tably withdraw 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.*
The sublimatton of buaineas capital that has been going forward in recent times has grave consequences for the owners of property as well as for the conduct of industry. In so far as invested property is managed by the methods of modem corporation finance, it is evident that the management is separated from the ownership of
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.
The case of J. P. Morgan and Company is, o! coune, not here cited a*
being a unique or peculiar Instance, hut simply as a typical and strik-
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