[1] In his definition of a trust Mr. John Moody, author of the “Truth About Trusts,” says: “When men form corporate organizations, or make agreements, they do not form monopolies. They may take advantage of monopoly in one way or another, but they do not create it. The monopoly itself is a social product, which exists with the consent of society, and men in business take advantage of it where found, just as they take advantage of other factors for the purpose of achieving their ends.” [2] Charles M. Schwab, in his testimony before the Industrial Commission at Washington in excuse of the apparently excessive capitalization of the Steel Trust, estimated as the approximate valuation of plants, mills, machinery and transportation properties the sum of $380,000,000, but the value of the ore, coal, natural gas and limestone properties he put at the enormous sum of $1,100,000,000. [3] This is vaguely recognized by the trust advocates and those who have written on the subject. Professor Jenks, who is one of the most temperate and discriminating, says: “So far as the industrial combinations are the result of special advantages granted to individuals or corporations, whether by the state or by others, it is probable that in most instances the evil effects would be lessened, if not completely removed, by the removal of such discriminating powers.” Which is barely more than an involved method of stating that the removal of a cause will also result in removing the effect. [4] Undoubtedly the control of patents is an effective source of monopoly in very many instances. Some of the large combinations have succeeded in obtaining control practically of all the patents used in certain lines of manufacture. That this is a potent source of power one instance alone may suffice to prove. Professor Jenks tells us that all of the barbed wire made in this country at the present time, as well as the wire fencing, is in the hands of the American Steel and Wire Company because that company has all the valuable patents, with one or two exceptions, in those lines of manufacturing. _The Heritage of Maxwell Fair_ BY VINCENT HARPER _Author of “A Mortgage on the Brain”_ (_Conclusion_) SYNOPSIS OF PREVIOUS CHAPTERS