THE CORDOVA DAILY TIMES
Mntered at the Postoffice at Cordova
Alaska, as second-class matter
H. G. STEEL
EDITOR AND PROPRIETOR
Subscription Rates
Single Copies .$ .10
One Month . 1.25
One Year (in advance) . 12.00
Six Months (.in advance) . 6.00
MEMBER OF ASSOCIATED PRESS
The Associated Press is exclusively
entitled to the use for republication of
all news credited to it or not otherwise
aews published herein.
All rights of republication of special
«ii3®atches herein are also reserved.
MONDAY, MAY 31, 1920
NOT ALL VELVET
A tremendous amount of new stock
has been created and bestowed upon
a willing set of stock holders by
various corporations sirce the recent
decision of the supreme court holding
that stock dividends were not taxable.
The joyous excitement among the re
cipients of these bounties seems, how
ever, hardly to be justified when one
sits down and analyzes the economics
of such distributions.
The issue of new stock by a cor
poration, unless such stock is sold for
cash, cannot add a dollar to property
value and earning capacity, cash on
hand,' or any other form of equity
To give a stockholder two shares of
new stock for one share of old is
merely trading paper for paper. If a
man owns $100,000 of the stock of a
corporation capitalized at $1,000,000
he owns one-tenth of the equities. If
the capitalization is doubled and the
new stock distributed he owns $200,
000 out of a total capitalization of
$2,000,000, which is still one-tenth. As
nothing has in anyway added to the
property, cash or earning capacity of
his new holdings, they have exactly
the same value as before. Nor is
there any advantage for this stock
holder so far as the market value is
concerned. If he owns 100 shares of
a stock quoted at 100 and receives two
shares for one the quoted price will
be 50, so, excluding a possible specu
lative change in price, he can realize
no more for the two shares of new
stock than for the one share of old.
In a word, it is utterly impossible to
add nothing to two and get four as a
result. The equities which are capi
talized belonged to the stock holder
at all times and are not increased
by a process of bookkeeping. It ap
pears truly remarkable that this de
cision should be contorted as it has
when we reflect that the very basis
on which the court reached its find
mgs is mai nouimg was gameu. ii
this had not been the case, stock div
idends would surely have been taxed.
The only contention regarding these
stock dividends which has any merit
whatever is that the corporation may
continue to pay the same dividend
on a large amount of stock. This
may be answered in two ways. First,
that exactly the same thing might
have been accomplished by increas
ing the dividend on the old stock and,
second, that whether or not dividends
can be maintained on a larger vol
ume of shares is wholly a question of
future earning capacity and profits.
SOME PARAGRAPHIC POINTERS
They have renamed Petrograd Le
ningrad. They ought to call it Retro
grad.
Why doesn’t anybody propose tc
nominate Admiral Grayson for a sec
end term?
The sultan of Turkey sticks to nit
job as stubbornly as a deserving Dem
ocrat to a superffuous office.
“We are in an orgy of extrava
gance,” says Barney Baruch. In other
words the administration started it,
and now everybody’s doing it.
The present national administration
put the “con” in economy all right, but
©wing to the resistance of the senate
it hasn’t put the “can” to American.
The unanimity with which Demo
crats are staying away from the pri
maries this spring seems to prove that
they are already practicing for elec
tion day.
Probably the reason they decided to
hold the Democratic national conven
Socialism Is the Living Refutation of Its
Own Professions and Claims.
By GEORGE J. KNOTT, Chicago Typographical Union.
Socialism is the living refutation of its own professions. The claim that
it is merely following the same routine of civilization as the French revo
lution, the Boston tea party, or other reformations is a subterfuge and not
a parallel. Organization and centralization is the necessity of the times,
that the prodigious problems of the day—economic, social, financial and
political—may be worked out with precision and economy.
The socialist school of philosophy is a hidebound, copper riveted nega
tive view of the times, and is officered and governed by a spirit of intoler
ance the equal, if not the superior, of any hierarchy, monarchy, or king
of savagery the world has ever known.
Our own government was conceived and founded in a spirit of conces
sion guaranteeing the widest range of individuality, intended to equalize
freedom. It does not meet the requirements of the radical, however, who
believes in the widest personal liberty for himself at the expense of some
one else.
A sane man would not care to place his future welfare in the hands of
the advocate of force and sabotage. Iff such measures are necessary to ob
tain socialistic advancement, what guaranty is given that', the same force
will not be the same under a socialistic form of government as it is now
There will be the same differences of opinion and the same amount of dis
sension among those who have a real or imaginary cause for dissatisfac
tion. Who will be the judge of what is pure socialism and what is not?
The theory of socialism is entrancing in its allurements, but the
radical methods advocated by its extremist supporters rob it of its ethereal
dreams and cause one to wonder why such a beautiful theory should need
such drastic methods to secure its adoption.
Only Remedy for Russian Reds Is to
Force Them to Work or Starve.
By CAPTAIN J. W. FARROW, American Shipmaster.
My last voyage was to Batoum on the Black sea and I saw in that
city and its neighborhood in one week more ruin and distress than I have
observed in all my lifetime of sailing to ports all over the world. My
conclusion from all that I saw and heard in Batoum is that unless the
bolsheviki element can be overthrown only famine and disaster, maybe utter
ruin, awaits Russia.
So much havoc has been wrought in this land of rich resources that,
in the best of circumstances, it will take many years to restore prosperity
and happiness. There are oil, coal and all kinds of mineral wealth, but the
people generally seem to have, settled into a policy of continuous loafing,
believing that the United States and England will not allow them to starve.
