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Updated: June 28, 2025
The bill referred to provides that certain persons shall become permanent members of the General Staff Corps, and that certain others are subject to re-detail without an interval of two years. In making the consolidations no reduction should be made in the total number of officers of the Army, of whom there are now too few to perform the duties imposed by law.
The great interests there hope to divert attention from themselves to the Consolidated Companies, and if they can secure legislation which will operate against us they think that the people will so resent it that it will probably put a stop, for the present at least, to all agitation against consolidations, good or bad. It is a clever game, and they are playing it well."
The next, and far more difficult step, was to bring Germany into the combine; while, at the end of the vista, most unmanageable of all, Russia remained to be satisfied and disarmed. This was the instinct of what might be named McKinleyism; the system of combinations, consolidations, trusts, realized at home, and realizable abroad.
Their combination solidified their ranks, preparing them to take their places in a closely knit, dominant class, with clearly marked interests, and a strong feeling of class consciousness and solidarity. It was in the consummation of these combinations, integrations and consolidations that the investment banker came into his own as the keystone in the modern industrial arch. The Investment Banker
Let him, as soon as that stage has been attained, introduce him to the body of his fellow-believers, and seek, through constant fellowship and active participation in the local activities of his community, to enable him to contribute his share to the enrichment of its life, the furtherance of its tasks, the consolidations of its interests, and the coordination of its activities with those of its sister communities.
While, consolidations can and should be made under the present law until it is changed, vet the provisions of the act of 1920 have not been found fully adequate to meet the needs of other methods of consolidation.
The Earls had come to New York from New England, two generations ago, and the foundation of the family fortune had been laid in a small block of New York, New Haven and Hartford stock, which had grown into a huge block of both stocks and bonds from the various expansions of stock and consolidations of property that had meanwhile taken place.
By empowering such an authority to buy the companies out in full, with money borrowed at 3 or 3-1/2 per cent., we should come into possession of their works at an annual charge for interest, less, by nearly two-fifths, than our present annual payment to the companies; by consolidating the nine establishments thus acquired, we should save more than half the present working costs; and by the further consolidations referred to above, for which this first one would prepare the ground, we should still more reduce our annual charges, and still more improve our sanitary condition.
"I do not believe it I will not believe it. But why do you tell me this?" he again asked. "There must be some purpose behind it all." "There is. It is necessary for you to realize the exact position we are in. Your work has been with those about to become stockholders, or with the consolidations; I have been brought in personal contact with the stockholders and the directors.
That Act, literally interpreted, would break up every trust into smaller corporations. It is based on a hasty inference that great consolidations are of necessity monopolies. Even if we disintegrated a great corporation like the Consolidated Companies, for instance, into a large number of smaller corporations, we should not have solved the problem.
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