the vested interests and the common man-第20部分

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of　neglecting　relevant　facts；　something　more　is　to　be　said　in　the　
same　connection。　It　is　particularly　to　be　noted　that　credit　for　
certain　material　benefits　should　be　given　to　this　same　business　
enterprise　whose　chief　aim　and　effect　is　the　creation　of　these　
vested　rights　to　unearned　income。　It　will　be　apparent　to　anyone　
who　is　at　all　familiar　with　the　situation；　that　much　of　the　
intangible　assets　included　in　the　corporate　capital　of　this　
country；　e。g。；　does　not　represent　derangement　which　is　actually　
inflicted　on　the　industrial　system　from　day　to　day；　but　rather　
the　price　of　delivery　from　derangement　which　the　businesslike　
managers　of　industry　have　taken　measures　to　discontinue　and　
disallow。　
　　　　A　concrete　illustration　will　show　what　is　intended。　For　some　
time　past；　and　very　noticeably　during　the　past　quarter…century；　
the　ownership　of　the　large　industrial　concerns　has　constantly　
been　drawing　together　into　larger　and　larger　aggregations；　with　a　
more　centralised　control。　The　case　of　the　steel　industry　is　
typical。　For　a　considerable　period；　beginning　in　the　early　
nineties；　there　went　on　a　process　of　combination　and　
recombination　of　corporations　in　this　industry；　resulting　in　
larger　and　larger　aggregations　of　corporate　ownership。　Commonly；　
though　perhaps　not　invariably；　some　of　the　unprofitable　
duplication　and　work　at　cross　purposes　that　was　necessarily　
involved　in　the　earlier　parcelment　of　ownership　was　got　rid　of　in　
this　way；　gradually　with　each　successive　move　in　this　
concentration　of　ownership　and　control。　Perhaps　also　invariably　
there　was　a　substantial　saving　made　in　the　aggregate　volume　of　
business　dealings　that　would　necessarily　be　involved　in　carrying　
on　the　industry。　Under　the　management　of　many　concerns　each　
intent　on　its　own　pecuniary　interest；　the　details　of　business　
transactions　would　be　voluminous　and　intricate；　in　the　way　of　
contracts；　orders；　running　accounts；　working　arrangements；　as　
well　as　the　necessary　financial　operations；　properly　so　called。　
Much　of　this　would　be　obviated　by　taking　over　the　ownership　of　
these　concerns　into　the　hands　of　a　centralised　control；　and　there　
would　be　a　consequent　lessening　of　that　delay　and　uncertainty　
that　always　is　to　be　counted　on　wherever　the　industrial　
operations　have　to　wait　on　the　completion　of　various　business　
arrangements；　as　they　habitually　do。　There　is　circumstantial　
evidence　that　very　material　gains　in　economy　and　expedition　
commonly　resulted　from　these　successive　moves　of　consolidation　in　
the　steel　business。　And　this　discontinuance　of　businesslike　delay　
and　calculated　maladjustment　was　at　each　successive　move　brought　
to　a　secure　footing　and　capitalised　in　an　increased　issue　of　
negotiable　corporation　securities。　
　　　　It　will　also　be　recalled　that；　as　a　matter　of　routine；　each　
successive　consolidation　of　ownership　involved　a　recapitalization　
of　the　concerns　so　brought　together　under　a　common　head；　and　that　
commonly　if　not　invariably　the　resulting　recapitalisation　would　
be　larger　than　the　aggregate　earlier　capital　of　the　underlying　
corporations。　Even　where；　as　sometimes　has　happened；　there　was　no　
increase　made　in　the　nominal　capitalisation；　there　would　still　
result　an　effectual　increase；　in　that　the　market　value　of　the　
securities　outstanding　would　be　larger　after　the　operation　than　
the　value　of　the　aggregate　capital　of　the　underlying　corporations　
had　been　before。　There　has　commonly　been　some　gain　in　aggregate　
capitalisation；　and　the　resulting　increased　capitalisation　has　
also　commonly　proved　to　be　valid。　The　market　value　of　the　larger　
and　more　stable　capitalisation　has　presently　proved　to　be　larger　
and　more　stable　than　the　capitalisation　of　the　same　properties　
under　the　earlier　r間ime　of　divided　ownership　and　control。　What　
has　so　been　added　to　the　aggregate　capitalisation　has　in　the　main　
been　the　relative　absence　of　work　at　cross　purposes；　which　has　
resulted　from　the　consolidation　of　ownership；　and　it　is　to　be　
accounted　a　typical　instance　of　intangible　assets。　The　new　and　
larger　capitalisation　has　commonly　made　good；　and　this　is　
particularly　true　for　those　later；　larger　and　more　conclusive　
recombinations　of　corporate　ownership　with　which　the　so…called　
era　of　trust…making　in　the　steel　business　came　to　a　provisional　
conclusion。　The　U。S。　Steel　Corporation　has　vindicated　the　wisdom　
of　an　unreserved　advance　on　lines　of　consolidation　and　
recapitalisation　in　the　financing　of　the　large　and　technical　
industries。　
