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Reaching Small Investors

is acquiring ownership in big business comment on. As to the second, I have consists of employees. This policy has already pointed out that there are now been dictated in part by the recognition more than 65,000 employee stockholders of the fact that a wider financial founda- and that about 100,000 are acquiring tion contributes to a sound financial stock. In reference to the third, the structure and a greater ease in securing Bell Telephone Securities Company, a funds. It was given impetus by govern- subsidiary of the American Company, ment financing during the war, which is engaged in spreading information about revealed more clearly the fact that there Bell System securities and particularly were vast numbers of small investors about the stock of the American Comwho had savings and who were willing pany, in calling people's attention to the to invest them. These businesses are fact that the stock exists, that it can be devising special plans and machinery purchased in the market at the market to interest employees and investors at price, and that it yields a safe and good large and to aid them in becoming capital- return. It also offers to facilitate the ists. Reference has already been made purchase of such stock, especially by small to the customer ownership activities of investors, with whom, through the coöpersuch utilities as the electric power and ation of the employees of the Associated gas companies.

Companies, it is able to get in touch in Not the least interesting and far reach- most parts of the Union. It assists them ing of the policies and plans to aid em- in having their orders executed through ployees and small investors generally the ordinary investment channels and throughout the nation in becoming owners its plans permit them to pay for stock in are those of the American Telephone installments, if they wish to do so. and Telegraph Company and the Asso- The results have been striking. In ciated Companies of the Bell System of less than three years, about 99,000 perwhich it is the head. The Bell System sons have purchased more than 800,000 is a nation-wide system. It serves all the shares of stock in the market at the people of the nation. It has as its settled market price for an amount approximatpolicy not only to have its employees ing $100,000,000. The average purchase become owners in the System but also to for each person has been about 8 shares. induce people generally, especially its During the first ten and a half months of customers, to become owners of the Ameri- 1924 more than 43,000 persons purchased can Telephone and Telegraph Company about 231,000 shares in the market, inand to become financially interested in volving an expenditure in excess of the Associated Companies. It invites $28,000,000—anaverage of approximately nation-wide ownership.

5.2 shares for each purchaser, and an

average for those purchasing on the inTHE LAW OF NEW YORK STATE

stallment plan of about 2.7 shares. This HE New York law, under which the activity will continue and the ownership

American Company is incorporated, of the company by the public will spread. provides that new stock must be offered In addition to the owners of the stock to stockholders; but there are three meth- of the American Company there are ods by which non-stockholders may be those who are financially interested in the come owners of its stock: first, through Bell System through ownership of prethe purchase of rights by the public when ferred stock of Associated Companies. a new issue of stock is made and the use The preferred stockholders of five of of the rights in subscribing to stock; these companies—the New York Telesecond, by employee acquisition of stock phone Company, the Bell Telephone under the employee stock purchase plan; Company of Pennsylvania, the Southand third, by buying stock at the market western Bell Telephone Company, the price.

Wisconsin Telephone Company, and the The first of these methods I shall not Chesapeake and

Potomac Telephone

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Company of Baltimore--now number VOCATIONS


188 more than 140,000, and there are more


1,028 Newspaper Men


2,275 than 25,000 persons paying for stock in


997 3,746 installments.

Oil Men

96 926 Physicians.



115 515 Teachers

3,047 15,271 OR the most part, this stock was Retired

2,362 25,576 distributed to small investors, par



28,560 ticularly to customers, mainly through



18,594 Students

893 4,413 the employees of the companies. That Tailors

2,145 the purchasers of the stock, as a rule,


216 1,809 Welfare Workers

14 37 were people of small means is indicated


12,310 110,424 by the fact that an average of about 2.7 shares was allotted to each purchaser.

118,799 733,676 A classification of the applicants for the And thus it appears that incorporated preferred stock offered by the Bell Tele- business and especially incorporated big phone Company of Pennsylvania, the business is the vehicle through which Wisconsin Telephone Company, and for laborers and other smaller investors have part of that of the Southwestern Bell

been furnished and are being furnished Telephone Company, aggregating 118,799 an easier and fuller opportunity to befor 733,676 shares, is given below. It is

come owners and capitalists than has highly significant. It is a literal cross

ever before been furnished in any other section of American society. It indicates

way, anywhere, at any time, in history. at a glance the sort of people that are In earlier days when business was transowners of the business; and it may be acted by inviduals, firms, or partnerships, said in passing that a similar classification there was not the desire on the part of of thousands of the holders of the stock the owners to admit outsiders to ownerof the American Company would reveal ship except under conditions which barred a similar picture.

men of small means. The public generVOCATIONS

ally, and particularly the employee, was Accountants

2,627 13,873

not invited to become an owner and Agents.


