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The utter price. The availability of the right on compulsory was essentially important

The earth repayment. The licensed corporations the first created control systems and

Financings of the big corporations. Railways the first have run in engineering

Managements of the enterprises scattered on the big territories, with the help

Professional managers; if they have not managed to solve a problem - as

To supervise the work executed far from office - they simply would not survive.

Their success is immortalised by a phrase: "it is accurate, as on the railway". see: Alfred D. Chandler, The Review of, 1977), how

Management of railways developed, pp. 175 - 187., Brace AND

World,

The Railroads: The Nation's First Big Business (New York: Harcourt, a role of financiers of Chendler Considers also in: The Visible Hand (Cambridge: Harvard University Press, ed., Jr. and 1965). Management of railways And, at last, in the USA a capital market originally

Has arisen as the market of the licensed corporations. In chapter 7 we will see that the extensive

The capital market of industrial enterprises has arisen only after 1890 and

Developed on the basis of the market which has arisen earlier for trade by shares

The licensed companies. Incorporated companies

Are direct predecessors of modern business corporation. This honour

Belongs to an incorporated company - that form of the business enterprise, which

English dealers from a XVII-th century developed. It differed from corporation

That for its creation was not required the royal decree and, unlike Associations, individual share in the property rights, presented The share certificate, it was possible to sell and purchase freely. Unlike Partners in association share holders did not accept obligations

To act in interests one another and to represent one another; on business management

On behalf of the company managers have been authorised only.

To these incorporated companies which were not receiving advantages under royal decrees,

Three basic weaknesses were initially inherent. The first has been connected by that

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Transport Icon Set Transport Icon Set is a commercial-grade collection that contains transport and traffic related images, available in the following formats: 16x16, 24x24, 32x32, 48x48 and 256x256.

Web Icon Library Your web pages will look more modern and stylish with Web Icon Library. Color schemes include 8-bit formats and Windows XP. Available sizes are 16x16, 20x20, 24x24, 32x32, and 48x48.

Folder Icon Set Make your operating system appear more contemporary and stylish with our Folder Icon Set. The graphics are available in sizes 16x16, 24x24, 32x32, 48x48 and 256x256.

Delicious Love Icons Speed up creation of online dating Web sites and software with pre-made Delicious Love Icon Set. The library contains over sixty love images and pffers lots of symbols and objects typical to Web sites about human relationships.

Navigation Icon Set Your products will look more current and attractive with Navigation Icon Set, which holds arrow and object icons. Provided sizes are 16x16, 24x24, 32x32, 48x48 and 256x256.