The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-11


~ "hyso hsnAe9 AppSnI nIIom e"eu'y W
ooeont' oVoius' arc hot oiTectoIe III any
p,opSi on0 unooi VIC laws 10 thoy nv"
9'snu'
1917 uneo'or ousht 10 nave u peouhiaIy
nrIn',noh. III ns CORPORATION whlon mlGnt
I'll we 9upposeu y s,Ne MN a oohslueraoio
m"'I,uua' VI peIsohal 'hteree1 w ile success.
W uliecVoT sho"iu ne personai,y Interested
~ ens purc"aIe' sale OF ioah ny MS COMPANY
nleotors are 80 lar trustees that theF
may nv "onoIaoiS sen the cohVroI Oh thelr
.oipoIa.,on' ellher LOT theT own ACCOUNT
y. VI ,ne account Oh a imiteu' nu'hper OF
etochhoiuers' Wltnout providing that esch
u etei, sVoShHoiuer shai De ailo"ea 10 par
teIpauo III tne dement's OF the SAFE me
,ik"usoi al tne hUooknofuets enoulo DC guaraeu
W 'helr trustees' the directors, no matter
NV ,ouo'eso'ue a sriai minority VI sVocA'
~ va ha'e iiiau' 'neH,sslNee,
- one ponnt ~ Hm'ch ieS'sialion Gun
uhuouu'euis nelp the puonc' All ia"s "hion
pIon'ote puo''.'tS a. I Vne inohas.ine"V Vi
V'p'io''ois' W e'ioi'ihS ,"e puo'ioaV'oh
y. .,ea' accounts anu 'h'eilSloie etnVeiion's
Vi .ne oohuitioh oi 'he co,poratioh' neip Vow
aIu the Improvement Oh the etnics Oh corpor-
a'.Uh 'nahaeel'eht' -,
! i.Hee Ai'ue oi voIpoIaVoh, az ieas'. snou,'
! -" " p"oN,n a oi'e int"i
ilEioie accounts "hicn reFeai the true state
Vi '"e pi7h,' VI" p"in vi mo ous'hees' .ho
propoit'oh y eNpehses olooe'pIe, 'ns eu'atiee'
anu the gam VI loes' .housh hoo al vi 'heH,
lot Qulte inc sahe teeeons- ,"'esVnnehV anu
nduciary concerns IKE oanKs' trust COM
pahies' savings oanks anu Insurance. coH-
pdnle5' PUBIC 'Tahchlse COMPANIES IN gem
eral' ana all great corporations Whlch app
peal frequently 10 the investing pubic.
In general secret mahasemeht ana secret
acts IN important corporations nave a per-
nlClnlA tBn0PICA. III q
tempt directors 10 nisltsasance' ana excite
IN the pupnc' NINA suspicious sometimes
JUST ana some tlines unjust ou' always IN
furious beslsiHVioh "hich p'e'shte pno-
icilF 49, Oh course 10 pe uepreoa'eu' LII spi'o
oi lS occasiouei oohNeh'enoe,
Inc at'eh''on Oh 'he puoho mas oeen ui-
rected by several recent instances 70 the iact
that corporations are soile'ihes capdoie Vi
deieatlns 'he purpose oi laws 'hIehueu W
regulate the cohoucI Oh thelr ousiness' anu 10
secure puohcity by iaisityihg thelr accounts
or making nominal OUT NOT real shiits vi Ihetr
investments d' OF heuT 'ne uas "hem 'ie' arc
required 10 make returns 10 the state com
cernihg thelr oueihess anu ''teI Propel'F'
Such ialsincatiohs are enough 10 destroy
utterly punuc confluence II Nv uones' n!an-
aeenlent OF the CORPORATIONS guilty. OF 'heil,
ana 10 excite agaihst corpoIate niahaEeiien'
In general an extreme anu perVasi'e u's'rus''
a great abuse mas OF iate years sro"h up
corporations Whlch 90 a large ousuheeS' oF
hold and use great properties, namely the
exaReeratlon OF salaries ana perauis''es,
In the hrst place, the acceptance Oh several
salaries from diuereht companies OF corpora-
tons Is always 10 ne distrusted' lhasnluch
as the Underlying supposition ought 10 De
that a man owes al his time ana strength 70
the company which pays MIN an adequate
satary, ana 'haI nus interest ehouiu NOV oe
divided between different corporations or
different services, lnthe next place multiple
salaries are injurious. because 'hey oVerpa!
the recipient The huge single salaries OF
recent times also overpay their recipients
The excuse for them has been that In con-
Quoting a large business the right man Is
cheap at any price and the wrong mar GEAR
at any price. The fallacy OF TINS argument IL
that the exaggerated salary WIN not reahy geI
or Keep the oest man -indeeo' Is NOT heeoeu II
order to get or Keep MIN
Inc oest man TOT any large service u tne
man VINO mas suoh a naturai taste ana iacuity
for that Kind OF work that ne wouid lake IL
and Keep II without any very keen at'enlloh
70 the amount OF salary proE'ueu 'he uihou'C
" suHi''e"e '" ~ -
mode OF comfortable lie and a suitable pro,
vision TOT oid age or ulsaointE' ms re"ara
comes chleny IRON sra'ineu ainonlon' pos"
session OF power ana eehse'oi acheNenieht,
The working man VINO earns ~ OF s' q uay
'anio' '' 49, n.a.aa
vi u ioiu . 49,. iii 100 +,
company $500 a Gay ana ne never wiz see !,
lie VIII never oeHeNe tha' any hiah eau ia,'iS
earn such a salary ne WIZ never AUNT .ha
the salary OF a Wanaeer snou,u De propoi-
tionate 10 the assionifla.eu ouiA VI Nv uus'.
ness he manages "hlie me "orkindhe "ates
remain proport'oha,e oniy W M NV,
vidual daily productlVehess' ana hereih 'ne
working man is right' -.
Inc hls' !. -. a 80 onrnai CO..
ditions whlch VIII promote heai'h' 'heellui-