Any recognition of the large corporations, any successful attempt to give them a legal standing as authentic as their economic efficiency, amounts substantially to a discrimination in their favor.
The whole official programme of regulation does not in any effective way protect their competitors.

Unquestionably these large corporations have in the past thrived partly on illegal favors, such as rebates, which would be prevented by the official programme of regulation; but at the present time the advantage which they enjoy over their competitors is independent of such practices.

It depends upon their capture and occupation of certain essential strategic positions in the economic battle-field.

It depends upon abundant capital, which enables it to take advantage of every opportunity, and to buy and sell to the best advantage.

It depends upon the permanent appropriation of essential supplies of raw materials, such as iron ore and coal, or of terminals in large cities, which cannot now be duplicated.