Taking these sums, which, as will be seen, are partly estimates, known to be not quite accurate, but probably too large, from $550,000,000 each of preferred and common, the total amount authorized, there is left for the pay of the syndicate and as treasury stock to be used in future: Preferred $92,418,152 The main advantages of so large a corporation, as explained by the President, Mr. Charles M. Schwab, to the United States Industrial Commission, are found chiefly, perhaps, in the fact that it has so complete a control of the different varieties of ore and other raw materials that it remains in its business almost entirely independent of other organizations. It has also the opportunity, to a much greater degree than has a small organization, of turning its different plants to work upon the product that for the time being seems most profitable, though this power is limited by the nature of the plants. It has also the advantage of owning to a considerable extent its needed transportation facilities, both in its fleet on the lakes and in its rail ways. Of course, all of the other advantages of savings from organization, distribution of talent, concentration of production, and so on, are likewise obtained. With the exception of the first named advantages, and perhaps also of a somewhat monopolistic control of raw materials hinted at by Mr. Schwab, it has no advantage over its various constituent companies, excepting that which comes from the added power of the greater capital. BIBLIOGRAPHICAL NOTE For those who wish to investigate the subject further, the following books will be found to be suggestive and helpful: Baker, Charles Whiting. "Monopolies and the People." New York and London: G. P. Putnam's Sons. 1899. 368 pp., 12mo. (Questions of the day, No. 59.) Collier, W. M. "The Trusts; What can we do with them? What can they do for us?" New York: The Baker and Taylor Company. 1900. 8vo. 338 pp., Ely, Richard T. "Monopolies and Trusts." New York: Macmillan Company. 1900. 273 pp., 8vo. Halle, Ernst L. von. "Trusts; or, Industrial Combinations and Conditions in the United States." New York: Macmillan Company. 1895. 350 pp., 12mo. Liefmann, Robert. "Die Unternehmerverbände (Konventionen, Kartelle). Ihre Wesen und ihre Bedeutung.” Leipzig: J. C. B. Mohr (Paul Siebeck). 1897. Schriften des Vereins für Socialpolitik. Nr. 60. Über wirtschaftliche Kartelle in Deutschland und im Auslande." Leipzig: Duncker und Humblot. 1894. Bibliographical Note United States Industrial Commission. Preliminary report on trusts and industrial combinations, together with testimony, review of evidence, charts showing effects of prices, and topical digest. Volume I. of the Commission's reports. Washington: Government Printing Office. 1900. Trusts and industrial combinations. Statutes and decisions of federal, State, and territorial law. Together with a digest of corporation laws applicable to large industrial combinations. Volume II. of the Commission's reports. Washington: Government Printing Office. 1900. Report of the Industrial Commission on trusts and industrial combinations (second volume on this subject), including testimony taken since March 1, 1900, together with special reports on prices and on the stocks of industrial corporations. Volume XIII. of the Commission's reports. Washington: Government Printing Office. 1901. Report of the Industrial Commission on industrial combinations in Europe. Volume XVIII. of the Commission's reports. Washington: Government Printing Office. 1901. |