labor, salesmen, wages).
Employment, steadiness of,
under combinations, 186,

241.

competition, excessive).
Export prices of oil, 151; re-
lation of export prices to
tariff, 241-244.

nation prevents waste in,
42-43.

England, attitude of courts
of, toward combinations,
249; attitude of public of,
toward combinations, 246;
extent and form of com-
binations in, 228, 234–239;
laws regulating corpora-
tions in, 239, 248-249;
price of raw and refined
sugar in,133-146, and dia-
gram facing 133.
Entrepreneurs, union of,
held valid in Germany,
251.

Europe, industrial combina-
tions in, chapter xii., 228-
254.
European beet crops, effect
of shortage in, 145.
Evil, from excessive power
of directors, 125-129; from
incompetent industrial

leaders, 202-203; nepo-
tism, 201-202; overcapi-
talization, 98, 103-107;
political, from corruption
of legislatures by corpora-
tions, 190-194, 246; quali-
ties, evil, of combinations,
and remedies, 213-216,
217-227, 258-307; social,
resulting from the illegiti-
mate relations between
bankers and combinations,
96-97.

in, 75-76; development of,
through large combina-
tions, 75-76, 213.
Extension of credits, unwise,
28-29, 198.

F

FAVORS, possessed by

industrial

combinations,
chapter iii., 44-55; remedy
for evils of combination in
case of special, 219–221;
special, are induced by
possession of large capi-
tal, 73; special, not indis-
pensable to creation of a
monopoly, 60.
Fear, an important element
in preventing competition,
68-69.

Federal anti-trust act, 217.
Federal Steel Company, a

combination of several
companies not competi-
tors, 41, 121-124, 309-
310; labor organizations
recognized by, 176.

Fees, incorporation, 276.
Field of combination, limit
of, 208-210.
Financier, promoter and,
chapter v., 77-97; rôle of
the, 90-97.
Financiering of combina-
tions, examples of meth-
ods of, 87-90.

Fittest, survival of, under
competition and under
combination, 195-200.
Flour, combination control-
ling, 209.
Fluctuations in price, likely
to result in certain indus-
tries from unrestricted
competition, 140-141 (see
competition, excessive).
Foreign market, develop-
ment of, through large
combinations, 75–76, 213.
France, attitude of people
of, toward combinations,
246; provisions of Penal
Code of, concerning co-
alitions, 249-250.
Freights, advantages in,
without illegal discrimina-
tions, 55; classification of,
by Interstate Commerce
Commission, 265; dis-
criminations in, 49-55,
200, 219-220, 264; rates
of, control by Interstate
Commerce Commission
recommended, 220; sav-
ings in cross, 31-32, 213,
229.

246-248; coal syndicate
in, 245, 247-248; corpora-
tion laws of, 107, 240; ex-
tent to which combina-
tions have developed in,
228; oil, price of in, 151-
152, and diagram facing
150; sugar, price of raw
and refined in, 133-146,
and diagram facing 133;
sugar combination in, 234.
Going concern, capitaliza-
tion upon value as a, 99-
107, 239 (see capitaliza-
tion, basis of).
Gompers, Samuel, 178.
Good qualities of combina-
tions, 212-213.
Government inspection and
control of corporations,
223, 251-254, 258-259,
264, 268.
Grades of sugar explained,
134.

Greenhut, J. B., 171.
Guthrie, Chas. S., 36-37.

H

HANNIS Distilling Com-
pany, purchase of, 93.
Havemeyer, Henry O., 34,
39, 44, 45, 74, 142, 143,
192.
Hereditary business in Eu-
rope checks tendency to-
ward combination, 230-

231.
Howe, Judge William W.,
6; formulation of sug-
gested methods for solu-
tion of trust problem, ap-
pendix A, 257–260,

Incorporation certificate, un-
der New York Companies'
Act, 274-276; amendment
of same, 277-278.
Incorporation fees, 276.
Independence, degree of,
granted managers of Eng-
lish combinations, 234.
Independent producers of
oil, 116, 151-152, 155; of
sugar, 137-140.
Independent thought, oppor-
tunities for, under large
combinations, 203-206 (see
self-direction).
Individual genius, indepen-
dent of monopoly, 209-
210; self-direction, whether
destroyed by large com-
binations, 194-207, 216.
Individuality, developed by
the art of managing one's
superiors, 205.
Industrial combinations in
Europe, chapter xii., 228-
254.

