WORLD CORPORATION BY KING C. GILLETTE THE BIRTH OF SOCIAL AND INDUSTRIAL SCIENCE A MACHINE WHICH HAS THE ECONOMIC POWER TO DISPLACE ANOTHER MACHINE IS BETTER THAN THE MACHINE DISPLACED Trinity College Library Durbam, N. C. Rec'd \o^!V^A^\(p.-^ A '\\^. ^,^-tr^^>©^^ DUKE UNIVERSITY LIBRARY The Glenn Negley Collection of Utopian Literature Digitized by tine Internet Arciiive in 2010 with funding from Duke University Libraries http://www.arcliive.org/details/worldcorporationOOgill "World Corporation" By KING CAMP GILLETTE Discoverer of the Principles and Inventor of the System of "World Corporation" ^T'HE message herein con- -*• tained is Truth; nnd Truth is law, no matter in what dress it may be found or to what it may apply. When dis- covered to the mind of man, it must be accepted, and become a part of the great superstruc- ture of knowledge and prog- ress. It is immortal and infinite. O THE NEW ENGLAND NEWS COMPANY BOSTON DISTRIBUTORS TO THE TRADE Copyright, 1910 By king camp GILLETTE Entered at Stationers' Hall Oeo. H. ELLIS CO., PRINTERS, 272 CONaRESS »T., aaiTON. NOTICE. Mr. Gillette, the present mriter and inventor of " World Corporation, " has for many years been interested in social and industrial problems, and has published three books upon these subjects; namely, "The Human Drift," 1894, "Gillette's Social Redemption," 1907, and "Gillette's Industrial Solution," 1908. The last two books were tcritten by Mr. M. L. Severy. These three books in their exposition of Mr. Gillette's ideas of " World Corpora- tion" outlined and proposed certain protective details of organization then con- sidered advisable, but which Mr. Gillette does not now consider necessary. There- fore, the following Charter, By-laws, and Prospectus, and the opinions expressed, should be read as a self-contained proposition, separate and apart from any previous writings, and as exhibiting Mr. Gillette's individual tiews and final conclusions, his personal judgment being that the people can be best protected and safeguarded by Publicity and the World-wide Character of " World Corporation." This statement is written at request of Mr. Severy and to guard against any misunderstanding by those who have read any of the previous works. TABLE OF CONTENTS. Part One. "WORLD CORPORATION" PROSPECTUS. WORLD CORPORATION 2 ENTERING WEDGE 3 •'WORLD CORPORATION" CHARTER 12 ARTICLES OF INCORPORATION 15 "WORLD CORPORATION" BY-LAWS 31 SYNOPSIS OF "WORLD CORPORATION" 42 PUBLICITY 51 POLITICS 54 LAUNCHING OF "WORLD CORPORATION" 58 "WORLD CORPORATION" REVOLUTIONARY 64 Part Two. THE AUTOMATIC LABOR SYSTEM. SOWING THE SEED 74 THE AUTOMATIC LABOR SYSTEM 75 MAN CORPORATE 94 Part Three. THE WASTE OF OUR SYSTEM. "WORLD CORPORATION" NOT A DREAM 98 THE PROBLEM 99 [V] vi TABLE OF CONTENTS SHOULD LABOR BE A SLAVE? 110 KINGS AND SLAVES 113 REASON 118 ECONOMIC LAW 123 THE CHAIN OF EVENTS 128 KNOWLEDGE THE ASSET OF A NATION 133 INDUSTRY A MACHINE 140 PROGRESS DEPENDENT ON BIRTH OF IDEAS 152 NINETY PER CENT. WASTE 157 TRIBUTARY INDUSTRIES 166 POLITICS IS BUSINESS 172 CONSERVATION 184 THE STANDARD OIL COMPANY 167 UNITED STATES STEEL CORPORATION 193 ECONOMIC LAW APPLIED TO AGRICULTURE . 198 A PREDICTION 205 COMPETITION FOR WEALTH IS CRIME 210 Part Four. THE OPEN DOOR. A THOUGHT 216 ENTHUSIASM 217 METROPOLIS 220 OMEGA 238 PART ONE "WORLD CORPORATION" PROSPECTUS WORLD CORPORATION. To The Public: The following Board of Directors and Officers have been elected at the initial organization of World Corporation. DIRECTORS, KING C. GILLETTE, President and Treasurer. EDWARD S. CROCKETT, Vice-President and Secretary. CHARLES A. GAINES. The first offices of the Corporation have been opened in the BEACON BUILDING, No. 6 Beacon Street, Boston, Mass., U.S.A. Rooms 416 and 417, where all communications should be addressed. WORLD CORPORATION. tC^^C. WORLD COR PORAT ION. ENTERING WEDGE. The writer takes it for granted that the reader is familiar with the principles of Industrial Corpora- tion, whereby any number of individuals may sub- scribe varying amounts of capital to a common fund for a definite purpose, on a basis of equity. The questions, — How many individuals may thus be bound together? — How large may be the capital stock? — How varied and extensive the field of operations? — are no longer questions of speculation or doubt. Experience teaches us, and cumulative evidence proves, that the perfect mechanism of industrial corporation keeps pace with its growth, individuals and parts being fitted in, at the right time and in the right place. It is recognized by r 3 ] WORLD CORPORATION'' CORPORATIONISTS THAT ECONOMY, STABILITY, AND ABSENCE OF FRICTION ARE STRIKING CHARACTERISTICS OF LARGE CORPORATIONS, and the larger the cor- poration is and the more diversified and extensive its field of operations, the