Trusts

in the generally accepted sense, signifies a combination of manufacturers, in any particular line, organized with the prime purpose of limiting output and controlling prices; also for reducing cost of production. The organization of trusts ran to an extreme in 1899, during which year the capitalization of new companies, nearly all through charters obtained from the State of New Jersey, aggregated more than $2,500,000,000. The abuse became so pronounced that all political parties declared in their platforms against them, and called for legislation to control, limit or abolish them. On February 14, 1900, an anti-trust conference was held in Chicago which was participated in by prominent persons identified with all political parties, at which a strong declaration was adopted against combinations of capital. Opposition was concentrated against telegraph, telephone and railroad trusts, and le forceful against privileges of every kind. The banking trust was also denounced and the referendum recommended.