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Crushing the German Advance in American Industry 23been effectually broken, and America vance in the commercial warfare uponhas been emancipated from the dominion which she had embarked with the aim ofof the German industrial invader. And dominating the trade of the world.yet, of the thirty-five thousand trust estatesThese investments were not alone takenbeing administered by the Alien from the enemy by the Custodian, butProperty Custodian, it is safe to say that they have been placed in American handsno more than five thousand are of the for all time. The total value of such investmentscharacter here referred to. The remainderwill probably not exceed oneconstitute the private investment of hundred and fifty million dollars, aboutthe individual German subject, who one-fifth of the entire enemy investmentlooked upon America as a land of promise in the United States, but their potentialwhere his surplus capital might well be value was greater than all the rest. Theemployed. Such individual investments blow struck at Germany, while the warwere no part of the German scheme ofindustrial control, and differed from thewas at its height, by the capture of thisindustrial army on American soil, was alarge investments in industries dominatedstroke of no small importance.or controlled by German capital, inthat they had no connection with theIt is impossible even yet to measure thefull strength of the weapon which wasfinancial or political powers in Germany. employed in the war when the GermanownedIt has never been contemplated that suchpatents were taken over and soldindividual investments should be put to Americans. The situation in a singleupon the auction block. The Alien Propertyindustry is sufficient to indicate the imceivedCustodian has demanded and reportanceof this step. Chemistry, morethousands of pieces of property, than any other science, is the very foundationconsisting of real estate, mortgages, bonds,of a far-flung line of industry. Onestocks, and personal property of every has but to look about him, for example,kind and description, which are being at the essential part which colors play inheld by him until the peace settlement all the necessities, comforts, and luxuriesshall have determined the status of of life, to realize the grip which the controlenemy property, and Congress shall haveof the dyestuff industry has upon thelegislated upon the subject. It would be people. Its by-products touch alike theeasily possible to return all of this propertyhealth, well-being, the very life of thein kind to the individual owners, if people. In peace, and even more in war,that should be determined to be the chemistry paints the whole picture ofproper policy, or, it could be rapidly convertedprogress. America's social and economic,into cash, if it should be deter­mined to use the value of enemy propertyin America as a liquid fund in the settlementof damages against the enemypossibly even her political, independenceis not safe unless the industries dependentupon the development of the science ofchemistry are open to American geniuspowers. There is plenty of evidence, and energy. We have to confess, I think,however, to sustain the finding that most that Germany has been ahead of Americaof the enemy investments in the essential in the commercial application of this science.industries in the United States were madeThe great dyestuff, pharmaceuti­under circumstances which indicated a cal and chemical business which Germanygovernmental policy on the part of Germany.built up gave her a practical monopoly ofThey were in many cases fi­the American markets, either because shenanced by the Deutsche Bank or theDisconto Gesellschaft, or were cartelcontrolledand a part of the imperialcontrolled subsidiary corporations herewhich were permitted to use some of herpatents, or because as in most cases sheeconomic and commercial plans. In effectually shut off American effort bysome cases they were even subsidized by preventing the development of chemistrythe government. These were the investmentsand its use in America by her patentswhich marked the outposts of processes and products. Recognizingof' German Kultur upon the American that the chemical industry is the greatcontinent. They were the investments key which opens the door to the manufacturewhich marked Germany's greatest ad­of explosives, before we entered the