The business may grow so large that a partnership ceases to be a proper instrumentality for its purposes, and then a corporation becomes a necessity.

In most countries, as in England, this form of industrial combination is sufficient for a business co-extensive with the parent country, but it is not so in America.

Our Federal form of government making every corporation created by a state foreign to every other state, renders it necessary for persons doing business through corporate agency to organize corporations in some or many of the different states in which their business is located.
Instead of doing business through the agency of one corporation they must do business through the agencies of several corporations.

If the business is extended to foreign countries, and Americans are not to-day satisfied with home markets alone, it will be found helpful and possibly necessary to organize corporations in such countries, for Europeans are prejudiced against foreign corporations, as are the people of many of our states.

These different corporations thus become cooeperating agencies in the same business and are held together by common ownership of their stocks.
It is too late to argue about advantages of industrial combinations.
They are a necessity.