142 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE.

ascribed to a class of professional “merger makers” which sprung
up, and many consolidations were completed where the primary promoters
 had little real interest in the companies concerned. This
professional merger making has been regarded as one of the unfavorable
 features of the Canadian merger movement, and the promoter’s
greed has been considered, on more than one occasion, a more important
 factor than the desire on the part of the manufacturer to pay
larger dividends through reduced expenses, or even by enchanced
prices through control of the market. The amount of water injected
into the capitalization of Canadian companies has been very great.
Professional promoters have gone through Canada for the past few
years and have left a train of mergers in their wake. and practically
all have been overcapitalized.
Prior to the year 1909 there were reported to be some 12 or 14
industrial amalgamations or combinations in Canada. This number,
at the end of 1911, had increased to 41; in 1912, to 56; and at the
end of the year 1913 the total number of industrial amalgamations
in Canada, as ascertained from the Monetary Times—a recognized
authority on financial affairs in the Dominion—and from other
sources, was 82. Since the year 1913, with the falling off in business
 and industry which characterized the early part of the year, and
with the commencement of the war in Europe, there has been very
little in the way of new industrial amalgamations, and the list which
is given below may be taken to fairly represent the number of trade
combinations now actually in existence in Canada. There is no
doubt that in connection with the large contracts for munitions of
war and army supplies which have been given out in Canada by the
Canadian, British, French, and Russian Governments, a number of
establishments have joined together under some arrangement or
agreement in order to tender on large orders and maintain prices,
but particulars of these arrangements have not been given much
publicity. Outside, however, of arrangements of this kind the
merger movement in Canada may be considered to have practically
ceased at the close of the year 1913.
The following is a list of industrial amalgamations or mergers
which had been consummated in Canada up to the end of 1913, and
of the different establishments absorbed. Information is also given
as to stock and bond issues and in regard to other particulars.

Amaloamated Asbestos Corporation (Litd.), Montreal.

Common stock, $8,125,000; preferred, $1,875,000; bonds, $15,000,000; total,
$25,000,000. Issued: Common, $8,125,000; preferred, $1.875,000; bonds, $8.000.-000;
 total, $18,000,000.
Corapanies absorbed: ’
King’s Asbestos Mines, capital, including bonds. eemeaaaea
Beaver Asbestos Co. (Ltd.), capital, including bonds___—_.._
British Canadian Asbestos Co. (Ltd.), capital, including bonds_
Standard Asbestos Co. (Ltd.), capital, including bonds____.._
Dominion Asbestos Co. (Ltd.), capital, including bonds. caaaea

$1, 000, 000
300, 000
1, 000, 000
150, 000
500. 000

Total cme

2950000

(The Amalgamated Asbestos Corporation (Ltd.) was reorganized in 1912,
and assets, etc., acquired by the Asbestos Corporation of Canada (Ltd.). See
Ashestos Corporation of Canada (Ltd.).)