Industrial Commission (see

United States Industrial
Commission).
Industries, character of,
adapted to combination,
208-209.

Influence, improper, of cor-
porations upon legisla-
tures and courts, 190-194,
246; upon political or-
ganizations in general,

215.
Information, should be given

to investors and stock-
holders, 105-106, 126-129,
222-227, 259, 262-263,
267-268, 286, 291-296
(see publicity).
Inspectors, government, of
corporations, 223, 268 (see
government inspection
and control).
Intangible property, as a
basis of capitalization, 79-
80 (see capitalization, basis
of).
Interest charge, for carrying
stock of raw material,
133.
International combinations,
possibility of, 47-49, 222.
International influence of
certain combinations, 229.
Interstate Commerce Com-
mission, extension
power of recommended,
219-220, 264.
Interstate Commerce Law,
52, 53, 217, 264.
Introduction, 3-9.
Investors, concealment of
facts from, and deception
of, 213-214; information
should be given to, 105-
106, 222, 259, 262-263,
286, 291-296; organiza-
tion of corporations, form
of, should be studied by,
128-129; underwriting of
stocks by banks affects,
96-97.

of

Iron Age, 157, 165, 168-
169.
Iron, combinations in, in
Austria and Germany,
233, 243-244; increased

LABOR, how affected by

combinations: coalition
between employers and
employees to sustain
prices, 187-188, 235-239;
efficiency of labor in-
creased, 186; publicity
would benefit, 224; rela-
tion of European combina-
tions to, 244-246; sales-
men and superintendents
dispensed with, 24, 26–27,
182-185; steadiness of
employment, 186; wages,
trusts and, chapter ix.,
171-189, 215 (see em-
ployees, unions, wages).
Labor organizations (see
unions).
Laissez faire policy toward

industrial combinations,
advocated by many, 217.
Lake Superior Consolidated
Iron Mines, 312.
Law, common, concerning
restraint of trade, 218-
219, 249; European law
in certain respects favor-
able to combinations, 232-
233.
Leather combinations, 37.
Lee, J. W., 152, 156.
Legal monopoly, 56, 59,
170, 220-221 (see monop-
oly).
Legislation, chapter xi.,
212-227; evil of closing
plants may be reached
by, 186; European, regu-
lating corporations and
combinations, 248-254;
needed to properly con-
trol trusts, 211, 257-269,
306; State and federal,
against trusts, 217–219.
Legislatures, improper in-
fluencing of, by corpora-
tions and combinations,
190-194, 246.

Let alone policy toward in-
dustrial combinations, ad-
vocated by many, 217.
License, corporations should
be required to secure,
306.

Limit of field of combina-
tion, 208-210.
Loans on stock forbidden
under New York Compan-
ies' Act, 288-289.

Lorain

122.

Steel Company,

Louisiana sugar crop, 144.

monopolistic, should be
held in check by society,
211, 269, 306; prices, 22,
59-72, 253; tariff, in re-
lation to monopolistic
power, 242-243; term
monopoly explained, 58,
60, 64; what constitutes
a virtual, 60-61 (see com-
binations, trusts).
Moore, William H., 88.
Moral tone of business, low-
ering of by combinations,
216.

Morgan, J. P., & Co., 312-
313.

N

law of, 99.
Meetings of stockholders,
provisions of New York
Companies' Act concern-
ing, 284-285.
Merger and dissolution of
corporations, under New
York Companies' Act,
304.
Milk, combinations in cer-
tain cities to control sup-
ply of, 208.
Millinery trade, why com-
bination is impossible in,

209.
Minnesota Iron Company,

121.

Monopoly, capitalistic, 58-
76; combination and,
chapter iv., 56-76; legal,
56, 59, 170, 220-221;
natural, 57-58; power,

nails).

National Steel Company,
form of organization of,
117, 124; labor organiza-
tions recognized by, 176;
part of United States Steel
Corporation, 311.

National Tube Company,
311.

Natural monopoly, 57-58
(see monopoly).
Nepotism, evil of, under
large combinations, 201-

202.

New York, Business Com-
panies' Act, 6, 224, 270-
305; Court of Appeals,
decision of, against trust
form of organization, 112-
113; price of refined oil
in, 151-152, and diagram
facing 150; State Bar As-