Socializing Capital PDF
Preview Socializing Capital
Socializing Capital This page intentionally left blank Socializing Capital THE RISE OF THE LARGE INDUSTRIAL CORPORATION IN AMERICA WILLIAM G. ROY P R I N C E T O N U N I V E R S I T Y P R E S S P R I N C E T O N, N E W J E R S E Y Copyright1997byPrincetonUniversityPress PublishedbyPrincetonUniversityPress,41WilliamStreet,Princeton,NewJersey08540 IntheUnitedKingdom:PrincetonUniversityPress,Chichester,WestSussex AllRightsReserved LibraryofCongressCataloging-in-PublicationData Roy,WilliamG.,1946– Socializingcapital:theriseofthelargeindustrial corporationinAmerica/WilliamG.Roy p. cm. Includesbibliographicalreferences(p.)andindex. ISBN0-691-04353-1(alk.paper) 1. Bigbusiness—UnitedStates—History.2. Corporations—UnitedStates— Finance—History.3. Industrialpolicy—UnitedStates—History. 4. Capitalism—UnitedStates—History.5. Socialstructure—UnitedStates— History.6. Richpeople—UnitedStates—History.7. Power (Socialsciences—UnitedStates—History.I. Title. HD2785.R598 1996 338.6′44′0973—dc20 96-8672 CIP ThisbookhasbeencomposedinSabon PrincetonUniversityPressbooksareprintedonacid-freepaperandmeettheguidelinesfor permanenceanddurabilityoftheCommitteeonProductionGuidelinesforBook LongevityoftheCouncilonLibraryResources PrintedintheUnitedStatesofAmericabyPrincetonAcademicPress 1 2 3 4 5 6 7 8 9 10 F O R M Y P A R E N T S JAMES AND NONA ROY W H O T A U G H T M E T O B E C U R I O U S A B O U T T H E W O R L D A N D T O C A R E A B O U T T H E P E O P L E I N I T This page intentionally left blank C O N T E N T S LISTOFFIGURES ix LISTOFTABLES xi PREFACE xiii CHAPTERONE Introduction 3 CHAPTERTWO A Quantitative Test of EfficiencyTheory 21 CHAPTERTHREE The Corporation as Public and Private Enterprise 41 CHAPTERFOUR Railroads: The Corporation’s Institutional Wellspring 78 CHAPTERFIVE Auxiliary Institutions: The Stock Market, Investment Banking, and Brokers 115 CHAPTERSIX Statutory Corporate Law, 1880–1913 144 CHAPTERSEVEN Prelude to a Revolution 176 CHAPTEREIGHT American Industry Incorporates 221 CHAPTERNINE Conclusion: A Political Sociology of the Large Corporation 259 NOTES 287 REFERENCES 301 INDEX 319 This page intentionally left blank F I G U R E S 1.1. AggregateValue of Stocks and Bonds of Corporations Listed on Major Stock Exchanges, 1890–1913 5 4.1. Total Traffic Earnings of U.S. Railroads, 1851–1890 104 6.1. Total Capital (Logged) of Major Corporations in Three States, 1890–1913 165 6.2. Total Number of Incorporations in Three American States, 1880–1913 171 8.1. Annual Output of Cigarettesand Little Cigars, 1880–1906 225 8.2. Value of Products of Branches of the Tobacco Industry, 1904 226 8.3. American Tobacco Company Advertising Costs and PercentageChange in NetReceipts, 1894–1910 228 8.4. AggregateCapital of Major Corporations in Four Industries, 1891–1913 253
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