The America of Today Being Lectures Delivered At the Local Lectures Summer Meet

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The America of Today Being Lectures Delivered At the Local Lectures Summer Meet
Gaillard Thomas Lapsley
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The Standard Oil Company of New Jersey held the stock of the numerous subsidiary com panies of which it was composed. A few years ago, it will be remembered, the Standard Oil Company of New Jersey was dissolved by order of the United States Supreme Court and the subsidiary companies were divorced from this central control and set up independently. Many of the largest corporations now own outright all the units of which they are composed, although control through partial stock owner ship is stil...l common.
The first form of combination which was adopted was hori zontal, that is companies competing side by side in the pro duction of similar commodities found it of advantage to unite to decrease production in order to maintain prices. An early example was the Whiskey Pools and later the Whiskey Trust. The production of whiskey had greatly increased during the civil war. This was because increased excise taxes were an nounced in advance thereby making it profitable for produc tion to be as great as possible before the higher taxes went into effect.


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