control of the corporations in question and their management for private, tactical ends, a characterization of the business as " speculative " is inadequate and beside the point. This higher reach of corporation financiering has little if any more of a speculative character than what belongs to the commonplace buBinesa management of any industrial enterprise. In all business enterprise that stands in relations with the market and depends on vendibility of its output there is more or less uncertainty as to the outcome.* In this sense all industrial business, as well as commercial business, has something of a speculative character. But it is little to the purpose on that account to lump industrial enterprises and
1 Cf. Emery, "PUc« of the Specnlklor in the Theor7 ol DiatiibutlOD," Proetedingi of the twelfth uidukI meeting of the Ametiokn Eoonomlo Asaociation; tiio "DiacuuioD," followtng Mi. Emery'a paper.
■ WcU aliowii in Hr. Emeiy'a pftper cited ftbon.
corporation financiering together as " speculative business " and deal with them