The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-03
TUESDAY, NOV. 3, 1908.
WHO ARE THE CAPITALISTS?

One need never weary of reiterating
the fact, which is one of the peculiar
gIories of this country, that the line
between the workingman and the capt.
taIist is never closely drawn with US.
People are always passing to and fro
in both directions. The three gen.
erations from shirt sleeves to shirt
sleeves" is exemplified in the history
of families now represented in the
ranks of daily labor but formerly high
upon the roll of wealth. On the other
side, the capitalist is entirely a varia-
BILE term. Most even of our multi
millionaires were poor men in their
youth, and the great bulk of the wealth
of the country is held in myriads of
hands.
An interesting investigation along
these lines has recently been made in
Chicago. An endeavor was made to
learn how many holders Of railway Sc
curities there are in the United States.
Railways are one of the most conve-
nient forms of capital for denuncia-
ton, and the farmer and the public
are generally told that they are owned
and managed by grasping capitalists
exclusively. AS matter of fact there
fused as that represented by railroad
securities. The inquiry developed the
interestinR information that there are
about two stockholders to every mile
of railway in the country. This would
give about 100000 stockholders in all
for the railways of the United States
These figures, however, represent only
the ownership of registered stock,
while the number of actual stockhold-
ers must be very much greater. When
it comes to considering the bonds of
the roads, while these are probably
actually held in much larger and more
solid blocks, yet the holders are in
many instances large financial insti-
tUtions, such as insurance companies,
savings banks and trust companies;
and the real owners of the bonds are
the policy holders and depositors in
these institutions. Thus the ownership
Of the railway properties is scattered
so generally as to be beyond computa-
ton, and we find nothing unreasonable
IN tho "a hot
neighborhood of a million owners Of
railway securities in the United States,
a total almost as large as the total
number of railway employees.
This is most fortunate condition
for all concerned. 1t is one which
the politician usually attempts to
obscure, because if it were realized
there would be more difficulty in rails
ing a political hue and cry against
railroad interests than there is at the
present time. When crusade is
preached against railroads the people
too seldom think that the object of at
tack is not merely group of half
dozen or more wealthy men, but mil
lien or more of small holders who have
invested their all in what they regard
as next to government bonds the SAT-
est securities to own, and who are
partially or wholly dependent upon
the income for their livelihood.
Democracy in the ownership of prop
erty is really as essential to the sta
biltty and the prosperity of the state
as democracy in the conduct of its DO
litical institutions. The wide scatter
Ing OF railway stocks and bonds among
the people has been Of immense bene-
mt The system of selling stocks to
employees put in operation by certain
managements, notably the Pennsylva-