[Footnote 6:  See above, ch. 26, sec. 3; and ch. 25, secs. 6 and 7.]

[Footnote 7:  Compiled from data given by “The Journal of Commerce and Commercial Bulletin,” reprinted in “The Commercial Year Book,” Vol.  V, 1900, pp. 564-569.]

[Footnote 8:  John Moody, “The Truth About the Trusts,” 1904]

[Footnote 9:  See Vol.  I, pp. 388-393.]

[Footnote 10:  See Vol.  I, pp. 391-392.]

[Footnote 11:  See Vol.  I, p. 334, on the function of the promoter.]

[Footnote 12:  See Vol.  I, pp. 80-85, 382-387, 394-396.]

[Footnote 13:  A summary of this evidence is given in the author’s “Principles of Economics” (1904), pp. 327-330.  A fuller outline of the results of the Commission’s conclusions may be found in “The Trust Problem,” by J.W.  Jenks, who acted as expert in the investigation.]

CHAPTER 29

PUBLIC POLICY IN RESPECT TO MONOPOLY

Sec. 1.  Moral judgments of competition and monopoly.  Sec. 2.  Public character of private trade.  Sec. 3.  Evil economic effects of monopolistic price.  Sec. 4.  Common law on restraint of trade.  Sec. 5.  Growing disapproval of combination.  Sec. 6.  Competition sometimes favored regardless of results.  Sec. 7.  Increasing regard for results of competition.  Sec. 8.  Common law remedy for monopoly ineffective.  Sec. 9.  First federal legislation against monopoly.  Sec. 10.  Policy of the Sherman anti-trust law.  Sec. 11.  Policy of monopoly-accepted-and-regulated.  Sec. 12.  Field of its application.  Sec. 13.  Industrial trusts,—­a natural evolution?  Sec. 14.  Artificial versus natural growth.  Sec. 15.  Kinds of unfair practices.  Sec. 16.  Growing conception of fair competition.  Sec. 17.  The trust issues in 1912.  Sec. 18.  Anti-trust legislation in 1914.

Sec. 1. #Moral judgments of competition and monopoly.# What should be the attitude of society toward monopoly?  Is it good or bad as compared with competition?  Some very strong ethical judgments bearing on practical problems are found in the popular mind connected with the ideas of competition and monopoly.  Competition usually is pronounced bad when viewed from the standpoint of the competitors who are losing by it, and as good when viewed from the standpoint of the traders on the other side of the market who gain by that competition.  Competition among buyers thus appears to sellers to be a good thing; that among sellers appears to themselves to be a bad thing (and vice versa).  Many persons are moved by sympathy to pronounce competition among low-paid and underfed workers to be bad, and each worker is convinced that it is so in his own trade.  Yet nearly all men are of one mind that competition is a good thing in most industries, those that are thought of as supplying “the general public.”  Monopoly is believed by the public to be wrong in such cases, and competition to be the