paratively similar organizations concerned in the manufacture of each. particular product into a decreasing number of organizations characterized by increased centralization of control and the extension of their operations in a widening field. This tendency is in exact accord with the law of evolution as defined by Herbert Spencer, and the heterogeneous aspect presented by the different coexistent degrees of combination in the industrial field analogous to the heterogeneous aspect presented by the various coexistent stages of development in each sphere of evolution throughout the universe, all phenomena of which are now believed by the deepest thinkers to proceed in accordance with that law.
It is true, however, that in the processes of this industrial development are phases affecting adversely the fortunes of classes and individuals, although working to the benefit of the community as a whole, and there have been phases entailing actual oppression without other attendant good than the bestowal of experience.
The displacement of human labor by machinery and improved economical methods has been the cause of much outcry from those whose earnings have been immediately affected; but that readjustment to meet the advanced conditions can not but be beneficial to society as a whole perhaps needs at this time no extended defense, and likewise with the displacement of labor caused by the cessation of industries at particular places under stress of competition of more favored localities.
In the first reaction from the unremunerative prices forced by competition, a combination sufficiently powerful to do so often raises prices of a product to a point as unreasonably high as previous prices were unreasonably low, and this is the basis for one of the apparently potent arguments against the toleration of trusts—that they are oppressive to consumers. But there is the reply, first, that the desire to obtain the increased profits consequent upon an extending sale of the products will cause the most enlightened managers to keep their selling prices at the lowest point that consistent with profitable production will to the greatest extent increase consumption. When, however, this consideration does not prevail, there is a further check upon the maintenance of exorbitant prices in that capital, which tends to flow into the field in which greatest profits can be made, reduces prices by engendering new competition. Delay in the action of this corrective frequently has been caused by the fact that the making of enormous profits for a time is kept secret oftentimes by a combination engaged in an industry requiring a plant for its operations so extensive that great capital and experienced managers are necessary to establish successful competition; and the de-
