REGISTERING THE CASH
Silverstein, Louis
REGISTERING THE CASH By Louis Silverstein. FORTY-FIVE years ago the, cash register came into,existence. As Is common in Such cases, the inventor sold his rights for a few farthings, A short...
...11:06 a. m.—Motion to adjourn...
...Wsll, you are In for some greet scenes and oxperiencesl Nowhere In the world will you witness such msrveleus productivity, stfbh gigantic enterprise snd wealth alongside of such abject and shameful poverty as you are destined to see in this country...
...Th* Second...
...11 sC m.—Motion to adjourn...
...Featured, as these interviews were, thanks to your social standing,* they made splendid reading and refreshed our spirits immensely...
...On the face of it, therefore, .it seems that we have hereon, genuine diffusion of wealth and an accompanying increase of democratic control...
...aL^a > , _ >- i- «:~«wa>sV ^W ^nnfjljr •WMtSJJl f0ffljp«flggV g| fASPJsg)SJf^afr > IS...
...Admission, free...
...In such a weakened condition, they are barely able to sit up...
...wftl not ttmfciftjp Hgyjygg* whan an onnounoomont of only a nteasly ft dividend ia SooUroai hereaftor, sut Wall Street wIM knew better...
...Today the National Cash Register Company employs 10,0*0 people...
...A few messages aad reports of commissions...
...Cast: ISO Asssmblymsn, Gierke, Psge-boys, Politicians, Visitors and Loafers...
...to tho significance of these technicalities...
...The Question was: Why should not the habitual Investors divide some of tho additional 33,000,000 earnings...
...Chiefly the following: (1...
...Act s?our Thursday, 11 a. m.—About three As-' semblymen present...
...That io the eeeret of Naoh'o sueeoes...
...CIsrk announces the reading of the minutes of yesterday's proceedings...
...carried unanimously...
...In addition, the employes' profit-sharing plan, which has boon hailed aa a signifieent experiment in industrial democracy, ia abolished, and instead 37V4 per cant, of the common B stock, fully paid, is, being net aeide for the employee...
...Everybody was happy...
...As Is common in Such cases, the inventor sold his rights for a few farthings, A short while later the machine and the-factory in which It .was being produced were bought by John H. Patterson for $$,000...
...Ut WB tho company paid (SB a oharo an Ha oommow ¦rtoofc, ThVeieaeiil melon afvoo oaoh oceckhelderv nino aow ormree in addition «* aaeh of We «W onoo...
...By neodneing electricity...
...under certain conditions...
...Here we have the Control State* Bloetrie Corporation increasing its common eteek from 150,000, an Insignificant sum, to...
...te oejkjp wdrdsk...
...Its net assets amount to over 150,000,000...
...And how dee* this company got ita inoeme...
...Signs ot exhaustion plainly visible among the brave survivors...
...Coming eo you do from the upper strata ef society, Sooielieto as you are by persuasion, intelligent reflection end moral reaction rather than' ae vietime ef the class struggle, you are bound to see...
...It is your good fortune that you are British, titled and wehlthy or else you sufrlv would have been Karolyied or Saklatlavaed away from our sacred ($) shores...
...had bought out the "heirs of John H. Patterson and thai now shares would be issued to the public—meaning the Investors— within a week...
...i Mirmdm Happens Then the second miracle happened...
...4 Performance repeated every week •during January...
...carried, with enthusiasm 1 Act Throe Wednesday, 11 a. m.—About is As-' semblymen present...
...And hew can en* asanufaeturer do better than another...
...In the closing hours ot 1836 cams the...
...announcement that the banking house of Dillon, Reed A Co...
...We discover that the common B stock, i which, we must remember, was never i sold, has the all-Important right te elect a majority of the board ef directors, common A stock must be content with choosing the remaining minority...
...In ^ther words, the owners of the common B stock dictate the policy of the company through their control of the directors...
...400,000 shares control almost throe timed that many...
...By speeding up production and eliminating waste motions bettor than his rivals...
...It is evident that whoever owns the common B stock has the power te msnage the business for good or evil...
...In «tbo period between tPM to llll and ¦ per cent fa 1818 to a high level ef 7% per cent, from 1817 to 18M...
...The National- Cash Register Company waa going to, be opened wide...