　　　　For　reasons　well　understood　by　those　who　are　acquainted　with　
these　things；　no　one　can　offer　a　confident　estimate；　or　even　a　
particularly　intelligent　opinion；　as　to　the　aggregate　amount　of　
overhead　burden　and　intangible　assets　which　has　been　written　into　
the　corporate　capital　of　the　steel　business　in　the　course　of　a　
few　years　of　consolidation。　For　reasons　of　depreciation；　disuse；　
replacement；　extension；　renewal；　changes　in　market　conditions　and　
in　technical　requirements；　the　case　is　too　intricate　to　admit　
anything　like　a　clear…cut　identification　of　the　immaterial　items　
included　in　the　capitalisation。　But　there　is　no　chance　to　doubt　
that　in　the　aggregate　these　immaterial　items　foot　up　to　a　very　
formidable　proportion　of　the　total　capital。　
　　　　And　what　is　true　for　the　steel　business　in　this　respect　will　
doubtless　apply　even　more　unreservedly　in　transportation；　or　in　
such　a　case　as　the　oil　business。　The　latter　may　be　taken　as　a　
typical　case；　differing　from　steel　in　some　of　the　circumstances　
which　condition　its　business　organisation；　but　comparable　with　
steel　in　respect　of　the　necessity　for　a　centralised　control。　In　
the　oil　business　a　rough　classification　of　assets　would　take　some　
such　shape　as　this：　（a）　Monopolisation　of　natural　resources；　（b）　
Control　of　markets　by　limitation　of　the　supply；　（c）　Plant。　Of　
these　three；　the　last　named；　the　material　equipment；　would　
unquestionably　be　found　to　be　altogether　the　slightest　and　least　
valuable。　What　is　not　doubtful；　in　the　steel　business　or　in　any　
of　the　other　industrial　enterprises　that　run　on　a　similar　scale　
and　a　similar　level　of　technology；　is　that　the　owners　of　the　
corporate　capital　have　come　in　for　a　very　substantial　body　of　
intangible　assets　of　this　kind；　and　that　these　assets　of　
capitalised　free　income　will　foot　up　to　several　times　the　total　
value　of　the　material　assets　which　underlie　them。　
　　　　It　is　evident　that　the　businesslike　management　of　industry　
under　these　conditions　need　not　involve　derangement　and　cross　
purposes　at　every　turn。　It　should　always　be　likely　that　the　
business　men　in　charge　will　find　it　to　their　profit　to　combine　
forces；　eliminate　wasteful　traffic；　allow　a　reasonably　free　and　
economical　working　of　the　country's　productive　powers　within　the　
limits　of　a　profitable　price；　and　so　come　in　for　a　larger　total　
of　free　income　to　be　divided　amicably　among　themselves　on　a　
concerted　plan。　This　can　be　done　by　means　of　a　combination　of　
ownership；　such　as　the　corporations　of　the　present　time。　But　
there　is　a　difficulty　of　principle　involved　in　this　use　of　
incorporation　as　a　method　of　combining　forces。　Such　a　
consolidation　of　ownership　and　control　on　a　large　scale　appears　
to　be；　in　effect；　a　combination　of　forces　against　the　rest　of　the　
community　or　in　contravention　of　the　principles　of　free　
competition。　In　effect　it　foots　up　to　the　same　thing　as　a　
combination　in　restraint　of　trade；　in　form　it　is　a　concentration　
of　ownership。　Combination　of　owners　in　restraint　of　trade　is　
obnoxious　to　the　liberal　principles　of　free　bargaining　and　
self…help；　consolidation　of　ownership　by　purchase　or　
incorporation　appears　to　be　a　reasonable　exercise　of　the　right　of　
free　bargaining　and　self…help。　There　is　accordingly　some　chance　
of　a　difference　of　opinion　at　this　point　and　some　risk　of　playing　
fast　and　loose　with　these　liberal　principles　that　disallow　
conspiracy　in　restraint　of　trade。　This　difficulty　of　principle　
has　been　sought　to　be　got　over　by　believing　that　a　combination　of　
ownership　in　restraint　of　trade　does　not　amount　to　a　conspiracy　
in　restraint　of　trade；　within　the　purport　of　these　liberal　
principles。　There　is　a　great　and　pressing　need　of　such　a　
construction　of　these　principles；　which　would　greatly　facilitate　
the　work　of　corporation　finance；　but　it　is　to　be　admitted　that　
some　slight　cloud　still　rests　on　this　manner　of　disposing　of　
ownership。　It　involves　abdication　or　delegation　of　that　
discretionary　exercise　of　property　rights　which　has　been　held　to　
be　of　the　essence　of　ownership。　
　　　　The　new　state　of　things　brought　about　by　such　a　consolidation　
is　capitalised　as　a　permanent　source　of　free　income。　And　if　it　
proves　to　be　a　sound　business　proposition　the　new　capitalisation　
will　measure　the　increase　of　income　which　goes　to　its　promoter　or　
to　the　corporation　in　whose　name　the　move　has　been　made；　and　if　
the　work　is　well　and　neatly　done；　no　one　else　will　get　any　gain　
from　it　or　be　in　any　way　benefited　by　the　arrangement。　It　is　a　
business　proposition；　not　a　fanciful　project　of　public　utility。　
The　capitalised　value　of　such　a　coalition　of　ownership　is　not　
measured　by