OTHER INFLUENCES AS CAUSES. Aside from the industrial conditions that have led to the organization of Trusts, certain other influences are to be noted. (1) The promoters of the large enterprises have in many cases succeeded in making very large profits from the organiza tion. Likewise the financiers who have under written the stock have been able to exact very large payment for the risks which they have taken. The immediate personal interest of the promoter and financier has thus been a very powerful factor—sometimes even the most pow erful factor in bringing about the combinations. 12) Governmental favors of various kinds have sometimes tended in the same direction. Al though the protective tariff can scarcely be men tioned as zt direct cause of the organization of industrial combinations, it is doubtless true that when an industry which otherwise would not have prospered has been first made very profit able by a protective tariff, so that numerous rival establishments have invested large suns of money in it, the consequent rivalry has led to the formation of combinations. It is also
probable that in certain instances the protective tariff• by lessening foreign competition, has promised to the promoters of a combination the opportunity for greater profits than could have been anticipated without the existence of the tariff. In this indirect way, therefore, we may well consider the legislative favor of the pro tective thrill' under certain circumstances as an indirect cause of the Trust. Similarly, the monopoly granted by the patent laws, by copy rights, by trade-marks, and other legislative benefits, have led to the organization of some of the great combinations.