more these characteristics stand forth, and the more National the corporation becomes in character, until, reaching out to other lands, it partakes of a World System. Thus the trained mind of business and finance sees no stopping-place to corporate absorption and growth, except final absorption of all the World's material assets into one corporate body, under the directing control of one corporate mind. If a corporation depended for direction and man- agement upon one individual mind, and it con- tinued to grow and absorb indefinitely, it would out- grow his capacity, strength, and endurance, and fall of its own weight of individual responsibility. But this is not the case, for in large modern corporations responsibilities of management rest on all the indi- vidual parts that are necessary to its operation, from the highest to the lowest, each in that propor- tion commensurate with his position in the cor- porate machine. WORLD CORPORATION'' The larger a corporation is, the less is it disturbed by the dropping out of one or many individuals, vacancies are quickly filled, and no effect is observed in operation or management of the corporation as a whole. It has its own individual life, separate and apart from the individuals that make up its corporate body and mind. These individual units may come and go in endless procession over an endless period of time without affecting the con- tinuous life of the corporation. There are many corporations in the United States that were formed during the middle of the last century which to-day are more extensive in their operations and better managed than ever before in their history. Yet not a single stockholder or employee is alive who was with these corporations when they were organ- ized. One by one they have dropped out, and others have taken their place, and through all these changes the corporations have lived and flourished, have extended, absorbed, combined, and consoli- dated until to-day they are great systems, — giants that pulsate with life, over whose arteries of steel sustenance and wealth are carried to a whole nation, and the day is fast approaching when these 6 ''WORLD CORPORATION'' great corporations, the Railroads of the United States, will be one comprehensive system. The economic value of corporation is being recog- nized more and more by the business world, and resulting in rapid changes, from a competitive sys- tem of cut-throat guerilla warfare to a scientific cor- porate system. During this evolutionary process the opportunity to make large fortunes is possible. Men of quick perception and great financial and executive ability become the seers and prophets of their genera- tion. They see far into the future, and discount that future by coming to the front as promoters, and by securing options on competitive plants of industry and bringing them together into great non- competitive corporate bodies they are able to make enormous profits. As an example, in the flotation of the United States Steel Corporation, the pro- moters' profits were, in round numbers, one hundred million dollars ($100,000,000). This profit was di- vided among the promoters, and was the difference between the purchase price of the different plants and the price paid by the public in the purchase of the shares and securities of the new corporation. This one hundred million ($100,000,000) profit to ''WORLD CORPORATION promoters represents an estimated annual saving secured by corporation of $5,000,000 capitalized twenty times. These profits are legitimate under our present system, and these far-seeing men not only deserve what they make, but they deserve the thanks of every individual in the world, for their work of organization is that of the pioneer who blazes the way for greater things to follow. Graft, as far as the United States Steel Corpora- tion is concerned, is at an end. No matter what profit was made by the promoters, its securities are now listed and quoted at an apparent legitimate value based on earnings. To-day it is a National Corporation, and every year will see it less and less in danger of individual control. It is too large, too much in the public eye to permit of dishonest man- agement or manipulation. Bringing together by corporation a large num- ber of competitive plants effects great economies in management and cost of production and distri- bution, and incidentally eliminates many tributary industries of a competitive system that are in no way necessary to a corporate system. These econo- mies which would accrue to the benefit of the 8 ''WORLD CORPORATION" people, under different circumstances, are absorbed in the profits to promoters. Notwithstanding these seemingly crooked ways of making large fortunes, the underlying principles of corporations are right, and a great step