Q. What?
A. The competitors are very active; they are alert at all points with their small offerings in the hope to find just such a condition as you describe.
Q. Certainly.
A. But as I say, as business is and as it has been for many years, we could not have that ability to any considerable extent as merchants.
Q. If the ability were operative only to a slight extent, would it still be enough, do you think, to make a difference between what we may call a moderate dividend, say 6 or 7 per cent., and a pretty high dividend of between 15 and 20 per cent.?
A. Well, that involves so nice a question that I could hardly undertake to answer it; but generally as to the effect on the community, I should say—
Q. Generally on the prices in the United States?
A. I should say that the lessened cost incident to doing business in a large volume would more than compensate the consumer for any ability in getting higher prices.
Q. Then that leads to this point, whether the large capital does itself give an organisation the power to get a somewhat higher price than it could in the market provided the competitors were substantially equal in power?
A. Oh, it may be so, but that is a difficult question to answer.
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