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accounted a typical instance of intangible assets。 The new and
larger capitalisation has commonly made good； and this is
particularly true for those later； larger and more conclusive
recombinations of corporate ownership with which the so…called
era of trust…making in the steel business came to a provisional
conclusion。 The U。S。 Steel Corporation has vindicated the wisdom
of an unreserved advance on lines of consolidation and
recapitalisation in the financing of the large and technical
industries。
For reasons well understood by those who are acquainted with
these things； no one can offer a confident estimate； or even a
particularly intelligent opinion； as to the aggregate amount of
overhead burden and intangible assets which has been written into
the corporate capital of the steel business in the course of a
few years of consolidation。 For reasons of depreciation； disuse；
replacement； extension； renewal； changes in market conditions and
in technical requirements； the case is too intricate to admit
anything like a clear…cut identification of the immaterial items
included in the capitalisation。 But there is no chance to doubt
that in the aggregate these immaterial items foot up to a very
formidable proportion of the total capital。
And what is true for the steel business in this respect will
doubtless apply even more unreservedly in transportation； or in
such a case as the oil business。 The latter may be taken as a
typical case； differing from steel in some of the circumstances
which condition its business organisation； but comparable with
steel in respect of the necessity for a centralised control。 In
the oil business a rough classification of assets would take some
such shape as this： （a） Monopolisation of natural resources； （b）
Control of markets by limitation of the supply； （c） Plant。 Of
these three； the last named； the material equipment； would
unquestionably be found to be altogether the slightest and least
valuable。 What is not doubtful； in the steel business or in any
of the other industrial enterprises that run on a similar scale
and a similar level of technology； is that the owners of the
corporate capital have come in for a very substantial body of
intangible assets of this kind； and that these assets of
capitalised free income will foot up to several times the total
value of the material assets which underlie them。
It is evident that the businesslike management of industry
under these conditions need not involve derangement and cross
purposes at every turn。 It should always be likely that the
business men in charge will find it to their profit to combine
forces； eliminate wasteful traffic； allow a reasonably free and
economical working of the country's productive powers within the
limits of a profitable price； and so come in for a larger total
of free income to be divided amicably among themselves on a
concerted plan。 This can be done by means of a combination of
ownership； such as the corporations of the present time。 But
there is a difficulty of principle involved in this use of
incorporation as a method of combining forces。 Such a
consolidation of ownership and control on a large scale appears
to be； in effect； a combination of forces against the rest of the
community or in contravention of the principles of free
competition。 In effect it foots up to the same thing as a
combination in restraint of trade； in form it is a concentration
of ownership。 Combination of owners in restraint of trade is
obnoxious to the liberal principles of free bargaining and
self…help； consolidation of ownership by purchase or
incorporation appears to be a reasonable exercise of the right of
free bargaining and self…help。 There is accordingly some chance
of a difference of opinion at this point and some risk of playing
fast and loose with these liberal principles that disallow
conspiracy in restraint of trade。 This difficulty of principle
has been sought to be got over by believing that a combination of
ownership in restraint of trade does not amount to a conspiracy
in restraint of trade； within the purport of these liberal
principles。 There is a great and pressing need of such a
construction of these principles； which would greatly facilitate
the work of corporation finance； but it is to be admitted that
some slight cloud still rests on this manner of disposing of
ownership。 It involves abdication or delegation of that
discretionary exercise of property rights which has been held to
be of the essence of ownership。
The new state of things brought about by such a consolidation
is capitalised as a permanent source of free income。 And if it
proves to be a sound business proposition the new capitalisation
will measure the increase of income which goes to its promoter or
to the corporation in whose name the move has been made； and if
the work is well and neatly done； no one else will get any gain
from it or be in any way benefited by the arrangement。 It is a
business proposition； not a fanciful project of public utility。
The capitalised value of such a coalition of ownership is not
measured by any heightened production or any retrenchment of
waste that may come in its train； nor need the new move bring any
saving or any addition to the community's net productive
resources in any respect。 Indeed； it happens not infrequently
that such a waste…conserving coalition of ownership leads
directly to a restriction of output； according to the familiar
run of monopoly rule。 So frequently will restriction； enhanced
prices； unemployment； and hardship follow in such a case； that it
has come to be an article of popular knowledge and belief that
this is the logical aim and outcome of any successful manoeuvre
of the kind。
So also； though its output of marketable goods or services
may be got on easier terms； the new and larger business concern
which results from the coalition need be no more open…handed or
humane in its dealings with its workmen。 There will； in fact； be
some provocation to the contrary。 A more powerful corporation is
in a position to make its own terms with greater freedom； which
it then is for the workmen to take or leave； but ordinarily to
take； for the universal rule of businesslike management to
charge what the traffic will bear continues to hold unbroken
for any business concern； irrespective of its size or its
facilities。 As has already been noted in an earlier passage；
charging what the traffic will bear is the same as charging what
will yield the largest net profit。
There stand over two main questions touching the nature and
uses of these vested interests： Why do not these powerful
business concerns exercise their autocratic powers to drive the
industrial system at its full productive capacity； seeing that
they are in a position to claim any increase of net production
over cost？ and； What use is made of the free income which goes to
them as the perquisite of their vested interest？ The answer to
the former question is to be found in the fact that the great
business concerns as well as t