in advance over competition. Each corporation formed is a more economic machine for accomplishing some definite result and a step nearer a definite economic goal, and any obstruction by law or otherwise which retards their formation or growth is the insanity of inexcusable ignorance, and criminal. It is tanta- mount to using the sledge on the reaping machine, the printing-press, and dynamo, and going back to the primitive ways of our forefathers. We had better stand for graft in consolidation of industries by individuals rather than oppose cor- poration, for IT IS ONLY DURING THE PROCESS OF CHANGING FROM ONE SYSTEM TO ANOTHER THAT GRAFT IS POSSIBLE. Individuals are necessary fac- tors in bringing together the scattered competitive parts of industry, for by corporation they organize industries and get them in shape to be listed on our exchanges and within reach of the people to absorb. Tendency towards corporation is the operation of "WORLD CORPORATION'' 9 the same economic law that displaces a machine in a factory because a more economical machine has been invented to do the work. To believe this law will cease to operate, or that man can legislate barriers to prevent its operation, is equal to be- lieving that man could enact laws and thereby prevent terrestrial gravitation. Corporations WILL CONTINUE TO FORM, ABSORB, EXPAND, AND GROW, AND NO POWER OF MAN CAN PREVENT IT. Promoters are the true socialists of this genera- tion, the actual builders of a co-operative system which is eliminating competition, and in a practical business way reaching results which socialists have vainly tried to attain through legislation and agita- tion for centuries. To complete the industrial evolution, and establish a system of equity, only requires a belief in the truths herein stated — and the support of "World Corporation." WORLD CORPORATION" CHARTER THE CHARTER. On the opposite page is given a reduced fac-simile of the cover sheet of "World Corporation" Char- ter, and in the pages following the Charter is given in full, word for word, as granted. Particular attention is called to Article IV., in which it will be noted that the Capital Stock of "World Corporation" is not a definite stated AMOUNT, as is the case with every other corporation, but IS progressive and unlimited, and, at any present moment, is represented by actual dollars that have been paid into the corporation, for which shares have been issued, less the number of dollars paid to stockholders, by "World Corporation" for shares which have been surrendered and can- celled. [ 12] -£u£^o^^J?^,c,^^^ ''■^^(y^ /^na^^n^ /a/n'tveat<^ /t^ /O^ lA'tt^ ,a^^e^ ,cn//M.«f eighth June j:^.^., 1910 a^'^''"'}o'e/oc^ f. /m., 0:^ ,\V, St^^^^'jJZ-, 31" EfBllmong SSif not .^Aa—' A*m<4.n£y ac^ '•^ Aa.ru^ ,»~^ •,^\'-K. &ii^..,^..M^'€«^/iU,/^u' eighth y^^^ ■ !0-'f June J^^. 1910. ¥r .^^0i^ 'WORLD COR PORAT ION. ARTICLES OF INCORPORATION. Be it known, That we, the undersigned, do hereby associate ourselves together for the pur- pose of forming a corporation under and pursu- ant to the laws of the Territory of Arizona and do hereby certify to and adopt the following Ar- ticles of Incorporation: — Article I. The name of the Corporation is World Corporation. Article II. The principal place of transacting business in Arizona is Phcenix, but offices may be established, business transacted and meetings of the [ 15] 16 "WORLD CORPORATION Stockholders and of the Directors held at such places within or outside of Arizona as the By-Laws of the Company shall provide. Notice of all annual or special meetings of the Stockholders shall be given by printed notice in the World Corporation News, a weekly publication which shall be issued by the Corporation for the information of its Stock- holders. Article III. The general nature of the business proposed to be transacted and the objects for which the Corporation is formed are: to acquire by pur- chase, subscription or otherwise, and to hold as an investment, any bonds or other securities or evidences of indebtedness, or any shares of capital stock created or issued by any other corporation or cor- porations, association or associations, of the Terri- tory of Arizona, or of any other place; to purchase, hold, sell, assign, transfer, mortgage, pledge or other- wise dispose of any bonds or other securities or evi- dences of indebtedness created or issued by any other corporation or corporations, association or associations of the Territory of Arizona, or of any other place, and while owner thereof, to exercise all WORLD CORPORATION'' 17 rights, powers and privileges of ownership; to pur- chase, hold, sell, assign, transfer, mortgage, pledge or otherwise to dispose of shares of the capital stock of any other corporation or corporations, association or associations of the