New Britain herald., 1923-01-13

the eompanys outstanding stock and tota
 of Just over nifty per cent of the entire
 stock. On October 3l, 1922, there were
 ll,013 holders of common stock and nearly
 10000 holders of preferred stock, A. of
 June 30. 1922, only six shareholders held
 one per cent. or more. of the company :
 common stock. These six shareholders own
 total of 2S4 per cent of the company's .
 common stock. The largest individual owner
 of common stock is Mir. John D. Rockefeller. | Jr, with ll.4 per cent. Three of the re-
 maining five common stockholders on the
 list, owning, together. 10. per cent of the | common stoCk. are ;lanthropic institutions. 1 It may be of intei est to the committee to
 know that Mir. John D. Rockefeller. ST.,
 has not been shareholder in the company since 1920, and that the late Mr. William Rockefeller owned only seven hundred
 shares at the time of his death.
 Furthermore, the company made effective
 about year and half ago stock acqui.
 sition plan under which its employees are
 becoming stockholders. The number of sub. number of shares of common stock already
 allotted to them is 44,636. Before the end
 of 1925 when this stock is issued in the
 names of the individual employees there will be added to the company's stock list on the basis of position today. at Least l2,o00 to 1S,000 common stockholders.
 The Soviet Doctrine
 MT. Frear protests that not per cent. of the people of this country believe in the Soviet theory and that he does not himself, but possibly he does not have clear conception of either the Soviet theory or his own. The essential error of the Soviet doc- Urine is in assuming that the achieve ments of industrial leaders are of no value to society, and that the fruits of their labors can be appropriated at the will of the majority without any disturbance of the processes of pro- duction. They do not understand that the men who have the genius to build up great industrial organizations and properties must have the use of the values they create in order to go on with their work. The more they have to work with the more they accom- plish, but if the capital they create is taken from them as fast as created their powers are limited. It is not a mere question of justice to the indi- viduals who furnish leadership; at most they only get their living ex- penses. The real question is that of free play for their powers in up- building the community.
 The Soviet lays all emphasis upon the fact that individuals own the great industries, failing to see that but for these individuals the industries for the most part would not exist, and the further fact that these industries are supplying the wants of the population. They worry lest an individual propri- etor will make profit, even though it is evident that his profits are being used to enlarge an industry and cheapen its products 10 the public. The modern equipment which has mul. tiplied the productive power of indus try many times and advanced the standard of living for the entire popu- lation has all been provided out of profits, but the central thought of Sovietism is to abolish profits.
 There may be a difference between his view and the ideas of Mir Fresr, put t is so faint in the outlines that anyone who accepts the latter is very likely to accept the former also, par. icularly if he accepts MT. Frear's misstatements. Soviet sm is built upon misunderstanding, md when 1t comes to knowledge of business affairs, Mir. Frear, to judge y his speeches and writings. has lit- le advantage over the Bolsheviki