Company A

“ No officer of agent of any corporation, joint-stock company, or association, and no member or agent of any firm, or preson directly or indirectly interested in the pecuniary profits or contracts of such corporation, joint-stock company, association, or firm, shall be employed or shall act as an officer or agent of the United States for the transaction of business with such corporation, joint-stock company, association, or firm. ”

“ In the short space of four years a crowd of companies, every one of which confidently held out to subscribers the hope of immense gains, sprang into existence—the Insurance Company, the Paper Company, the Lutestring Company, the Pearl Fishery Company, the Glass Bottle Company, the Alum Company, the Blythe Coal Company, the Swordblade Company. ”

“ Before speaking of the plan of industrial representation to which our president has referred, I want to say just a few words outlining my views as to what different interests constitute a company or corporation.
Every corporation is made up of four parties: Stockholders, directors, officers and employees. ”

“ The English East India Company, for instance, which was founded in 1600 as a regulated company, was made over into a joint stock company by degrees, and could not be regarded as permanently established on this basis for over fifty years. Generations of bitter experience were required to teach people the possible dangers as well as the possible benefits of this form of association. ”

“ They were empowered to raise among themselves £86,000, in eight hundred and sixty shares of £100 each, with further power to raise a further sum of £40,000, if necessary. The affairs of the company are managed by twenty proprietors, who form a committee, and who are under the control of the general meetings of the company. ”

“ Rise of Great Corporations.%—That mechanical progress so astonishing should powerfully affect the business and industrial world was inevitable. Trades, occupations, industries of all sorts, began to concentrate and combine, and corporations took the place of individuals and small companies. In place of the forty little telegraph companies of 1856, there was the great Western Union Company. In place of many petty railroads, there were a few trunk lines. ”

“ George’s Company is now distinctly in existence; formed of about twenty accepted Companions, to whose number I am daily adding, and to whom the entire property of the Company legally belongs, and who have the right at any moment to depose the Master, and dispose of the property in any manner they may think fit. Unless I believed myself capable of choosing persons for Companions who might be safely entrusted with this power I should not have endeavoured to form the society at all. ”

“ The aggregation known as the joint-stock company, everybody is willing now to admit, was absolutely necessary in order to secure the machinery, that is to say, the tools, the raw stock, the buildings, and to provide for the permanence of the venture. ”

“ Secondly, the directors of a joint stock company have always the management of a large capital, the joint stock of the company, a part of which they may frequently employ, with propriety, in building, repairing, and maintaining such necessary forts and garrisons. But the directors of a regulated company, having the management of no common capital, have no other fund to employ in this way but the casual revenue arising from the admission fines, and from the corporation duties imposed upon the trade of the company. ”

“ That two companies of Ringers be appointed—each company being equal in number to the Bells—the one company being the regular Ringers, performing and being responsible for all regular duty, and enjoying all emoluments—the other being a supplemental company, out of which any vacancy which may occur in the first company shall be filled up, and any member of which may be employed by any member of the first company to supply his place during any necessary absence. ”

“ It may sometimes even be modified by the fact that the product as turned over by one company to another is in such stage of completion that there is a ready market for it outside that of the allied subsidiaries. ”

“ There are several factories in Lowell, each of which belongs to what we should term a Company of Proprietors, but what they call in America a Corporation. I went over several of these; such as a woollen factory, a carpet factory, and a cotton factory: examined them in every part; and saw them in their ordinary working aspect, with no preparation of any kind, or departure from their ordinary everyday proceedings. I may add that I am well acquainted with our manufacturing towns in England, and have visited many mills in Manchester and elsewhere in the same manner. ”

“ The company, while it was a mining and manufacturing company and nothing else, voted 'to authorize the building of a railroad . . . for the transportation of coal and other productions to market. . . .
'That a sum . . . be raised for the purpose of building and equipping said railroad, and afford facilities for transportation to market for the mineral and other productions of the company's property; . . . to issue bonds . ”

“ Most of those who were for a New Company thought that the New Company ought, like the Old Company, to trade on a joint stock. But there were some who held that our commerce with India would be best carried on by means of what is called a regulated Company. ”

“ George’s Company other than a voluntary association of persons which the law will not recognize as a corporation.
“The Companions of St. George will be capable of holding land, but not as the St. George’s Company,—that is, not as a corporation. Land must be held by or for them as individuals. You may have a piece of land conveyed to, say two hundred Companions; naming each of them; but for the sake of convenience [233] you would have it conveyed to two or three who should hold it upon trust for the Companions generally. ”

“ As one of many illustrative cases, the Rubber Goods Manufacturing Company may be taken as a typical instance of a corporation organized in a conservative but up-to-date manner for permanent success and stable value. ”

“ When those companies do not trade upon a joint stock, but are obliged to admit any person, properly qualified, upon paying a certain fine, and agreeing to submit to the regulations of the company, each member trading upon his own stock, and at his own risk, they are called regulated companies. When they trade upon a joint stock, each member sharing in the common profit or loss, in proportion to his share in this stock, they are called joint-stock companies. ”

“ On the one hand, the approved methods of corporation finance may in some measure be resorted to by a private firm, Without formal conversion of the concern into the corporate form; and on the other hand, an incorporated company may continue to carry on its business after the manner usual with privately owned concerns. ”