Territory of Arizona, or of any other place, and while the owner of such stock to exercise all the rights, powers and privileges of ownership, including the right to vote thereon; to aid in any manner, any corporation or association of which any bonds, or other securities or evidences of indebtedness or of stock are held by the corpora- tion, and to do any acts and things designed to protect, preserve, improve or enhance the value of any such bonds or other securities or evidences of indebtedness or stock; to acquire, own and hold such real and personal property, anywhere in the world, as may be necessary or convenient for the transaction of its business, and to mortgage and convey the same; the business or purpose of the corporation is from time to time to do any one or more of the acts and things herein set forth, and the Corporation shall have power to conduct its business in any and all parts of the world. The Corporation shall have full power to make contracts, to purchase, 18 ''WORLD CORPORATION'' lease, option, locate, or otherwise acquire, own, exchange, sell, or otherwise dispose of, pledge, mortgage, hypothecate and deal in mines, mining claims, mineral claims, and lands, coal lands, oil lands, timber lands, water and water rights and other property and to work, explore, operate and develop the same, and to deal in the products and by-products thereof; to purchase, lease, or to other- wise acquire, erect, own, operate and sell smelting and other ore reduction works, oil refineries, saw- mills, power plants, railroads and tramways to serve as common carriers, outside of the Territory of Arizona; to do a general manufacturing and mer- cantile business; to own, handle and control letters patent and inventions; to own, cancel and re-issue shares of its own capital stock and to own and vote shares of other corporations; to issue bonds, notes and other evidences of indebtedness and to secure the payment of the same in any manner deemed best and advisable by the Board of Directors; to act as agent, trustee, broker, or in any other fidu- ciary capacity, and to borrow and loan money; and in general to do and perform such acts and things and transact such business, not inconsistent with "WORLD CORPORATION'' 19 law, in any part of the world, as the Board of Direc- tors may deem to the advantage of the Corporation. Article IV. The Capital Stock of the Cor- poration SHALL be divided INTO COMMON SHARES OF THE PAR VALUE OF OnE DoLLAR ($1) EACH, and shall be limited only in number, from time to time, to the number of dollars paid into the treasury of the corporation for shares of stock in the corporation, less the number of dollars which may be refunded, from time to time, to the owners of any shares of stock upon return by them to the Corporation of said stock for purchase and CANCELLATION BY THE CORPORATION. The Cor- poration shall have the power to purchase its own stock. No money received in payment for stock of the Corporation shall be loaned by it nor used for any other purpose than the pur- chase of the bonds or other securities or evi- dences of indebtedness, or shares of the Capital Stock of other Corporations, or for the purchase of personal property or real estate only as heretofore set forth. No shares of stock of the Corpora- 20 ''WORLD CORPORATION TION SHALL BE ISSUED EXCEPT ACTUAL PAYMENT TO THE Corporation be made therefor in the cur- rency OF THE United States or its equivalent IN THE CURRENCY OF ANY OTHER NATION. The Cor- poration shall issue to any person or persons, trus- tees, corporations, associations or others, as many- shares of stock in the Corporation as they shall make tender of payment for. Certificates of stock in this Corporation shall be issued only in the following denominations. One, Two, Five, Ten, Twenty, Fifty, One Hundred, One Thousand, Ten Thousand, Fifty Thousand, Five Hundred Thousand, and One Million Shares. Certificates of stock of Twenty (20) Shares, or less, shall not be subject to registration and shall not participate in the dividends of the Cor- poration. Certificates of stock of Fifty (50) or more shares may be registered with the Treasurer of the Cor- poration and if so registered shall participate in the dividends of the Corporation. Any certificates of stock of Fifty (50) or more shares, until so regis- tered, shall not participate in the dividends of the Corporation. ''WORLD CORPORATION'' 21 All certificates of stock in denomination of Twenty (20) shares or less and all certificates of stock in denomination of Fifty (50) shares or more, which shall not have been registered, shall be redeemed at par by the Corporation upon presentation and demand. Dividends shall only be credited to registered shares that had been issued for the full term of one calendar quarterly dividend period. Dividends