Company D

“ 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. ”

“ 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. ”

“ 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. ”

“ 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. ”

“ 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. ”

“ With this I then propose to combine the National Dairy Products Consolidation, the Standard Cereal Company, the Amalgamated Metals Constructive Company, the Union Fuel, American Textiles, the United States Supplies, and the stupendous financial interests swayed by the banks tributary to the Majestic Trust Company. I propose to weld these gigantic concerns into one corporation, which shall be the mightiest organisation the world has ever known. Beginning with the control of transportation, it will control all food, all apparel, all construction materials, all fuel. ”

“ 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. ”

“ 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. ”

“ The great development in stock-exchange business in recent times is due chiefly to the sale of foreign and colonial bonds, and the remarkable growth and spread of joint-stock companies since the Joint-Stock Company Act of 1862. ”

“ 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. ”

“ Shares are of various kinds—ordinary, preference, deferred, founders’ and management. Into what classes of shares the original capital of the company shall be divided, what shall be the amount of each class, and their respective rights, privileges and priorities, are matters for the consideration of the promoters of the company, and must depend on its special circumstances and requirements. ”

“ When a Part of the Stock is Paid for in Property and the Balance in Money. A corporation known as The National Manufacturing Company is formed to take over a manufacturing business owned by John Doe. The capital stock is $100,000 of which Mr. Doe is to receive $50,000 for the assets and goodwill of his business, the company agreeing to assume his liabilities. ”

“ 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. ”

“ 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. ”

“ Apart from that is the question whether in fact the economic enterprise is one, the corporate forms being largely paper arrangements that do not reflect the business realities. One company may in fact be operated as a division of another ”

“ The persons transported, and the adventurers, shall continue their joint stock and partnership together for seven years (unless some unexpected impediment cause the whole company to agree otherwise) , during which time all profits and benefits go by trade, traffic, trucking, working, fishing, or any other means, by any persons or person, shall remain in the common stock until the division. ”

“ 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. ”

“ In the United Kingdom, in the case of a company constituted under the Companies Acts 1862-1907 as a company limited by shares, the memorandum of association is required to state—among other matters—the amount of capital with which the company proposes to be registered and the amount of the shares into which such capital is divided. Company statistics show a tendency of late years on the part of companies to register with a smaller nominal capital than they did. ”

“ 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. ”

“ 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. ”

“ The Company established almshouses for its widows and orphans.
In 1657 the Muscovy Company, renewed its charter for trade in Russia and established a New General Stock. If a man bought a share, he bought freedom of the company. An annual dividend was declared from the annual profits.
Commercial men regularly kept accounts with bankers. Merchants used division to apportion profits or losses to the parties whose capital was involved. Simple and compound interest were used. The concept of contract became a familiar one. ”

“ In my opinion, a company that produces 99 1/2% of its products for local commerce is essentially and realistically a local business. True, 1/2 of 1% of its production is for interstate commerce, thus subjecting it to the constitutional power of Congress when and if exercised. ”

“ 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. ”

“ That no corporation engaged in commerce shall acquire, directly or indirectly, the whole or any part of the stock or other share capital of another corporation engaged also in commerce, where the effect of such acquisition may be to substantially lessen competition between the corporation whose stock is so acquired and the corporation making the acquisition, or to restrain such commerce in any section or community, or tend to create a monopoly of any line of commerce. ”

“ The regulated companies for foreign commerce which at present subsist in Great Britain, are the ancient merchant-adventurers company, now commonly called the Hamburgh company, the Russia company, the Eastland company, the Turkey company, and the African company. ”

“ 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. ”

“ 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. ”

“ 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. ”

“ We have here purchases by constituent members of chain stores of milk and milk products that will be sold at the particular store. The competitor is not a member of a competing chain or, if it is, the chain of which it is a part is a smaller one. ”

“ 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. ”

“ A and B, partners, incorporate as the American Baking Company. The authorized capitalization is $250,000. Each partner subscribes for an amount of stock equal to his interest in the partnership, and C, an outsider, subscribes for the remainder of the stock at par. The corporation purchases the assets and assumes the liabilities of the partnership, paying therefor with stock as above. C pays his subscription in cash. The balance sheet of the partnership on that date was as follows:
Make the opening entries for the new corporation and [Pg 349] also close the books of the partnership. ”

“ The capital stock of said corporation shall not exceed two hundred thousand dollars, and shall be divided into shares of not less than one hundred dollars each, transferable as its by-laws may provide. ”

“ 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. ”

“ 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. ”

“ 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 . ”

“ In so divesting itself of such capital stocks respondent shall not sell or transfer, either directly or indirectly, any of such capital stocks to any officer, director, stockholder, employe or agent of respondent, or to any person under the control of respondent, or to any partnership or corporation either directly or indirectly owned or controlled by respondent. ”

“ 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. ”

“ 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. ”