ng equal the companies with the most stable earnings or
a market ... furnish the best security for bonds. Stability of
earnings depends upon (1) the possession of a monopoly....
_Monopoly is exclusive or dominant control over a market. The more
complete this control, the more valuable is the monopoly._ The
advantage of monopoly lies in the fact that the prices of services
or commodities are controlled by the producers (_meaning
owners--Author_), rather than by the consumer.... Monopolies are of
various origins. The most familiar are (1) franchises, the right
to use _public property_ for _private purposes_, for example, the
furnishing of light, water and transportation, (2) _control of
sources of raw material_ ... , (3) patents, ... (4) high cost of
duplicating plant.... In manufacturing industries, for example,
those enterprises which _produce raw materials_ and the
_necessities of life_ have a more stable demand.... Railroads
furnish perhaps the best basis of bond issue because of the
stability of the demand for the transportation service ... the
high cost of duplicating the railroad plant, ... enables them to
fix their rates on freight and passenger traffic.... The security
of the creditors is here the profitableness of the business _which
is carried on in the factory_. Furthermore, a business is not an
aggregate of physical property but consists of physical
property--buildings, boilers, machine tools--plus an industrial
opportunity, plus the organization and ability to operate
business." (Italics indicated by the author.)

There we see the animal standards in their studied perfection. Comment
would be superfluous.

In the period of humanity's manhood, the so-called "science" of economics,
the "dismal science" of political economy, will become a genuine science
based upon the laws of the time-binding energies of humanity; it will
become the light of Human Engineering--promoter, guardian, and guide of
human weal. For it will discover, and will teach that a _human_ life, a
time-binding life, is not merely a _civilized_ life but a _civilizing_
life; it will know and will teach that a civilizing life is a life devoted
to the production of potential and kinetic use-values--to the creation,
that is, of material and spiritual wealth; it will know and will teach
that wealth--both material and spiritual wealth--is a natural
phen