davidaulloa/AmericanStories huggingface dataset:
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18

Hitting Business Hurts Yourself, Says Forbes
"Baby" Bonds Will Help Solve
Question Of Gigantic Financing
Which Faces Vast Undertakings
of Country, Writer Observes.

ers, allowing for Europeans, probably
approximate 175, 900. OF this number,
upward OF 10000 are employees who
receive a share in the profits. There
are nearly twice as many preferred as
common stockholders.
Every year the circle of security
holders in the United States is wild
ening
In 1906 the maa ger returns collect
ed showed the average holding of rail-
road shares to be $4,000 par value;
to-day it is only S11,49S. The indus
trial average. reporting in 1906, was
$4,000, against S7,S09 now.
No publication has ever presented
so exhaustive a list as that given
here. In most cases the figures We're
sent to The American by the presi-
dents of companies. but in order to
cover the ground as fully as possible,
statistics supplied officially to The
Wall Street Journal have been used,
these being Of course, absolutely
trustworthy. Next year we hope to
cover a still larger number of COM
panies. as corporation managers are
at last realizing the desirability of
having the real truth about the own
ership Of Big Business" laid before
the public-and the politicians.
Urges $500 Bonds.
May | urge upon bankers, directors
and others responsible for the man
agement of corporations the extreme
desirability of issuing more 500
bonds?
1t is an unpleasant commentary
upon American financiers that there
should be virtual famine in the
baby" bond market a a time when
the $1,000 bond market is severely
Congested
How short sighted this is from a
social. an economic and political
point of view.
America needs every investor that
can be legitimately attracted. Give a
man a financial interest in a business
and he will become the friend of that
business. He will lend a less ready
ear to political charlatans, to revoiu
tionists, to socialists. He will devel-
OPP sense of responsibility. feel
ing of partnership in the general well
fare of business. 1t will, moreover,
help him to increase his confidence,
stimulate spirit of thrift and en-
nance his value as citizen.
Already about one Of every five fam
lilies is an owner of some form of
bond. note or stock. Let everything
feasible be done to hasten the day
when every self respecting adult will
be an investor a least on modest
scale.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
RAILROADS
Total

positor, you own 800 worth Of rail
road securities. If the railroads can
not make ends meet, you can not go
from the savings institution The
shrinkage in the market value of the
investments of the savings banks in
New York State has already exceeded
$4,000, 900
Depositors in other institutions are
likewise affected
If you have not a savings account,
perhaps you carry or are interested
in an insurance policy and conse-
duentlN. in the ability Of the insur-
hnce companies to remain solvent and
able to fultill their purpose. Very
well Every important insurance
company gathers a large amount of
it's income from securities Unless
reasonable returns are derived the
insurance companies are Weakened
Did 1t ever occur To you. also, that
universities and many other cduca-
tional institutions are largely depend
ent upon the income they receive from
railroad, industrial and other bonds
and stocks either presented to or
bought by them?
Hospitals Interested.
Hospitals too. are partlv sustained
by the profits OF business concerns.
through the income obtained on their
investments
We see, therefore, that those DI-
RECTLY hurt by any untoward
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18

treatment of railroad, industrial. mer
camille and other enterprises include
the following:
From 100000 TO 100000 holders
of securities; average holdings, 81
shares.
Some 100000 savings bank de-
positors and depositors in other in
stitutions.
Every holder of an insurance policy
Of any kind whatsoever and every
beneficiary or other interested in any
policy.
All who have or may in future have
their children attending universities,
colleges or other endowed education
al institutions.
Every family who may have to use
a public hospital.
TO put it tersely: If YOU hurt bust
ness, YOU hurt yourself.
1t is a mistake to imagine that
stockholders are necessarily rich
people.
Many Women.
VIII il astonish you to learn that
over 10000 (nearly half of the New
Haven Railroad stockholders own only
from one to ten shares each. and that
more than 10000 are women Only
ten of every hundsed holders carry as
much as 100 shares.
Boston and Maine has only four
names IN each hundred owning 100
shares or more,
The Steel Corporations total hold
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
Federal Sugar Fails
To Pay Common Div'd

