108 The Stock Market Crash—And After 
reaching all the way through from raw materials to 
manufacture, advertising, and distribution. Profits 
due to economies are the lure which brings about a 
$200,000,000 consolidation of the express sys- 
tems of Adams, American, and American Railway 
Express. 
The $550,000,000 holding company of the Inter- 
national Paper organization; the movement follow- 
ing a ten-year survey, for effecting mergers in the 
lumber industry; the Fox chain of motion picture 
theatres with its goal of one million seating capacity 
in 1929; the merger of Radio Corporation of 
America and Victor Talking Machine interests, with 
$626,540,000 “to advance the reproducing art”; the 
du Ponts’ absorption of the United States Rubber 
Company; the formation by the Standard Oil Group 
of an export merger under the Webb Act; the union 
of six brass concerns to control 20 per cent of the 
national output of brass and copper; the merger of 
twelve dairy companies in the southwest; a rayon 
corporation “to link continents”; a mortgage merger 
to cover the nation; the merger of the cosmetic and 
perfume industry; the mergers being considered in 
the cement industry (the nation’s roads are rapidly 
being transformed into cement); the authorized 
mergers of the railway systems under the watchful 
eye of the Interstate Commerce Commission; the 
consolidation of power and light companies; the 
many mergers of great banking institutions; the mer- 
ger of both wire and wireless telephone and telegraph 
communications advocated by Owen D. Young ;—