TRUSTS AND PRICES 153 



materials is also largely controlled by trusts; the fact still 

 remains that about nine tenths of trust made articles increased 

 in price. The exhaustive study made by Professor Jenks 

 for a few selected articles leaves no doubt that the margin 

 between the selling price and cost of material has been raised 

 by combination. If the conditions were exceptional in these 

 cases, it would have been easy for the combined producers of 

 other articles to demonstrate it before the commission by 

 figures drawn from their books. No such testimony has been 

 offered and the conclusions of Professor Jenks stand uncon- 

 tro verted. 



On the subject of local discriminations an abundance of 

 figures is presented by the industrial commission. There is, 

 in the first place, a table of monthly prices of standard white 

 illuminating oils at New York, Chicago, and Cincinnati for 

 the fifteen year period 1885-99 ; the table is given with the 

 testimony of Mr. Archbold, and is thus above suspicion of 

 prejudice against the Standard Oil company. 



An examination of the table shows that, as a rule, the 

 price at Cincinnati is lower than at Chicago, and at Chicago 

 lower than at New York, which must be accounted for by 

 some permanent reason. Still it appears that on many 

 occasions the situation was reversed. 



Thus, oil sold cheaper at New York than at Chicago: in 

 November, 1887, in February and August, 1888; from May 

 to July, 1889, and in November of the same year; from March 

 to June, 1890, and in November of the same year; in September 

 1891, and from November of the same year to January, 1892; 

 in January, May, and October, 1893, and from December of 

 the same year to February, 1894; in September of the same 

 year. 



The New York price fell below the price at Cincinnati : 

 in September and October, 1888; from August to October, 

 1889, and in December of the same year; in February and 

 March, 1893; in March, 1894, in May and June and from 

 August to October, 1895. 



The Chicago price was below that at Cincinnati : in May, 

 June, and September, 1892; from April to October, 1895; in 

 July, August and October, 1897; and in March, 1898. These 