NEW YORK. Jan. 17.-Unsa tisfac-
tory trade conditions and reduced
earnings yesterday caused the Fed
eral Sugar Refining Company to pass
the / per, cent quarterly dividend.
The regular dividend on the preferred
was ordered paid. Claus A. Spreckels,
the leader in the fight for free sugar,
is president of the company.
THE non payment of the divi-
dend, Mr.. Spreckels said in a state
ment. lis due to the fact that in the
last few months the margin between
the cost of raw sugar and the price at
which refined sugar sold has been too
small to Justify the dividend on the
entire capital stock.
He added in the statement issued
that the dividend will be resumed as
soon as the normal difference between
raw and refined sugars is restored.
This will be very soon. according to
the directors
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
OFFICIALS FEAR
Bic DEFICIT IN
INCOME TAXES
Difficulty in Tracing Hidden In
vestments Expected to Reduce
Tax Estimate.

WASHINGTON, Jan. 17.-Grave
fears were expressed o-day by Off
Gals Of the Treasury Department
that collections from the income tax
will not aggregate the total estimated
when the tariff bill was enacted. This
fear IS based upon the known indis-
position of the individual to volun-
tarily pay taxes.
The department has decided Collec-
lions Of the income tax at the source
may be made only when there exists
at the source property Of such value
as to bring it above the exemptions
provided by the law. Under such a
ruling the element of personal hon
esty is an important factor in aiding
the officials to. collect the tax.
II person has with a bank $4,000
of bonds for the collection of interest
coupons. the bank will not be re-
quired to deduct the tax on that
amount of bonds, because they do not
constitute an aggregate amount in
excess Of the $4,000 exemption.
Manifestlv it will be impossible for
the internal revenue officials to as
certain whether this particular indi-
vidual has similar small amounts of
taxable securities on deposit else
where, and it is doubted by officials if
the small owner will come forward
with information unless compelled TO
do so through the discoveries of rev.
enue agents.
1T will be a comparatively easy
matter" said prominent Treasury
official to-day, ito disclose the hold
ings of wealthy men through the re-
ports of their bankers and brokers
where their securities are deposited.
The case will be quite different with
respect to small holders who keep
their few securities in a safe deposit
vault, and bring them out only to
collect the quarterly interest.
'Of course, the collectors are guild =
ed greatly by the financial standing
of men of wealth. but there Is no
guide to the vast army of small in
vestors who have laid their savings
away.
Unless the average citizen is hon
est and submits a correct return the
department will lose hundreds OF
thousands of dollars of taxes"
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
Plans World Storage
Port in Canal Zone

WASHINGTON. Jan. IA bill TO
set aside the Canal zone as free trade
territory where merchants of the
world may store their goods for dis
tribution to South American ports
and the Far East, will be introduced
soon after Congress convenes, by
Representative Ira C. Copley, of Hi
nois.
Such step, according to Mr.. Cop
ley. would make the Canal zone the
greatest trade center in the world.
THE big free trade ports Of the
world at present are Hamburg. Hong
kong and Singapore" said Mr.. Coplev,
land their tremendous commerce
gives an idea of the vast trade de-
velopment that could be made in the
Canal zone"
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
2,2l2,879 Barrels of
Apples 1913 Receipts

NEW YORK, Jan. 17.-But FOR un-
usually heavy receipts of apples IN
New York City during the last three
days Of 1918 the total arrivals OF that
fruit would have been about the same
as they were in 1912. Up to De-
Cember 81 the total receipts were only
315 barrels heavier than for the cor
responding day in 1912. This year
they were on that date 2.199.9S3 bar
rels
Apple dealers Go not know of re-
ceipts for any date in two years which
We're as close together. The total ar
rivals for the calendar year of 1913
were 2,212,S79 barrels.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
Cook Is Mightier
Than the Ballot

BALTIMORE, Jan. 1.-THE value
Of a good cook was thoroughly DEM
onstrated when about a score of suf-
fragette mixers, en- route to Annapo-
lis to ask the Legislature to pass q
eill providing for the submission of
the woman suffrage question to the
voters, lost their commissary general,
Mrs. William Pinckney Holmes. who
had forgotten to pay her cook before
leaving home.
When the little band reached Glen
budnie Mrs. Holmes suddenly remem-
bered her error of omission and elo-
quently set forth to her sister mixers
that good cooks are hard to get. but
easy to get offended.
A council was held and it was, de-
cided that Mrs. Holmes hould be
granted a special diSpensation and
be allowed to return and make good
with the said cook.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
MORGAN To END
VOTING TRUST Of
SOUTHERN R. R.
Plans to Dissolve 1t Made as q
Concession to the Public
Sentiment

