The stock market crash - and after

Bibliographic data

Multivolume work

Identifikator:: 1780159447

Document type:: Multivolume work

Author:: Marx, Karl http://d-nb.info/gnd/118578537

Title:: Das Kapital

Place of publication:: Berlin

Publisher:: J. H. W. Dietz Nachf., G. m. b. H.

Year of publication:: 1926-

Collection:: Economics Books

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Volume

Identifikator:: 1780159595

URN:: urn:nbn:de:zbw-retromon-188277

Document type:: Volume

Author:: Marx, Karl http://d-nb.info/gnd/118578537

Title:: Der Produktionsprozeß des Kapitals

Volume count:: 1.1928

Place of publication:: Berlin

Publisher:: J. H. W. Dietz Nachf., G. m. b. H.

Year of publication:: 1928

Scope:: XLVIII, 768 Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Multivolume work

Structure type:: Chapter

Title:: Siebter Abschnitt. Der Akkumulationsprozeß des Kapitals

Collection:: Economics Books

The Age of Mergers 109 all these show the drift which has become a rush toward consolidation. These consolidations, existing and proposed, are to effect economies and to increase profits. The sub- sidiary companies of the old Standard Oil Company, which was dissolved in 1911 by decree of the Federal Supreme Court, have grown into a small group of billion-dollar companies. The New Jersey and Cali- fornia Standard Oil have each securities exceeding a billion in value, while those of the Indiana company are close to this sum, and the Standard of New York has risen to $660,000,000 in market value. The splitting up of the old company merely produced giant offspring, with dividends aggregating, during 1928, nearly $220,000,000 for the thirty compo- nents. What will the governmental authorities do with all these lusty “bigger and better” mergers, which operate sometimes contrary to the spirit if not to the letter of the anti-trust laws? That depends largely on what they do with them- selves. No doubt holding companies are economi- cally valuable in simplifying the financial structures. They introduce the immensely valuable insurance fea- ture of diversification. The problem is: Can monop- olies and unreasonable restraints of trade be pre- vented while these modern aggregations of capital use their facilities to gather business statistics, guard against inflated inventories. standardize their prod- ucts, and arrive at price agreements that prevent losses formerly sustained by cutthroat competition ?

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