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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


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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