THE REVIEW OF REVIEWS CO., 13 Astor Place, New York. Entered at N. Y. Post Office as Second-class matter. Price 25c. $2.50 a Year.) Among Life's Pleasures A picnic luncheon is apt to be so disappointing, and it's such a labor to prepare. The sandwiches get soggy, the cakes break, everything is stuffy by the time you get where you want to go. Why not take a little kettle, a bottle of cream, a few small bowls, and a package of Cream of Wheat? The woods furnish your gypsy fire, the brook, clear running water, and in a few moments you have a meal so dainty and delicious, fresh and appetizing, as to add charm to the sylvan surroundings. A coupon will be found in every package of Cream of Wheat. Send us ten of these coupons and ten cents, and we will send you, free, your choice of three beautiful pictures, described more fully in the coupon referred to. CREAM OF WHEAT CO., Minneapolis, Minn. Count Tolstoy....... EDITED BY ALBERT SHAW. CONTENTS FOR JULY, 1901. .Frontispiece Count Tolstoy in Thought and Action... With portraits of Count Tolstoy, Countess Tolstoy, and the members of Count Tolstoy's family. Preserving the Hudson Palisades.. With portraits of Edwin A. Stevens, William A. Linn, George W. Perkins, J. Du Pratt White, Ralph Trautmann, Abram S. Hewitt, Nathan F. Barrett, D. McNeely Stauffer, Franklin W. Hopkins, and Abram De Ronde, and other illustrations. The Washington Memorial Institution...... By Nicholas Murray Butler. With portraits of Arthur T. Hadley, Nicholas Murray Butler, William R. Harper, Charles W. Dabney, Daniel C. Gilman, Henry S. Pritchett, Mrs. Phoebe A. Hearst, Cyrus Northrop, Edwin A. Alderman, George M. Sternberg, Carroll D. Wright, Charles D. Walcott, and Alexander Graham Bell. 33 49 56 The Supreme Court and the Insular Cases. Questions of Policy, Not of Organic Law.. 10 10 Other Philippine Notes... 12 Porto Rico's Outlook.. 13 By Cyrus C. Adams. 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An Unprece ing and price of eggs that come from the southwestern part of the country by way of Kansas City; another is a union of companies making oatmeal and other cereals; and another is a new packing, or meat supply combination, the Canadian salt industry also having been firmly consolidated. In March the American Can Company, commonly known as the tin can trust," was incorporated in New Jersey with a capital stock of $88,000,000. This corporation now controls a very great part of the business of making tin cans in all parts of the country. In coal-mining, in the electric and gas supply business, and in other enterprises of a local-service nature, it is scarcely necessary to say that the tendency toward consolidation goes steadily on throughout the country, and every month supplies new instances. The year 1901 promises to surpass dented Trust- very greatly, indeed, the wonderful Making Season. record of 1899 in the matter of forming great combinations of capital. The so-called trusts of this year will probably average larger in the amount of their capitalization than those of last year or the year before. The average would, of course, be brought very high by the fact of the immense capitalization of the United States Steel Corporation, which is $1,100,000,000. The recent combinations have covered widely different fields. At Salt Lake City, for example, early in the year there came together a great number of cattleraisers, who formed the American Cattle Growers' Association. This we do not understand to be an outright consolidation of interests, but a union that might well lead in the future to a unified corporation. The pineapple-growers of Florida, in like manner, formed a combination for the sake of controlling the marketing and transportation of their product. In New England there has been a great consolidation of brickyards. In the South the Planters' Distributing Company, so called, has brought together sugar-cane interests. A great many flour mills in Pennsylvania and Maryland have come under unified control this year, and there have been several other recent combines that are concerned with the production of supplies of food, one of the important ones being that which is to control the greater part of the salmon fishing and canning industry. Among these combinations having to do with food supplies may be mentioned one to control the market 1901. One of the most important new comSome Large Companies of binations is known as the machinery trust," its title being the AllisChalmers Company, formed about the beginning of May with a capital stock of $50,000,000. The firms that have gone into this union were large manufacturers of steam-engines, mining machinery, and the like, and one object of the corporation is both to keep and to extend the foreign market that has been found for heavy American machinery, such as that needed by the mines in South Africa and other parts