used as to make this separation between control and
ownership almost absolute. A flood of water in the
form of common stock, representing that most amaz-
ing device, "good will," may enable such men liter-
ally to capitalize not a dollar's worth of value, but
the most daring speculative expectations. With our
method of listing these properties, tangible and in-
tangible, on the stock exchange, any manipulated
quotation may be made the working basis of "earn-
ing capacity," and hence of capitalization. The
older partnerships and firms held "good will" among
their most precious assets. But their field was nar-
row and open to observation. As these partnerships
or firms are gathered up into the modern corpora-
tion, the term "good will" has strange destinies. It
may cover a whole realm of "unembodied wealth"
which has no conceivable utility in the world, except
as tools in the hands of a gambler. "Good will" may
include labels, brands, trademarks, innumerable
"secrets" and processes. It may include copyrights,
patents, franchises, "good name" and monopoly
control of materials. An adventurous manager, if
he conjure well, may so practice with these elastici-
ties as to divert to his own pocket what belongs to
other men. Especially since 1870, it has been done
in our midst on a scale that disconcerts the boldest
calculator.

We know to a certainty that this financiering is
full of ethical situations. We know it because some

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