table withdrawal its animating force from any one of its creatures without thereby altering the material circumstances of the corporation which suffers such an intangible shrinkage of its forces.
There can be no question but that the good-will of the various great organizers and their financiering houses has repeatedly been capitalized, probably to its full amount, in the common stock of the various corporations which they have created ; but taken in the sense of an asset belonging to the financing house as a corporation, it is not known that this item of immaterial wealth has yet been formally capitalized and offered in quotable shares on the market or included in the schedules of personal property.*
La sublimación del capital comercial que se ha estado produciendo en los últimos tiempos tiene graves consecuencias tanto para los propietarios de bienes como para la dirección de la industria. En la medida en que la propiedad invertida se gestiona mediante los métodos de las finanzas corporativas modernas, es evidente que la dirección está separada de la propiedad de
I ' Parenthetically It may be remarked that the failure to capiullze ' ■och items of fcood^wlU U likely to InTolve a virtual evasion of the lax on peiBonal property, and may, tberetore, be questionable on moral i grounds.
El caso de J. P. Morgan and Company no es, por supuesto, aquí citado como un ejemplo único o peculiar, sino simplemente como uno típico y sorpren-
Liag illustratioa of what happens and o( what might be accomplished ^H in a namber of large and very consequential coses of the same class. ^M t ; k dH
MODERN BUSINESS CAPITAL