A further consideration bearing on the later phases of the business situation may be added. The great coalitions and the business manoeuvres connected with them have the effect of adding to the large fortunes of the greater business men ; which
adds to the large incomes that cannot be spent in
consumptive expenditures ; which accelerates the
increase of investments ; which brings competition
if there is a chance for it; which tends to bring on
depreaaion, in the manner already indicated. The
great coalitions, therefore, seem to carry the seed
of this malady of competition, and this evil conse-
: quence can accordingly be avoided only on the
I basis of BO comprehensive and rigorous a coalition
! of busineaa concerns as shall wholly exclude com-
' petition, even in the face of any conceivable amount