PRESIDENT BUTLER of Columbia University is reported to have said in an address before the New York Chamber of Commerce in 1911, that "the limited liability corporation is the greatest single discovery of modem times, whether you judge it by its social, by its ethical, by its industrial, or, in the long run--after we understand it and know how to use it,--by its political, effects." 1
Wilgus, Horace LaFayette (1895-1929). "Corporations and Express Trusts as Business Organizations." Mich. L. Rev. 13 (1914): 71-99, 205-38.