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them all equally liable. Here is a state- Office inspectors, of state officials clothed ment of the principles of the case, in the with the authority of the rapidly spreading court's own language;

"blue sky" laws, and of efficiently or

ganized investment bankers of good repute. Directors who organize a corporation of

There is, however, another class of what this character, knowing that attempts are being made to induce the public to subscribe might be called passive promoters - men to the corporation, or to purchase its securities,

of affairs and of wide reputation who, withhave imposed upon them a duty which is not out moral guilt have been responsible for discharged by wilfully shutting their eyes to the misfortunes of many an unsophisthe acts of other officers or agents of the com- ticated investor merely through their pany as to the methods used to procure money neglect to inform themselves adequately from the public.

about the character of flimsy enterprises They cannot authorize the issuance of cir

to which they are frequently tempted to culars and other appeals to the public to secure lend their names. It is an encouraging the benefit of subscriptions to be made to the

sign that a strong precedent of law is being corporation and not be responsible for false and fraudulent statements, by which invest

built up, by such decisions as the one

which forms the sequel to the French ments in its securities are obtained.

architect's story, that will make these There is, of course, a very large class of men more alive to their responsibilities. promoters against whom investors would But there will always be a need for the find cold comfort in obtaining judgment investor to be cautious about putting under such a rule of law. Fortunately, that too much trust in names. There is no class is finding it increasingly difficult, substitute for investigation and for the year after year, to ply its trade success- judgment of every investment proposifully under the watchful eyes of Post tion on its own peculiar merits.








N THE recent Pujo investigation of By placing an active member of a great the "money power” of New York, banking house on the inside of every one one phrase came to the front of many large enterprises or exploiting "the interlocking directorate." We corporations it is possible to exert an

should hold on to this phrase, before effective influence on all financial matters we let it slip back into the dark vaults as well as on questions of peace and war, of the bank, for it has a wealth of signifi- these resting fundamentally on finance cance, and it will have much more.

Whether this great force of unanimity In brief, "the interlocking directorate" in finance is used for good or evil in our is a device whereby one great financial country, I do not pretend to say. But institution keeps itself in touch with many it is not an answer to criticisms of Ameriothers, ensuring unity of action and pre- can conditions to say that "the interlockventing cross-purposes in the industry ing directoratets a successful method in of making money.

Europe, that it is the avowed policy of all the other great nations of the world, But this war was certainly tolerated and that it is everywhere else “approved by encouraged by the masters of Europe. governments and public sentiment as The initial suggestion came apparently essential to the great enterprises of these from the Russian Minister (Hartwig) at days, whether governmental or corporate.' Belgrade, but the plan of expelling the

It is indeed the method of Europe. It Turk by force found favor both in Paris is highly developed in Europe because it and Berlin. The final victory rests with fits perfectly into schemes of imperialism. the French bankers. These were able In Europe as in America, it promotes to furnish war funds and war armament financial stability. It also provides for at a time when Germany and Austria the steady movement of money from “the were verging on financial distress. Thus careless hands of the public” to the vaults Austria, at the end, through losing control of the rich. It is especially the agency of the Balkans, failed in the aim of more by which the resources of weak or bar- than half a century of intrigue. barous countries are drawn to swell the “The Sick Man of Europe" has passed wealth of the great centres of exploiting away at last, but the details of his demise Christendom. The degradation of “world are still conditioned on Servian and Bulpolitics” to the ape and tiger level is garian obstinacy, and on the necessity of accomplished by such means. Through safeguarding the many ventures and conits agency war is no longer a matter of cessions that the Banque Ottomane and emotionalism or of patriotism. Where its French syndicates have in Macedonia war is permitted it is strictly a matter of and Thrace. And as French interests business. Where war would interfere with virtually control Turkey in Europe, so is business, it cannot break out.

