42 
Tht RURAL NEW-YORKER 
January 8, 1921 
Ten Acres a Day Plowed Right 
Soon Pays for Your E-B Outfit 
An E-B plowing rig is. built to 
show you steady, economical work 
in 1921 and a profit that you’ll 
welcome. For tools that save time 
and money are the quickest way 
to cut down cost of farm produc¬ 
tion now. 
With an E-B 12-20 Tractor and 
an E-B Tractor-plow you can 
break ten acres a day in stubborn 
soil. A good day’s work, but the 
tractor never hesitates. And an 
E-B Plow always does a clean job 
because it has strength, light draft 
and the construction that 68 years 
of experience has taught us is right. 
An E-B Outfit bought now will 
help you save all year. 
Emerson - Brantingham 
Implement Co., Inc. 
Rockford, Illinois 
Established 1852 
A Complete Line of Farm 
Machinery Manufactured 
and Guaranteed by One 
v Company 
E-B Quick n_ 
Detachable Shares are on 
E-B Tractor and Horse-Drawn Plow* 
Maple Syrup Makers! 
Profit by Adopting the ffl GRIMM SYSTEM 
S ECTIONAL pans with 
hiurh partitions. 
Lifrht and heavy cannot 
intermix insuring high¬ 
est quality with least 
fuel and labor. 22 dif¬ 
ferent sizes. Write for 
catalog and state num¬ 
ber 
trees you tap. 
GRIMM MANUFACTURING CO. 
619 Champlain Ave. Cleveland, O. 
BUY YOUR FERTILIZER NOW 
PURE UNLEACHED HARDWOOD ASHES 
THE BEST POTASH FERTILIZER, AND THE BEST, CHEAP¬ 
EST AND MOST LASTING FERTILIZER ON THE MARKET 
A complete and sure Fertilizer for all growing 
crops. The Joynt Brand stands for quality. 
Agents Wanted. Correspondence Invited. Address 
JOHN JOYNT - Lucknow, Ontario 
Wnrvtl A choc Tnleached, packed in hags, *18 
TT /xSllCa per ton F. O. B. Swarthmore, Pa. 
W. H. L.EIDY, . Swarthmore, Pa. 
BUY 
OVERAL LS 
FROfVS 
Factory 
r i 
We guarantee every garment. Save 
money by buying direct from the factory. 
We know overalls and .lumpers and know 
how to make them. We know how good 
overalls should stand up. Stand-All work 
garments are made for strength. We 
guarantee against ripping and imperfec¬ 
tions. See the material itself before you 
buy—-samples of material and complete 
catalogue with prices and measurement 
blanks sent promptly. 
STANDISH & ALDEN, Inc. 
Box 677, Dept. 102, Haverhill, Mass. 
SEND NO MONEY 
== = — = = ■ = *] 
When you write advertisers mention The R. N.-Y. and you’ll get a 
| quick reply and a “square deal.” See guarantee editorial page. 
A Primer of Economics 
By John J. Dillon 
Part V 
What units are recognizer] as individual 
factors in the business of producing 
wealth and entitled to share directly in 
the fruits of production? 
The business of production is con¬ 
ducted by natural persons; by partner¬ 
ships ; and by corporations. There is a 
fourth entity recognized by law known 
as a joint stock association, which has 
some of the attributes of a partnership 
and some of a corporation. 
What is a natural person ? 
A natural person is a human being— 
man. woman or child—but business con¬ 
tracts with minor children are voidable 
through legal processes. The business 
activitiy of a person, of course, ends at 
his death. 
What is a partnership? 
A partnership is an association of two 
or more persons to do business jointly as 
one firm. Any members of a partnership 
may contract obligations in the name of 
the firm, or pay its obligations; and each 
member becomes responsible for the obli¬ 
gations of the firm. A partnership ter¬ 
minates at the death of a member, but 
the deceased member’s estate is respon¬ 
sible until the partnership obligations are 
liquidated. A husband and wife are, in 
some degree, in partnership. 
What is a corporation? 
A corporation is an artificial person 
created by law. A corporation differs 
from a natural person or a partnership 
in that it has only such powers as are 
given it by law and that it never dies, 
unless its duration is limited in its char¬ 
ter. 
Have all these agencies been in ex¬ 
istence from the beginning of history? 
The institution of marriage, being a 
form of partnership, dates back with the 
natural person to the origin of the race. 
The corporation, however, is of compara¬ 
tively recent origin. In the primitive 
state of society the family was the unit, 
and in some cases at least included not 
only the recognized head of the family, 
but near of kin, with husbands and wives 
of more than one generation. In those 
early times the rude home had to be pro¬ 
vided, sustained and defended; and it 
was quite natural that the death of the 
head or other member would not destroy 
the unity of the partnership. Later on 
society developed into individual family 
groups; private property became the 
rule; and trade developed between indi¬ 
viduals and communities. Then men 
found it helpful to unite their capital and 
labor for the purpose of producing or 
trading. Up to the time o£ our Civil 
War business in this country was con¬ 
ducted almost exclusively by individuals 
and partnerships. The first law to au¬ 
thorize the organization of corporations 
in New York State was enacted in 1S11. 
