rom different standpoints. So,
here, in order to find the truth, we must examine trusts from the
standpoint of the trust maker as well as from that of the consumer; and
trade unions, from the standpoint of their members as well as from the
ground of employers and of the public at large. We shall indeed meet
much error by this method of study, but is it not proverbial that there
are two sides to every question? It will be our task to study these
opposing views and sift from them the truths for which we seek.

In taking up now the problem before us, let us adopt the true scientific
method for its solution. We must first find out as fully as possible the
actual facts with regard to monopolies of every sort and the competition
which monopoly replaces. Next, by discussing and comparing the evidence
obtained, we may be able to discover the natural laws by which
competition and monopoly are controlled; and finally, with our knowledge
of these, we will try to discover both the source of the evils which vex
us and the proper methods for ameliorating, curing, or preventing them,
whichever may be found possible.

Such is the outline of the investigation before us, which it may as well
be said here could easily be extended and amplified to fill many
volumes. The author has preferred to prepare the present volume without
such amplification, believing that the busy men of affairs, to whom a
practical knowledge of the subjects herein treated is most essential,
have, as a rule, no leisure for the extended study which the volumes
into which the present one might easily be expanded would require. He
trusts, however, that brevity will not be found wholly incompatible with
thoroughness; and that the fact that much which might have properly been
included in the book is omitted, will not be taken as a necessary
indication that the conclusions arrived at are without value.

II.

TRUSTS AND MONOPOLIES IN MANUFACTURING INDUSTRIES.

In common use the word "trust" is at present rather loosely used to
denote any combination formed for the purpose of restricting or killing
competition. Properly speaking, however, a trust is a combination to
restrain competition among producers, formed by placing the various
producing properties (mills, factories, etc.) in the hands of a board of
trustees, who are empowered to direct the operations of production and
sale, as if the properties were all under a single ownership and
management.

The nove