Turkey in Asia dominated by the DeutThe French have a phrase when a crime sche Bank, that “nation within a nation" is committed: “Cherchez la femme" which replaces the Sultan as master of the find the woman. Now when war is rest of his domain. According to a Turkish threatened or a revolution breaks out: writer, “Darius," "This bank drains for “Cherchez le banquier” – seek the itself the riches of the land, exhausting banker. Find out who makes money not the working class alone, but a whole from the disturbance, and then trace the nation, which is dying from its operations." chain of interlocking directorates which A little war helps those who fish in lead to the centre.

troubled waters. A great war ruins credit, The late Italian War had its motive, in and may force rival interlocking direca large part at least, in the speculations of torates into unprofitable conflicts with the Bank of Rome. The seizure of each other. There is no gain in fighting Tripoli once decided upon, the unwilling lions against tigers or foxes against wolves. King and the ever-ready populace were It is only in weak and succulent nations drawn into it. From Prof. R. G. Usher's that a revolution may pay its way. studies it would appear that both British Of the hundreds of revolutions, big and and German interests favored, or at least little, in the smaller countries of America, tolerated, this war, as both sides hoped probably nine out of every ten has had to win Italy to its side in the greater con- behind it the money of some syndicate. test which is always impending and which American, German, English, or French, can never come. In the final outcome, with a concession of some sort at stake. Italy was left on the side of the Triple Brigandage pure and simple is not profitAlliance, apparently because Germany able nor possible for long, unless mainhad the greater influence in abating the tained by some interest working toward resistance of Turkey.

definite results. Most of the petty revolts The Balkan War was started with a fine in tropical America would come to a stage-play of patriotic and humanitarian speedy end if foreign adventurers and feeling in the foreground, while behind it syndicates should all confine themselves was a plebeian perversity and intensity to legitimate business, that is, to affairs on which the Powers had not counted. which will bear publicity.

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I find in a table bearing date of 1904, locking combinations. This is certainly that the Deutsche Bank of Berlin was true in England, France, and Russia; represented by interlocking directorates and “the Dollar Diplomacy” of the United in 240 different industrial, transportation, States, now happily of the past, was based or exploiting companies. The Dresdener on the same fundamental principle. Bank was represented in 191, the Bank of By such means, the foreign policy of Schaaffhäussenscher in 211, the Darm- each of these “Great Powers" is directed städter Bank in 161, and the Disconto to safeguard the ventures of those great Gesellschaft in 110. These figures may banks which make a specialty of foreign be doubled by this time, and each of these risks. In Europe the governments everybanks has many branches or minor where frankly make open cause with the establishments over which it has entire interests. The foreign offices are therecontrol. Doubtless, too, these and other fore for the most part little more than the banks in Berlin, Paris, London, and firm names under which these interlocking Vienna interlock with one another. They syndicates transact their foreign business. certainly connect with the great armament Whatever the virtues or the evils of the syndicates, so powerful and so profitable, system of interlocking directorates, the of Krupp, Schneider, Armstrong, Vickers- evils at least are greatly accentuated when Maxim, and the rest. Still more important the Government becomes a part of the and more significant is the fact that these system, extending its operations in foreign various establishments, by interlocking lands by means of secret treaties, by arrangements, stand very close to the official guarantees, by threats, and by ruling powers in their respective nations. force of arms. A large percentage of the

In Germany we may fairly regard the international troubles of the world arise Emperor as the centre of a gigantic mutual from this one source, the use of governinvestment organization, with its three mental authority to promote private branches of aristocracy, militarism, and schemes of spoliation. finance, all the powers of the State, military Once rid of the “Sphere of Influence” as well as diplomatic, being placed at the and of the war machinery which upholds service of the combined interests. In so it, and once rid of the war-right of piracy far as other nations are “Powers,” the fact at sea, we could look with confidence is due to the influence of similar inter- toward the dawn of international peace.






NE day a molder in an anvil “The boss smashed two of hers, and she

works in Trenton, N. J., dis- stayed on the job,” was his significant
played a crushed finger to a reply.

That's exactly what the "boss" does, and
"Why don't you go home?" every man in the foundry knows it
the other asked him. "You could get she stays on the job. Fair weather or
the day off."

foul, when extra heavy orders cause a The man wrapped a rag around the panic of haste and overwork, when the finger and took up his rammer once more. plant runs shorthanded, when business


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crises occur, it is all the same the "boss” factory on any one of the six work-days is there with the seven o'clock whistle. and see for yourself. You will find it in If there is no other way to get out the the smutty section of the old capital, work, she is ready to seize ladle or molding- where the smoke and soot and dust of spoon, rammer or hammer, and a little many herded factories hang heavy and thing like a smashed finger or so is not the Delaware River lumbers along under worth stopping for. It is rare, therefore,' their pall. If you are not there when the to find a workman who cares to mention whistle blows, you will miss the beginning a similar little inconvenience of his own, of her work-day. since the "boss" is a woman. In short, she ”

She is awake and up at six o'clock on is the Iron Woman in fact, not fiction. the farm where she lives, four miles away.

