are thoroughly conversant with the facts regarding them. Besides the information so often courteously given by business men, Professors Hull and Powers of Cornell University, and the author's wife have kindly read the text and offered many most valuable suggestions.

The book is intended to be a brief compendium of industrial conditions, so far as they affect industrial combinations particularly or are affected by them, together with some opinions regarding the influences which have brought about present conditions, and the probable trend of future development. Some judgments regarding possible remedies for evils which have arisen in connection with these combinations are offered in conclusion. This study is not intended primarily for the student of economic theory. As a brief impartial statement of facts and principles, it is hoped that it will prove useful to the many busy men who have not the leisure needed to gather the material, but who, wishing to do their duty as citizens intelligently, will welcome a brief compendium which may to a certain degree serve them as a basis for judgment. It is hoped to make in the not distant future a more com

plete study, which shall embody the results of European experience and which shall deal more fully with the whole problem of monopoly.

Considering the nature and purpose of this book, it has not been thought best to cite authorities for many of the statements made. Whenever they are taken from the testimony before the United States Industrial Commission, Dr. Durand's admirable index to that report will be available to all who care to verify the citations. In many cases, however, information given has been confidential in its nature, though on that account no less trustworthy. Such information has dealt at times with practices that in some way have come under public condemnation, such as promoter's rewards, freight discriminations, commissions to bank officers, and stock speculations. In other instances it has concerned the business of special combinations, and has formed the basis for judgments when the facts themselves were matters of only pri

vate concern.

The appendix contains some documents which may prove helpful in enabling readers to make more definite and specific their ideas regarding legislation that may possibly be

needed. The admirable summary of conclusions made by Judge Howe, the permanent Chairman of the Chicago Conference on Trusts, regarding certain suggested methods for the solution of the trust problem, is a noteworthy document as presenting what were in effect the opinions which could be agreed upon by substantially all the membership of that great Conference, representing so many conflicting views and interests. The Report of the United States - Industrial Commission is a most carefully considered expression of opinion and recommendations by a non-partisan body of men, made after an investigation extending over a year's time. Though it does not claim to be final, nevertheless it was the result of most careful study and deliberation, and is entitled to the prominent position which has been given it by thinking men of all classes. The Proposed New York Companies' Act: 1900, drafted to carry out the suggestions made in Governor Roosevelt's message regarding Trust legislation, is the one formulation into a definite bill of the opinions of many persons who have thought it possible to separate sharply between the good and evil arising from the modern organizations of

capital, and who are ready to encourage the good while checking the tendencies toward evil, chiefly through compelling the corporations to carry on their operations much more than at present under the public eye. While in its preparation the author was assisted by several lawyers and business men, he took alone the responsibility of determining just what the bill should contain, and has, therefore, in condensing part of it and in determining what portions of it should be printed in full, felt at liberty to make some slight modifications in the bill as reported by the Judiciary Committee of the New York Senate. The summary of the plans of Mr. Coler and Mr. Bryan are given like the others in their own words without the arguments which accompanied them. The insistence of so many prominent investigators of the subject upon publicity as a remedy for the evils of industrial combination makes it the more to be regretted that there is only one put into the form of a bill. Were the others in like form, the points of likeness and difference could be more readily seen, and the best suggestions from each more easily chosen.

The purpose of the book forbids giving

much space to exact definitions and classification, but under the word "Trust,” as expressed in the title, are included especially those organizations of capital which have been called, whether wisely or not, "Capitalistic Monopolies." Neither railroads nor telegraphs nor other public service corporations are especially considered; but, in general, “Trusts" are taken to mean manufacturing corporations with so great capital and power that they are at least thought by the public to have become a menace to their welfare, and to have, temporarily at least, considerable monopolistic power.

An effort has been made to explain these Trusts, and not to rest content with calling them the product of evolution, and assuming that, therefore, they are both inevitable and in the long run helpful rather than harmful. In a letter written but a few days before his death, the late Gen. Francis A. Walker, commenting upon this fatalistic attitude of some of his friends who were satisfied to call Trusts the product of evolution, remarked that he supposed the modern train robber was merely a normal development of the old-fashioned, commonplace highwayman, and continued: "Some evolution is worthy of only