of the syndicates. In their endeavor to deliver the shares which they had sold the shorts offered enormous prices for the Northern Pacific stocks, both common and preferred, 'one sale at no less than $1,000 per share being reported. For the most part, however, deliveries were not made at these excessive figures, and when the real situation and the conflict between the opposing forces became known, a compromise was effected between the buyers and the short sellers by which settlement was made at a comparatively moderate figure.

The so-called Northern Pacific corner which has just been described gave a shock to the stock market, which through overspeculation had already become extremely sensitive. A tremendous falling off in the prices of stocks occurred on Thursday, May 9, and enormous sales were made by frightened speculators. It is doubtless an error to attribute this temporary crash altogether to the manipulation in Northern Pacific stocks. As so often happens, the speculative movement had been carried to an extreme as regards all railroad securities. A level of prices had been reached which was not justified by the earning capacity of the railroads, and reaction was bound to occur. Many persons had speculated in stocks who were unable to carry them for a long time. A slight stringency in the currency increased the apprehension. Money lenders began to demand wider margins in taking stocks as collaterals, and the more conservative brokers likewise required wider margins from stock buyers. On Wednesday and Thursday many of the largest bankers began to call in loans, which helped to precipitate the temporary panic.

The great fall in the stocks which occurred at this time may be seen in all four of the diagrams immediately under consideration, as well as in those representing the more eastern railways, by comparing the highest prices during May with the lowest prices.

That the increase in the prices of securities up to May was, to a considerable extent, due not to mere temporary speculative fever but to the large amount of capital seeking investment and to the widespread belief in the actual and permanent increase in the earning capacity of railroads, is evident by the rapid reaction in prices after the op of May. The stocks of the Burlington and Northern Pacific were from this ne on practically withdrawn from the market, but a very considerable speculation ntinued in the stocks of the Atchison and Union Pacific. The anticipation of ill further consolidation movements doubtless kept up the speculation in the shares these roads.

AND INDUSTRIAL

BIBLIOGRAPHY OF TRUSTS

COMBINATIONS.

BOOKS AND PAMPHLETS.

ACKER, FINLEY. Eminent respectability.
Philadelphia.

ADAMS, CHARLES FRANCIS. The place of corporate action in our civilization. (In Shaler, N. S.: The United States of America, vol. 2, pp. 191-213. New York, 1894.) ADAMS, EDWARD F. The modern farmer in his business relations.

San Francisco: N. J. Stone Company, 1899.

8o.

Who rules America? Facts and figures regarding the four hundred trusts that prey upon our people.

"The farmer and the trusts," pp. 398-412.

ADAMS, FRANCIS ALEXANDER.

New York, 1899. 59 pp. 8°.

ADAMS, GEO. H.

The trusts and the civil code.
New York, 1888.

85 (11), ix (5)

ADAMS, HENRY C. Relation of the state to industrial action. [Baltimore]: American Economic Association, January, 1887. pp. 8°. (American Economic Association. Publications, vol. 1, no. 6.) A treatise on the law in relation to promoters and the promotion of ALGER, A. M. corporations.

Boston: Little, Brown & Co., 1897.

AMERICAN Academy of Political and Social Science. Corporations and public welfare. Addresses at the fourth annual meeting, Philadelphia, April 19-20, 1900.

New York: Published for the American Academy of Political and Social Science,
McClure, Phillips & Co., 1900. 208 pp.

CONTENTS.

Pt. I. The control of public service corporations; Introductory: The possibilities and
limitations of municipal control, by L. S. Rowe; Financial control, capitalization,
methods of accounting and taxation, by B. S. Coler; Difficulties of control, as illus-
trated in the history of gas companies, by J. H. Gray; Regulation of cost and quality
of service as illustrated by street-railway companies, by F. W. Spiers.
Pt. II. Influence of corporations on political life, by William Lindsay.

Pt. III. Combination of capital as a factor in industrial progress: Industrials as invest-
ments for small capital, by J. B. Dill; The evolution of mercantile business, by John
Wanamaker; The interest of labor in the economics of railroad consolidation, by
W. H. Baldwin.