shall be credited and payable to regis- tered shareholders quarterly, on the first day of January, April, July, and October. Dividends shall be paid by check of the Corpora- tion, or upon request of those entitled thereto, said dividends may be paid in shares of the Capital Stock of this Corporation at par. Registered certificates of stock will be redeemed by the Corporation at par, with accrued dividends thereon, only at the close of the quarterly dividend- paying period following the quarterly period in which presentation and demand of said certificates are made. The Corporation's affairs shall be managed by a Board of Directors, at the present time, but the 22 ''WORLD CORPORATION members of such Board of Directors from each nation shall elect one out of every ten of their num- ber to a delegate body, which shall be known as the World Corporation Congress. In said World Corporation Congress, consti- tuted as above stated, shall be reposed the supreme authority of the Corporation, and all Officers, Com- mittees, National Directory Boards, and all other constituted authorities, agents, employees, or ele- ments of the Corporation shall be subject to the authority of the World Corporation Congress, which shall have the right, at all times, to assume the absolute direction and control of any or all of the activities of the World Corporation or of any of its parts. The World Corporation Congress may at its option, at any time, in such manner as it shall deem just and proper, call in for redemption and can- cellation, any portion of the stock of the Corpora- tion outstanding, paying par therefor, and the said World Corporation Congress, as soon as prac- ticable after the W^orld Corporation has reduced to its possession and control, all agencies for production and distribution throughout the world, WORLD CORPORATION'' 23 to redeem all of its stock, after which time, the assets of the Corporation shall be the joint prop- erty, in equal shares, of all the peoples of the earth. Article V. The time of the commencement of the Corporation shall be the day these Articles are filed in the office of the Territorial Auditor of Arizona, and it shall endure and be perpetual forever. Article VI. The affairs of this Corporation shall at the present time, as heretofore provided, be con- trolled by a Board of Directors the number of which shall be fixed, from time to time by the By-Laws of the Corporation, but said number shall not be less than three (3). Until their successors are elected and qualified the following named persons shall be the directors: King C. Gillette, Charles A. Gaines, Edward S. Crockett. The Board of Directors and the Stockholders of the Corporation shall have power to hold their meetings outside of the Territory of Arizona, at such place as, from time to time, may be fixed 24 ''WORLD CORPORATION'' and designated by the By-Laws or by resolutions of the Board of Directors. Any officer elected or appointed, in the Corpora- tion, may be removed by the body electing him or her, at any time, by the affirmative vote of as large a majority as that required for his, or her, election. The Board of Directors by the affirmative vote of a majority of the whole Board, may appoint from the Directors an Executive Committee, of which a majority shall constitute a quorum; such Committee shall have and may exercise all or any of the powers of the Board of Directors, including the power to cause the seal of the Corporation to be affixed to all papers that may require it. The Board of Directors may elect a President, one or more Vice-Presidents, a Secretary, a Treas- urer, and appoint one or more assistant Treasurers, and one or more assistant Secretaries, and such other Officers as may be provided for in the By-Laws of the Corporation. The Board of Directors, from time to time, shall determine whether and to what extent, and at what times and places, and under what conditions and ''WORLD CORPORATION'' 25 regulations, the accounts and books of the Corpora- tion, or any of them, shall be open to the inspection of the Stockholders, and no stockholder shall possess the power or right to inspect any account or book or document of the Corporation, except as con- ferred by statute of the Territory of Arizona, or authorized by the Board of Directors, or by a resolution of the Stockholders. The Board of Directors may make By-Laws, and from time to time may alter, amend, or repeal any By-Laws; but any By-Laws made by the Board of Directors may be altered or repealed by the Stockholders at any annual meeting, or at any special meeting, provided notice of such proposed alteration or repeal be included in the notice of the meeting. Article VII. The highest amount of indebted- ness of the Corporation shall not exceed Two- Thirds the amount of the Capital