...Registers did their patriotic duty and the company was rewarded accordingly...
...Within an hour the issue waa five times oversubscribed...
...Reading of, the Governor's messages...
...When we examine the transaction with care we discover some unsavory details...
...Clerk announces reading of minutes...
...The millions of dollars made each year wore being hogged, by the Immediate member* of the Patterson family...
...MELONS Tim attaofjyewss* of*oapitofft*¦ so...
...Certain economists expended with Joy at this evidence of the demoerathtation ef < Industry and Clarence Dillon, promoter ef the whole schema, was hailed as a Snaneia...
...Is that fair...
...Vet aaeb share of tho original oommow eteek 4g haw vosrifcjffBB...
...Welcome, Comrades Mosley...
...First reading of bins...
...Asks God hot to despair and to have faith in the future of this great State...
...petto rase, as majority owner ef^th^eeearnen n B»4*MBBW*gW democracy...
...1,808,000...
...Clergyman Introduced...
...hasten thie beastly, capitalist system to perdition...
...Clergyman introduced...
...In fact, common B stock could only receive its portion.of the gains after the obligations on the other had first been satisfied...
...J e o e Our Honorable Legislators Scons: Assembly Chamber, Albany, *New York> Timet' Every day during January, every year...
...The puttie, hewovoc...
...Haw has Chariee W. Naoh attained hia sucossoT In a, oompoMtlvo htdaetrylike tho automotlvo thdVb ia aa* euro way of oriimJna out aad that ia' to incrooso effleleneys ajmj ha-w oan thl* bo do not By otroipht-ltno mass production in tho manner of Fordj tho raw motoriol Is dolivorod at oh* end and th* finished product emerges at th* other...
...Consequently the proprietor ef a moderate sized majority bloc actually comes to run the business.' It...
...Moreover, both kinds of shares had equal voting rights in determining the- conduct of the company's affairs...
...Cannot the 1,100.000 shares of common A stock over exert any influence in proportion to their numbers...
...1831 the rate was 8 per cent, in 1333 7% per cent, and In 1324 t per cent...
...First reading of bills...
...Aet Five Friday, 11 a. m.—One Assemblyman present (semi-conscious—on the verge of prostration...
...That is the modem method ot financing...
...Comrades Moslsy, we Socialists of tho United Stotos bid you welcome and tender our wsrmost wishes to both ef you...
...What Joy I Instead of four persons,' there would now fee thousand* sharing ehe profits of a lucrative enterprise...
...They then Issued two kinds of shares, neither of any par value: 1, 100,000 of common A stock and 400.000 of common B stock.The hitter waa not sold at all...
...The more owners there are the less obanee there is that th,ey win ever unite in sufficient numbers to control the policies of a corporation...
...wizard...
...11:02 a. m.—Mqtion to adjourn to Monday evening at 9\30 p. tn...
...But that is not all...
...Prom 10,000 to 20,000 persons were lucky enough to AH...
...is the'latest device to ring up the cash of investors oa the registers of big financiers...
...Frederick B. Patterson, who will remain president of thd Netionel Cash Register Company and continue to conduct its affeica...
...During the war: It was particularly fortunate...
...m.—Motion to adjourn...
...This journey, among ae must surely strengthen your eonviotione and steel your determination to...
...The ether POO poroont eteek melon is interesting for another rsassn...
...Were th* - ease Seat described an isolated one, there would hav* been no need to dwell on the matter so long...
...The business prospered, the inventor was forgotten and' the Patterson family grew rich...
...on that hewHI hereafter receive tC • oharo anrnmSy, .peejejtfjSO aa before in toto...
...Oh* s*jr» eheesre of sebaease A oSesSt eeiedfy the seen aadV fir...
...Dillon, Read A Co...
...8:30*p...
...About lop , Assemblymen present...
...among themselves...
...Motion to frustrate same...
...11:15 a. m.—Motion to adjourn...
...A banking house, with much oftrewdneee reaps a huge .profit by buying up the shores of a closed * JwBj^BspHwSKsf ^|BBSsBiC ^^T^T...
...ACT TWO Tuesday, 11 a. m.—About 50 Assemblymen present...
...Motion to dispense with same...
...Never were idealists of your high character needed so sorely as you are just now in this vast desert of ones materialism and disillusionment...
