Phenomenon

A world-wide investment trust, American Founders Corp. has had one of the most phenomenal growths ever recorded in the world's story of wealth. In 1922, $1,000 would have bought 100 shares of American Founders. Today this would have been swelled by stock dividends alone (exclusive of rights) to over 38,000 shares with a market value of about $29, or over a million dollars. Between Nov. 30, 1928, and Nov. 30, 1929, its assets rose from $44,000,000 to $129,000,000.

A year ago United Founders was organ-ized to acquire a large interest in American Founders, and to make certain investments on a bigger scale than a pure investment trust could do. Most of these have been in the public utility field. Working with Harris, Forbes & Co., United Founders has big holdings in U. S. Electric Power, Hydroelectric Securities, United National Corp. and Public Utility Holding Corp. of America, all of which give it a strategic position in the industry.

Last week a complete merging of American Founders and United Founders was proposed, which would form a corporation of $300,000,000 resources. President of both companies is Louis H. Seagrave, one of the least known of U. S. tycoons. Born in Council Bluffs in 1892, he was publicity director in the state of Oregon for the first Liberty Loan drive, and then an executive in Portland and Spokane banks. In 1923 he became sales manager of First National Corp. of Boston, and in 1926, president of American Founders.

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