72 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE.

the most profitable of German enterprises. Its cumulative dividends
for the decenniums ending 1901 and 1911, respectively, amounted to
142 per cent and 418% per cent. The capital stock, which was raised
in 1912 to $3,000,000, was issued at 250. The enormous profits of this
company were made principally in the manufacture of automobile
tires. The Continental controls by far the larger percentage of the
total production of tires in Germany. Before the formation of this
company the competition was lively and there were but few evidences
 of a monopoly. The huge profits which the Continental has
heen able to show are probably due to the extraordinary productivity
and the popularity of the goods.
German Gold and Silver Parting Works (Deutsche Gold- und
Silber-Scheideanstalt).—The Parting Works, which is located at
Frankfort on the Main, is a widely diversified undertaking, the
profits of which have been extraordinarily large. In the literature
describing this cartel it is designated as the central representative
of several associations, such as the Potassium Cyanide Manufacturers.
 The Gold and Silver Parting Works is interested in precious
metals, chemicals, and a number of other combinations. It acts as
a holding company for the charcoal combination at Konstanz
(Holzverkohlungs-Industrie, A.-G.), which is in itself principally
 a holding company. The quotation of capital stock of
the Parting Works from 1908 to the end of 1910 rose from 445 to 613
per cent of the par value. In 1913 the capital stock was increased
from 10,000,000 marks to 20,000,000 marks, but even after this increase,
 the stock was quoted at 528 per cent of the par value. During
the years from 1911 to 1914 the dividends were 40 per cent, 50 per
cent, 30 per cent, and 30 per cent, and in addition large sums were
added to the surplus.
Concentration in the incandescent-light industry—The German
Incandescent Gas Light Stock Co. (Deutsche Gasgliihlicht Aktien-Gesellschaft,
 or otherwise known as the Auergesellschaft) holds in
the incandescent-light business a dominating position. In the company’s
 statement for 1910-11 it was shown that this company manufactures
 in its works about 50,000,000 incandescent mantles annually.
In order to overcome competition in the purchase of raw materials,
the control of the English Auer company, which owns most of the
capital stock of the Austrian Auer company, was effected. According
 to the statements made by the Association of Independent Incandescent
 Mantle Manufacturers (Verband unabhingiger Gliihkorperfabrikanten)
 at the beginning of 1913, the Auer company
produced for sale in Germany and. abroad from 90,000,000 to
100,000,000 mantles, as compared with 70,000,000 on the part of other
German manufacturers. In the incandescent-light business, excluding
 mantles, the Allgemeine Elektrizitats-Gesellschaft and Siemens
&amp; Halske, with the Auer company, occupy a prominent position.
The proportionate production of other factories has considerably
diminished. The semimonopolistic position of the Auer company-in
the mantle business and its prominence in the manufacture of incandescent
 lights is shown by the great profits of this company. In
1911 and 1912 the common stock of the Auer company paid a dividend
 of 6,600,000 marks ($1,570,800), or 25 per cent, in cash, and 50
per cent in stock; in the preceding three years, on the same capital,
a cash dividend of 50 per cent was paid annually.