Itissafetoaffirmthatthisgood-willofthegreatreorganizerhasinsomemeasureenteredincapitalizedformintothecommonstockoftheUnitedStatesSteelCorporation，asalsointothatofsomeoftheothergreatcombinationsthathavelatterlybeeneffected。The“good-will“ofMrCarnegieandhislieutenants，aswellasofmanyotherlargebusinessmenconnectedwiththesteelindustry，hasalsonodoubtgonetoswellthecapitalizationofthegreatcorporation。Butgood-willonthishigherlevelofbusinessenterprisehasacertaincharacterofinexhaustibility，sothatitsuseandcapitalizationinonecorporationneednot，andindeeddoesnot，hinderordiminishtheextenttowhichitmaybeusedandcapitalizedinanyothercorporation。31*Thecaseisanalogous，thoughscarcelysimilar，tothatoftheworkmanlikeorartisticskillofahandicraftsman，oranartist，whichmaybeembodiedinagivenproductwithoutabatingthedegreeofskillpossessedbytheworkman。Likeothergood-will，thoughperhapsinahigherdegreeofsublimation，itisofaspiritualnature，suchthat，byvirtueoftheubiquitypropertospiritualbodies，thewholeofitmayundividedlybepresentineverypartofthevariousstructureswhichithascreated。Indeed，thefactofsuchgood-willhavingbeenincorporatedincapitalizedforminthestockofanygivencorporationseemsrathertoaugmentthantodiminishtheamountatwhichitmayadvantageouslybecapitalizedinthestockofthenextcorporationintowhichitenters。Ithasalsothecorrelativespiritualattributethatitmayimperceptiblyandinscrutablywithdrawitsanimatingforcefromanyoneofitscreatureswithouttherebyalteringthematerialcircumstancesofthecorporationwhichsufferssuchanintangibleshrinkageofitsforces。
Therecanbenoquestionbutthatthegood-willofthevariousgreatorganizersandtheirfinancieringhouseshasrepeatedlybeencapitalized，probablytoitsfullamount，inthecommonstockofthevariouscorporationswhichtheyhavecreated；
buttakeninthesenseofanassetbelongingtothefinancinghouseasacorporation，itisnotknownthatthisitemofimmaterialwealthhasyetbeenformallycapitalizedandofferedinquotablesharesonthemarketorincludedintheschedulesofpersonalproperty。32*
Thesublimationofbusinesscapitalthathasbeengoingforwardinrecenttimeshasgraveconsequencesfortheownersofpropertyaswellasfortheconductofindustry。Insofarasinvestedpropertyismanagedbythemethodsofmodemcorporationfinance，itisevidentthatthemanagementisseparatedfromtheownershipoftheproperty，moreandmorewidelyasthescopeofcorporationfinancewidens。Thediscretion，themanagement，liesinthehandsoftheholdersoftheintangibleformsofproperty；
andwiththeextensionofcorporationmethodsitisincreasinglytruethatthismanagement，again，centresinthehandsofthosegreaterbusinessmenwhoholdlargeblocksoftheseintangibleassets。Thereachofabusinessman’sdiscretionarycontrol，undercorporationmethods，isnotproportionedsimplytotheamountofhisholdings。Ifhisholdingsarerelativelysmall，theygivehimvirtuallynodiscretion。Whereasiftheyarerelativelylarge，theymaygivehimabusinessdiscretionofmuchmorethanaproportionatereach。Theeffectivereachofabusinessman’sdiscretionmightbesaidtoincreaseasthesquareofhisholdings；althoughthisistobetakenasasuggestivecharacterizationratherthanasanexactformula。