6,715 had not the means required for participaArtists

159 965 Associations


38 398 Attorneys.

964 11,924


747 2,903 Bankers

1,249 21,627 Barbers

HIS change, as has been intimated,

527 1,911 Building Trades

1,043 8,836 has come quickly. It has come Capitalists.

24 712 Chemists

silently. Even many intelligent obser

164 1,092 Clergymen

491 3,172

vers have not recognized or fully appreClerks.


ciated it. The demagogues and other Domestics

498 2,384

ignorant individuals have been unable Draftsmen.

303 1,357 Dressmakers

1,003 4,152

or unwilling to sense it. Their attacks Druggists

783 4.431 are directed at conditions which obtained Engineers

1,205 8,916 Engravers


in an earlier period but which have passed

3,500 Estates


or are passing. Their thinking is out of Executives


date. Their state of mind is a hang-over. Farmers


6.717 Government Employees.

1,589 7,691

So far as can be seen, there is no limit Grocers


in America to this development of wideHotel Employees


2,605 spread or popular ownership. Corporate Housewives

21,626 132,042 Insurance and Real Estate

1,413 13,263 business will grow in size. The number Laborers

24,317 82,182 of corporations will increase. The policy Librarians

73 344 Manufacturers


of inviting more general ownership will

53,366 Merchants

691 4,154

doubtless persist and grow. The only



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limit I can suggest is that placed by the since the settlements were made at willingness or unwillingness of the labor- Jamestown and Plymouth. The course ers to work, to exercise will-power, to that we must follow is clearly indicated save, and to invest prudently. This limit by the past. The process is defined so is an elastic and growing one in America clearly that even the newcomer and the because wealth is rapidly expanding least favored should be able to perceive and the share of laborers in industry is it. It is the process of evolution and great.

It has been estimated that ap not of revolution. It is only the ignorant proximately 52 per cent. of the national who cannot see this or the demagogues income goes to wage earners and that who will not see it. about 60 per cent. goes to people with incomes of $2,000 and less. And our

THE “NEED" FOR REMEDIES" national income has been estimated to be $60,000,000,000 or more.

beings, boastful of their modernness, Herein lies the fundamental solution who, looking abroad, seem to sense of the problem of the relation of labor movements and policies there which they and capital. It is the real solution of think might be imported and promoted the problem of the partnership of labor here to advantage. They have little in industry. Intelligent labor knows awareness of what America means and that, while there may be defects in capital- less understanding of conditions abroad. ism, it can have no quarrel with capitalism They do not realize that a person who as a system. It recognizes that capital holds radical views in certain countries is the result of work, of self-denial, and of Europe might consistently, if he were saving, and that its destruction, as de- here and knew enough to perceive the manded by some deluded persons here real meaning of America, be a very conand abroad, would cause a reversion to servative citizen. Few leaders in counprimitive and futile industrial processes tries of eastern and southern Europe and results-that, in short, it would have advanced to the point where they cause economic and social suicide. It could develop economic or political is coming to perceive that the paramount programs for the welfare of the average need is to increase the world's output, man, which would be in measurable to expand the amount to be distributed, distance of those which we long ago to raise the standard of living of all incorporated into our institutions and laborers, by education to increase their which are commonplaces with us. Some skill and their capacity to avail themselves of the countries of the continent of Europe of opportunities, and to induce them to to which attention is so emphatically practice self-denial and to save. And directed, with the best that can be done, it is more and more realizing that the will not in generations, in point of beneideal and the sensible thing is for every ficent legal and economic institutions and laborer to become a capitalist, a small of human liberty, establish the basic one if necessary, a big one if he has the conditions which have obtained in this requisite character, industry, and will- country since the beginning. And they power. Nearly every man one meets of will not in a century or more approach high position or great means has come the position America has now reached up with no other start than that furnished in point of the opportunity which she by good character, good ability, industry, offers and is increasingly offering to every and will power. The instances are the individual, with the necessary character rule and not the exception. There is no and capacity to take advantage of it, other road to industrial capitalism and to work out his own salvation, and to ensuccess.

joy the fruits of his labor, as are the The political and economic foundations millions of American men and women of America have been deeply and broadly who, in increasing numbers, are coming laid. They have been in the making to be the owners of the nation's industry.

