The Detroit times., 1915-11-30
A STOCKHOLDERS
WITH A CONSCIENCE
sY Or. FRANK CRANE
Copyright, 1915, by Frank Crsnel


= y
William l.. Chenery tells entertain
ingly in a recent article the story of a
certain stockholder with unique con-
science.
The average owner OF stock is content
TO draw his dividends Any attempt on
his part 10 interfere with the ing fellows
who control the company he regards as
futile. Needless TO say the big ones en-
courage him i'm his view. He rs not eX-
.pected to attend meetings, and when
they are to be held he is sent neatly
printed proxies to sign.
The process is one that facilitates pro-
fits and shunts responsibility. which is
what most people want.
Some years ago, however, a member
of "A distinguished Boston family, who
happened TO possess an old-fashioned
New England conscience, introduced
himself TO Judge Gary head Of the Unit
ed States Steel corporation as "a damn
fool small stockholder.
He was Charles NJ. Cabot who died
not long ago.
He was aroused by an article in the
Pittsburgh Survey. A squalid group of
homes called Painters Row belonged TO
the steel corporation. Among other hor-
rors. an old pump supplied the drinking
water for the sos people who lived IN the
row. One of the apartments WAS $50
PAGES away from the water supply and
- steps above it, Others were oppres-
Sively distant
As a stockholder Mr. Cabot was con-
cerned. He got busy on the inside and
brought about a change, That gave him
a start on the entire industrial problem.
He subscribed TO fund which enabled
the Survey 10 send John a. Fitch on an
investigation of steel centers in Ala
hama. New York. Pennsylvania, Illinois.
and Colorado. Moreover, he kept up his
own agitation.
The steel industry demands continu-
GUS processes. Mr. Cabot found that the
managers had been thinking about the
processes. but not about the men. AS
result a l2-h0ur day and "A seven-day
week was i'm vogue He campalgned tor
one DAYS rest in seven and won.
Then he attacked the i2-hour sched-
ule. He sent out an article on the II
hour day TO $4,000 stockholders oil the
corporation. The answers he obtained
are Salu 10 nave peeH lev bA' oits S''''s'
Sixteen per cent didn't commit them
selves. Thirty-six per cent were unfa-
vorabie 10 an eight-hour day the only al
Tentative ii the l2-hour shift in the
steel mills. Forty-eight per cent asked
for reduction in hours. That in itself
reveals how fundamentally decent are
the instincts of the larger section in any
group.
He did not WIN the eight-hour fight.
The corporation said that it could not
nav for three shifts while the indepen-
dents paid for only two. So that matter
stands. But he didn't stop. Leisure for
workmen was not enough. Stakeholder
Cabot wanted to see the mills unionized.
lie thought that was necessary If Amer
lea is 10 be a country OF freemen.
He left fund of $4,000 to keep up
the fight. Through it Investigations OF
industrial conditions are to be made and
published. "to the end that industrial
abuses and hardships Of industrial labor
ers may be known and rcmedied.
That is Mr.. Chenerys story, and
good one.
Boston has been accused Of pernicious
exchsiveness. as in the verse
Here's 70 good old Boston.
Tho home. Of the bean and the cod.
Where Lowellg speak only TO Cabots
And Cabots speak only to God
But if Speaking to God" operates as
in the case of Charles VI. Cabot we could
do with "A deal more of it.