The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1924-04-23

lean investments. The Importance of
this organization is clearly seen when
one analyses the personnel of the
Board of Directors. M. Anderson, OF
]. P. Morgan & Co., James Brown of
Brown Bros. C Co., w. Palen Con-
way Of the Guaranty Trust Co., Wal
ter e. Frew of the Corn Exchange
Bank, G. w. McGarrah of the Mocha
MICS and Metals National Bank, Mau-
rice A. Oudin of the Marine National
Electric Co., and e. r. Stettinus OF
]. P. Morgan C Co., are among the
leading directors in this organization
of financiers.
American capital is rapidly tight
ening its grip on Brazil. According
to the Wall Street Journal, there is
today invested close to $500 100000 OF
American capital here. Federal, state
and municipal bonds, railways, navi-
cation, packing, mining, cable, coffee,
and mercantile and public utility con-
Germs form the bulk of American in
vestments. The United States is also
playing the leading role in the elec-
trification of South America. In the
last decade over $100,00O,00O have
been invested in this field alone, in
Brazil, Argentina and other South
American nations. It is safe to say
that at least one-quarter of a billion
dollars of American money is now in
vested in Argentina.
Mr.. Samuel Insul and ex-senator
Lorimor preside over a corporation
capitalized at more than a billion dol
lars controlling the main industries
of the Republic of Columbia. AS a
reward for building a national rail-
way this group has secured the right
20 exploit for fifty years more than
200 acres Of proven petroleum lands
for each mile of railway constructed.
Our capitalists are planning to devel-
op the iron, coal, lumber, oil, chemi-
cal, limestone, and packing house in
dustries.
The Standard Oil Co. is getting
great concessions in Ecuador, Bolivia,
Peru and Argentina. In Argentina
American capital is coming into con-
fiict with British capital The con-
tract recently closed between Bolivia
and Standard Oil gives the American
corporation 100000 acres Of petrole-
UNI land for S. years and the right to
build and run railways, tramways,
harbors, telephone and telegraph and
all other public utilities.
The International Petroleum Com
pany, 60 per cent of whose Stock is
owned by the Imperial Oil Co. of Can
ada, which is in turn so per cent con-
trolled by the Standard Oil Co. of
New Jersey, owns the huge De Mares
concession of 100000 acres in Col.
umbia. The same corporation owns
100000 acres in Peru, which has the
highest grade of oil known today.
American bankers have concluded
successful loans to Guatemala, Costa
RIGA, Salvador and Honduras. In
Guatemala an American bank has Just
been set up to draw all paper money
out of circulation. Haiti has just bor-
rowed $7,5O0,OO0, Chile $4,000, 900
Uruguay $13,0O0,0O0, Brazil S55,OOO..
900, Argentine 100000.
American banking interests and
the United Fruit Company have just
bought the International Railways OF
Central America, valued at $6O,OOO,-
600. This is the largest American
owned railroad outside the United
States. 1t gives direct access from
the east coast to Fonseca Bay where
the United States has concessions for
the construction of naval base to
guard the Pacific end of the Panama
Canal.
The significance Of this sweep of
American control cannot be over-es-
timated. When DR.. Rowe pointed out
that American investment has passed
from the period of adventure" to the
period Of productive and permanent
investment" he had unconsciously
touched the pitch Of the whole i'm
perialist problem and its vital import
to the working class. When Ameri-
can capitalists invest their millions
wrung from the workers in such per
manent fields as mines, railways, and
public utilities, they avoidably secure
complete control OF the country and
shape the policies and politics of the
governments of these weaker nations.
Out OF this economic condition there
grows numerous alliances, ententes,
and conflicts. No sooner had the Unit
ed States declared war against Ger
many than there was an echo of
American hostility in the Latin coun-
tries south Of the United States.
What is more, the balance Of class
power and class relationships in these
backward countries is tremendously
influenced and colored by the fact
that the basic Industries are dominat-
ed and owned by foreign investors
having at their beck and call the most
powerful government in the world to
guarantee the safety of their invest