Norwich bulletin., 1921-08-17
LETTERS TO THE EDITOR
Per Cent Telephone Money Again

Per Cent Telephone Money Again
 MT. Editor:
 I have read with interest in The Bull letin the open letter of my friend MT. Allen B. Lincoln dated August 4th, crit icizing among other things, the recent an nouncement of the Telephone Company 1 of an increase in it's dividend rate to 3 per cent, and I desire to take distinct
 issue with him as to the wisdom and pro- priety of that particular action. For the views MT. Lincoln may express on any subject I have great respect, but in this instance in his zeal for the public and natural personal resentment for defects in a local telephone service think he has overlooked certain features of the matter that deserve publication. Aside from the necessity of an in | creased dividend as a financial step to enable the Telephone company to obtain needed additional capital as expressed by the companys officials, I regard this in crease as a just recognition of the right ful expectation of it's stockholders, of which the public should approve. Corporations, public utility and others, are among other purposes merely agencies whereby numbers of people of small means are enabled to invest their sur plus wages in business operations witc- out imDerilling their other property in case of business failure. Without such agencies the public would be deprived of the bene- fit of the immediate Iteturn of such earnings to social use.
 All corporations may be viewed in three aspects:
 1 1. That of the general public, includ- | ing therein government and the custom
 CTS of the corporations;
 l 2 That. of the employees, including
 therein the officials; and
 | g. That of the stockholders who have contributed their accumulated wages
 which constitute the capital of the cor
 porations.
 I purposely use the expression accu- Emulated wages in lieu of the term capit-
 al, because on account of popular ig- l noranee there is.so much prejudice against
 corporations conceived of as mere prop l erty owners, viz: as capitalists. A diff
 ferent nomenclature is useful in order l that the matter may be viewed dispas- ] sionately.
 i With the commencement of the great
 world war and continued down to the present time, the right of the publlc and l the employees in respect to corporations the first two aspects of corporate activ- ity, have been so constantly featured that their aspect from the point of view of the stockholders has been forgotten
 The stockholding class has come to be
 regarded as the Cinderill& of industry
 in public estimation devoid of all con-
 sideration whatsoever, it being assumed
 that it's sole function is to perform drud.
 gerry without reward or consideration.
 On the other hand, the employees o1 corporations, the pampered proletariat
 have been nursed with fhttery and en
 couraged to demand and are now receiv ; ing suoh increased compensation tha their receipts have put to shame tn
 earnings of persons in independent busi ness and professions Wages of employ ees have reached a point from the stand , noint of the stockholders, where man | corporations are on the verge Of quittin
 business altogether.
 Next to the claims of the employee
 federal and state governments, ~epresen
 ing the public have raked corporal 6 books and records. management and ban : accounts to ascertain every detail of th
 l business, and with information so e