Pt. IV. The future of protection; The industrial ascendancy of the United States, by N. W. Aldrich; The tariff policy of our new possessions, by R. P. Porter; The next step in tariff reform, by C. R. Miller; Report of the Academy committee on meetings. AMES, J. B. Selection of cases on the law of trusts, with notes and citations. 1893, 2d ed.

ANON. History of a pool. Reprinted from the Iron Age.

New York: David Williams Co.

ANTHORP, HENRY. "Trusts" and their relation to industrial progress: An address before the Economic League of Ashtabula, Ohio.

Akron, Ohio: The Werner Company, 1899. 27 pp. 8°.

ARISTOTLE.

Politics.
(Book I, chap. iv, etc.)

947

ASCHROTT, P. F. Die amerikanischen Trusts als Weiterbildung der Unternehme. verbände. Sonderabzug aus dem "Archiv für soziale Gesetzgebung un Statistik." Band II, Heft 3.

AUSTRIA.

Tübingen, 1889. (2), 36 pp. 8°.

Die Trusts in England und in den Vereinigten Staaten.

Zeitschrift f. d. ges. Staatz-wissenschaft, 1890.

Trusts in Austria. Copy of bill recently introduced in the Reichstag i? the supervision of trusts controlling the price of sugar, brandy, beer, o from minerals, etc., June 14, 1897.

(In U. S. Consular Reports, vol. 55, pp. 47-50.)

BABLED, HENRY. Droit romain de la cura annonae chez les Romains; droit français. les syndicats de producteurs et détenteurs de marchandises au double point de vue économique et pénal. Thèse.

Paris, 1892. 8°.

BAKER, CHARLES WHITING. Monopolies and the people.

New York and London: G. P. Putnam's Sons, 1899. rriii (2), 368 pp.
(Questions of the day, no. 59.)

BARRETT, GEO. C. Opinion in case of the People v. North River Sugar Refining Co., with briefs of counsel.

(22 Abb. N. C., 1889, p. 164; 19 N. Y. State Rep., 853; 16 N. Y. Civil Proc. R. L.; Amet and Engl. Corp. Cases, 511; 5 Railw, and Corp. L. J., 56; 3 N. Y. Suppl., 401; 2 Law Rep. Ann., 53.)

BEACH, CHARLES FISK, Jr. Company law. Commentaries on the law of private corporations, whether with or without capital stock, also of joint stock companies and of all the various voluntary unincorporated associations organized for pecuniary profit or mutual benefit.

Chicago: T. H. Flood & Company, 1891. 2 vols. 8°.

The trust an economic evolution; an address at the Union League Club,
Chicago, March 30, 1894.

Problem of the vanishing profit; address before Congregational Club, New
York City, 1891.

BEACH, CHARLES FISK, Sr. A treatise on the law of monopolies and industrial trusts as administered in England and in the United States of America.

St. Louis: Central Law Journal Company, 1898. lxx (2), 760 pp. 8°.

BELL, GEO. W. The new crisis.

Des Moines: Moses Hull & Co., 1887.

BEMIS, EDWARD W. (Ed.) Municipal monopolies. A collection of papers by American economists and specialists.

New York: Thomas Y. Crowell & Co., 1899.

BENEDICT, ROSWELL A. (Ed.) Settling the tariff-trust question. A debate. ments on both sides fully reported, with plans for final settlement of the question and its removal from politics to the advantage of American industry and commerce.

New York, 1900.

12°.

BERDROW, W. Die Unternehmer-Cartelle und der Weg zum wirtschaftlichen Frieden Berlin: Meusser, Messer & Co., 1898.

BERICHT über die allgemeine, ordentliche Sitzung der Handels- und Gewerbe-Kammer in Prag am 13 November, 1896.

(pp. 540-563.)

BEUMER, Dr. W. Mittheilungen des Vereins zur Wahrung der gemeinsamen wirtschaftlichen Interessen im Rheinland und Westfalen. Düsseldorf.

BLAND, THOMAS A. The reign of monopoly.

Washington: Rufus H. Darby, 1881. 48 pp.