After the close of the Civil War corpor¬ 
ations in this country developed rapidly. 
What general classes of corporations 
have we? 
Corporations are classified by the laws 
of New York State as follows: 
1. A municipal corporation. 
2. A stock corporation, or 
3. A non-stock corporation. 
A stock corporation shall be either: 
1. A moneyed corporation. 
2. A railroad or other transportation, 
corporation, or 
3. A business corporation. 
A non-stock corporation shall be either: 
1. A religious corporation. 
2. A membership corporation, or 
3. Any corporation other than a stock 
corporation. 
What is a stock company? 
A stock company is a corporation that 
has a fixed capital stock. It is a business 
corporation. It can sue others and be 
sued. Its powers are limited by its cer¬ 
tificate of incorporation, which in New 
York State may authorize it to do any¬ 
thing that a natural person can do. ex¬ 
cept some professional service. There 
are, however, many formalities of law 
that it must observe, if all of its acts are 
legal. When specified formalities are ob¬ 
served, the stockholder is not responsible 
for the debts of the company, except that 
in New York State they are jointly and 
severally liable for the wages of employes. 
This provision encourages the organiza¬ 
tion of many joint-stock companies; and 
is responsible for many failures and much 
fraud. It is formed by filing a charter 
with the Secretary of State, who issues 
certificate authorizing the company to do 
business when all the conditions of law 
are complied with. The requirements of 
the content of the charter vary with dif¬ 
ferent States. The most essential part 
is the recitation of its powers. The 
charter must name the incorporators, 
state the amount of its capital, stock, the 
number of shares into which the capital is 
divided and the par value of the shares. 
The share is assignable, and each share 
of stock is entitled to one vote for the 
election of directors, who in turn control 
and manage the business of the corpora¬ 
tion. Tinder this provision capital, not 
persons, control the company. Proxy 
voting is permitted. Any person who 
can control 51 per cent of the stock 
votes, controls the company. In some 
States the law permits the issue of shares 
without specifying face value. The shares 
simply represent fractional parts of the 
company, and that is what they do in any 
event. The stock company is an essential 
factor in ou-r present capitalist and labor 
system. 
What is a membership corporation? 
.A membership corporation is one that 
has no capital stock or shares. It may 
have membership certificates, and may 
charge membership dues, annually or 
otherwise. 
The membership or non-stock body is 
properly the only form of associational 
corporation. Each member of the board 
of governors of such a corporation is per¬ 
sonally responsible for all obligations 
authorized by them. The non-stoek form 
is authorized under special acts for sav¬ 
ings banks, life insurances, social, reli¬ 
gious, and other purposes of mutual in¬ 
terest. 
How are the public corporations 
formed? 
The public corporations for cities and 
countries are formed by acts of the legis¬ 
lature. The so-called quasi-public corpor¬ 
ations receive a franchise from the public 
through constituted legal authority and 
because of this franchise or privilege it 
is subject to special regulation in the in¬ 
terest of the public. 
Under what corporate form are co¬ 
operative enterprises organized? 
In New York State co-operative cor¬ 
porations are authorized by law on the 
stock plan and also on the membership 
or non-stock plan. Co-operative business 
may be carried on under either of them ; 
but neither of them is entirely satisfac¬ 
tory. The co-operative laws of other 
States are of the same general character, 
though differing in some details. In Eu¬ 
ropean countries where co-operative en¬ 
terprises have been conducted with great 
success, the co-operative corporations are 
given broader powers, and though their 
laws are needlessly detailed, the organi¬ 
zations are less restricted than with us. 
Inoculating Sweet Clover 
In your editorial on annual White 
Sweet clover, on page 1894, will not the 
statement that the clover will “fill the soil 
with needed bacteria for Alfalfa,” be mis¬ 
leading? In sections where inoculation 
is necessary, of course it would have to 
he applied, either to the Sweet clover or 
Alfalfa. J. M. G. 
Illinois. 
That is a good point which we failed 
to state. It would be well to inoculate 
the Sweet clover seed. Our experience 
has been that Sweet clover responds to 
inoculation even better than Alfalfa. If 
the annual Sweet clover is seeded in April 
or May with the inoculation, it will fit 
the soil well for Alfalfa, especially if the 
entire crop is plowed under. We have 
found that continued seeding of Alfalfa 
gradual’y brings in the bacteria. For 
example, a good many farmers have fol¬ 
lowed the plan of using a little Alfalfa 
seed with the clover. A few plants of 
Alfalfa start at first, but after a few 
years there is a fair crop and the soil 
seems well supplied. 