NEW YORK, Jan. 11.-Anothe,
concession to public sentiment was
made yesterday by Morgan & Co.
when they decided to dissolve tbs
voting trust under which they have
controlled the Southern Railway for
more than eleven years.
The voting trustees are j. p. Nor
gan, George F. Baker and Charles
Lanier.
Details for the termination of the
trust are now being arranged, Its
termination is in keeping with the
new policy of ]. P. Morgan & Co
Several of the more active partners
of the firm resigned early last week
from so directorships, and in three
MISREPRESENTATION Telephone and
Telegraph, New Haven and New
York Central-they severed all con-
nection with the companies.
Domination of this voting trust
permitted ]. p Morgan and his asso-
ciate, George F.. Baker. to control the
policy of the Southern Railway. al
though they did not hold a major
ity of the common and preferred
shares.
The voting trust was a favorite in
strument also used by the late ] P.
Morgan to prevent other interests
from secretly buying up in the stock
market control of properties under
his domination. The son and his
partners, it is understood, realize
that the voting trust has become in
tolerable to shareholders.
The first step by the Morgan in
terests to appease public desire in
this connection was taken two months
ago when the voting trust of the
Bankers Trust Company was termi-
mated. A week ago announcement
was also made that the trust of the
Guaranty Trust Company would be
terminated at the end of this month.
The Southern Railway voting trust
was created at the reorganization OF
the company in 1894 1t expired in
1902. but was extended at the request
of the Morgan interests. In asking
the extension the late j p. Morgan
in circular to shareholders said:
Events of the past eighteen months
in connection with railroad properties
have revealed the danger to which
corporate properties are exposed. of
the control of their stock being
bought up in the market by purchas-
ers not identified with the property or
permanently interested in it's develop
ment ami improvement"
Southern Railway shares were
strong yesterday, it being recognized
that the termination of the trust
would once more place the property
back in the hands of the sharehold-
erS.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18

ATHENS, Jan. Il. - Bradford
Knapp, in charge of the farm demon
stration work of the South, head f
corn and canning clubs and the vet
eran boil weevil fighter and expert,
said to large gathering of students
and farmers at the State College Of
Agriculture, common sense and hard
work constitute the remedy for boil
WeeVll Ills More transformation
about the boil weevil has gotten in;o
print than about most anything else
in recent years he says. Where com
mon sense and hard work have been
applied, he SAYS, the boil weeVil has
proven "A blessing, that farmers bank
accounts have grown and no loss has
been sustained, not because the
Weevil has not harmed cotton, but
because farmers have diversified tn air
agricultural activities.
"Onc of the first places that the
boil wecvil lays its eggs in new terri
tory" he asserted is the vaults If
the banks In Ala ALBANIA and MissiS-
sippi. however. this most dangerous
invasion of the weevil has been with
stood. and he said that there was no
reason why 1t should not also be the
Ease in Georgia
In those States the bankers are
saying to the farmers. Grow yoIr
own foodstuff for yourselves and ami
mails as far as you can; do good farm
ing. and to the extent YOU do this, we
Will extend you credit
In the boil weeVil territory where
the farmers have their gardens and
raise vegetables and grow their own
meat supply, they are not worrying
about the weeVil.
The only reason the southern
farmer is not the most prosperous
In the world 10 that he spends most
all of his cotton money for what he
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
Common Sense, Hard Work
Beat Weevil,' Says Knapp
New Basis of Bank Credit, Cooperative Market
ing of New Crops, the Solution.

