advantageous conaolidation, but to effect it under Buch circumstances of ownership as will give him control of large business forces or bring him the largest possible gain. The ulterior end sought is an increase of ownership, not industrial serviceability. His aim is to contrive a consolidation in which he will be at an advantage, and to effect it on the terms most favorable to his own interest.
But it is not commonly evident at the outset what are the most favorable terms that he can get in his dealings with other business men whose interests are touched by the proposed conaolidation, or who are ambitious to effect some similar consolidation of the same or of competing industrial elements for their own profit. It rarely happens that the interests of the business men whom the prospective conaolidation touches all converge to a coalition on the same basis and under the same management. The consequence is negotiation and delay. It commonly also happens that some of the business men affected see their advantage in staving off the coalition until a time more propitious to their own interest, or until those who have the work of conaolidation in band can be brought to compound with them for the withdrawal of whatever obstruction they are able to offer.' Such a coalition involves a loss of independent standing,
' Of,, e.g., the accounts of the formation of the United Slatee Steel Corporation or at the Shipbuilding Company.
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