ting agencies in the same business and are held together by
common ownership of their stocks.

It is too late to argue about advantages of industrial combinations.
They are a necessity. And if Americans are to have the privilege of
extending their business in all the states of the Union, and into
foreign countries as well, they are a necessity on a large scale, and
require the agency of more than one corporation.

The dangers are that the power conferred by combination may be abused,
that combinations may be formed for speculation in stocks rather than
for conducting business, and that for this purpose prices may be
temporarily raised instead of being lowered. These abuses are possible
to a greater or less extent in all combinations, large or small, but
this fact is no more of an argument against combinations than the fact
that steam may explode is an argument against steam. Steam is
necessary and can be made comparatively safe. Combination is necessary
and its abuses can be minimized; otherwise our legislators must
acknowledge their incapacity to deal with the most important
instrument of industry.

In the hearing of the Industrial Commission in 1899, I then said that
if I were to suggest any legislation regarding industrial combinations
it would be: First, Federal legislation under which corporations may
be created and regulated, if that be possible. Second, in lieu
thereof, state legislation as nearly uniform as possible, encouraging
combinations of persons and capital for the purpose of carrying on
industries, but permitting state supervision, not of a character to
hamper industries, but sufficient to prevent frauds upon the public. I
still feel as I did in 1899.

THE NEW OPPORTUNITIES

I am far from believing that this will adversely affect the
individual. The great economic era we are entering will give splendid
opportunity to the young man of the future. One often hears the men of
this new generation say that they do not have the chances that their
fathers and grandfathers had. How little they know of the
disadvantages from which we suffered! In my young manhood we had
everything to do and nothing to do it with; we had to hew our own
paths along new lines; we had little experience to go on. Capital was
most difficult to get, credits were mysterious things. Whereas now we
have a system of commercial ratings, everything was then haphazard and
we suffered from a stupendous war and all the disasters which
fo