The years between 1890 and 1900 saw the rapid formation of trusts and combinations, and of larger industries. Consolidation took place on a great scale in railroads and in manufactures. Much of this has been of such a kind that it does not appear at all in the figures showing the number of establishments and of employees. Many discrepancies appear in the data regarding this movement given by different authorities, as there is no generally accepted rule by which to determine the selection of the companies to be included in the lists, and as the conditions are changing from day to day. A competent financial authority[1] gives the following figures regarding the "industrial" trusts (manufacturing and commercial) and gas trusts, organized in the United States between 1860 and 1899, not including combinations in such businesses as banking, shipping, railroad transportation, etc. The figures refer to the reorganization and consolidation of industries into larger units, some of which have much and others little or no monopoly power.
| Decade | Number Organized | Total Nominal Capital |
| 1860-69 | 2 | $13,000,000 |
| 1870-79 | 4 | 135,000,000 |
| 1880-89 | 18 | 288,000,000 |
| 1890-99 | 157 | 3,150,000,000 |
| —————— | —— | ——————— |
| Total, 40 years | 181 | $3,586,000,000 |
The number organized and the capital represented by this movement in the last of these decades are eight times as great as in the thirty years preceding. In the last ten years can be traced the influence of general industrial conditions.
| Year | Number Organized | Total Nominal Capital |
| 1890 | 6 | $82,000,000 |
| 1891 | 13 | 168,000,000 |
| 1892 | 13 | 140,000,000 |
| 1893 | 5 | 226,000,000 |
| 1894 | 2 | 35,000,000 |
| 1895 | 7 | 104,000,000 |
| 1896 | 3 | 40,000,000 |
| 1897 | 6 | 93,000,000 |
| 1898 | 22 | 574,000,000 |
| 1899 | 80 | 1,688,000,000 |
| —————— | —— | ——————— |
| Total, 10 years | 157 | $3,150,000,000 |
The first three years enjoyed great prosperity and the number of combinations were six, thirteen, thirteen. In 1893, the number was less, but the total nominal capital (preferred and common stocks and bonds) was still the greatest it had ever been in any year. Then came the period of depression, 1894-97, when both the numbers and the capital were comparatively small. Then followed the period of the greatest formation of trust companies the world has ever seen, which extended from 1898 to 1901, and ended in 1902.
Trust statistics for 1904
In a list recently revised by another authority[2] it appears that the data for all "industrial trusts" (nearly, but not quite, comparable with the foregoing figures), are in round numbers as follows:
| Date | Number | Number of Plants Acquired or Controlled | Total Nominal Capital |
| Jan. 1, 1904 | 318 | 5288 | $7,246,000,000 |
These figures would indicate that the industrial trusts more than doubled within four years, most of the growth being within three years. The same authority, in a more comprehensive list, classifies in six groups all so-called "trusts" of the United States, at the date of January 1, 1904, as follows (the figures just given above are the totals of the first three groups):