Evening star., 1927-04-02
MEN AND MONEY
By NJ. S. Rukeyser.
fCopyright. 1897,

In the current period. there is ;
further trend toward big and efficien
units of business operation in tn,
United States.
corporations now transact so pei
cent of the total volume of business
In this country, compared with a
small traction of the aggregate few
decades ago. The listing of new
corporation in the United States
Keeps apace with the increasing as
cenuancy of big business
stocks and bonds listed on the New
YORK Stock Exchange, numbering
more than $500 separate issues. have
market value estimated at between
s75,ooo.000.o00 and $80.00o 900, 900.
Nine of the 10 largest American
companies have their shares listed or
the New York Stock Exchange-tht
only exception is the Ford Motor Co.
whose shares are owned exclusively
ny Mr.. and Mrs. Henry Ford anc
their son Edsel
The Big Ten.
from the standpoint of total assets
the subjoined companies in the orde,
named are the big ten In the family
OF American big business: United
states Steel Corporation, Southern
Facihc Railroad, Pennsylvania Rail.
road, American Telephone TeIe
graph Co, New York Central Rail
road, Standard Oil Co. (New Jersev)
Union Pacific Railroad, Atchison
Iopeka & Santa Fe Railroad. General
Motors corporation and Ford Motor
From the standpoint of net nrof3ts
as disclosed by the latest YEARLY re-.
ports, the big ten rank as follows
General Motors Corporation, United
states Steel Corporation, Standard oil
20. tNeW Jersey. American Tele.
phone d Telegraph Co., Ford Motor
20, pennsylvania Railroad. New York
1ehtfal railroad, Atchison, topeka e
SANTA Re Railroad, Union Pacific
railroad, Southern Pacific Railroad.
from the standpoint of aggregate
market value of securities oltsta nd.
ing, the big ten rate as follows.
American Telephone & Telegraph 60,
United States Steel C,orporation
Southern Pacific Railroad, General
Motors Corporation, New York Cen
tral Railroad, Pennsylvania Railroad
Standard Oil Co. fNew Jersey). Ford
Motor Co.. Atchison, Topeka & Santa
re Railroad, Union Pacific Railroad.
Billi0n-D0llar Enterprises.
All the foregoing companies are bill.
lion-doilar enterprises, In the sense
that either their total assets or the
aggregate value of their securities ex.
ceed $1,000, ,000, 600
The fact that these companies do
not rate the same in all classifications
reflects varying market judgments
toward the objective facts. For ex-
ample, the outsider can buy earning
power cheaper in the case of the Gen.
eral Motors Corporation than in any
of the other nine. The motor com
panies, moreover, having quicker turn
overs, can do given volume Of gross
business with less fixed capital in
vestment than the railroads or the
steel companies.
The high market valuation placed
on the securities of the American
Telephone & Telegraph Co. is in part
a tribute to the confidence which in
.manence of the telephone business.
The astuteness with which the COM
pany has advertised its securities
among small investors in the last five
years and thus tapped new sources
of capital Is no doubt factor I'm the
primacy of the company in respect to
aggregate market worth of it's Sc
cuEitieS.
In recent survey of billion-dol1ar
companies Stuart Chase, economist
and certified public accountant, re-
marked: "The foundation upon which
the billion-dollar corporations are
reared is the demand for speed