Stock issued at the time of incurring such indebtedness. Article VHI. The private property of the Stockholders of the Corporation shall be forever 26 ''WORLD CORPORATION'' exempt from corporate debts of any kind what- soever. In Witness Whereof, We hereto aflSx our signatures this 8th day of June, 1910. R. M. PEABODY [seal.] M. T. STONE [seal.] Territory of Arizona County or Maricopa Before me, M. A. Pickett, a Notary Public in and for the County and Territory aforesaid, on this day personally appeared R. M. Peabody and M. T. Stone, known to me to be the same persons who signed the foregoing instrument and acknowledged to me that they executed the same for the uses and purposes therein mentioned. Given under my hand and seal of office this 8th day of June, 1910. My commission will expire on the 16th day of April, 1914. M. A. PICKETT, Notary Public. [notarial seal.] ''WORLD CORPORATION'' 27 Territory of Arizona County of Maricopa A,) I, C. F. Leonard, County Recorder in and for the County and Territory aforesaid, hereby certify that I have compared the foregoing copy with the original Articles of Incorporation of "WORLD CORPORA- TION" filed and recorded in my office on the 8th day of June, 1910, and that the same is a full, true and correct copy of such original and of the whole thereof. Witness my hand and seal of office, this 8th day of June, 1910. C. F. LEONARD, County Recorder. [seal.] Filed in the office of the Territorial Auditor of the Territory of Arizona this 8th day of June, A.D. 1910, at 1.30 P.M., at request of Stoddard In- corporating Company whose post-office address is Phoenix, Arizona. W. C. FOSTER, Territorial Auditor. WORLD CORPORATION" BYLAAVS "WOKLD CORPOEATION" BY-LAWS. STOCKHOLDERS. Stockholders' meetings shall be held at the prin- cipal office or place of business of this Corporation in the City of Boston, in the Commonwealth of Massachusetts, until such time as the Board of Di- rectors shall determine otherwise. A notice of the annual meeting of the Stockholders and of all special meetings shall be given by printed notice in the "World Corporation News," a weekly publication owned and controlled by "World Corporation." The annual meetings of Stock- holders shall be held on the second Tuesday of Jan- uary at two o'clock P.M. [31 J 32 ''WORLD CORPORATION" STOCK CERTIFICATES. No shares of stock of the Corporation shall be issued except actual payment to the Corporation be made therefor in the currency of the United States or its equivalent in the currency of OTHER nations. "World Corporation" shall issue to any person or persons, trustees, corporations, associations or others, as many shares of stock in the Corporation as they shall make tender of payment for. DENOMINATION. Certificates of stock in "World Corporation" shall be issued only in the following denominations: One, Two, Five, Ten, Twenty, Fifty, One Hun- dred, One Thousand, Ten Thousand, Fifty Thousand, One Hundred Thousand, Five Hun- dred Thousand, and One Million Shares. SIZE AND SHAPE. Certificates of stock in denomination of Twenty (20) shares or less shall conform in size and shape ''WORLD CORPORATION'' 33 to United States current bills of exchange, each denomination distinctive in design. Certificates of Fifty (50) or more shares shall be of THE SIZE AND SHAPE OF BaNK OF ENGLAND NOTES, each denomination distinctive in design. REGISTRATION AND DIVIDENDS. Certificates of stock of Twenty (20) shares or less shall not be subject to registration and shall not participate in the dividends of the corporation. Certificates of stock of Fifty (50) or more shares may be registered with the treasurer of the Corpo- ration, and, IF so registered, shall participate in THE DIVIDENDS OF THE CORPORATION. Registered shares of stock will be redeemed by *' World Corporation" at par, with accrued divi- dends thereon at the close of any quarterly dividend- paying period, immediately following the quarterly period in which presentation and demand for re- demption of shares has been made. All certificates of stock in denomination of Twenty (20) shares or less, and all certificates of stock in 34 ''WORLD CORPORATION'' denomination of Fifty (50) shares or more, which HAVE NOT BEEN REGISTERED shall be redeemed at par by "World Corporation" upon demand. Dividends will be paid to registered shareholders quarterly, on the 1st day of January, April, July, and October. Dividends will only be paid on registered shares that have been issued and registered for a full cal- endar quarterly dividend period. No dividends will be paid on shares registered for fractional parts of quarterly periods. Dividends will be paid by check of the Corpora- tion, or, upon request, dividends may be paid in shares of the Corporation at par and credited to Share Account. INCOME OF SHARES NOT