should raise on his own farm. II IN
stead of planting so per cent of his
farm in cotton he would plant only
% per cent and the rest in corn, oats
COW peas, lespedeZa, crimson clover
etc, develop live stock and follow
simple, well-known methods of com
batting the weevil, nothing can him
der the continued rapid progress of
agriculture in the South
THE visitation of the boil weeVil
to the South has been the means OF
making the Southern farmers the
most progressive in the country II
has started the Southern farmer
growing live stock, corn. hay. legumes
of various kinds and established m
independence which the Southern
planter never before has known"
Dir. Knapp asserted that the South
could not continue to grow cotton
in competition with Russia, Egypt
South Africa and other countries by
planting 90 per cent of its acreage a
cotton, buying fertilizers and by con-
tinuing to reduce soil fertility which
this method bring ABOUT. The only
way the South will be able to moe;
competition in cotton growing in the
future, DR.. Knapp says, is by using
superior head work. which means
crop rotation and the more indepen
dent and economical method of d.
versitied agriculture.
The only failure of diversified. agri
culture to meet conditions in the Dol
weevil territory. DIR. Knapp says. has
come of a lack Of a market for the
new crops. Cooperation has been the
most successful means to this end
He told of how farmers through CO.
operation in Louisiana and Alabama
not only are finding markets at the
greatest profit, but are buying acid
phosphates so per cent cheaper than
the average farmer
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
Norris Plans to Lend
Farmers Govt. Money

WASHINGTON, Jan. Senator
Norris, of Nebraska, plans to intro
duce a bill for bureau of farm loans
in the Department Of Agriculture
The bureau would loan directly to
farmers for making part payments
upon homes and possibly for live
stock and farming implements. Pay
ments could be made at any time by
installments. and the loan8ble amount
would be limited to either one half or
three -fourths of the value of the
lands
The Senator believes that through
the army of postotfiCe inspectors.
postmasters, district attorneys and
others the Government could carry ON
the business practically
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
by Experts of Finance, Industry; Crops and Commerce
Wheat in Excellent
Shape This Winter
Conditions in Southwest Promising.
Argentina Again Presses Grain
on Other Nations.
BY JOSEPH PRITcHARD.

CHICAGO, Jan. 1.-THE winter
ton and advices received from some
of the Southwestern States say that
the present snow covering will fur
nish ample moisture for the growing
that will carry it through with only
light rains. This is the case espe-
cially in Kansas, where the acreage
is larger than ever before, and whore
farmers believe their efforts will he
fully repaid.
Chicago is in need OF additional
speculation in wheat, and it is also
in need of an improved cash de-
mand. These changes are essential
for the salvation of the bulls, as in
the absence of trade on outside dc-
count, as well as in the absence of
a cash business, the bears will eX-
perience but little difficulty in retain
ing full hold upon the market situa-
ton.
Argentina is again pressing its
wheat on the importing countries of
the world, and competitors will he
obliged TO meet the views of the
growers of the Southern Hemisphere,
which are likely to be lower than at
the moment. The wheat is raised in
Argentina for export, and that is
the only outlet for it. While their
elevator facilities are better than in
years gone by, they are still made
quate, and many millions of. bushels
of wheat are to be seen piled up not
only in the farming districts, but at
the railway stations as well, await
ing transportation to the seaboard
from where it will be shipped to the
countries of the Old World. Russia
is offering wheat more freely, Aus
tralia will have an additional amount
of grain for export, but the India Of
ferings are still in the balance.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
S9,775, 464,096 Total
Money U.S.onJan.2

NGTON. Jan 17.-Thc
general stock of money" in the
United States on January > amount
ed to 1896. 096-about $4,000, O0C
more than on December l. 1918. aC-
cording to to-day'S Treasury monthly
statement.
Nearly 50 000. 100000 was in gold
coin. including bullion in the Treas
ury; about $751;, 000O 900 in nationa'
bank notes and about $685. 100000 in
silver dollars.
The Treasury estimates population
at 9S.1S1.000, which makes the circu-
lation per capita $35.11.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
Boston & Maine Road
Plans to Save Money

BOSTON. Jan. 17.-Announcement
was made to-day by the Boston and
Maine management Of rearrange-
ment of the train schedule to go into
effect tomorrow, the object being to
save money. The road says this If
the new Arrangement:
1t is the result of detailed study
of the cost Of operation and the in
come received from each train on
Grated, and will be accomplished with
practically no Inconvenience tn the
public and but slight reduction in the
working force. The entire object NJ
the change is Ia reduce train milea &c
on those branches and remote pDc-
tons of the line where income has
been far short Of best"
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
Gable Go. Enjoined
In Extra Tolls Fight
Special Gable to The American.

