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INTRODUCTION AND SUMMARY
THE MERGER MOVEMENT FROM 1895 THROUGH 1920
THE FIRST MERGER WAVE
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absolute merger activity allied products American Annual Percentage Rates Bituminous coal Bureau of Economic business cycle Business Incorporations capital market Census cent changes Chemicals companies comparisons consolidation activity consolidation capitalizations corporation correlation coverage cyclical decline Disappearances by Merger early merger Economic Research factor firm disappearances firms entering geographical concentration high merger activity important increase indicates industrial production Industrial Production Index iron and steel issues kindred products large consolidations large merger leading low merger activity machinery manufacturing and mining market control measures of merger merger capitalizations merger disappearances merger movement merger series merging firms million Moody National Bureau nonferrous number of consolidations number of firms pattern peak Percentage Petroleum prices and industrial Primary metals quarterly series railroad Rank rate of growth reference cycle Relative Merger Activity retardation Source stock prices subperiods Thorp tion Total Merger transportation costs trend Trough turning points two-digit industries U.S. Steel United York Stock Exchange