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TSAD

1948

TUBEROSE

any way in earnings in excess of the fixed percentage. In case the earnings are below this rate, the "unearned dividends" must still be paid at the expense of the common stock. The common stock represents expected earning-capacity, on which the income fluctuates with the success of the enterprise.

The effect upon prices has been a subject of much discussion. It is commonly said that trusts inevitably drive all small concerns to the wall and build up a few large establishments on their ruins, and also that monopolies' price, wherever possible, is far above the price level of competition. In discussing this question we may assume that competitive prices are fixed mainly by the cost of producing that part of the output which is produced at the greatest disadvantage, and also that monopoly price is fixed at that point which will secure for the monopolist the greatest net return. While the ultimate effect upon prices cannot yet be determined, many instances show that in individual cases, for short periods of time, the trusts have actually lowered prices below the former competitive rates. Likewise numerous instances can be found of prices raised above such former rates, usually after the markets have been secured. The Industrial Commission has shown that the influence of the trusts has increased the margin between the cost of raw material and the finished product. The same investigation showed that in a few cases a trust later in its life, probably from the fear of competition, has lessened this margin. Much evidence goes to show that in the long run prices fixed by trusts will be maintained at a very little above, or possibly not at all above, competitive rates.

The social effects of the massing of capital are generally considered bad. Trusts are charged with corrupting legislatures and courts and with destroying self-reliance and self-direction among men who are combined in so centralized an organization.

The legal position of trusts has not been fully determined; it depends upon many circumstances of organization and activity. Any trust is illegal, if it can be proved that it restrains trade or that it is a conspiracy within the meaning of the law. But individual producers have a right to combine to diminish the expense of unfair competition or the cost of production. States can control trusts to a degree in granting their charters, and the national government can regulate their activity through its power to regulate interstate and foreign commerce. The Congress of 1902-3, in passing a law creating the Department of Commerce and Labor, made provision for a Bureau of Corporations which should collect data concerning the trusts, to be used in further legislation for their control.

Tsad or Tchad (chad), a lake in central Africa, about 150 miles long and 120 wide. Two large rivers flow into it, but it seems to have no outlet, though there are signs of an ancient river-bed, bordered by trees, in which the Arabs say water flowed for 100 miles during a flood in 1870. There are populous villages on the shores, and the many islands in the lake are densely peopled by pagan tribes, dark brown or black, with regular features, wearing cotton-garments and cultivating cotton and corn.

Tschaikowsky (chl-kof ske}, Peter Hitch, a distinguished Russian composer, was born at Votkinsk in the province of Vyatka, April 25, 1840, and died at St. Petersburg, Nov. 7, 1893. Early in life he held a government-post in the Russian service, but this he abandoned in 1862 to study music in the conservatory of music at St. Petersburg, where he was instructed in harmony and counterpoint by Zaremba and in composition by Rubinstein. After graduating, he for a number of years was professor at the conservatory of music at Moscow, where he composed many melodies gathered from the airs of the folksongs of his native country and characterized by weird and plaintive music. Among his compositions are overtures, symphonies, concertos, marches and operas, many of which are of great sweetness and beauty. In 1889-90 he visited London, appearing there at Philharmonic concerts, and in 1891 he came to New York City at the invitation of the New York, Symphony Society, where he gave renderings at Carnegie Music Hall of many of his own compositions.

Tset'se a two-winged insect slightly larger than the common fly, inhabiting portions of South Africa. Its bite usually is fatal to the ox, horse and dog, but harmless to man, the

foat and wild animals living in that region, t lives by sucking blood, but its bite is not immediately fatal, the bitten animals sometimes lingering for weeks and months. It is so local in its distribution, that it is sometimes seen in swarms on one side of a river while cattle are grazing undisturbed on the other.

Tu'ber, a form of underground stem, which is much thickened by food-storage, as the common potato. It usually shows its nature as a stem by bearing minute leaves (scales) or buds, as the "eyes" of the potato. Tuber also is the name of the genus of fungi to which the truffles belong.

Tube'rose', a plant which belongs to the same family as the amaryllis, having a bulbous root; long, slender leaves; and a cluster of very fragrant, white, wax-like flowers, growing at the end of a stalk two or three feet long. The bulbs were brought at first from Holland and Italy, but now are raised fn the United States, those grown in Georgia and Florida being larger than the imported