sociation, plan suggested for capitalization of cor- porations, 106-107. Nominal competition, 13 (see competition). Normal price, basis of, 141; absence of, under certain conditions, 141-142, 145. Normal rate, legislative re- striction of profits to a, 189.
Nürnberg, combination of brush manufacturers of, 235.
OFFICE, registered, of
corporations, 272-273. Officers of corporations, under New York Com- panies' Act, 282-283; liable for misrepresenta- tions, 284.
Oil (see crude oil, petro- leum). Organization and manage- ment, methods of, chapter vii., 108-129; financiering and, of combinations, 87- 90; provisions of New York Companies' Act con- cerning promotion, 291- 296; social organization, effect of large combina- tions upon, 194-206. Organizations of labor (see unions). Over-capitalization, 98, 103- 107, 239-240 (see capi- talization).
by industrial combina- tions, 33-36, 241, 248. Overreaching, by combina- tions generally, 70–71; by the whiskey combina- tions, 149.
PACKAGES,
increased price of, affects price of oil, 154-155. Parent corporation, organ- ization of constituent con- cerns under a, 117-124, 309. Patents, legal monopolies made possible by, 56, 59, 170, 220-221; proposed substitute for, 220-221. Pay of promoter, 80-81, 87- 96, 240, 248; of financier or underwriter, 91-94 (see financier, promoter). Penalty for delinquent of- ficials under New York Companies' Act, 289–290. Petroleum, discovery of new
fields of, 156-157; prices of, 150-157, and diagram facing 150 (see crude oil, independent producers of oil, Standard Oil Com- pany).
Pig-iron, increased price of, 159.
Pipe lines, arbitrary action
of Standard Oil Company in crushing rival, T55 (see Standard Oil Com- pany).
Over-production, prevented Plants, closing of, by com-
binations, 34, 176-177, 186-187, 196, 215. Political and social effects of industrial combinations, chapter x., 190-211; evil, of corruption of legis- latures and courts by corporations, 190-194, 246.
Pools, forms of, 108-112; in coal, 110-III; in pipe, 109; in whiskey, 33-34, 108-109, 147; in wire nails, 61-62, 166 (see agreements limiting com- petition).
Post, James H., 140, 143, 145.
Potential competition, 61-
72 (see competition). Power of combinations, as against employees, 176- 182; to lower moral tone of business, 216; monop- olistic, should be held in check by society, 211, 269, 306.
Preferred stock (see stock). Premiums, use of, in adver-
Press, exaggeration of legis- lative corruption by the, 192. Prices, chapter viii., 130- 170; agreements affecting (see agreements limiting competition, pools); dia- grams illustrating prices of petroleum, steel, sugar, tin plate, whiskey, facing 133, 146, 150, 157, 165; character of goods affects competition in, 14-16;
competition does not al- ways fix, 11-14; competi- tive, and monopoly, 22; competitive, usually high, 21; effect of European combinations upon, 240- 241; export, 151, 241- 243; fluctuations in, under unrestricted competition, 140-141; monopoly, fac- tors which determine, 59- 72; monopoly, checked by combination court, 253; normal, basis of, 141; over-capitalization induces high, 105; petroleum, 150- 157; steel and wire, 165- 170; sugar, 133-146; tariff and, 241-244; tin plate, 157-164; whiskey, 146- 150. Production,
increase of, under combination, 186; restriction of, 33-36, 186- 187, 241, 248 (see agree- ments limiting competi- tion); small scale produc- tion no longer possible, 200-206.
Profits, legislative restriction of, to a normal rate, 189; of American Sugar Refin- ing Company, 136; of Standard Oil Company, 72, 173.
Promoter and financier, chap- ter v., 77-97; definition of promoter, 77; misrepresen- tations of, 214; pay of, 80- 81, 87-96, 240, 248; pro- visions of New York Com- panies' Act concerning. 291–296; responsibility of
should be increased, 222, | Puerto Rico, corporation law
262-263 (see financier). Property, issuance of stock for, 78-80 (see capital- ization, basis of). Prospectus, contents under New York Com- panies' Act, 291–296. Protective tariff (see tariff).
Publicity, degree of, in Euro- pean combinations, 239- 240, 248-249, 252; extent
Pure Oil Company, competi- tion with Standard Oil Company, 152; why or- ganized as a voting trust, 116.
Purpose of book, 4-5.
227; policy of, would ulti-RADICALS, attitude of mately lead to more rigor- ous restriction, 226–227; provisions of New York Companies' Act designed to secure, 272-276, 285- 304. Public opinion, European,
not hostile toward concen- tration of capital, 246; favors organized labor rather than organized capi- tal, 181; hostile to trusts, 172; may eventually bring about restriction of rate of profits, 189; when en- lightened may compel lower prices and higher wages, 227. Public, the, affected by stock watering, 103-104; by over-capitalization, 105; by publicity, 224.
