" Good-will " is a somewhat extensible term, and latterly it has a more comprehensive meaning than it once had. Its meaning has, in fact, been gradually extended to meet the requirements of modem business methods. Various items, of very diverse character, are to be included under the head of " good-will " ; but the items included have this much in common that they are " immaterial wealth," " intangible assets " ; which, it may parenthetically be remarked, signifies among other ' v,v things that these assets are not serviceable to the I ' commimity, but only to their owners. Good-will taken in its wider meaning comprises such things aa established customary business relations, reputation for upright dealing, franchises and privileges, trade-marks, brands, patent rights, copyrights, exclusive use of special processes guarded by law or by secrecy, exclusive control of particular sources of noaterials. All these items give a differential advantage to their owners, but they
whose secuiilies are quoted on the markeL It la In the Block market that thla egective capitalization lakea place. But the law does not recognize such a baala of capitalization ; nor are buaineBB men generally read; M adopt it in eet fonu, although they constantly have recourse to it, in effect, in operations of investment and o( credit extensioii. Cf. iJeporf 0/ the lnd\iglrinl Commisnon. vol. I. pp. fl, 17, 21 (Test. F. B. Thurber) ; p. 967 (Teet. F. L. Sl«Mon) ; pp. 586-587 (Test. H. H. Rogers) ; pp. 110-111, 124 (Test H. 0. Haveroeyer) ; pp. 1021. 1032 (Tost. J. W. Gal«8) ; pp. 1064-1056 (TeaL S. Dodd) ; ToL xm. pp. 287-288 (Test. H- Bum) ; p. 388 (Test. J. Morris) ; pp. 107-108 (Test. E. R. Chapman). See ^arttrly Jonmt^ of Seonomic*, February 1903, pp. 344-S45, "The Holyoke Watei Cue," tor an iUustrative deojaion.