PROMOTERS AND PROMOTING 



out by processes calculated to increase the 

 plant's value yet at the very same time 

 cheapen it to nothing for the favored few; 

 or when men suppose that any of these evils 

 are proceeding, the promoter is everyone's 

 favorite rascal , people's speech being all to 

 the effect that if he could be placed on the 

 mortuary list all sorts of felicity would be 

 assured the rest of us. 



Enlarging capitalization, stock-watering, 

 and passing dividends to the discourage- 

 ment of impecunious holders of stock, are 

 all, at times, legitimate and necessary; but, 

 alike when they are right and when they 

 are wrong, they are the deeds of the cor- 

 poration, not of any promoter. 



No doubt a promoter may do much to 

 shape the course of a corporation by him 

 created. He may even be a member and as 

 such be still further instrumental. In such 

 cases there may be ground for censuring 

 him, with others, for the corporation's mis- 

 deeds. After all this is said, however, the 



* 



evils complained of are in general not the 

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