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The general impression that “the trusts turned out ill,” 68.— The contrary conclusion that the proportion of success was high, 68.— I. A broad conclusion based on an examination of more than 400 companies of the 1900 era, 70.— A primary and a secondary group, 73.— The proportion of business successes above one-half, 76.— II. Earnings on capitalization of a selected sample of mergers compared with Epstein's figures, 78.— III. “Watered stock” not a prevalent phenomenon in the group, 83. — The opposite tendency recently toward undercapitalization, 84.— IV. Reasons for the success of 150 mergers, 87.— Managerial resourcefulness the principal cause, 88.— Reappraisal of the merger era necessary, 89.
Shaw Livermore (Fri,) studied this question.