THE 



ic Library 



POPULAE SCIENCE 

 MONTHLY. 



JULY, 1894. 

 THE MEANING OF CORPORATIONS AND TRUSTS. 



BY LOGAN G. McPHERSON. 



TO arrive at an understanding of that tendency toward com- 

 bination which is a most conspicuous phenomenon of the 

 industrial life of the United States, it is necessary to trace the 

 industrial development throughout its several stages. And as it 

 has been in this country that industrial activity has met with the 

 least hindrance, the steps of its development can be rapidly sum- 

 marized with approximate accuracy. Although the industrial 

 structures of other countries in previous centuries have had an 

 influence in determining the industrial forms of the United States, 

 the isolation of the American continent and the peculiarity of the 

 conditions affecting its settlement justify the consideration of its 

 industrial expansion as a separate growth, without reference to 

 the industrial status of other countries or older civilizations. 



Grandfathers of to-day tell us that in their boyhood in, many 

 parts of the country the life of each household was sufficient unto 

 itself. Buildings were erected, grain was raised, winnowed, and 

 ground; cattle were killed, their meat cured and hides tanned; 

 wool was clipped and spun by its members, who, in addition to 

 the performance of manifold other simpler functions, carried pro- 

 cesses of manufacture still further the men, in the days of 

 winter, making the family's shoes and the women its clothes. In 

 doing this work the members of the family were maintaining 

 themselves in that condition which contrasted with barbarism. 

 Houses and clothing were necessary as protection against the 

 often inclement weather, and the possession of a regular supply 

 of food was only possible by the preparation and preservation of 

 the products of the recurring seasons. Upon the evenness of the 



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