French, toward combi- nations, 246. Railroads, combination of, 204; recommendation that Interstate Commerce Com- mission audit accounts and control freight rates of, 220, 264-265. Railway discriminations and rebates, 49-55, 200, 219- 220, 264 (see freights). Raw material, combination between producers of, and manufacturers of finished product, 41-42; effect of combination upon pro- ducers of, 130, 215; great increase in price of, in steel and iron industry, 158-159, 161; interest charge for carrying, 133; supply of, assured by com-
bination of producers of products at different stages of manufacture, 117-124, 309; waste of, 133, 144, 154 (see by-products). Rebates (see freights, dis- criminations in). Refining sugar, estimates of cost of, 143. Registered office of corpora- tions, 272-273. Registration agent of cor- porations, 272-273. Regulation of corporations, attempted by United States and many States, 217-219; desirable, 222, 225-226; proposed plans for regu- lation of combinations, appendices A, B, C, D, E, 257-307. Reid, Daniel E., 158. Reincorporation, provision for, 278.
Remedy, for corruption of legislatures by corpora- tions, 193-194; for evils of industrial combinations, 105-107, 217-227, appen- dices A, B, C, D, E, 257- 307. Reorganization of the trusts, forms of, 112-116. Reports of corporations, of- ten unsatisfactory, 126; suitable, needed to protect stockholders, 223, 259; under New York Com- panies' Act, 302-304. Responsibility to superiors, the rule under present con- ditions, 204-205. Restraint of trade, common
law concerning, supple- mented by statutory pro- visions, 218-219; legisla- tion against, needed, 258; theory of European courts concerning, 232, 249-251. Restriction of production,
33-36, 186-187, 241, 248 (see agreements limiting competition); of profits, to a normal rate, 189. Retail trade, combination and competition in, 11-14. Roosevelt, Governor, 6, 224, 270.
SALARIES of officers of
corporations, under New York Companies' Act, 283-
Sale of stock, usual method of, 91-97. Salesmen, necessity of, when competition prevails, 23- 27; possible saving in, under combination, 24, 26-27, 182-183, 230 (see employees, labor, wages). Savings of combination, dis- position of, 130–131, 171– 189; possible, 21-43, 153- 154, 213, 229–230. Schwab, Charles M., 314- 315. Self-direction, individual, whether destroyed by large combinations, 194-207,
Selling bureau, the usual form of combination in Europe, 233.
Services, issuance of stock for, 78-81, 87-96. Sherman act of 1890, 127. Shoddy goods, encourage- ment of manufacture of, by excessive competition, 198. Small scale production, pre- vention of, by combina- tions, 200-206.
Smelters, strike by, in Colo- rado, 177.
Smith, E. J., plan for avoid- ing strikes, 187-188; form of combination originated by, 235-239, 245. Social, control, should be
of, 94-95; speculative or- ganization probably wan- ing, 95. Spirits, price of, how re-
lated to price of corn, 147. Spreckels, Claus, 137, 139. Standard Distilling and Dis- tributing Company, organ- ization and financiering of, 87, 92 (see Distilling Com- pany of America). Standard Oil Company, ac-
exercised over trusts, 211; effect, resulting from ille- gitimate relations between bankers and combinations, 96-97; organization, ef- fect of large corporations upon, 194-206; political and social effects of com- bination, 190-211, 246; social standards at fault, 193. Society, monopolistic power should be held in check by, 211, 269, 306. Sources of information, of author, 3-4. South Improvement Com- pany, 156. Speculation, by directors, at expense of stockholders, 214; furthered by conceal- ment of state of business, 126; furthered by over- capitalization, 103. Speculative character of in- dustrial stocks, one cause
count of, in connection with prices of oil, 152-156; advantages of: as a capi- talistic monopoly, 72, from location of refineries, 32, in freight shipments, 52- 55; arbitrary actions of, in crushing rival pipe lines and controlling price of crude oil, 155-156; com- petitors of, form voting trusts, 116; development of foreign market by, 75; dividends of, 155; form, original of, III-112, un- der reorganization, 113- 115; natural monopoly possessed by, through con- trol of pipe lines, 58; prices of oil furnished by, 150; Pure Oil Company, competition with, 152; utilization of by-products by, 153-154; wages paid and treatment of employ- ees, 172-173 (see inde- pendent producers, petro- leum).
State legislation against
trusts, 217-219; statutes, extend common law rule
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