Ford's Stockholders

No one can well doubt Henry Ford's supreme ability to earn dividends, or to pay them to himself as a stockholder. But security holders in the Detroit, Toledo & Ironton railroad are not so certain whether the automobile manufacturer is equally enthusiastic about earning interest and dividends for others.

Two New York stockholders hold about $100,000 par value of the stocks and bonds of Mr. Ford's private railroad; Henry himself holds 95% of the road's bonds and stocks. His diversion of automobile traffic to the D. T. & I. enabled that carrier to roll up net income of $1,786,924 last year, and proportionately heavier profits so far this year.

Meanwhile, on the 5% bonds of the road, there has accumulated approximately 25% in unpaid interest, while the shares of the road have, of course, paid no dividends over the same period. The New York investors have announced their intention to hold on to their D. T. & I. securities, to press immediately for payment of back bond interest and presently for dividends on the stock. Said they: "We are well satisfied to remain a partner of Mr. Ford."

No small point in the humor of this situation lies in the fact that the names of the two New York investors in the Detroit, Toledo & Ironton are B. M. Straus and Jerome Tannenbaum.