How Human Traits

Are Inherited

Why All the Children of a Gentile-Jewish Couple
Look Like Gentiles. Can a Mulatto's Child Be
White? Traits That Are Known to be Hereditary



HE following matter-of-fact and fourth generation” also assured us description of a microscopical, that “men do not gather figs from thischemical, and mechanical pro- tles.” Where we sow the seed of life, we cess deserves the pen of a Mil- shall reap exactly what we sow.

ton to do it justice, for it is a process charged with the fate of a human The whole human body grows from a being. It is the

single cell of tissue. formation process

This cell is so small of the earthly tene- Mr. Strother's article on “Crime that it is barely ment of a man or and Eugenics," in the December perceptible to the woman who may issue of the WORLD'S WORK, con- naked eye. Within wield the sceptre

sidered the religious and the scien- that tiny speck of of empire or may tific statements of the law of

living matter are fill a pauper's grave.

inheritance—the former as ex- contained fortyThe hopes and pressed in the Second Command

eight strings of tisment, the latter as detailed in prayers of mothers Mendel's Law. The utility of

sue, called chromoshould center there, eugenics was explained, together

somes, that can be the anxious soliciwith a description of what is

observed only untude of fathers “probably the most stupendously

der the microscope. gather round that

important discovery yet made by Within these chrotiny re-illumination

man.The present article, the mosomes are conof the fire of life. second in this series, contains a tained “genes," History may be more complete account of the

every one of which making there: cerprinciples of heredity.

is the determiner tainly most of the

of a specific charweal or woe of a

acteristic of the child who will some day be a man. full grown human being that will deMathematical laws of chance or alterna- velop from that tiny cell. Half of these tive do, indeed, enter into what the chromosomes (and therefore half of these component elements of the new life may determiners) come from one parent, and be, but one fact will become immediately half come from the other. The fortypatent, and that is this: no virtue will eight chromosomes, therefore, are really a be in it that did not come from the blood- pair of twenty-four chromosomes. stream of the father or mother, and no This single cell multiplies by expanding evil will be in it that did not come from and dividing into two cells, each of which, the same sources. The same Voice that in turn, expands and divides into two, and thundered, “I will visit the sins of the so on, until the body is fully grown. By a fathers upon the children unto the third marvelous system of chemical control,


The Three Entries of Chance

these multiplying cells arrange into parent, and chance (so far as we now specialized formations, some of them know) determines which ones it shall reforming muscle, some bone, and some the ject. Second, when a life cell is formed intricate and delicate structure of the in the body of the other parent, chance brain. But no matter where they go, or makes the same choice of its half of that into what type of “colony" they settle, parent's chromosomes. And third, when they are identical in fundamental charac two life cells unite, chance alone deterter with the original cell from which every mines the two that shall unite. This one of them came. Each is still a micro- series of three openings for the operation scopic unit, containing forty-eight chro- of chance in the composition of characmosomes, which, in turn, contain the teristics of a new individual of the human "genes," or determiners, that fix the race explains why no two children of the characteristics of the completed individ same parents are ever exactly alike and ual. This implies that not only did the why, on the contrary, they are usually all original cell expand and divide, but also decidedly different. It explains also why, that the chromosomes and genes did like- though they are so different, all the chilwise, so that every new cell created by dren nevertheless have plain traces of this process should have its proper con their ancestry upon them and bear a tents of these elements.

“family resemblance” to one another. But, as soon as the original cell started

IMPOSSIBLE HEREDITY to expand and divide, a few of the dividing cells were set aside as germ-plasm, or


of life, for the creation of later individuals of the ments that shall fix the characteristics of species. These life cells, as we may call the offspring, it should be observed that them (to distinguish them from the body chance cannot go outside the limits of the cells which go on dividing to form the elements provided by the blood stream of body), differ from the body cells in the parents. Hair color, for example, is one important respect. Instead of re an hereditary characteristic, and the only ceiving the full forty-eight chromosomes, colors of hair in the human race are black, these cells reject half that number, and brown, red, and blonde, and their interreceive only twenty-four. When this mediate shades. For that reason, no choice is made, obviously the life cell may human being has ever been born with choose either the paternal member or the bright blue hair. No possible combinamaternal member of each of the twenty- tion of parental chromosomes could profour chromosomal pairs that make up a duce such a result. For the same reason, total of forty-eight chromosomes. This no child of white parents was ever born arrangement is provided because one of black. these life cells must ultimately unite with Thus, heredity works only with the another life cell from another body to materials that are provided by the ancesstart the life of a new individual of the tors of the new individual. The Mennext generation. Thus, when two life delian Law of Heredity, so frequently cells unite, each brings twenty-four chro referred to in this series of articles, is mosomes to the union, so that the one simply a statement of the mathematical new cell that starts the new individual on operation of the laws of chance within its way contains the proper number of these limits of material provided by chromosomes, or forty-eight in all. ancestry. Mendel was the first to prove

From the foregoing description, it that certain characteristics, obviously may be seen that chance enters into the inherited (such as hair color), are indefinal result at three steps of the process. pendent units that segregate out in every First, when a life cell is formed in the new generation. He was the first to body of one parent, it must reject half prove that this segregation follows fixed, the chromosomes of the body cells of that predictable, mathematical laws.

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