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takes the working man out into the fresh air in feet wide, four trolley tracks and two foot-ways,
his rest hours. The small cost of these wheels each eleven feet in width.
well nigh spoils the second-hand wheel business, It is estimated that 60,000 steel railroad bridges
especially as each year's wheel is always very have been built in the United States during the
considerably better than that of the year preced- last twenty years, and this steadily enlarging field
ing. The demand for chainless wheels, too, is has brought into existence a great number of
constantly growing. Nearly sixteen per cent. of bridge-building companies some of which make
the total product this year is of this variety, and the whole bridge from the ore to the finished
about eight per cent. of the total are juveniles. product. Machine tools are now employed to

In the foreign trade, also, there is great prog manufacture every part of a bridge, and duplicaress. Indeed, about fifteen per cent. of the tion of parts is adopted to an extent undreamed wheels made in this country are shipped abroad.

of a few years ago.

There has come to be much Never did the foreign trade start so prosperously truth in the old saying, that “ Americans make as this year.

In Australia, it is true, they are bridges and sell them by the mile." over-stocked. Germany, too, what with secondhand wheels, native product and imports, is not The Japanese Study of American Steel Making. buying, nor England, for practically the same reasons. But from all other countries orders are

R: MICHITARO OSHIMA, the head of coming in rapidly—other European countries,

the Imperial Steel Works of Japan, is on

a visit to the United States. Japan, South America and the colonies of the far

The Japanese Imeast. South Africa was one of the best markets perial Steel Works, valued at $20,000,000, is a in the export trade. The war stopped business

government monopoly, and Japan proposes to for a time. But now there are many large orders produce not only the rails and bridges needed

for her railways, but also all the more important entered, and wheels are ready for shipment, waiting for a little word to flash over the cable from

finished products of the iron and steel industry, the Cape Town agencies. That word will mean

Mr. Oshima was last year sent on a tour of the “ The war is over. Ship all our orders immedi

world to study the best processes and the most ately."

modern machinery. He has visited Germany, America exports at least as many bicycles as

Belgium, France and Great Britain, where he all the rest of the wheel-making world, and im

found that the steel makers are taking lessons

from the United States. So he hastened hither, ports none at all, except perhaps for exhibition

and he has been studying the methods employed purposes.

in the large steel plants of Pennsylvania, New Advances in Bridge Building.

York, Ohio and Illinois. He will end his invesHE Brooklyn Bridge was nearly seventeen tigations in San Francisco, whence he will soon

years in building. It took ten years to sail for Japan. build the piers. But now the great steel piers of This is Mr. Oshima's second visit to the the new East River Bridge from Manhattan to United States. Five years ago he made a study Brooklyn have been put up in two years, and the of American methods and machinery, and he has first of the cables is strung across the river from expressed amazement at the changes that have pier to pier. These cables will be in place within occurred since 1895. He has shown especial inthe next six months, and then the work of per terest in the continuous open hearth process, fecting the approaches, laying the railway tracks, which has been perfected and brought into genand putting down the carriage and foot paths will eral use during the last five years, and in the be pushed rapidly forward. The engineers expect readiness of our manufacturers to send costly to have the bridge completed before the first of machinery to the scrap heap as soon as more January, 1903, and the entire work will probably efficient and economical methods occupy not much over five years, instead of brought to their notice. He sees in this latter seventeen.

practice one of the chief reasons why America The company that 'as the contract to build a has won supremacy in the iron and steel trade. railroad bridge over the Hudson between New He has already closed contracts for a large York City and New Jersey, with a river span of amount of American machinery. The Japanese 2,730 feet, and a width of eighty feet, has guaran works will be soon equipped with American teed to finish it in six years from the time work machinery and operated by American methods. begins, and it is believed that an even shorter Mr. Oshima thinks that by American methods period will be required for the building of the and machinery the Imperial Steel Company third bridge across the East River between Man within five years will meet the demand of the hattan and Brooklyn. The total length of this Japanese market. He admires the generous third bridge will be 9,335 feet, its height above spirit of our iron and steel makers, who put water 135 feet, and its width 120 feet. It will knowledge of their methods at the disposal of carry, beside a central carriage-way nearly forty all comers.

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THE NIAGARA OF THE NORTHWEST The Snoqualmie Falls, nineteen miles from Seattle, are 126 feet higher than Niagara, and furnish the city with immense power

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HE bewildering rush of reorganization Indian trade—with a total tonnage of more and of consolidation, and the astound

than 200,000. ing rise of values (leaving out the One interesting view of this American artificial features of the rise), give evidence purchase of a whole fleet is expressed by the of a new economic era. The industrial world London Daily Telegraph : will henceforth work and think in larger units

“ The reflection that the British ship-owner than before, and the financial centre of the

has to look very squarely in the face is simple. earth has clearly shifted to our shores.