...Fatigue from last night's session accounts for the loss of 60 men...
...Act One Monday, 8:30 p. m.—Session opens...
...May your yioit be fruitful...
...Clergyman Introduced...
...carried...
...Why not 1st others enjoy the harvest...
...moke purchases...
...But the practice is besoming widely prevalent, if is not always aooompanled by aktttful Umltationa en the voting rights ef common stock aa ht th* Illustration ws hav* assd...
...Clergyman introduced- He takes one good look, « the Assembly and then asks God to help the State...
...A person need only control a majority of those shores, that is, 81 per cent* in order to oeeemplieh thie purpose...
...First reading of bills by clerk—titles read and bills referred to respective committees...
...Our native plunderbund with its aristocrats of boodle, its Babbitts Keflokgs and National Security Leaguers is undoubtedly uneasy about your sudden plunge in^o our tranquil midsts...
...carrftd...
...They need them agsB Clerk announces reading of minutes of yesterday's proceedings...
...Your commgis like the breath of a balmy spring invading a frigid zone...
...Motion «b strangle same...
...That is not even necessary...
...On January 0, common A otook Amounting to 180,000,000 waa offered for sale...
...carried...
...carried...
...And thlo means whipping up your workers to en ever feeler paee, allowing them no deviation from the~taaks before them, getting every ounce of life out ef them...
...ell tho more clearly th* eoloaaU protonoe, tinsel and fraud ef our vaunted American prosperity...
...Its agencies are scattered throughout the world...
...reorganised the National Cash Register Company of Ohio, as a Maryland corporation, retaining the old name...
...Tho dividends on th* common stock rose from 3tt per cent...
...the former was disposed of at ISO per share and opened on tho stock exchange immediately at 52%, reaching a high of 34 and closing at 32% the flrst day' Now, both groups of shares were entitled to receive 38 pe^fhsxe a year, equivalent to a profit of S per cent...
...Sparks and Flashes Welcome, Comrades Oswald and Cynthia Mosleyl Welcome, two more apostles of International Socialism, two more sterling exponents of the Independent Labor Party of Great Britain—the noblest, most intelligent, tolerant and successful Socialist Party of the world...
...True, the employees were participating tn a profit-sharing scheme to th* extent of more than a million aad a half dollars, but, after all, that waa done to maintain morale— and besides they did.not count...
...And whet do wo find to bo thsMaes...
...Clergyman introduced...
...Clerk announces the reading of the minutes of yesterday's proceedings...
...it is provided ironically that when the oompany has gone bankrupt or is about to do so "the common X and common B stocks vote equally in the elections of directors...
...By holding eteek ef public utility companies and eolloctinp the dividends seolared by them.' Bueh is the Joy ef capitalism...
...Since 1811 it has only once failed to pay cash dividends joa its stock, and that waa in 1818, when a SOS par cent, stock dividend eras declared Instead...
...Where the Control Lies * But let us examine the facts further...
...What...
...Asks God to give Assemblymen wisdom, fortitude...
...Thanks God for having blessed the State with ouch a notable Assembly...
...The ownership ef a majority- of common B stock io retained/by a eon of the founder of the business, Mr...
...Tour statements to our press reporters, your answers to their varied and stupid questions were sensible, frank, bold, defiant and insplrlngly militant...
...carried...
...August Claessens...
...The bankers relished the cash they resalved en the turnover...
...There was buttons unpleasant feature ef this miracle of modern business...
...So, ybu are going.to spend your vocation among us studying our Industrial ^md social conditions...
...and courage...
...carried by acclamation...
...It IS sufficient to issue a large number ef shares...
...o*rno 9*9*.» »MfLy*,»Jy **T sB^BfMsVtasasWldMrtV t^Vdvl ^pB*4*fJ«k «rfav«t#%t4)>T txav psW»Wewˆ eWOwfc Wowsy that ef the r*as* Meter* Company, only in tfco> atacth yaar a^tlPiwi...
...The investors' mouths watered in anticipation ef juicy profit...
...First reading of bills by their titles...
...Talks to..God privately...
...Motion to quasbl carried...
...Introduction of resolutions and air occasional noise that sounds like a debate...
Vol. 3 • January 1926 • No. 2
