large, abundantly ample to meet all demands for a long time to come. Moreover, Great Britain and the continental producers of steel who have been forced to import the Bessemer ores in increasing amounts, are well supplied with ores suitable for the basic open-hearth proIt would appear that the advantage of the United States in the iron and steel industry, although important, is not likely to increase as fast as was expected, and that the superiority which will be enjoyed by this country will depend rather upon our cheap coal than upon our supplies of iron ore.

cess.

The ore association has fixed the price of Lake Superior ore for this year's delivery at $5.50 per ton, a fact which, in the judgment of men prominent in the iron and steel trade, will make it difficult to lower prices of iron and steel products much below the present level. On the present prices of ore, coke and labor, and the present level of railway rates, pig iron cannot be produced for less than $15 at many of the furnaces. No substantial reductions in any of these contributory prices are looked for. It is probably true that the price of pig iron is lower in proportion to the cost of production than it was two years ago. In 1898 the ore association made the mistake of fixing the price of ore only twenty-five cents above the low level of 1898, a lower point than would have been warranted by the demand. Coke also ruled at a low price during 1898 and a part of 1899. Wages had not yet risen, the great rise in iron having taken place during 1898-99, after the annual adjustment of the scale with the amalgamated iron and steel association. These facts account for the great profits made in the iron and steel industry during that period. During the past year, however, readjustments in prices of labor and materials have been taking place, and the day of large profits, especially for those companies who must buy the raw material, is about over. This does not apply to some of the iron and steel combinations, especially the Federal Steel and the American Steel and Wire companies, who are large owners of ore and coal lands, and therefore, with the exception of their wage scale, in large measure exempt from the depressing influence of high prices of raw material. The Carnegie Company has long owned the sources of its raw material. Nothing is more likely to come about in the industrial world than a further consolidation of iron and steel interests in the direction of larger control of the raw material. Without this advantage, the benefits of the control of prices which the combinations have secured must be divided with the iron and coke companies. The only thing, apparently, which will interfere with such a consolidation is the fear of hostile legislation.

BOOKS RECEIVED FROM JUNE 1 TO AUGUST 1, 1900.

Andrews, J. DeW., American Law. Callaghan & Co. $6.50.

Balmforth, R., Some Social and Political Pioneers of the Nineteenth Century. London: Swan Sonnenschein & Co. 2s. 6d.

Bollack. L., Abridged Grammar of the Blue Language. Bolak. Paris, 147 Avenue Malakoff.

von Chlapowo Chlapowski, A., Die Belgische Landwirtschaft im 19 Jahrhundert. Stuttgart: J. G. Cotta. 4m.

Clark, J. B., Distribution of Wealth. Macmillan. $3.00.

Coghlan, T. A., Wealth and Progress of New South Wales, 1898-99. Sydney: W. A. Gullick.

Colquhoun, A. R., Overland to China. Harpers. $3.00.

Commons, J. R., Representative Democracy. New York: Bureau of Economic Research.

$0.25.

Coste, A., L'Expérience des Peuples et les Prévisions Qu'elle Autorise (Deuxième Partie de la Sociologie Objective). Paris: Felix Alcan. 1ofr.

Deahl, J. N., Imitation in Education (Columbia University Contributions to Philosophy, Psychology and Education. VIII, 1). Macmillan. $0.60.

Dechesne, L., L'Evolution Économique et Sociale de l'Industrie de la Laine en Angleterre. Paris: L. Larose. 3.50fr.

Deiss, E., Etudes Sociales et Industrielles sur la Belgique. Paris: Guillaumin & Cie. 3.50fr.

Duvall, J. J., Civil Government Simplified. San Francisco: Whitaker & Ray Company. $0.25.

Eaton, J. S., Railroad Operations. New York: Railroad Gazette. $2.00.

Ely, R. T., Outlines of Economics. Macmillan. $1.25.

Flores, D. M. M., El Deber Juridico Social. Madrid: Imp. del Asilo de Huerfanos del S. C. de Jesus. 3 pesetas.

Fowler, H. H., Municipal Finance and Municipal Enterprise. London: P. S. King & Son. IS.

Glasson, W. H., History of Military Pension Legislation in the United States (Columbia University Studies in History, Economics and Public Law, XII, 3). $1.00.

de Greef, G., Problèmes de Philosophie Positive. Paris: Schleicher Frères 3fr. Handels- und Machtpolitik I and II Band. Stuttgart: J. G. Cotta. I, im.,—II,

1.20m.

Hopkins, L. L., The Coming Trust. New York: Advance Publishing Co. $0.25.
James, J. A., Constitution and Admission of Iowa into the Union (Johns Hopkins
University Studies in History and Political Science, XVIII, 7).
Jenks, J. W., The Trust Problem. New York: McClure, Phillips & Co. $1.00.
Jennings, E. B., People and Prosperity. New York: Abbey Press. $0.50.
Keasbey, E. Q., The Law of Electric Wires in Streets and Highways.
Callaghan & Co. $4.00.