REGISTERED. The income accruing to the Corporation from all outstanding certificates of stock of Twenty (20) shares or less, and from all outstanding certificates of Fifty (50) shares or more, which have not been registered and are not entitled to dividends, will be applied, First, — To expenses incident to opera- ''WORLD CORPORATION'' 35 tion of Corporation; Second, — To development and expansion; Third, — To increase dividends on reg- istered shares. DIRECTORS (General). At the organization of "World Corporation" not less than three nor more than twenty-five Di- rectors shall be elected, the number to be determined by vote of the organizers at said organization meet- ing and thereafter at each annual stockholders* meeting. In addition to the number of Directors determined upon at said organization meeting, there shall be elected one Director for each Five Million (5,000,000) shares of stock of the Corporation which have been issued up to the date of any such annual stockholders' meeting, with the exception that any stock represented on the Board of Directors, by the method set forth in the following paragraph, shall not be counted in computing the number of Directors to be so elected. DIRECTORS (Special). Any Bank, Trust Company, Corporation, So- ciety, Individual, or group of Individuals in special 36 ''WORLD CORPORATION'' cities or localities, who collectively purchase in one name Five Million, or any multiple of Five Million shares of stock of the Corporation, shall be entitled to appoint one Director to *' World Corporation" for each five million shares of stock so purchased, it being a condition of such appointment that the compensation and expenses of said Director or Di- rectors SHALL BE PAID BY SAID DiRECTOr's CON- STITUENTS. AGENTS FOR SALE OF STOCK. Every Bank and Trust Company in the United States will be invited to co-operate with this Cor- poration, by acting as authorized agents for the sale of "World Corporation" Shares. NATIONAL FINANCE BOARDS. The members of the Board of Directors of each Nation shall be constituted a National Board of Finance, with power to control the investment of money received by such Nation, from its sale of shares, subject, however, to the will of the "World Corporate Congress" hereinafter provided for. WORLD CORPORATION'' 37 "WORLD CORPORATE CONGRESS." The members of the Boards of Directors of Na- tions shall elect out of their body one National Representative out of each ten of their number to a delegate body, which shall be known as the "World Corporate Congress." In said "Congress," constituted as above, shall be reposed the supreme authority of "World Cor- poration," and all Officers, Committees, National Boards of Finance, and all other constituted au- thorities, agents, employees, or elements of the Cor- poration shall be subject to the authority of the "World Corporate Congress," which shall have the right at all times to assume absolute direction and control of any or all of the activities of "World Corporation " or of any of its parts. SECURITIES. All Securities purchased by "World Corpora- tion" shall be forwarded to the "World Corpo- rate Congress" and be deposited with the World 38 "WORLD CORPORATION'' Corporate Treasury, which shall be the permanent depository for said Securities. TERM OF OFFICE. At the annual meeting of Stockholders all Na- tional Directors shall be elected for a period of one year from the date of said meeting, or until their successors are elected. All Directors appointed by any Bank, Trust Com- pany, Corporation, Society, Individual, or group of Individuals, shall hold office until removed by the persons or bodies electing them, or until such persons or bodies shall appoint successors, and in any event only so long as they shall represent an independent share allotment of 5,000,000 shares. As soon as possible after the annual Stockholders' meeting of the Corporation, Directors shall meet and elect representatives to the "World Corporate Congress," who shall hold office for a period of one year from the date of their election or until their successors are chosen. "WORLD CORPORATION" 39 INVESTIGATION OF SECURITIES. The various National Boards of Finance shall appoint Committees, from their number, for the purpose of investigating Industrial Securities and obtaining exact knowledge of their value, and to secure such other information as may be of value to the Corporation in the purchase of Securities. ELECTION OF OFFICERS AND COMMITTEES. The Boards of Directors, the various National Boards of Finance, and the "World Corporate Congress " shall have the right to elect such Officers and Committees as they shall deem necessary for the prosecution of the work for which they are organized. FINAL REDEMPTION OF ALL STOCK. The "World Corporate Congress" may, at its