i64 CHARLES S. GLEED 



poses. It originated not in a desire to crush the steel industry 

 of Great Britain, but to prevent the possible crushing of some 

 of the constituent corporations here. Its purpose is not to 

 build new plants for increasing the production of iron and steel, 

 but to prevent the erection of new plants and avert the de- 

 structive competition this would entail." The intention 

 ascribed to London bankers to freeze out the new securities, 

 as being hostile to British industry, has yet to be confirmed. 

 It is scarcely probable that British manufacturers can object 

 to a reasonable upholding of rates in this country. When 

 American factories are fighting one another, they are inci- 

 dentally fighting the foreign manufacturers. There are still 

 great steel factories in America outside of the new company. 

 Such companies as the Tennessee Coal and Iron company and 

 the Colorado Fuel and Iron company are still doing business, 

 but they are strong concerns equally interested with the new 

 company in getting fair returns for what they produce. The 

 suggestion quoted above from the London Standard, that 

 American users of steel will be squeezed to the last cent short 

 of damage to the trade, is not alarming even if true, because 

 damage to the trade will follow instantly any exorbitant 

 charges. If bridges are permitted to cost too much, wood 

 and stone bridges will be built by both railway companies and 

 the municipalities. If building frames cost too much, fewer 

 high buildings will be constructed. If too much is asked for 

 steel cars, wooden ones will continue to be used. If building 

 materials are charged for excessively, there will be a dearth of 

 new construction. And so on. In other words, the new com- 

 pany will make the most money by doing much business at 

 fair rates, rather than small business at extortionate rates. 



There seems to be no part of the world which is now not 

 a market for American steel products. We are building and 

 equipping Russian railways. The American Bridge company 

 captured the contract against British contractors for bridging 

 the Atbara river in the Soudan. American cars and locomo- 

 tives are already doing service in England. The steel work 

 to be done in the near future in China, Russia, Mexico, South 

 America and Africa is so vast in amount as almost to dwarf 

 the capacity of even this great company. 



