The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-05
SATURDAY, JANUARY ;, 1901.
FUTURE OF SMALL CAPITALISTS

To Mr.. 7. a. Widcncr is attributed the
remark that mo one. need worry about
The tri.s,: the people viii have all the
stock within a few generations.
Nc believe. that there are those of this
generation who will live to see that
prophecy largely fulfilled. The people of
this country, or as Mr.. Bryan calls them.
the plain people are slowly. perhaps, but
surely lettering their condition and are
more and more accommodating money. This
is evidenced by the enormous Increase IN
the deposits in the savings banks of the
country. Wages are good and the wage
Garner is learning TO put by part OF MS
earnings every Year in a savings bank or
some similar institution, so that the num-
Der OF small capitalists i'll this land have
increased many fold within the past de-
cade and will continue to increase BY
and by these small capitalists. will see
that il is 10 their advantage to invest
part OF their savings in the stocks and
bonds Of substantial corporations. In
deed, many OF them are already doing SO,
and while we have no statistics at hama,
from What HUE we KNOW dDOul IL We d.
satisfied that the number of individual
stockholders in the United States to-day
is greatly larger than ever before in the
history of the country. The stocks and
bonds of a CORPORATION are becoming more
and more secure. This is particularly
true OF the securities Of railroad corpora
tons The railroads of the country are
now operated upon good business pTln-
ciples, and instead OF rate-cultng and
cut-throat competition there is agree
,nent between The principal railroads of
the east and west oy which Il living rs:e
is maintained. More than that, the carry
ing capacity of the railroads has oten
greatly increased by the lntI0duc1ion CT
heavier rails. larger cars and more pow
erful locomotives. In this way the cost
per ton per mile % hauling freight has
beer materially reduced and The cupa CITY
of the road cocrespoAdiisly inC-oa:od.
And so most of ;ne great roads of tie
country are now paying their dividends
and their stocks ere regarded us safe IL
Vestments.
In the case OF the induatrials roGl:aiiy
known as trusts. much the sa Inc thil,; is
taking place. These corporations were IN
The beginning overst ocNad, bat a ItI,1ma-
ton is gradually taking place and q
larger number of the industrials are now
paying dividends and are regarded as
safe investments. AS confidence in the
shares OF corporations. railroads anG 9TH
no small he
country will gradually Increase their
holdings and by and by the prediction
of Mr. Widener Will he in 4 large meas
,Ire fulfilled. The shares viii be bought
up by the public ana held by them.
1t is the simplest sort Of thing TO pur-
chase shares and bonds which are listed
on the New York Stoch l2&change. one
does not have to so 10 the individual
holder OF such securities 10 buy. Al! that
is required is for him 10 place his order
with a broker at home. and the broker
viii execute il for a small commission.
Nor IS it necessary for him 10 buy .
thousand or hundred shares. Iie can
buy one railroad bond about as adTanta-
Eeously as he can buy a hundred. and he
can buy his stocks IN blocks of five. ten,
twenty, and so ON, = fraction obaFe the
ruling market price. Many OF these
stocks are now bought for purely specu-
!a,ive purposes, but the number of per
sons who buy Tor permanent investment
is growing all the time. There is every
indication that in a comparatively short
time the corporations OF the couat:y Nil!
in a great degree be owned by the peo-
pie