BLISS, WILLIAM D. P., ed. Encyclopedia of social reform.

New York and London: Funk & Wagnalls Company, 1897. viii, 1439 pp.

Trusts, pp. 1346-1348; Monopolies, pp. 888-894; Standard oil monopoly, p. 1285; Plutoeracy, pp. 1012-1016.

BONHAM, JOHN M. A brief history of the Standard oil trust.

No title page. [1888?] 8°.

BONHAM, JOHN M. Industrial liberty.

New York and London: G. P. Putnam's Sons, 1888. ix (1), 414 pp. 8°.
The relations of the railway and the "trust" to industrial liberty, pp. 96-128.

The influence of the "trusts" and other parasites upon industrial liberty, pp. 129-158. Railway secrecy and trusts.

New York and London: G. P. Putnam's Sons, 1890.

of the day, no. 61.)

138 pp.

120.

(Questions

BORGMEYER, C. L. American corporation legal manual; also synopsis of the patent, trade-mark, and copyright laws of the world.

1893 to 1895. 3 vols.

BOUROFF, BASIL A. The impending crisis; conditions resulting from the concentration of wealth in the United States.

Chicago: Midway press committee, 1900.

BREAZEALE, PHANOR. Trusts. Speech in House of Representatives May 31, 1900. Washington: Government Printing Office, 1900.

BRENTANO. Die Ursachen der heutigen sozialen Not.

Leipzig, 1889.

Vortrag in der Gesellschaft österreichische Volkswirte, in den Mittheilungen der Gesellschaft.

1, 2, Heft.

BRIEF HISTORY of the Standard Oil Company: Its methods and influence.

Pamphlet, New York: 1887.

BRYAN, W. J.

(See Chicago trust conference.)

BROUILHET, CHARLES. Essai sur les ententes commerciales et industrielles et les transformations qu'elles pourraient apporter dans l'ordre économique actuel.

Paris: Guillaumin et Cie., 1895. (2), 211 pp. 8°.

BUTLER, MARION. Trusts. The causes that produce them. The remedy. Speech in the Senate of the United States Monday, May 9, 1898. Washington: Government Printing Office, 1898.

CALL, HENRY L. The coming revolution.

CANADA.

Boston: Arena Publishing Company, 1895. (4), 233 pp. 8o.

House of Commons. Report of the select committee, appointed 29th February, 1888, to investigate and report upon alleged combinations in manufactures, trade, and insurance in Canada. Submitted 16th May, 1888. Ottawa: Printed by Maclean, Roger & Company, 1888. xxv, (1), 750 pp. 8°.

Also printed as Appendix 3 of House of Commons Journal, 1888. CAREY, FRANCIS K. Municipal ownership of natural monopolies.

Baltimore: John Murphy Co., 1900. 8°.

33 pp.

CARNEGIE, ANDREW. The gospel of wealth and other timely essays.
New York: The Century Company, 1900.

CARO, OSCAR. Der deutsche Walzwerksverband. (See Schriften des Vereins für
Socialpolitik. Nr. 60.)

CARTER, JAMES C. Case of the People v. North River Sugar Refining Co. Argument for defendants.

Pamphlet, New York, 1889.

CAR TRUST SECURITIES.

8 Amer. Bar Assoc. Rep. (1885), 277-322; 140 Mass. Rep. (1886), 346; 29 Fed. Rep. (1887), 410; 36 Ib. (1889), 520.

CHABANEL, P. Classification of syndicates in Dictionnaire des Finances.

M. Leon Say, 1894.

CHICAGO CONFERENCE ON TRUSTS. Speeches, debates, resolutions, list of delegates, etc. Held September 13, 14, 15, 16, 1899.

Chicago: The Civic Federation of Chicago, 1900. x, 626 pp. Portraits. 8°. CHICAGO TRUST CONFERENCE. Trusts, pro and con, being a detailed report of the Chicago trust conference held in Chicago September 13-16, 1899, under the auspices of the Civic Federation: W. Bourke Cockran vs. W. Jennings Bryan.

Chicago: Hill, 1900.

182 pp.

12°. (Marguerite series, no. 156.)