business transactions, " deals," as they are called in the business jargon borrowed from gaming slang. These do not always involve coercion of the opposing interests ; it is not always necessary to " put a man in a hole " before he is willing to " come in on" a " deah" It may often be that the several parties whose business interests touch one another will each see his interest in reaching an amicable and speedy arrangement ; but the interval that elapses between the time when a given " deal " ia seen to be advantageous to one of the parties concerned and the time when the terms are finally arranged is commonly occupied with business manoeuvres on both or all sides, intended to "bring the others to terms." In so playing for position and endeavoring to secure the largest advantage possible, the manager of such a campaign of reorganization not infrequently aims to "freeze out" a rival or to put a rival's industrial enterprise under suspicion of insolvency and " unsound methods," at the same time that he "puts up a bluff " and manages his own concern with a view to a transient effect on the opinions of the business community. Where these endeavors occur, directed to a transient derangement of a rival's business or to a transient, perhaps specioiis, exhibition of industrial capacity and earning power on the part of one's own concern, they are commonly detrimental to the industrial system at large ; they act
temporarily to lower the aggregate aerviceability of the comprehensive industrial process within which their effects run, and to make the livelihood and the peace of mind of those involved in these industries more precarious than they would be in the absence of such disturbances. If one is to believe any appreciable proportion of what passes current as information on this head, in print and by word of mouth, business men