option, at any time, in such manner as it shall deem just and proper, upon a majority vote of its members, call in for redemption and cancellation any portion of the stock of the Corporation outstand- 40 ''WORLD CORPORATION'' ing, paying par value therefor; and it shall be the imperative duty of said *' World Corporate Con- gress," as soon as practicable after "World Cor- poration " has reduced to its possession and control all agencies for production and distribution through- out the world, to redeem all outstanding shares by the establishment of a sinking fund for that purpose, after which time the assets of the Corporation shall be the joint property of the people, — Incorporated AND Undivided. NOTE. It is hoped and believed that the number of SHARES ISSUED INSIDE OF FIVE YEARS IN THE UnITED States will not be less than fifty billion. This, on the five-million-dollar representative basis would give a National Board of Directors amounting to ten thousand members in the United States, less ten per cent, (or one thousand), who would be elected to and represent the United States in the "World Corporate Congress." All Representatives of "World Corporation" would be active workers either on Boards of Finance Committees or as appointees in the management of ''WORLD CORPORATION'' 41 railrofids and industrial plants that had come under control of "World Corporation," or be actively engaged in the consolidation and rearrangement of the World's Industrial Plant and Machinery. These ten thousand men and women would rep- resent the most advanced and progressive intelligence in the United States, and, combined with other Nations in the "World Corporate Congress," would represent the advanced Industrial and Finan- cial Talent of the World. SYNOPSIS OF "WORLD CORPORATION." *' World Corporation'* is the birth of industrial science destined to combine Education, Industry, and Government throughout the world in one system, bringing all nations and all peoples into ONE CORPORATE BODY, POSSESSING ONE CORPORATE MIND. "World Corporation" will not recognize any division of the earth's surface into nations or di- vision of its peoples into nationalities, nor any divided ownership in the world's industrial ma- chinery. "World Corporation" will displace all govern- ments. Nations will be helpless in its grasp. Ab- sorbing, controlling, and eventually directing in- dustrial life, it will tear down the barriers of caste [42] WORLD CORPORATION'' 43 and nationality and combine in one brotherhood all the people of the earth for one common purpose. "WoKLD Corporation" is a system under which the world's people unite and co-operate, to tear down a system under which they are divided and at war with each other, and struggling for individual existence. "World Corporation" invites the participa- tion of every individual in the world, regardless of nationality, race, creed, color, age, or sex. It RECOGNIZES DOLLARS, NOT INDIVIDUALS. "World Corporation" is a business proposi- tion carried forward on business principles, without sentiment, without weakness, and with no departing from its purposes, — no compromise with govern- ments, with corporations or individuals. It will move steadily onward, without fear, without favor, — the embodiment of Economic Law. "World Corporation" is forwarded by those who believe it has the power to accomplish resalts. 44 ''WORLD CORPORATION'' which no system in the world has yet made pos- sible, these results being the organization of so- ciety and industry in accord with Economic Law, thereby eliminating the evils incident to a competi- tive system. "World Corporation" will not ignore estab- lished rights and arbitrarily confiscate property belonging to individuals. It will attain control by natural absorption, conversion, and growth. It means the conversion of individual right to a divided interest in the world's property, into an undivided interest in property corp orated on a basis of equity, by consent of the individual. It is co-operation by individuals who believe in "World Corporation." "World Corporation" will not complicate its work with the task of bringing together the scat- tered competitive parts of special industries. It will leave that task to individual promoters and con- tent itself with the absorption of approved listed Dividend-Paying Securities in all civilized coun- tries, which in the aggregate amount to upwards of one hundred billions of dollars, and includes practi- «H H Oh < * • Pi o 1 • PLI -*j P3 o o o o o o o o o o o q X5 o c >—( «©■ g 0^ o^ o ^^ Lj H^ M V r^H w o ty t^ cr O w »« i« o •se- ^1 i r-H ^ K =2 1 (- K «H-I § '« Ph ^ o r^ ;-i ^ w rC 1^ M H S3 a: '^. m ^ a: HH c/: ^ m eJ ■i ^ " ■^ " ' " " " ~* 02 • 1— ( rCj « (^ X o 1 ^ a '"l?; ";?; "^2; "f?; \ ■fj o o o o o o u 4-J M M M M s tw H H H H H -fj