on its common stock," which baa been selling at BO, — Seport of lk» InAiMtrial CommitsioH, vol. XIII. pp.
MODERN BUSINESS CAPITAL
147
prácticamente la misma posición que la cubierta por las acciones preferentes.^
< It may be argued tl^ this Identltication at the comnioii stock with the Intangible ssaets holds true in theory only, in the sense that this ia the view held by the buaineas men who occupy themBelveB with ■uch matters ; wbiie In point of fact no distinction of this nature betneen common and preferred stock is or can practically be maintained fcfter the stock has once found its way into the market. It might ■eem, in other nords, that when the stock has once passed Che stage of OTgantzatton and gone into the hands of the pitrchasers, each share tepreaenla nothing but an undivided interest in the aggregate capitalixation of the concern, so that the particular il«m of wealth repreBented by a given share or given form of security can no longer be
A primera vista de la situación tal parece ser el caso, pero hay hechos que abogan por el punto de vista expuesto anteriormente. It is, e.g., well known that whenever circumstances arise which immediately a&ect the value of the good-will of a corporation, it is the quotations of the common stock that Qrst and most decidedly are afiected. If the goodwill of the concern makes a great and rapid gala, e.g. through manceuTTes which put it in a position of monopoly or through changes in the goods market which greatly increase the demand for the concern's product, and the lite, it is the quotation of the common stock that