The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-19

Queried on the Ford scheme Of profit
sharing. Mr.. Babson said MIR Ford did
not call 1t that. Mr. Ford. he said had
played the game for capital Now he Is
playing II for labor. His purpose is to
find out who makes the profits and then
to distribute them accordingly"
Commissioner Garretson, who used to
be railroad train conductor and who
stlll vets the tips or his fingers when
speaking as IN he were leaing over a mile
age book, took Mr.. Babson in hand at
this point. In the argument which fol-
owed ne said he was no; Socialist
To this Mr.. Babson replied that when
YOU asked man to define the word
gentleman he always defined IL in such
manner as to include himself but when
you asked him to define Socialist" he de.
lined 1t In such manner as to exclude
himself.
Very much like the situation here
moment ago retorted Commissioner
Garretson II asked my colleague what
he thought OF you and he said he thought
you were like me--crazy"
MI. Babson ended his testimony by say
ing he thought employees should be rep-
resented In the board OF directors OF
Industrial concerns and that he believed
II labor went at Il In the right way
suggestion along this line would be ac-
corded a hearing
He said the labor representatives
should propose scheme OF pro1t sharing.
That ne didn't believe that they wanted
more wages To this MIR Garretson re-
piled that no profit sharing scheme was
ever proposed by the employees and
that what they did want was better
wages.
Charges Control by Two Groups.
The chief point made by MIR. Inter.
,.F
this city control many OF the great
railroad systems lie gave a list OF such
roads reorga by J. T. Morgan &
Co and by Kuhn. Loeb 4 Co He said
II was Impossible for the shareholders
In great corporations to attend elections
and that the proxy was the cause OF the
evil Of absentee ownership and manage
ment.
He said he had three suggestions 10
make along this line He would abol-
ish voting by proxy and insist that votes
be cast IN person or by mail he would
compel directors to send OUT list OF
candidates ninety days before an eleC.
ton aud give stockholders an oppor-
tunitt TO nominate an opposition ticket.
which should also be sent out 10 the
stockholders. and he would have the
minority stockholders represented
Under system or cumulative voting
he said. one ninth OF the stockholder.
could elect a director
As for the assertion that the interest
here Cthe Rockefellers) that owns 40
per cont. OF the stock Of the Colorado
Fuel and Iron Company does not con
troll that corporation. he said Il was
ridiculous-that IN his opinion these IN
terestS could control n they owned only
10 per cent. or even 2. He asserted that
j. p Morgan & Co controlled the New
Haven railroad system without owning
more than one-tenth OF per cent. Of
the stock.
Mr. Untermyer objected TO certain sug-
gestions OF Chairman Walsh on the
ground that they were impossible because
OF constitutional provisions or other well
settled principles OF law. as for nstanc
when Il was suggested that the Gov
eminent might assume suon regulatory
powers as obtain in Germany or England
with respect to labor unions.
He advocated a labor exchange. such
as Germany and England have but op-
posed the reduction OF fortunes by legal
means. He believed that II Is the method
Of making them and not the fortunes
themselves that are the real menace 10
American institutions.
lie summed up the present unres, by
saying that II was due TO the injustice
Of present conditions and American am
billion"