America has superseded our agriculture, beaten Evidence accumulates that we vit

our coal output, left us far behind in the producnessing not the culmination but only the tion of iron and steel, and has passed us at last beginning of great industrial and transpor in the total volume of exports. She has only tation combinations. Following close upon commenced her final onslaught on our carrying the formation of the United States Steel trade, and with these beginnings we may wonder, Corporation, which controls mines, fleets, rail

if such things are done in the green tree, what

will be done in the dry." roads, and furnaces, came almost equally great unions of railway properties under affil The first fact that impresses one is that the iated management; and then naturally enough,

and then naturally enough, natural working of commercial forces and of followed the purchase by Messrs. J. P. Morgan American enterprise seems likely to bring & Company of the Leyland freight-carrying directly the results that the ship-subsidy bill ocean steamship fleet, which is one of the in Congress was meant to bring indirectly. largest English companies.

We may see the revival of our merchantThis purchase brought into American owner marine in the most desirable and natural way ship one of the greatest ocean-going fleets in possible-by the energy of American financial the world; and it points to ultimate co management. Few events could provoke operation with existing American lines. It greater national pride than this. American transfers to American control a much larger ships already ply the Pacific. We are in share of ocean-shipping than we have had sight, therefore, of transportation lines under since the Civil War. The fleet bought by

The fleet bought by closely affiliated ownership across our conMr. Morgan consists of eighteen vessels that tinent and across both oceans. We do seem are engaged in the direct trans-Atlantic trade likely some day to become the greatest of and twenty that are engaged in the West maritime nations, as we ought to be.

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THE ECONOMIC REORGANIZATION OF THE earth and new forces at work, and a new type WORLD

of man, who is making a new organization of THE wonder is that the ocean-carrying the world. The change from the conditions

trade has not before been better organ and methods of a generation ago cannot be ized after the manner of railway organizations. fairly described in any other way. There is the same chance for saving expenses and giving a more effective service by pre

CHANGES BY EVENTS, NOT BY PROGRAMME venting the waste of competition as in other HE builders of Utopias have looked for traffic or in manufactures; and financially the a new order of things, first by the better organization of a large part of the organization of men and then by the organsteamship service is of colossal importance. ization of industry afterwards. What is taking

But there are other points of view that are place seems to reverse this process. First more important than the direct financial ef comes the organization of industry which in fects to the owners. If one consolidation turn is fast changing the social structure. It follows another until a large part of the is the result of events and not according to ocean-carrying trade comes under one manage any doctrine or prearranged programme that ment, and if that management be closely the change is coming, as indeed all great identified with some of our great railway sys- changes have come. tems and in turn also with some of our It is noteworthy that now, while these great greatest manufacturing interests—coal, ore, changes are taking place, little is heard about steel, roads, ships, all as if under common the dangers that such events were once ownership—the practical masters of finance thought to bring with them. Dangers there are already outdoing the wildest dreamers of

But there is much consolation in world organization.

two thoughts—first, that no active man would And yet no new principle comes into play. return to the primitive conditions that preThe foundations for sweeping concentration ceded the era of great organization; and were laid when modern methods of transpor- second, that we have not yet gone far enough tation and modern labor-saving machinery in this new era to have data for final conwere developed. We are just now beginning clusions. Most of our old-time economic and to see in concrete form the prodigious revo sociological theories are perishing. lution in affairs that has taken place in our tical men now cheerfully run the risk of wreck life-time. It is only this generation of men which they used to be told lay in this direction that has had the use of large capital as a tool. -so much more powerful is achievement than Only recently have men been able to save all the theories that ever were propounded. enough money or enough things of exchange Whatever economic and social dangers may able value above their immediate necessities be before us—and no man can deny that they to make colossal organization possible. It is may be before us—the fact of the greatest this new tool, capital, that makes our life dif present importance is that no man nor set of ferent from the life of men at any preceding men has power to reverse or seriously to period. Perhaps the most important chapter modify the course of economic events. The in all modern history is outlined in this num only statesmanship or philosophy that is worth ber of this magazine by Mr. Conant, wherein a moment's thought is that which seeks to he explains not only the chance that accumu guide, not that which seeks to obstruct. lated capital has, but the necessity that it Moreover, it must take as its data the forces should so employ itself. The world has a that are now at work, not the imaginary forces larger fund of stored-up savings, incalculably of preceding conditions. larger, than it ever before had.

THE UNPRECEDENTED RISE OF VALUES And the world now has one other thing of equally revolutionary importance—more men LL preceding records in stock-trading in of great organizing and great managing capa

On city. The spread of well-being and the diffu- April 30, and for several days following, more sion of opportunity and of education have than 3,000,000 shares a day were sold on the developed a larger proportion of strong person New York Stock Exchange alone. The alities than human society was ever before able brokers received the largest orders on record to develop. We have, then, literally, a new from every part of the country and from

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