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 circulation of millions of copies, and the art of the modern advertising expert in making the printed message attractive and persuasive, have placed the business man in a personal relation with a vast and diversified public.

Another modern phenomenon, which influences the general policy of big business, is the new competition between certain firms and the remainder of the industry, to which they belong. Another kind of competition is between whole industries, in their struggle for a share of the consumer's dollar. When, for example, a soap manufacturer claims that his product will preserve youth, he is obviously attempting to change the public's mode of thinking about soap in general—a thing of grave importance to the whole industry. Or when the metal furniture industry seeks to convince the public that it is more desirable to spend its money for metal furniture than for wood furniture, it is clearly seeking to alter the taste and standards of a whole generation. In either case, business is seeking to inject itself into the lives and customs of millions of persons.

Even in a basic sense, business is becoming dependent on public opinion. With the increasing volume and wider diffusion of wealth in America, thousands of persons now invest in industrial stocks. New stock or bond flotations, upon which an expanding business must depend for its success, can be effected only if the concern has understood how to gain the confi-