"From this arises one of the singularities of the current situation in business and its control of industry; viz., that the total face value, or even the total market value of the vendible securities which cover any given block of industrial equipment and material resources, and which give title to its ownership, always and greatly exceeds the total market value of the equipment and resources to which the securities give title of ownership, and to which alone in the last resort they do give title. The margin by which the capitalized value of the going concern exceeds the value of its material properties is commonly quite wide. Only in the case of small and feeble corporations, or such concerns as are balancing along the edge of bankruptcy, does this margin of intangible values narrow down and tend to disappear. Any industrial business concern which does not enjoy such a margin of capitalized free earning-capacity has fallen short of ordinary business success and is possessed of no vested interest."