heightened facility or for widespread hardship, very much as a speculator in grain futures may be either a bull or a bear. To the business man who aims at a differential gain arising out of interstitial adjustments or disturbances of the industrial system, it is not a material question whether his operations have an immediate furthering or hindering effect upon the system at large. The end is pecuniary gain, the means is disturbance of the industrial system, — except so far as the gain is sought by the old-fashioned method of permanent investment in some one industrial or commercial plant, a case which is for the present left on one side as not bearing on the point immediately in hand.' The point immediately in question is the part which the business man plays in what are here called the interstitial adjustments of the industrial system ; and so far as touches his transactions in this field it is, by
' II » chitfly ths piHsiTe owner ot stock and llie Ulie tb»l holda pennwienily to a given enterprlBe, under the fully developed modeni business conditions. The active business msji of the Inrger Hort It luit in this way bound to the glebe of the giren business concern.