The Control of Trusts

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Macmillan, 1914 - Trusts - 202 pages
 

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Page 207 - Practical Problems in Banking and Currency Being a number of selected addresses delivered in recent years by prominent bankers, financiers, and economists. Edited by WALTER HENRY HULL With an Introduction by the Hon. CF PHILLIPS, of New York.
Page ii - THE MACMILLAN COMPANY NEW YORK • BOSTON • CHICAGO DALLAS • SAN FRANCISCO MACMILLAN & CO., LIMITED LONDON • BOMBAY • CALCUTTA MELBOURNE THE MACMILLAN CO. OF CANADA, LTD. TORONTO the plays and poems.
Page 201 - It is a game played under rules fixed by the state to the end that, so far as possible, the prize of victory shall be earned, not by trickery or mere selfseeking adroitness, but by value rendered. It is not the mere play of unrestrained self-interest; it is a method of harnessing the wild beast of self-interest to serve the common good — a thing of ideals and not of sordidness. It is not a natural state, but like any other form of liberty, it is a social achievement, and eternal vigilance is the...
Page 87 - A reasonable return is one which under honest accounting and responsible management will attract the amount of investors' money needed for the development of our railroad facilities. More than this is an unnecessary public burden. Less than this means a check to railroad construction and to the development of traffic. Where the investment is secure, a reasonable return is a rate which approximates the rate of interest which prevails in other lines of industry.
Page 97 - factors' agreement,' by which it gives a special rebate to those merchants who handle only its own goods. It may resort, secondly, to the local cutting of prices, whereby the trust enters its rival's special territory and sells goods there below the cost of producing them, while sustaining itself by means of higher prices charged in other portions of its field. Again, the trust may depend on the cutting of the price of some one variety of goods which a rival producer makes, in order to ruin him,...
Page 74 - There is one institution, a bad product of recent development, for which no good words should be said, and very few are said. It is the 'holding company' so-called, and it is diabolically perfect as a means, first, of concentrating the control of many corporations in a single one and, secondly, of concentrating the control of that single company in a small minority of the real owners of the capital and the business over which they have sway.
Page 120 - ... of the field and let a few small rivals operate on the outskirts. If these are in the trust's power and are compelled to do its bidding, the monopoly is essentially complete. If, then, new and strong competitors are precluded from appearing, the position of the monopoly is secure. It has nothing to fear on the economic side. Just here, therefore, its danger on the legal side ought to begin ; for it is the banishing not merely of the actual, but of the potential, competitor that makes it a monopoly....
Page 208 - The Rate of Interest Its Nature, Determination, and Relation to Economic Phenomena, By IRVING FISHER, Ph.D., Professor of Political Economy in Yale University. Cloth, 8vo, 44% pp.
Page 134 - Clark's perspective of goals, as when he stated in his The Control of Trusts that ". . . progress is in itself the summum bonum in economics, and that society is essentially the best which improves the fastest."12 But it is only part of the story to see that leading economists of the past gave no special pre-eminence to the value matters they studied so thoroughly, and looked on their static hypotheses as something less than realistic description. While they stressed high and growing production...
Page 118 - If the price of the particular grade of goods were first put down and then put up again, and if rivals were crushed in the interval, this would be evidence that the purpose of the cut was illegitimate.

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