occurred in railroading, at the same time that the methods and expedients of modem corporation finance have also first and most widely reached a fair degree of maturity in railroading. It holds out a suggestion as to what may fairly be looked for when corporation finance shall have made itself more thoroughly at home in the " industrials " proper. Indeed, the field of the " industrials " is by no means barren of instances comparable with the maturer and more sagacious railroad financiering.'
El interés bursátil de aquellos hombres que tienen a su cargo las corporaciones industriales es amplio y multifacético. No se limita
' It nui; be noted, b; the wa;, th&t the qaeetioD of the tumoTer (apolten of on p. 96 above) becomea, under the circumRbuicea of the modem eorporation finance, in great part a question of the inUrval between the purchase and sale of the capital engaged in industry on the one band, and of the magnitade of the discrepancy betneen actual and putatiTe eaming-capacity □□ the other band, rather than a qaea. Uon of the period of the Industrial process and the magnltode of the oaqiut and its price. The formula there shown becomes : — ^pltal /actui^ eamipg-capacity
= putative earning-capacity — actual earning-capacity j. In which capital to the amount of the operator's investment in the concern's securities, the time is the interval between purchase and sale of the securities, and the putative earning-capacity is taken to exceed the actual earning-capacity by an indeterminate fraction of the latter.