Plans Big Holding Company
“If there is merit to my plan, I suppose I should submit it for consideration. Whatever is done should disturb the market as little as possible to bring about so radical and yet desirable a change. Therefore, I recommend that all corporations doing an interstate business, including manufactures, banks, insurance companies, railroads, and the like, shall obtain Federal charters limiting their capital and modes of business for a term of 25 years.
“A general co-operative holding and operating company, empowered to transact all kinds of business, to be known as the Eota Company, shall obtain a Federal charter in perpetuity, with an unlimited capital. Eota is an acrostic for “Equal Opportunity to All.” All stock of any of the above mentioned companies held by any one party in excess of $150,000 shall be subject to call at par and accrued dividends.
“All corporations, except the Eota Company, shall create a sinking fund of 2 ¼ per cent with which the stockholders shall be reimbursed at par for their stock at the expiration of 25 years, and which stock shall become the property of the Eota company, or, at option of the company, the stock may be exchanged at a fair market value for the Eota Company’s stock at par.
All to be Merged into One
“The Eota Company shall never pay more than 6 per cent per annum in dividends nor shall its stock be held or owned by aliens. “A government commission shall have full power to regulate prices, salaries of officers, wages, dividends, premiums, freights, etc. until all concerns are merged into the Eota Company, over which the same commission shall exercise the same control and supervision. “If these companies were in action the moral effect on the community would have an immediate ameliorating effect, although the greatest benefit could not be realized until some years when “Equal Opportunity to All” would be had.”
Matthews came to Missouri in 1838, participating in the remarkable changes in the State as it emerged from pioneer conditions and environments and has taken rank with the greatest commonwealths. He is the father-in-law of Saunders Norvell of 9 Kingsbury Place, former president of the Civil League, and of Percy Werner of 5505 Cates Avenue, a lawyer and classmate of President Taft.
Matthews is a Director of the Missouri Botanical Garden. He was a member of the brokerage firm of Edwards & Matthews, afterwards Matthews & Whitaker. The firm is now Edwards Whitaker & Company, at Fourth and Olive Streets where Matthews has his office.