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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1906 edition. Excerpt: ... CHAPTER VI I Enter the Coal Business, Become a Railway Magnate, and Discover the Secret of Monopoly 1 PRESUME few people understand why it is that certain business ventures achieve immediate success, while others plodding along the ordinary paths of industry end in failure. Some explanation of all this I had learned in my street railway and electric lighting enterprises. I had gotten an insight into it even as a boy, but the full beauty of the modern short cuts to success was revealed to me by the coal buiness. Up to 1895 my interests were confined to municipal enterprises and the banking business. About this time the United Trust Company, of which I was President, undertook the underwriting of an issue of bonds of the North & River Railroad. Through this I learned the explanation of the growth of monopoly in recent years. It is done in this way. The savings of the people, running into the millions, are deposited in the banks, savings institutions and trust companies. The latter enjoy immense powers under their charters. They can do almost anything. Thus entrusted with the people's money, they are able to use their savings as they wish. The bank is controlled by its directors. They desire to build a railroad, street railway, or consolidate some industries or coal mines. They organize a syndicate among themselves. They secure options on the property. They then arrange to secure a loan on mortgage. On this they issue bonds. These the bank or trust company, which the syndicate really controls, agrees to underwrite, or take off the syndicate's hands at par, or something below par. On these bonds money is advanced to buy the properties. Then the trust company sells the bonds to its depositors or customers at an advance, while the capital...
Deals with research and scholarship in economic theory. Presents analytical, interpretive, and empirical studies in the areas of monetary theory, fiscal policy, labor economics, planning and development, micro- and macroeconomic theory, international trade and finance, and industrial organization. Also covers interdisciplinary fields such as history of economic thought and social economics.
A native Pennsylvanian, born in Meadville in 1867 and a graduate of Allegheny College, Frederic Howe dedicated his life early on to the cause of improving society and played a major role in many movements for progressive change from the early 1890s to the Second World War&—the period that Richard Hofstadter famously dubbed the &“age of reform.&” Howe was a fighter against corruption and political bosses in Cleveland; a leader in Progressive politics in New York City; a spokesman for reform through numerous books and articles and as director of the Cooper Union&’s People&’s Institute; an ardent campaigner for &“Fighting Bob&” La Follette, Woodrow Wilson, Al Smith, and Franklin D. Roosevelt; a defender of immigrants and civil liberties as commissioner of immigration for the Port of New York during the First World War; and an advocate for consumers as the first consumers counsel in the New Deal. Kenneth Miller&’s biography takes the reader behind the scenes and shows how &“the great game of politics&” was played in the age of reform.