2d Ed.

Keith, H. E., An Historical Sketch of Internal Improvements in Michigan, 18361846. Ann Arbor: University of Michigan. $0.50.

Knox, J. J., A History of Banking in the United States. New York: Bradford Rhodes & Co. $5.00.

Lee, G. C., Historical Jurisprudence. Macmillan. $3.00.

Legien, C., Das Koalitionsrecht der deutschen Arbeiter in Theorie und Praxis. Hamburg: Verlag der Generalkommission der Gewerkschaften Deutschlands. Liebenam, W., Städteverwaltung im Römischen Kaiserreiche. Leipzig: Duncker & Humblot. 14m.

Mackenzie, M., Social and Political Dynamics. London: Williams & Norgate. IOS. 6d.

Macpherson, H., Spencer and Spencerism. New York: Doubleday, Page & Co. $1.25.

Merriam, C. E., History of the Theory of Sovereignty Since Rousseau (Columbia
University Studies in History, Economics and Public Law, XII, 4). $1.50.
Mill, H. R., International Geography. Appleton. $3.50.

Nelson, S. A., The A B C of Wall Street. New York, 16 Park Place. $1.co.
Oppenheim, N., The Care of the Child in Health. Macmillan. $1.25.
Paul-Boncour, J. Le Fédéralisme Économique. Alcan. 8 fr.

Plehn, C. C., Introduction to Public Finance. 2d Ed. Macmillan. $1.60.
Proper, E. E., Colonial Immigration Laws (Columbia University Studies in His-
tory, Economics and Public Law, XII, 2). $0.75.

Public Papers of George Clinton, First Governor of New York, 1777-95, 1801-04.
Published by State of New York (War of the Revolution Series, Vol. I).
Public papers of Daniel D. Tompkins, Governor of New York, 1807-17. Published
by State of New York (Second War with Great Britain Series, Vol. I).
Ratzel, F., Das Meer als Quelle der Völkergrösse. München: Oldenbourg. 1.20m.
Reeder, R. R., Historical Development of School Readers and of Methods in
Teaching Reading (Columbia University Contributions to Philosophy, Psy-
chology and Education, VIII, 2). Macmillan. $0.60.

Reid, W., Problems of Expansion, as Considered in Papers and Addresses.
Century Co. $1.50.

Reinsch, P. S., World Politics at the End of the Nineteenth Century as Influenced by the Oriental Situation. Macmillan. $1.25.

von Renauld, J. R., Der Bergbau und die Hüttenindustrie von Oberschlesien 1834-97. Cotta. 9m.

Richards, J. K., The Constitution and the New Territories. (Annual Address Delivered before the Pennsylvania Bar Association at Cambridge Springs, Pa., June 26, 1900.)

Scruggs, W. L., The Colombian and Venezuelan Republics. Little, Brown & Co. $2.50.

Sears, E. H. An Outline of Political Growth in the Nineteenth Century. Macmillan Co. $3.00.

Smith, A. H., Village Life in China. Fleming H. Revell Co. $2.00.
Smith, H. J., Illustrated Symbols and Emblems of the Jewish, Early Christian,
Greek, Latin and Modern Churches. Philadelphia: T. S. Leach & Co.
Smith, O. J., The Coming Democracy. New York: Brandur Co. $0.50 and $1.00.
Spahr, C. B., America's Working People. Longmans, Green & Co. $1.25.
Sp Iding, T. A., The Work of the London School Board. London: King. 5s.
von Steffens-Frauweiler, H. F., Der Agrarsozialismus in Belgien. Cotta. 2.40m.
Weinhausen, F., Die Christlichen Gewerkvereine. Berlin: Verlag der "Hilfe."

20m.

Wilcox, D. F., Ethical Marriage. Ann Arbor: Wood-Allen Publishing Co. $1.25. von Zwiedineck-Südenhorst, O., Lohnpolitik und Lohntheorie. Duncker & Humblot. 9m.

Before 1883, when the Standard Oil Trust was formally organized, manufacturing combinations were almost unknown, nor did they begin to attract much notice until after the organization of the American Sugar Refining Company, in 1887. Even then, in spite of the popular outcry against monopoly, and the anti-trust laws which were enacted by national and state legislatures, only twenty combinations of any importance were listed on the New York Stock Exchange up to 1893, when the panic brought the incipient movement toward consolidation to a sudden end. The real trust movement dates from 1898. Two years have sufficed to reorganize the manufacturing industries of the United States, in whole or in part, along lines of consolidation. The "United States Investor" gives a list of 565 combinations organized within the last two years, with a capitalization of more than seven billions of dollars.' During the first six months of 1899, one hundred and two consolidaDecember 30, 1899.

1" United States Investor."