“ When the employer is in danger of losing valuable assistants, he sometimes gives them a share in the business. In the ordinary partnership, two or more men divide the ownership and duties, agreeing as to the division of control. Coöperation among workmen, though rare, gives an unusual opportunity for the discovery of special talent. The dominant form of organization to-day is that of the stock company, or corporation, the ownership of which is divided among the holders of shares of stock, or of certificates of membership. ”

“ The Trading Company.—English pioneers in exploration found an instrument for colonization in companies of merchant adventurers, which had long been employed in carrying on commerce with foreign countries. Such a corporation was composed of many persons of different ranks of society—noblemen, merchants, and gentlemen—who banded together for a particular undertaking, each contributing a sum of money and sharing in the profits of the venture. ”

“ The argument supposes the corporation to have been originated for the management of an individual concern, to be founded upon contract between individuals, having private trade and private profit for its great end and principal object. ”

“ The acts regulating business corporations generally provide that the persons proposing to form a corporation shall sign and acknowledge an instrument called the articles of association, setting forth the name of the corporation, the object for which it is to be formed, the principal place of business, the amount of its capital stock, and the number of shares into which it is to be divided, and the duration of its corporate existence. ”

“ This Company carry on a considerable trade to the above places by a joint stock, and have settled several small factories, to which the natives repair with their rich furs, skins, and other commodities of the country, which they exchange for those of England. ”

“ Ownership of a majority of its stock constitutes the control of a corporation, when the inquiry is whether a combination or monopoly has been formed to stifle competition between two or more rival and competing railroads. ”

“ The company hereby created shall also have the power to make purchases and sales of or investments in the bonds and securities of other companies, and to make advances of money and of credit to other companies, and to aid in like manner contractors and manufacturers ”

“ An economic arrangement between companies performing similar functions in the production or sale of comparable goods or services is characterized as 'horizontal.' The effect on competition of such an arrangement depends, of course, upon its character and scope. ”

“ Said corporation is formed for the purpose of conducting a general cotton business, and may buy and sell cotton, and may transact a cotton factorage business, may advance money or supplies for the purpose of controlling shipments of cotton, may take and receive mortgages or deeds of trust upon property to secure said advances, and generally may have all powers conferred by chapter 25 of the Annotated Code of 1892 necessary and requisite to carry out the purpose of said corporation. ”

“ At first, corporations could be formed under the general laws only for a limited number of purposes-usually those which required a relatively large fixed capital, like transportation, banking, and insurance, and mechanical, mining, and manufacturing enterprises. ”

“ Originally a commercial agent; the executive head of a factory. Till some 55 years ago the Factors formed the third of the four classes into which the covenanted civil servants of the Company were theoretically divided, viz. Senior Merchants, Junior Merchants, factors and writers. ”

“ That a joint stock company should be able to carry on successfully any branch of foreign trade, when private adventurers can come into any sort of open and fair competition with them, seems contrary to all experience. ”

“ Its books are kept separate. All transactions between the two corporations are represented by appropriate entries in their respective books in the same way as if the two were wholly independent corporations. ”

“ And we further certify that the whole amount of such increase of capital stock has been paid to said company, in money, that no note, bill, bond, or other security has been taken for the same, or any part thereof, and that the credit of the company has not been used directly or indirectly to raise funds to pay the same or any part thereof. ”

“ It is in the industrial corporations that this capitalization of good-will is seen to the best advantage - including, under the term "industrial corporations," railway companies, iron and steel concerns, mines, etc., as well as what are known in the stock market specifically as "industrials." The corporation is, of course, not the only form of business concern in the industrial field, but it is the typical, characteristic form of business organization for the management of industry in modern times, and the peculiarities of modern capital are therefore best seen in these modern corporations. ”

“ Association.-Associations and joint-stock companies include associations, common law trusts, and organizations by whatever name known, which act or do business in an organized capacity, whether created under and pursuant to State laws, agreements, declarations of trust, or otherwise, the net income of which, if any, is distributed or distributable among the shareholders on the basis of the capital stock which each holds, or, where there is no capital stock, on the basis of the proportionate share or capital which each has or has invested in the business or property of the organization. ”

“ The Hudson’s Bay company, before their misfortunes in the late war, had been much more fortunate than the Royal African company. ”

“ The corporation, as a means of organizing and directing business enterprise is a product of the last hundred years. A century ago the business of the United States was carried on by individuals, partnerships, and a few joint stock companies. At the time of the last Census, more than four-fifths of the manufactured products were turned out under corporate direction; most of the important mining enterprises were corporate, and the railroads, public utilities, banks and insurance companies were virtually all under the corporate form of organization. ”

“ Three manufacturers, each having an independent business and wishing to effect a consolidation of their respective interests, organize the United States Manufacturing Corporation, with an authorized capital stock of $1,500,000, consisting of 7,500 shares of preferred stock and 7,500 shares of common stock, of $100 each. ”

“ The incorporation of a single individual is not legally possible in this country.
The corporation, because of its peculiar advantages over other forms of business organization, has become the accepted form for most large enterprises. The gathering together of large capital funds, the ease and efficiency of management and control, continuous life, the facility of transfer of ownership, and the limited liability of the stockholders, make the corporate form attractive to the investor and absolutely necessary to the large businesses carried on today. ”