easier to "save" the remainder than to lay awake nights devising bizarre ways to "spend" it. However, as the condition of affairs now is in the business world, it must be admitted that it is about as difficult for him to discover channels to invest his savings as it is to invent ways to "spend" it. I pity him. When he started in the business of refining oil some thirty years or more ago, his income was not so great that he was bothered with any difficulty in spending it, nor was the oil business in that state of plethora that there was no inducement for saying money and investing in it. His instinct of thrift was developed sufficiently to induce him to devote a certain part of his income to the latter end. Others in the business, his competitors, did the same. Finally the capacity for refining oil became greater than the market demanded. Each refiner was bound to get rid of his surplus product at any price, and the price of the surplus determined the price of the whole. Ruin stared them in the face. Over-production must be curtailed. The Standard Oil Trust was born.
All these facts have been brought out time and again in the many federal and state inquiries into the Standard Oil Trust. Rockefeller has proved his case in the congressional investigation of 1888 to the hilt that competition was ruining his business and that combination had become an absolute necessity. In fact there has
