Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-03
STOCKHOLDER LIST
SHOWS INCREASE
Figures Reveal Growth of
Public Interest in Ameri-
can Corporations.
BY JOHN F. SINCLAIR.

Special Dispatch to The Star.
NEW YORK, January 3.-Norman
Angel, called by one critic the greatest
living essayist,' has just finished a
layman's treatise on the subject of
money. He calls it THE Story of
Money"
Mr.. Angel emphasizes throughout
the book money in its social relation,
showing what money has done to
human society, the problems it has
solved and created Then, in the final
chapter, he brings the main monetary
and banking controversy of today into
understandable form and relates it TO
the whole problem of the sterilization
of the price level.
Probably no subject in recent years
is of more Universal interest than this
one. Contrary to popular belief, there
are many problems in connection with
1t that have not been solved. The last
sentence IN Norman Angels book Is
this:
"One thing at least, then, the survey
has proved-that there is q monetary
problem and that the task Of its solution
deserves the efforts of our wisest econo-
mists and boldest statesmen"
Unlike most books of this character,
1t Is absorbing throughout. Even a
casual student of the subject will find
IN it plenty Of thought for many day.
While the management of industry
seems to be concentrating more and
more into fewer and fewer hands, the
ownership OF industry is spreading into
more and more hands.
The stockholders record of General
Motors illustrates this impressively.
Twelve years ago this company had
1927 stockholders. Before the wear
was over thousand had been added.
Ten years ago the number had In
creased IN the first quarter of the year
to 8,0l2. This number again was In
creased during the year by more than
10000, the year closing with 1924
stockholders
1t is not necessary to give the figures
for growth for each year since then.
but every year shows a large increase,
with the exception of 1925 and 1925.
The year 1928 had a slight decrease,
beginning with 72,918 and closing with
II ,185.
But 1929, spectacular in so nany
ways, probably will break the record
when the figures are all in by show
ing that more stockholders are regis
tered on the books of American corpo-
rations today than ever before.
General Motors started the year with
1OS,363 stockholders. 1t closed with an
increase OF almost 100 per cent. The
latest figures available, those of No
vember %, show a total of l9S,6OO.
Common stocks are more widely held
now than before the smash of Novem-
Der.
Investors who have cash in the bank
and are anxious to go slow at this
particular time might consider rail-
road preferred stock as worth real con-
Sideration.
There are many who wish a little
higher rate than can be had from
high-grade bonds, and who can at this
time, by careful search, pick out UNI
usually attractive railroad preferred
stocks.
Railroads are the circulating me-
dunn of business activity, they are
necessary part of the economic and
social life of the country. Any inter-
ruption in their activities would COM
pletely demoralize the business of every
other activity. That is why railroad
car loadings are watched very care
fully as one Of the important yardsticks
In measuring business activity.
Undoubtedly the new year will show
Business is not likely to be main
tanned on an average at the high levels
of 1929. But enough business Is in
sight now to warrant the assumption
in many cases that preferred stocks
of high-grade railroad corporations
present some of the most desirable
investment offerings at the beginning
of this year.
How much will railroad revenues
drop during the year? Well, during
the 1920 depression in business rail-
road gross revenues were reduced
on the whole 107 per cent. It Is not
likely that they will show much over
6 or z per cent as a maximum In 1880.
If this figure Is anywhere near cor
rect the preferred stock of certain rail-
road corporations is and will continue
to be an excellent purchase.
The United States Department of
Commerce has estimated that the an
nual waste in our marketing system is
not less than eleven billion dollars.
Should this waste be eliminated, even
at the expense of seriously Gripping
certain long established types of busi-
ness? This question is at the heart
of the controversy now raging around
the head Of the Federal Farm Board.
The farm board, looking for a solu-
ton of the farmers problem has turned
to the cooperative movement in It's
quest. 1t is using all its great power
to organize local co-operatives, espe-
cially in wheat and cotton. to bring as
large a part of each of these crops as
possible into central sales organiza-
ton to control the entire marketing
and thereby gain not only the advan-
tage of we'll digested systematic and
orderly marketing, but even more i'm
portant eliminate the waste in the
cost of distribution of these articles.
Will this mean the elimination Of
the middle men in these fields? Per-
haps not today or next year, or even IN
five years. But ultimately does 1t mean
that the middle men must go?
(Copyright. 1880, by North American News