Excerpt from Trust Finance: A Study of the Genesis, Organization, and Management of Industrial Combinations
Recent discussions of the trust question have shown the existence among persons of every shade of opinion of a conviction that serious blunders have been made in the organization and financial management of many industrial combinations, and that the result of these blunders is a condition of overcapitalization which is a menace to general business security. Opinions may differ as to the evils of monopoly prices, and the undue advantages in competition which arc alleged to have arisen out of the combination movement, but, apparently, there is a general assent to the proposition that there is in the United States a large mass of speculative securities behind which is no guarantee of earning power sufficient to maintain their value under ordinary fluctuations of business prosperity. This condition, it is held, involves serious danger to every legitimate business interest. It is proposed in this volume to examine the grounds upon which this opinion is based, and to determine whether or not it is warranted by the known facts of trust capitalization and management.
The financial aspect of the trust question may be analyzed as follows:
1. The methods employed in the promotion and financing of the trust.
2. The method of its financial management.
3. The basis and justification of its capitalization.
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