Her name is Mrs. Harriet White Fisher She motors in to the plant, and now she Andrew, and from the plant which she is lining up with all the clean-limbed owns and operates in Trenton go forth young machinists and the giant-shouldered anvils and vises to every part of the old blacksmiths who form her corps. globe. There is not a job in the works, The whistle gives a final scream and is from the primitive, muscular task of silent; from the molding room to the charging the cupola to the skilled nicety machine shop every man is in his place, of running the pneumatic chipper, which and the Iron Woman is putting on her she does not know as much about as any overall. of the half a hundred men in her employ. She wore a neat tailored suit over; She lives, she moves, she has her being now she is shrouding it in the closealways in the midst of iron creation; she fitting garment of heavy blue stuff which knows iron, iron only, from whistle to reaches from neck to heels and affords no whistle; inevitably, then, the name “Iron opportunity for fluttering skirts to make Woman” has fixed itself to her.

trouble in the midst of much machinery. When the sternly masculine National "What brought me to this," she told me. Manufacturers' Association took her into briskly buttoning herself into the overall its membership, it practically announced, "was a little accident that once happened “Here is a manufacturer of such achieve in the engine room. I was standing with ment that we've got to forgive and forget my back to the belt, and all of a sudden her sex.”

I felt my skirt going. The belt had When the Efficiency Society held its grabbed it. So I just took hold of the convention in 1912, gathering employers door casing, like this, and let the skirt go and experts in the science of efficiency instead of traveling with it." from every quarter, it sent for Mrs. Andrew She is ready now for the day's work to address these ranks of men, because In her build, in her every alert, definite here was a woman who had made such a

movement, she suggests power. She is success of a big work that it was worth not a very large woman; but she will while for even experts to hear what she invite you to feel her biceps with the had to say.

delight of a small boy, and you will snatch When the United States Government out your fingers gingerly before that arm ordered her anvils, not only for many of snaps shut upon them. Every time she its posts and shipyards all over the coun- steps or moves a hand there is a quick try, but above all for the great Panama spring in the movement. She is middlework, it was because the Government knew aged, gray, healthily ruddy, and steel-eyed. her anvil, and respectfully acknowledged But she radiates good cheer and huthat she knew her business.

manness. Following her through the shop, Her plant is not particularly large. It I saw faces light up when she approached. employs only about fifty men. But on There was an old blacksmith at the forge this small scale, as modern industry goes, with shoulders that were like those of a Mrs. Andrew has worked out certain buffalo, but bent. methods that are worth observing by "Smith, how's your wife?" asked Mrs. many larger employers. Drop in at the Andrew.

Smith slowly raised his shoulders and twenty-five years. And they weren't faced her. , "Aw, my vife, she very bad," locked in, either."

." he began, and there followed a consultation If you visit that factory you will see for on Mrs. Smith's lameness which revealed yourself that it is true. You can feel a that Mrs. Andrew had been to see her, spirit of friendliness hanging in the air would go again, and would see what could everywhere like the fine dust of the be done to get a change of air. When we foundry. "With a bigger corps you left, old Smith's anvil was resounding to couldn't know every wife, child, and dog," blows that had taken on new vigor. “I I naturally argued. “At least I'd like suppose you get acquainted with those to tackle the job,” she replied. who have worked for you a good while," Her secretary is all but stone deaf; I remarked, as we walked on.

that Mrs. Andrew rescued him from the "There isn't a man in my employ that ranks of the down-and-out when his

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I don't know and whose family | don't deafness had driven him there is an interknow — wife, children, and dog," she said. esting sidelight upon the woman. While “When employers get to the point where she dictated her morning's correspondence they realize that this means something to him, I had time to observe all the vital, both to the employee and to their certificates of award which this famous own interests, we'll see the personal old anvil has won during the seventy relation developed as it ought to be. years since Mark Fisher, her first husband's When men know that the boss is tickled father, started the making of it. The old over their good luck, and has a helping black walnut furniture is scarred, the hand for the bad luck, you won't find so walls are dingy, dust has gathered on the many discontented workers. Do you want framed certificates. Over in one corner is to know how long old Smith has been a feeble little attempt at femininity, a here? Thirty-nine years. And a third small looking-glass. It strikes you a bit of my men have been here more than queer, somehow, when the Iron Woman

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