Knowledge that Transforms

The rapid expansion of trade and industry during the years immediately,succeeding the Civil War was accomp,anied by an excessive competition which led to the elimination of large numbers of producers within various lines of activity. In consequence, sporadic,attempts were made to relieve the pressure of this competition by means of pooling agreements. As early as I872, for example, certain distillers, north of the Ohio (many of whom) had goine into, business, to, reap the speculative profits of changes in the excise) combined in an unsuccessful effort to restrict their output.' The same year, moreover, witnessed a combination am.ong six coal roads which by this time had secured a sufficient interest in, the anthracite fields to, be able to enter into, an. agreement toi regulate production and fix transportation rates.2 Shortly after the close of the war the sugar-refining industry also began to suffer from an aggravated case of competition. During the period from I875 to i88o the number of refineries