There he settled, making a dismal and solitary tour now and then of the vast territories which had once been his father's, and nursing those gloomy and impatient thoughts which befitted the enterprises to which he was devoted.

This rhythmic movement as it appears in the capitalization of enterprises is favored and magnified, we have seen, by the wide use of credit and by the constantly changing technical and physical conditions of industry.

They have borne more of the nature of ordinary profit-making enterprises.

Further, do the various grants of lands and money to the railroads make them other than mere private enterprises?

Sugar-factories were given bounties; iron-forges and woolen-mills were favored by tariffs; factories have been given, by competing cities, land and exemption from taxation; yet these enterprises have not on that account, been treated, thereafter, in any exceptional way.

In other private enterprises, investors take all the risk; legislatures and courts recognize the duty of guarding, where possible, the investment of capital in railroads.

True, they are private enterprises as regards the character of the investment, but they are public enterprises as to their privileges, functions, and obligations.

True, they are private enterprises as regards the character of the investment, but they are public enterprises as to their privileges, functions, and obligations.

These franchises are granted to private capitalists to induce them to invest capital in enterprises that are helpful to the community.

The word "trust" originally applied, and still in legal usage applies, to a particular form of organization, that of a board of trustees holding the stock, and thus unifying the control, of two or more formerly separate enterprises.

"Trust," in the now popular sense, is best limited to an industrial, primarily manufacturing, enterprise or group of enterprises, with some degree of monopoly power due not to a "special franchise" giving the use of streets and highways and the right of eminent domain, nor to a single patent, but to a group of favoring technical, financial, and economic conditions.

Public utility is the name of special franchise enterprises of the kind just mentioned, including, in the broad sense, railroads and local utilities such as street railways, gas, water, and electric light-plants. § 5.

Evidently any one of these features may appear without the other; e.g., a person of large aggregate capital may have his investments distributed among a large number of small enterprises, such as farms, without a trace of corporate organization or monopoly, and numerous examples could be given of large production, or of corporate organization, or of monopoly without one or more of the other features.

# Combinations of previously independent enterprises may be more or less complete and are made by different methods.

Four major methods are: (1) The pool, by which the enterprises continue to be separately operated, but divide the traffic (or output), or the earnings, or the territory, in prearranged proportions. (2) The trust, in a legal sense (as defined above in section 5).

This remarkable movement toward the formation of united corporations from formerly independent enterprises called forth a variety of explanations.

In other cases the smaller enterprises have been eager to be taken in at a good price, altho they might have continued to operate independently with moderate profits.

Moreover, the personal organizations in the separate enterprises had been brought to a high state of efficiency by the stimulus of competition, and there is reason to fear that, after some years of centralized bureaucratic organization, much of this efficiency may be lost.

Monopolistic enterprises are ipso facto quasi-public institutions. § 12.

With this policy applied to the local utility (and railroad) phase of monopoly, there remains still the problem of the industrial trusts in the manufacturing enterprises. § 13.

Now when one examines the methods which the notable trusts actually did employ, and apparently had to employ, even when they were already powerful single enterprises, in order to destroy their competitors and to attain their monopolistic power, the word "natural" seems hardly to describe the process.

By this plan potential competition would become actual, and small enterprises that were efficient might compete successfully within their own fields with large enterprises that maintained prices above a true competitive level.

By this plan potential competition would become actual, and small enterprises that were efficient might compete successfully within their own fields with large enterprises that maintained prices above a true competitive level.

# Opinion and practice in the matter of the public ownership of wealth and the direct management of enterprises has moved in waves.

A number of these enterprises have characteristics in common which appear to make inevitable their drift into monopolistic control.