Special Gable to The American.
SAN FRANCISCO, Jan. ia per
manent- injunction restraining the
Commercial Cable Company from
charging the Western Union Tele-
graph Company additional tolls 10
transfer messages from the iatter's
land lines to the cable Company's
lines. was issued to-day by Superior
Judge SeaWell
1t has been the practice of the ca
bic company to Insert in each West
ern Union message the words, Via
San Francisco and the date. This
added approximately "a tolls to every
cablegram accepted.
The Postal Telegra ph-Cable Com
pany> did not have to pay these tolls.
Judge Seawell ruled that the extra
words were unnecessary and there
fore should not be inserted in the
future.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
LYMAN to Prosecute
Eastman Kodak Case

WASHINGTON. Jan. l'.-Special Dis
trtct Attorneys to proceed for the GOV
eminent in antitrust eases We're ap
pointed by Attorney General Mickey
nolds, They are Mark Hyman. Of the
firm of Hyman Il Campbell, New York
city, and Marcus : Hottenstein. of Al
lentown, Pa
Mr.. Hyman has been assigned to the
Eastman Kodak case. now in the Fed
eral court in Buffalo. MIR Hottensteir
will be placed later.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
Higher Meat Cost
Seems q Probability

CHICAGO. Jan. racllingtow 5
hog hunger becomes more evident
with ea,h succeeding session or the
market
An impression exists that December
recorded low spots for live stock val
ues for the winter and further APP
probation is not improbable Free
trade as reducer of meat cost is
not WORKING out
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
Savings Bank Depositors, Women,
Workmen, Hospitals, Schools,
All vitality Concerned in the
Fate of Enterprises in U. S.
BY 3. C. FORBES.

NEW YORK, Jan. 17-OfficiaI fig
ures from 32S railroads and Industrial
cor porations show that their Sl2 243 20
900 capital stock is owned by l.
342.376 stockholders
The average holding is 81 shares.
on this basis. the $61,738. 227730
stock on which the corporation tax
was paid last year would be distrib-
uted among 67S4 420 stockholders
All these figures are exclusive of
bondholders who own. the tax re-
turns show, $34,749,51G353.
or course. many investors own
stocks i'm more than one company go
that our figures OF 1,342.376 contain
q great many Implications of individ-
ual holders
But, on the other hand, hundreds Of
thousands OF shares are held In bulk
BY both foreign and domestic banking
and brokerage firms-23 foreign
houses carry more than 500, 900. 900
par value of United States Steel Cor
poration shares alone, while home
firms report blocks that exceed 81
900 600 in one case and upward OF
81 .G00. 900 in many Instances
Taking everything into considera-
ton, ! would estimate that there are
between 100000 and 100000 hold
crs OF securities in American enter
prises
Banks Attract Many.
There are, for example. 433, 600
stockholders in our 1900 national
banks and, it is estimated by officials,
400. 900 security holders In independ Co.
eut telephone companies.
Neither our actual total Of ,342, =
S76 stockholders for 1928 companies
furnishing returns nor the estmate
If four million to FIVE million security
holders Gncluding bond note and
stockholdersD for all companies begin
to define the number of persons Dl-
RECTLY affected by the we'll being OF
the nations corporations and their
ability to maintain dividend and in
terest payments
First and most important are the
millions of workers employed by these
business organizations. and. Of course.
the millions OF women and children
dependent upon these breadWinners.
Then every one of the savings bank
depositors In the country is helped or
hurt by the prosperity or the adver-
sitv OF our railroads and other i'm
portaut enterprises
Where Shoe Pinches
In six Eastern States there are in
round figures, seven million savings
bank depositors owning $500, 600 600
RAILROAD investments That means
that. If you are savings bank de-
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-18
Carnegie Trust Suit
Is Brought in Texas

GALVESTON, TEXAS, Jan. Ii
George NJ. Courts prominent manu-
featuring stationer here. is being sued
in the District Court by George C.
NanTuyl. Jr.. New York Superin-
tendent of Banks, for S11 900
Courts was a stakeholder to that
extent in the defunt Carnegie Trust
Company, and has refused to comply
with the law compelling stockholders
to make good to the amount of stock
owned by them.