INDUSTRIAL COMBINATIONS IN EUROPE. A report prepared under the direction of the Industrial Commission by JEREMIAH W. JENKS, Ph. D., expert agent. PREFACE. This volume contains the result of a two months' study made in Europe, with Government officials of England, France, Austria, and Germany, with scientific students of economics and other publicists, and with people connected with industrial combinations. This study on the ground has been supplemented by a careful review of much of the European literature on industrial combinations. While an effort has been made to consider practically all the main authorities, especial mention should be made of R. Liefmann, "Die Unternehmerverbände (Konventionen-Kartelle), ihr Wesen und ihre Bedeutung" the special report "Über wirtschaftliche Kartelle in Deutschland und im Auslande," made by the Verein für Socialpolitik and published in their publications for 1894, volume 60; also a special report on combinations made by the Chamber of Commerce of Prague in 1896 (Denkschrift der Handels- und Gewerbekammer in Prag. . . in Betreff der staatlichen Regelung des Cartellwesens, and a report accompanying.) These volumes have been used so freely in parts that it is probable that not all cases are cited, although many citations will be found. For the countries not visited, the above-mentioned publications of the Verein für Socialpolitik; Janshul's "Industrial Syndicates," a Russian book compiled by Professor Janshul under the direction of the Russian minister of finance; and the United States Special Consular Report on "Trusts and Trade Combinations in Europe," Volume XXI, Part III, have been chiefly used, as will be indicated by special citations. It is a pleasure to express appreciation of the cordial aid granted by many persons in furtherance of the investigation. Not only did scientific students of economics and publicists give their opinions and furnish information freely, but Government officials put official material at our disposal, and business men without exception gave liberally of their valuable time to explain their methods of organization and work. They also furnished a large part of the most valuable material, in the shape of reports and statistical data, which in some cases were especially compiled for this report. When it was explained that the information sought was not for competitive business use, but for scientific purposes to furnish data for the Government, from which possible aid for legislation could be secured, all possible assistance was freely given. Without such aid the report must have been very much less complete. JEREMIAH W. JENKS. The English Law regarding Combinations and Corporations. Appendix I-Prospectus of the Calico Printers' Association, Limited. Appendix II.-Prospectus of the Bradford Dyers' Association, Limited. Appendix III.-Prospectus of the Wall Paper Manufacturers, Limited... 53 Appendix I.-The Trust Bill Proposed by the Government Appendix II.-Explanation of Bill relating to Austrian Trusts Appendix Ia.-Agreement between the Rhenish-Westphalian Coal Syn- dicate and the Constituent Mining Companies.... Appendix Ib.-Articles of Association of the Rhenish-Westphalian Coal Appendix II.-The German Spirits Combination.. a. Articles and By-Laws of Association of German Spirit Manufac- b. Agreement of the Central Association for the Sale of Spirits Appendix III.--Petition of the Spirits Combination to the Government Appendix V.-Leading Decision regarding Combination Contract Appendix VI.-Decision of Court, Rhenish-Westphalian Coal Syndicate A. Capitalization and Methods of Paying in Capital... B. Methods of Promoting and Liability of Promoters. C. Liability of Stockholders... D. Duties and Responsibilities of Directors. E. Restrictions on Directors in dealing in Stock, and Otherwise. C. Liabilities of Stockholders. D. Duties and Responsibilities of Directors G. Regulations regarding Profits and Dividends.. H. Regulations regarding Ownership of Stock in Other Corporations or |