and usages are parting company, at this point aa well as at some others in the affairs of modem business.
When such a large transaction in the reorganization of industrial concerns has been completed, the values left in the hands of the former owners of the concerns merged in the new coalition are only to a fractional and uncertain extent of the nature of material goods. They are in large part debentures, and much of the remainder is of a doubtful character. A large proportion of the nominal collective capital resulting in such cases is made up of the capitalized good-will of the concerns merged.' This good-will is chiefly a capitalization I of the differential advantages possessed by the ' several concerns as competitors in business, and is for the most part of no use for other than competiI tive business ends. It has for the most part no I *gi?'6g^te industrial effect. The differential advantages possessed by business concerns as competitors [ disappear when the competitors are merged, in the li degree in which they cease to compete with rival bidders for the same range of business. To this aggregate defunct good-will of the consolidated concerns (wliich in the nature of things can make only an imaginary aggregate) is added something
- Report of tkt Itiduttrtat CommUnoa, vol. I. (TesUmony of Dixld) pp. 10M-1U&&, 10I>T, 1068-1069, (Oatw} pp. 1031-1022 ; rol. XUL
p. Li, nitli UetlmoDf .