But they are not happy in their laziness—they are restless, easily
excited and ready for any sort of violence and plunder. Things are go
ing from bad to worse, and I can see no hope for betterment unless some
strong hand takes hold of the affairs? there and puts down the revolution
and forces the indolent masses to go to work.
The only remedy is to treat ’em rough. 1 don’t pretend to be wise
enough to solve one of the greatest problems the world has ever been called
upon to settle, but everything indicates that the Russian masses need an
awful jolt to wake them up to the fact that they must go to work at once
or they will starve. That would be bitter.medicine, but it’s the only thing
that can bring them to their senses.
The majority of the people have become so saturated with red theories
that they actually believe that a good living will be handed to them on a
gold platter without their lifting a hand: When they get that notion out
of their heads and realize that they must'hustle or starve, then, and not
till then, will they come out of their present dream.
Frank A. Vanderlip, American Financier—The people who made
the peace treaty did not understand the complicated theory of modern
industry.
* t __
tion at the Golden Gate was In the
hope that they might be able to show
Bryan the gate.
Much of the trouble we are now in
as a nation is due to the fact that dur
ing the war the administration spent
so much money it didn’t have for
things it didn’t get.
The Democratic hope and prediction
of a Republican split at Chicago is
not going to be verified, because Re
publicans have well learned the lesson
that you can’t multiply by division.
Just think what is going to happen
to the d. o. p. when all the energy
Republicans have been dividing in the
presidential nominating campaign is
turned full force on the common
enemy!
William Randolph Hearst continues
to talk more loudly than anybody else
about saving paper and be more active
than anybody else in wasting. He
would be the ideal man to carry out
a Democratic national platform.
The paper money of the world has
increased since the war began from
seven billions to fifty-one billions, ex
clusive of the Bolshevist currency,
which aggregates thirty-four billions.
Now is the time for Colonel Bryan tfi
rise up and point with pride.
The New York World says: “Mr.
Bryan is to be reckoned with at San
Francisco not as a constructive force
but as a destructive force.” Sure
enough; that’s what has made him a
Democratic leader for the last twenty
five years.
Senator Robert Owen says the
woman’s vote will help the Democrats,
because they stand for “human rights.”
If the Oklahoma Democrats stand for
human rights you need only read the
election laws they have hung up on
their state to know that they don’t be
lieve Republicans are human.
SPECIAL AT
Aunty Keating’s
WEE SHOP
Ladies’ Khaki
Outing Breeches
i
LADIES” AND CHILDREN’S
White Shoes
Leave Your Orders for Hand
Knitted Sweaters j
V
A. KRISTOFERSON
(Incorporated) Seattle
WHOLE SWEET MILK
WHIPPING CREAM
BUTTERMILK
BULGARIAN BUTTERMILK
Cordova Beverage &
Dairy Co.
Distributors
Phone 187
\ ^>OVA-S ' ” If EXCLUSIVE j
. LEADING gjl U BUT NOT
| STORE ^ |: EXPENSIVE j
I lsS^^iiiiifliiiiiiiiitfiiiiiiiiyiiiiiiiiiiiiliiiii^^r^li»HaMnii(iiniiHiiiiii[iHiipiiiiiiiiiiiag4>^ j
| For Summer |
| Days |
9 *
I FROCKS IN SUMMER’S NEWEST :
j CREATIONS |
j These adorable Frocks interpret the latest i
; modes for right now and summer wearing, j
j Correct in modeling and fashioned of fabrics *
| that portray the newest tones. j
l i 4
\ WINSOME GINGHAM j
j DRESSES j
j For Misses 6 to 16 j
I •
: Fashioned in many pretty color
l ful models with trimmnigs distinc
. : tively harmonious and of fabrics :
that will give the best of service.
j PHONE 107—OR MAIL YOUR ORDERS-PHONE 107 I ■
BEAUTY
Here is a 2-panel
3-ply fir-veneer
door sold at a com
mon door price.
Send for our free
illustrated home
builders’ 1920 cat
alogue.
"Better Millwori,
Sash and Doors”
R O V I G
2229 First Ave. S.
SEATTLE
-—-in—■ i mi iiminni— u - .■mm H n. - , mi ■MiilM
JUST RECEIVED
THE LATEST CREATIONS IN
which are sure to please, Including
SILK SKIRTS BEAUTIFUL GOWNS
SILK UNDERWEAR HOUSE DRESSES
AND PETTICOATS
In and out sizes of the last two garments.
THE O-T-O SHOP
MRS. GRANT REED WINDSOR HOTEL
j I I. i
CORDOVA
SHEET METAL
WORKS
Goods Manufactured to Order of
Sheet Iron, Galvanized Iron, Tin
and Zinc.
Phone 143
Second St., Next to Hospital
Keist Furniture
Company
Is the Place to Buy
New and Second-Hand
«
Household Goods
OUR PRICES ARE RIGHT
We Sell Goods on Commission
Next door to Alaska 3. 8. Office
THOROUGHLY MODERN. NEAREST TO EVERYTHING
[rag;! p POPULAR PRICES
HOTEL mm
Corner First Ave. and Pine 8t
SEATTLE, WASH.
J. A. Farnham and E. Taylor,
Proprietors
Headquarters for Alaskans. Ted
Taylor, formerly chief steward
S. S. Alaska
!______
- - —
LAUNCHES
PIONEER AND SWAN
Wm. J. Crooker, Owner and Master
REGULAR TRIPS TO KATALLA
FREIGHTING AND TOWING
To All Parts of the Sound
Phone 57—2 Rings
......
AT
The Club
billiard
HALL
Milk Shakes
Ice Cream Sundaes
Ice Cream Sodas
Gin Fizzes
Starboard Light Fizzes
(Club Special)
TRY THE
WINDSOR
For Rooms that are ‘
Comfortable