petroleum, cotton-seed oil and
cake, sugar, oatmeal, pearl barley, coal, straw-board, castor oil,
linseed oil, lard, school slates, oil cloth, gas, whiskey, rubber,
steel, steel rails, steel and iron beams, nails, wrought-iron pipe, iron
nuts, stoves, lead, copper, envelopes, paper bags, paving pitch,
cordage, coke, reaping and binding and mowing machines, threshing
machines, ploughs, and glass--a long and somewhat jumbled list, to
which, however, at the present time, there should probably be added:
white lead, jute bagging, lumber, shingles, friction matches, beef,
felt, lead pencils, cartridges and cartridge-shells, watches and watch
cases, clothes-wringers, carpets, coffins and undertakers' supplies,
dental tools, lager beer, wall paper, sandstone, marble, milk, salt,
patent leather, flour, and bread. It should be said that, as regards
most of these combinations, the public is ignorant beyond its knowledge
that some form of combination for the purpose of restricting competition
has been formed. For the purpose of our present investigation it makes
little difference just what this combination may be.

The salient facts for us to note are, that among the manufacturers of
this country there has arisen a widespread movement to partially or
wholly avoid competition in the production and sale of their goods; that
in a very great number of manufacturing industries these combinations
have progressed so far that their managers have been able to advance
prices and check production; that some of these combinations have taken
the form of trusts, and by this means have every prospect of maintaining
their stability and reaping their enormous profits with the same
permanency and safety as has their predecessor, the Standard Oil Trust;
and, finally, that with this prospect before them, our manufacturers, as
a class, would lose their reputation as shrewd business men if they did
not follow out the path marked out for them, and combine every
manufacturing industry in which combination is possible upon the plan of
the trust.

In conclusion, it may be well to examine the statement attributed to Mr.
Andrew Carnegie, that, "there is no possibility of maintaining a trust.
If successful for a time, and undue profits accrue, competition is
courted which must be bought out; and this leads to fresh competition,
and so on until the bubble bursts. I have never known an attempt to
defeat the law of competition to be permanently successful. The