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Rh provided with a variety of information which cannot be acquired except by academic instruction. The knowledge gained in the workshop or the counting house will not suffice to meet a rivalry which is seeking to equip itself, so far as it can, with our machinery, our industrial and trade methods—with everything, in short, that now gives us supremacy—and will add to these the mastery of details of trade conditions and industrial processes throughout the world, which we are only beginning to study.

There is another feature of American influence in the world's markets which is, perhaps, even more notable than our industrial progress, and that is our suddenly acquired financial independence. The 'Hamburger Fremdenblatt' article previously quoted from points out that it is the logical result of our growth in industry and trade and especially of our successful competition in foreign markets. As soon as American industries, through various causes, found themselves in a favorable financial condition, "they likewise undertook the task of freeing themselves from foreign capital—in other words, of reclaiming the industrial securities which were in European hands." "The change in the condition of the United States," adds the 'Fremdenblatt' "can best be characterized by the statement that the industries, trade, agriculture, railroads and finances of the Union each and all climbed, one upon another, through and by each other, steadily upward. And to what a height they have climbed!"

During the past year, the point was reached where the United States became a lender of money to other countries instead of a borrower from them. "Speaking roughly," says the London 'Statist' (January 5, 1901), "the holdings of American securities in Europe now are immensely smaller than they were ten years ago, and the purchases have been made by the Americans out of the vast savings accumulated, first, during the anxious period from 1890 to 1896, and, secondly, during the prosperous period that has followed. Many countries, however, are able to buy back their own securities without being in a position to take an important place in the international investment market. For example, Spain has bought back a very large proportion of her own securities. In the United States, not only has the buying back of American securities been on the great scale indicated, but during the past year or two, American capitalists have lent largely to Europe. At the end of 1899, when there was great pressure in the money markets of Europe, about four millions of gold were allowed to be shipped from New York to London; and during the past year it will be recollected that gold was sent in considerable amounts, while about five millions sterling were invested in [British] Government