
alton has been saved in large part thru
the energy and intelligence with which
a mercantile empire has been estab-
Iished during the last twenty-five years
Trusts Are Help.
| Another moral which may be drawn
from the experience of Germany during
] the laSC year Is tIiaI lue influence OF
combinations and syndicates is helpful
in a monetary and commercial crisis.
While there are few trusts in Germany
of the improved American pattern the
Krupp combination, with its works in
Essen, it's shipyards in Kiel, its machine
shops in Berlin and it's mines and blast
furnaces in Westphalia, marking the
closest approach to consolidation OF
ownership, there are hundreds of selling
syndicates and pooling arrangements
under centralized direction. Every
brance of the coal. iron, steel, chemical.
textile. wood, leather and oil trades Is
controlled by syndicates for the regula-
ton of production, prices and distribute
ton, and for the prevention of indis-
criminate competition. These syndi-s
Gates. after serving useful purpose In
the development of foreign trade dur
ing long period of prosperity. have
prevented ruinous fluctuations in prices
and destructive competition when the
times are bad. There would have been
a general break in prices, and foreign
countries would have been converted
into dumping grounds for surplus stock,
If the manufacturers and merchants
had not been bound together by cartels
and syndicate agreements. AS 1t was,
every branch of foreign trade was pru-
IDENTIFY managed. When domestic mar
kets were disordered production was
limited, foreign markets were not over
stocked, prices were steadied and the
interests of merchants and manufacture
ers were scientifically studied and har-
moniously conducted Scientific organ
ization became a great resource in q
crisis. In this way the reserves of for
eign trade in an economic emergency
have been husbanded wisely by COM
bined effort, and the interests OF allied
industries and Of investors have been
protected against unnecessary sacrifices
and reckless management. The great
Rhenish and Westphalian Coal Syndi-
cate has been unduly rigorous In en-
forcing contracts for long terms and at
high prices and there have been other
instances of unwise management OF in.
dustries combined under central direc-
ton, but, on the whole. the trade agree
ments respecting production. Transport
tation and sale of goods abroad have
operated well, and have impaired sta
bility to foreign commerce. Without
doubt the economic crisis would have
been more disastrous, the losses Of in
vestors more serious and the chances
of an industrial revival more remote
ind uncertain IL the mercantile, manu-
featuring and banking interests had not
been combined for mutual protection
and tremendously and effectively d.
rected.