The Birmingham age-herald., 1916-11-13

uuty IS 10 the SlOCkuOlueiSs anu nAoN ever desire our officers may have to serve the south, that can only be, in equity, secondary to their serving the owners of the road who are repre- sented by the stock. I do not speak in any captious sense, or with any desire to offer any adverse criticism, but I do hope that the directors of the company will take into consideration the fact that their first consideration, above every other consideration. is 10 the stockholders, and that report did not seem to me to give that im- pression. or certainly l did not get that impression from the report l hope may be mistaken, but if that is true, I hope there will be 0 change of mind.
 President Harrison: That is true, sir. The first consideration of pub lie corporation today is the service of the public; the stockholder has taken & secondary position. If you will sit at my desk for a week, as I invite you to do and see what comes before me, you will realize why I make the statement
 The Rev. Mr. Scott: That may be true, as far as your experience is con- cerned, and that is why I make this plea and protest, that the stockhold- CT who puts his money in the com pany is the one who should have the primary consideration of the company. The railroad is run by the people who own it, as any other business Is con- ducted, for the profits that come out of it. If railroad pays no profits it certainly is of no value to the men who own it.
 President Harrison: Well, sir, have to take issue with Xeur state ment of fact about it; aSrailroad is not run, solely, or even primarily, for the benefit of it's stockholders, today. Following the discussion resolu- on was adopted approving the policy f the directors in withholding divi- ends at the present time. Twenty-Five or thirty years ago lch a course would have been almost nthinkable. Money in the treasury, ut no dividends! 1t takes big gauged irectors to hold that view of their and to apprehend the true rinciples of economy. In other years le stockholders would have received ividends out of the net earnings, but le tracks and equipment would have cen neglected.
 The modern policy is the only sound olicy. First use earnings on better Ient. and when dividends do come ley will keep on coming in normal mes just as the road keeps on im- rowing it's earning power. The citizen whose mail box is crammed -ith advertising matter sent out by quor dealers in neighboring states
  hose fellows have his number.
 # * Paragraphers for republican newspa- CTS who bade MT. Wilson a facetious lrewell have discovered that he has not ct reached that point in his public ca eer.
 It must have been a sad blow to Pots am, but the Kaiser was not able to evote his undivided attention to electing IT, Hughes President of the United tates.
 A pair of blue silk pajamas figured in a ecent news story Persons who usually can the headlines in a newspaper read his article from beginning to end.
 k * It is estimated that more than 10o,o91 ron crosses have been distributed by he Kaiser Apparently all the Kaiser s oldiers have not yet been decorated. Republicans attribute their defeat in 'hio to lack of newspapers supporting hem. What was the matter with that rand old slush fund?
 A Eight democratic roosters adorned the ront page of the Youisville Courier ournal That's the way MarSe Henry alt about it.
 In the meantime, the Amermican-M Mex an commissioners are just about where hey were when they started their de- berations.
 Youngsters who stole an automobile in Birmingham tried to run it with kerosene ut failed. However they'll know better ext time.
 Although New York state went for Iughes, democrats are numerous enough nere to give the President rousing re- option.
 T * The New York World thinks Tammany dead, Tammany has died more times ] recent years than old King Menelik.
  Has anybody suggested the organiza- ion of society of survivors of vessels orpedoed by German U-boats?
 q California was already famous, but it's onduct in the recent election has given additional glory,
 
 After the searchlights pick out Zep- elin the task of bringing it down is