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

William l.. Chenery tells entertain
ngly in a recent article the story of a
certain stakeholder with unique con-
science.
The average owner Of stock is content
to draw his dividends. Any attempt on
his part to interfere with the big fellows
who control the company he regards AS
futile. Needless to say the big ones en-
courage him in his view He is 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 nld-fashoned
New England conscience, introduced
himself to Judge Gary head of the Unit
ed States Steel corporation, as "a damn
fool small stakeholder"
lie 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 stockhoIder 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 20 send John A. Fitch on an
Of steel centers in Ala
bama. New York, Pennsylvania. Illinois,
and Colorado. Moreover, he kept up his
own agitation.
The steel industry demands continue
Gus processes. Mr.. Cabot found that the
managers had been thinking about the
processes. but not about the men. As
result 4 12-hour day and q seven-day
week was in vogue He campaigned for
one days rest in seven and won.
Then he attacked the l2-hour sched-
ule. He sent out an article on the Il
hour day to 5000 stockholders OF the
CORPORATION The answers he obtained
are said to have been few but significant
Sixteen per cent didn't commit them
selves. Thirty-siy per cent were unfa-
vorahle to an eight-hour day the only al
tentative TO the l2-hour shift in the
steel mills. Forty-eight per cent asked
for a 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 Tor
workmen was not enough Stockhoider
Cabot wanted to see the mills unionlzed
He thought that was necessary II Amer
lea is to be country of freemen.
He left fund of $4,000 to keep up
the fight. Through it Investigations OF
industrial conditions are to be made ana
nublished. "to the end that industrial
abuses and hardships of industrial labor
ers NAV he known and remeded.
That is Mr.. Chenery's story, and
good one.
Poston has been accused Of pernlcious
excusiveness, as in the verse,
Here's to good old Boston,
The home or the bean and the cod
Where Lowells speak only TO CabotS'
And Cabots speak only To ''od'
But if speaking to God" operates as
in the case of Charles NJ. Cabot we could
do with deal more of It,