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THE ATLANTIAN
resulted in putting the stock of the Georgia Railway and Electric
Company above par. The $30,000,000 of bonds are underwritten at
85 cents, or $25,500,000 total. This means four and a half millions
of bonus to the financial underwriters, which added to the $27,000,-
000 of stock makes $31,500,000, which does not represent 5 cents of
investment.
Will Hold Us in Grip.
J.t is not well for one to make rash assertions, and in this state
ment none will be made, but it is a perfectly good guess that the
$25,500,000 produced by the sale of the bonds will far more than
cover all the investment, either heretofore made or hereafter to be
made. The shrewd gentlemen who are manipulating this monopo
listic scheme can certainly not he accused of being in business for
their health. The result of this game would be put in power in
north Georgia a monopoly which would control our rates for power,
control our trolley lines, both urban and interurban, control our
electric lighting systems, control our gas plants and eventually con
trol our waterworks. They will hold our waterworks in the hollow
of their hands when they get these dams completed between Atlanta
and Gainesville, and can so harass the people of Atlanta that
they would be compelled to let them take the waterworks at their
own price in order to keep themselves from periodical water fam
ines. They pooh-pooh this idea, but the experience of the past is
as Patrick Henry said: * ‘ The only lamp by which we may guide our
feet.” And the experience of the past 40 years in the United States
has shown conclusively that no monopoly grants any quarter.
This charter has one hundred years to run. The net cost to the
people of Atlanta nd north Georgia (and that means mostly Atlanta)
will be $400,000,000 to pay interest and dividends on stocks and bonds,
to say nothing of compounding the money.
Why Give Away Birthright?
Pittsburg is in the midst of a coal and oil field; Memphis is on a
great navigable river. No just man would want to deprive these
cities of the natural advantages which accrue to them from their
favored positions. Atlanta has an unrivaled climate, and coupled
with that, is the central point for the finest system of water-powers
on the continent. Why should Atlanta deprive herself of the ad
vantages which ought to accrue to the city from this favored posi
tion? Wise and prudent oversight of this interest would result in
power being delivered to Atlanta and nearby towns in the future
at $10 per horsepower, and that would result again in making the
Chattahoochee valley the finest manufacturing district on our con
tinent.
Instead of this wise and prudent policy, the people are asked to
turn over this tremendous asset to a few men, in order that they
may make multiplied millions, and every man with gray matter in
his head knows that they would hold up the community for every
thing that the traffic would bear. Instead of the whole community
profiting by this favored position, a few men would reap the profit.
Already privileged monopolies have produced by their greed a
condition of business chaos in our country. Already the whole
power of the Federal government under a Republican president is
bring exerted to remedy this condition, and the Federal government
with all its mighty power finds its arm too short. Why should we
consent to put into effect here in the Democratic Empire State of
the South a system now thoroughly discredited in the North? Why
should we consent to create a Frankenstein to devour us? The
proposition has in it neither sense nor justice nor good business for
the people. There is no crying need, for this merger. If matters
are left as they are now, the development will come as rapidly as
the resources of the country will' justify. Indeed, it need not be
feared that the development will come even more rapidly than re
sources will justify, but from separate organizations, none of which
will be powerful enough to.dictate terms to the community.
Dangerous Corporation.
The argument is offered by these shrewd schemers that these sep
arate companies which they propose to merge have a capitalization
equal to the new capitalization proposed. That is a shrewd argu
ment, but is beside the question. Everybody knows that ten $5,000,-
000 companies would not be one-tenth as dangerous as one $50,000,-
000 company. Everybody knows that the $20,000,000 corporation
now existing in Atlanta is a dominant and compelling force and mul
titudes of people stand in awe of it. Multiply this Jour, times and
make it a $77,000,000 corporation, and what chance would any com
munity in north Georgia stand against such an octopus?
If the foregoing statement of fact does not arouse a storm of in
dignation in Georgia, it will prove that our people .have lost spirit
and courage and wisdom, and deserve only to be ruled by an
oligarchy of monopolists who will bleed them of the last possible
nickel.
Adair, Then and Now.
In this connection,, it would be interesting to those who read this
to turn back to the papers a few months ago and read a letter of
Forrest Adair calling attention to the importance of this develop
ment, and to the further statement in that letter that he was not
then interested in any of these powers, and never expected to be.
Now, Mr. Adair appears as an officer and director of the company
and one of its most active promoters.
A further matter of interest in this connection is that, in the ses
sion of 1909 an act was rushed through the legislature in the last
days of the session permitting such mergers. Some good lawyers
think that this act will not stand in a court test, but it is on the
statue books now and it shows that these far-seeing gentlemen had
been planning this coup as far back as 1909.
HELEN D. LONGSTREET,
President Tallulah Falls Conservation Association.
FRIENDLY SOCIETIES
ABROAD.
A review of the great work accom
plished by the friendly societies of Great
Britain and France, which correspond
with the fraternal societies of America,
is ftdl of great promise for the societies
in this country which are being conduct
ed along safe and progressive lines. The
Manchester Unity, although it has pass
ed its one hundredth year of official exist
ence, holds a strong financial and envia
ble position among the great benevolent
institutions of the world. Tho member'-'
ship of fifty-five societies numbers up
wards of 9,000,000 persons.
As the Chief Registrar states in his
report: “That a useful work is carried
on by these societies is evidenced by the
number of persons joining them.” As
is pointed out in tho official organ of the
Manchester Unity “The friendly socie
ties have done so much to help to keep
men erect as self-respecting citizens that
it is our hope that they may continue
to do their useful work, not to a dimin
ishing, but to an increasing extent. It
is especially gratifying to record the
number of men of high prominence who
are devoting themselves to this work, not
from any personal or selfish motive, but
for tho single-minded purpose of helping
their fellows. In France tho number of
members belonging to such societies ag
gregate nearly three and a half million. ”
It is a significant fact that both in
England and France the friendly socie
ties are growing in popularity. Sick
ness, !>cncfits and relief made necessary
from want of employment have been
made permanent features in many of the
English and French societies, and lat
terly what is known as the “land socie
ties’’ arc operating plans to assist mem
bers in home buying. In England, as in
this country, the societies were started
without any scientific provisions for
meeting obligations, but they have been
brought to a sound financial basis after
much effort, extending over a long term
of years, thus showing the possibility in
this direction for those American socie
ties, the officers of which recognize their
duty in this respect and have the cour
age to put it in force.
It is also worthy of note that practi
cally as much has been accomplished in
the way of readjustment in a very few
years in this country as was done in Eng
land after nearly half a century and
much Parliamentary investigation and
legislation. The strength of fraternal-
ism is certainly most conclusively demon
strated, and those who have any doubt
on the subject would do well to read tho
splendid reports of the great work that
has been accomplished in this direction
broad. There is no doubt that fraternal-
ism in this country is splendidly adapt
ed to be expanded so as to comprehend
the movement toward old-age pensions
and other forms of protection not here
tofore provided for.
A LONG LIST.
Citimnn—“You’ve been living in-the
suburbs so long, I suppose yon’ve had
considerable experience with servant
girls?”
Subbuhs—“Well, it’s got so that when
my wife is interviewing an applicant
now she always begins by asking: ‘Were
you ever employed by me before? If so,
when and for how long?’ ”—Catholic
Standard and Times.