viii PREFACE TO FOURTH EDITION show remedies for the evils of industrial combinations that have been proposed by those who have given very careful study to the subject. Appendix D, in giving outline histories of representative industrial combinations, shows, not only economic results springing from these great business organizations, but also the influence of Governmental action upon them. In the succeeding appendices are given in sufficient detail the laws of the United States and foreign countries, so that the reader can make a reasonably accurate comparison of the attitude toward these combinations of various Governments under different economic conditions. It is believed that enough of this material has been given to form the basis for an excellent course for any group of university students without going outside of the volume itself. Although, of course, the advantage of wide reading in the libraries is not to be overlooked. The history of the years since the publication of the preceding edition, though fruitful in experience and in legislation, shows no need of change in the judgment of fundamental principles. Slight changes in emphasis may be noted. The degree of monopoly power that can be exercised by the capitalistic combinations, for example, is apparently somewhat less than we earlier thought, while the regulative power of competition and of public opinion is somewhat more. New York, July, 1917. 1. Concentration Characteristic of Modern Life 2. Increased Size of Average U. S. Manufacturing Plant 1. The Assumption of "Free Competition 2. “Friction" of Competition in Retail Trade. 3. Competition Among Wholesalers and Manufacturers . 1. Competitive Prices Not Necessarily Low Prices 2. Advantages of Large Scale Production and of Com- bination: (1) Saving in Selling Expense. (2) Elimination of Bad Debts . (3) Can Supply All Leading Qualities of Goods (4) Can Fill All Orders Promptly. 32 38 38 39 TOPICS PAGE (5) Elimination of Cross Freight Charges (6) Can Run Plants Steadily at Full Capacity (7) Can Specialize Whole Plants (8) Control of Many Patents, Trade Marks and (10) Can Specialize the Labor Force (11) Combination Makes Comparative Accounting 4. Great Capital May Gain Monopolistic Powers Through Cost Savings and Through Competitor's Fear 5. Market Leadership Now Preferred to Complete PROMOTER AND FINANCIER Definition and Explanations: Promoter, Stocks and Bonds. 2. The Pay of the Promoter . 3. Underwriting Methods 79 87 89 THE BASIS OF CAPITALIZATION 1. Capitalization at Reproduction Cost. 2. Capitalization at Earning Capacity . 3. Argument Favoring Earning Capacity Capitalization . 3. Trusts Proper and Their Dissolution Forms 5. The Single Great Corporation 7. Horizontal and Vertical Combinations . 1. Need of Scientific Study of Prices for Trust Products. 122 5. Study of Tin Plate Prices . 6. Study of Iron and Steel Prices 7. General Conclusions Regarding Effect of Large In- THE TRUSTS AND THE WORKINGMEN 1. Effect of Trusts on Wages 2. Trusts and Trade Unions . 181 186 3. Travelling Salesmen and Superintendents More Often Discharged on Formation of Trusts Than Other 1. Trusts and the Legislatures and Courts 2. Trusts Should Not Be “Destroyed" Because of Cor- 3. Does the Trust Destroy Individual Initiative, Ambition 3. Special Checks and Variants of Combination 4. Capitalization of Combinations 5. Price Effects of Combinations 8. Governmental Attitude Toward Trusts 10. Trust Legislation in France 11. Trust Legislation in Germany 12. Trust Legislation in Austria |
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