of the world formerly supplied, in general, from England. There seems to have been some delay in carrying out the plan of consolidating various shipyards, as mentioned in these pages a month or two ago, but it is understood that the project is not abandoned, and that it is to be taken up at an early day. Another very important movement relating to the future of American machinery is the new locomotive combine, of which Mr. Samuel R. Callaway is to be the head, and on account of which he has resigned from the presidency of the New York Central Railroad, to be succeeded by Mr. W. H. Newman, an active and successful railway administrator who comes to the New York Central from the presidency of the Lake Shore road. Mr. Callaway's American Locomotive Company has a capital of $50,000,000, and it includes, it is stated, most of the locomotive works of the country excepting the Baldwin works at Philadelphia and a company at Pittsburg. It is reported that several independent competitors of the Standard Oil Company in Ohio have surrendered and are to be absorbed in the great combination. It is also understood that much of the best of the new oil-producing property in Texas and elsewhere will pass into the hands of the Standard. The lighting companies of Cincinnati are said to be consolidating with a combined capital of $28,000,000; and among various other places where electric power and transit companies are being amalgamated may be mentioned Omaha and Council Bluffs, where a great project is on foot to combine various interests with a capitalization of about $20,000,000, the necessary motive power to be supplied from the Platte River for electric lighting, street railways, etc. One Philadelphia of Instance. the largest of the street railway projects is that which, according to reports, is to combine the traction companies of Philadelphia and Pittsburg, and to have a capitalization of $65,000,000. Tremendous excitement was caused in Philadelphia last month by the granting of franchises for the additional street-railway lines on many miles of streets. According to the best public opinion, the local authorities made these grants with scandalous disregard of the interests of the taxpayers and the public treasury. Before the mayor had signed the ordinances conferring these grants, the Hon. John Wanamaker, by way of making his protest emphatic, offered to pay $2,500,000 for the privileges, depositing $250,000 as a guarantee of good faith. In a letter to the mayor, Mr. Wanamaker stated that the amount he was offering was only a fraction of what the franchises were really worth, although the city authorities were granting them to favored private interests without compensation. The mayor, however, signed the ordinances. The agitation in Philadelphia marks at least a great advance in public opinion. Neither in Chicago nor in New York would it now be possible to do anything at all comparable with what the Philadelphia authorities have done, although eight or ten years ago exactly such transactions would have been perfectly easy in almost any city in the United States. Some of MR. SAMUEL R. CALLAWAY. (President of American Locomotive Company.) us, indeed, who ten or fifteen years ago were trying to persuade the average American business man to believe that valuable municipal franchises were public assets, and ought not to be parted with except for a suitable consideration, were held up as dangerous characters seeking to instill principles of revolutionary socialism, or something worse, in the public mind. The people of the United States have learned a great deal in the past ten years, and these things are no longer a question of intelligence, but one of public morals. Philadelphia business men, for some reason which Philadelphians alone are competent to explain, do not take the effective interest in municipal finance and kindred topics that such bodies as the Chamber of Commerce and the Merchants' Association take in New York. And Boston now has a new record in these respects. Where Are the Anti-Trust Leaders? As we have already remarked, the new movement toward consolidation and the creation of great corporations has been going forward of late with almost none of that bitter antagonism toward it which was so manifest even a year ago. It is a striking fact that some of the most intense of the former anti-corporation leaders are themselves going actively into the company-promoting business. ExSenator Pettigrew, of South Dakota, is said to have been both active and successful in the stock market of late, and in various projects not precisely compatible with the position he had been understood to hold for some years toward the modern financial world. Mr. Towne, of Minnesota, who was the most prominent of THE TAMMANY TIGER: "I am only an amateur compared with those Philadelphia fellows." From the Herald (New York). |