CONDITIONS IN PARTICULAR INDUSTRIES. 275

Gesellschaft appeared as a competitor of the A. E. G., Siamens &amp;
Halske and the other German companies, and although specializing
in electric traction, did mot abstain from activity in other lines.
Indications point to a readjustment of the relations between the
A.E. G. and Siemens &amp; Halske not long after the Thomson-Houston
Co. became active, under which the A. E. G. entered upon the unrestricted
 manufacture of electrical media and products. Still later
the old Edison and the Thomson-Houston patents were centered in
the A. E. G. for exploitation in the territory assigned to it.
The Allgemeine Elektricitits-Gesellschaft in 1904 got control of
the Union Elektricitats-Gesellschaft, Berlin, and of the Felten,
Guilleaume-Lahmeyer interests in 1910. In 1907 the number of
separate agreements combining the different members of the A. E. G.
was about 50. Members of the A. E. G. manufacture and produce
dynamos, motors, and transformers, lamps, conductive material,
semifinished products and raw materials, and engage in general
machine construction. To these divisions of the company, identified
 directly with its operation, a not insignificant number of enterprises
 should be added that are only juridicially independent, and lie
without the industry proper. Thus the A. E. G. controlled at that
time about 800,000,000 marks of capital? These agreements chiefly
relate to joint division of work and profits, it being specified that
the ‘‘individuality” of the parties is to be maintained.?
The annual report of 1914-15 shows a dividend of 11 per cent on
a capital stock of $36,890,000 and bank deposits of $24,514,000,
There are 66,000 employees. It maintains 38 installation offices,
12 engineer offices, and over 100 branches in other European countries,
 with 60 branch offices in the rest of the world.4
AFFILIATIONS WITH BANKS AND OTHER ENTERPRISES.—One of the
distinctive features of the German electrical industry is the extent
to which it is supported by banks. The concentration of the industry
in the hands of two great groups was promoted by banking interests,
and behind the industrial groups stand the greatest banking interests
of the Empire. The banks are directly connected with the management
 of the electrical companies through numerous common directors.
This is strikingly exemplified in the case of the A. E. G.
Through Ludwig Born, Eugen Gutmann, Hugo Landau, T. M.
Guilleaume, T. von Guilleaume, jr., F. G. von Brockdorf, M. von
Klitzing, A. von Blaschke, the late E. Rathenau, his son,
W. Rathenau, W. vom Rath, Albert Ballin, Louis Hagen, A. S. von
Oppenheim, F. von F. Fuld, A. Salomensohn, Oskar Oliven, M.
Kempner, K. Fiirstenberg, W. Oswald, members of its board and
i Singer, op. cit., p. 198. 38. Tschierschky, Kartell und Trust (Leipsic), 1911, p. 134,
*W. Koch, op. oft., pp. 44-46, 80,  ¢ See Pt. II, pp. 49-50.