This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1900 Excerpt: ...which is covered by the bonds. Stocks in such cases represent surplus. It is hoped that they will be of some value on account of the surplus ...Read MoreThis historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1900 Excerpt: ...which is covered by the bonds. Stocks in such cases represent surplus. It is hoped that they will be of some value on account of the surplus value of monopolized gains, but, as a rule, they do not represent any real investment. This is admitted by those interested in the business. Any man going into the street-car business in this country to-day would not expect that the stock should represent any real investment. In fact, one who should propose to go into the business and pay for the construction of street-car lines by stock investment would be called very foolish and unbusinesslike. The point is, that through various methods, especially through stock-watering, through salaries, through royalties, sometimes through high prices paid for purchases of commodities or land, under some term or another, the gains of monopoly are mostly covered up. 140 CHAPTER IV THE LIMITS OF MONOPOLY AND THE PERMANENCY OF COMPETITION It is a rather strange phenomenon that progress should result in the establishment of monopolies. It is a mistake to think that monopolies did not exist in earlier times. They did, and the desire for monopoly is about as old as the human race. It could not be described better than it is in Isaiah v. 8: "Woe unto them that join house to house, that lay field to field, till there be no place, that they may be placed alone in the midst of the earth!" But the possibilities of monopoly in early times were much less. Monopoly existed locally and on a much smaller scale, was often due to legal action, and did not frequently spring up spontaneously out of properties inherent in business. The truth is, that since the industrial revolution the increased industrial field is largely a non-competitive one. But there is a critical question which still c...Read Less
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