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The personal equation is no longer a material factor in the
situation。 Ownership； too； has been caught in the net of the New
Order and has been depersonalised to a degree beyond what would
have been conceivable a hundred years ago； especially so far as
it has to do with the use of material resources and man power in
the greater industries。 Ownership has been 〃denatured〃 by the
course of events； so that it no longer carries its earlier duties
and responsibilities。 It used to be true that personally
responsible discretion in all details was the chief and abiding
power conferred by ownership； but wherever it has to do with the
machine industry and large…scale organisation； ownership now has
virtually lost this essential part of its ordinary functions。 It
has taken the shape of an absentee ownership of anonymous
corporate capital； and in the ordinary management of this
corporate capital the greater proportion of the owners have no
voice。
This impersonal corporate capital； which is taking the place
of the personal employer…owner of earlier times； is the outcome
of a mutation of the scheme of things in business enterprise；
scarcely less profound than the change which has overtaken the
material equipment in the shift from handicraft methods to the
machine technology。 In practical fact today； corporate capital is
the capitalised earning capacity of the corporation considered as
a going business concern； and the ownership of this capital
therefore foots up to a claim on the earnings of the corporation。
Corporate capital of this kind is impersonal in more than one
sense： it may be transferred piecemeal from one owner to another
without visibly affecting the management or the rating of the
concern whose securities change hands in this way； and the
personal identity of the owner of any given block of this capital
need not be known even to the concern itself； to its
administrative officers； or to those persons whose daily work and
needs are bound up with the daily transactions of the concern。
For most purposes and as regards the greater proportion of the
investors who in this way own the corporation's capital； these
owners are； in effect； anonymous creditors； whose sole effectual
relation to the enter prise is that of a fixed 〃overhead charge〃
on its operations。 Such is the case even in point of form as
regards the investors in corporate bonds and preferred stock。 The
ordinary investor is； in effect； an anonymous pensioner on the
enterprise； his relation to industry is in the nature of a
liability； and his share in the conduct of this industry is much
like the share which the Old Man of the Sea once had in the
promenades of Sinbad。
No doubt； any reasonably skilful economist any certified
accountant of economic theory could successfully question the
goodness of this characterisation of corporate capital。 It is； in
fact； not such a description as is commonly met with in those
theories of ownership and investment that trace back to the
formal definitions of Ricardo and Adam Smith。 Nor is this
description of latter…day facts here set down as a formal
definition of corporate capital and its uses； nor is it designed
to fit into that traditional scheme of conceptions that still
holds the attention of the certified economists。 Its aim is the
less ambitious one of describing； in a loose and informal way；
what is the nature and uses of this corporate capital and its
ownership； in the apprehension of the common man out of doors。 He
is not so familiar with the recondite wisdom of the past； or with
subtle definitions； other than the latter…day subtleties of the
market； the crop season； the blast…furnace and refinery； the
internal…combustion engine； and such like hard and fast matters
with which he is required to get along from day to day。 The
purpose here is only to bring out； without undue precision； what
these interesting phenomena of capital； investment； fixed
charges； and the like； may be expected to foot up to in terms of
tangible performance； in the unschooled reflections of the common
man； who always comes in as 〃the party of the second part〃 in all
these manoeuvres of corporation finance。 He commonly has no more
than a slender and sliding grasp of those honorable principles of
certified make…believe that distinguish the modern point of view
in all that relates to property and its uses； but he has had the
benefit of some exacting experience in the ways of the new order
and its standards of reckoning。 By consequence of much untempered
experience the common man is beginning to see these things in the
glaring though fitful light of that mechanistic conception that
rates men and things on grounds of tangible performance；
without much afterthought。 As seen in this light； and without
much afterthought； very much of the established system of
obligations； earnings； perquisites and emoluments； appears to
rest on a network of make…believe。 Now； it may be deplorable；
perhaps inexcusable； that the New Order in industry should
engender habits of thought of this unprofitable kind； but then；
after all； regrets and excuses do not make the outcome； and with
sufficient reason attention today centers on the outcome。
To the common man who has taken to reckoning in terms of
tangible performance； in terms of man power and material
resources； these returns on investment that rest on productive
enterprise as an overhead charge are beginning to look like
unearned income。 Indeed； the same unsympathetic preconception has
lately come in for a degree of official recognition。 High
officials who are presumed to speak with authority； discretion
and an unbiassed mind have lately spoken of incomes from
investments as 〃unearned incomes；〃 and have even entertained a
project for subjecting such incomes to a differential rate of
taxation above what should fairly be imposed on 〃earned incomes；〃
All this may； of course； be nothing more than an unseasonable
lapse of circumspection on the part of the officials； who have
otherwise； on the whole； consistently lived up to the best
traditions of commercial sagacity； and a safe and sane
legislature has also canvassed the matter and solemnly disallowed
any such invidious distinction between earned and unearned
incomes。 Still； this passing recognition of unearned incomes is
scarcely less significant for being unguarded； and the occurrence
lends a certain timeliness to any inquiry into the source and
nature of that net product of industry out of which any fixed
overhead charges of this kind are drawn。
To come to an understanding of the source and origin of this
margin of disposable revenue that goes to the earnings of
corporate capital； it is necessary to come to an understanding of
the industrial system out of which the disposable margin of
revenue arises。 Productive industry yields a margin of net
product over cost； counting cost in terms of man power and
material resources； and under the established rule of self…help
and free bargaining as it works out in corporation finance； this
margin of ne