Some seven years ago Jeremiah Milbank, Manhattan banker, paid a call at the office of J. P. Morgan & Co., asked to "see the man who handled Southern Railway Co.'s affairs.'' Shown into the office of Thomas Cochran. Banker Milbank found John Pierpont Morgan also there. The three tycoons chatted, Mr. Milbank finally said he would like to see Southern pay some dividend on its common stock. The Morgan men explained that Southern's intrenchment policy put dividends out of the question.
"But Mr. Morgan you don't under-stand," said Banker Milbank. "I own the...
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