The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-11-28
ARMY OF INVESTORS.
Perhaps one-Half Our Population is
interested Investments.


directly interested in investments in the
United States is mere matter Of con-
lecture. There are no accurate statis-
tics on the subject. Several attempts
have been made to estimate the number
of holders of the stocks and bonds Of
the railroads, but these estimates are
based upon reports made by few sys-
TENS, and from these figures computa-
tions are made Of the stockholders in
the others.
George R. Blanchard six years ago
estimated that there were 1,25oO, 900
holders of railroad stocks and bonds.
and no other man, at that time, was
better qualified to make such an esti-
mate. If that was the number in 1897
it is certain that there has been an i'm
mense increase since then, for in the
past six years there has been a notable
output of new securities by the rail-
roads, and upward of $10OoO,0OO.OOO OF
securities, par value. of all kinds, rail-
road and industrial, have been added to
the already existing amount of stocks
and bonds at the time Mr.. Blanchard
made his estimate. If there were L.
ESQ., 900 holders of railroad securities In
1897 it is not unreasonable to say that
there are twice that number, or 2,5OO,O OU
holders of all kinds of corporate secur-
tiles, now.
These constitute the class of direct
investors in this country, and with their
families they make one-sixth of the
population. But there is even larger
class of indirect investors, that is, per-
haps who, through their deposits IN
savings banks and trust companies and
by their ownership of life insurance
policies, are, by means OF these ageA-
cies, interested in great mass OF IN
vestments represented by these institu-
tons. .4
What this means may be indicated by
the fact that last year there were more
| than 16, 000, 900 life insurance policies in
this country, besides nearly 3,00O,0OU
members of assessment insurance con-
Germs. Now, of course, this does not
represent the actual number of persons
holding policies, because multitudes
own policies in different companies, SO
that the individual number Is much less
than the total given.
In 1902 there were 6,666,O00 depositors
in savings banks of the United States
Here again many repetitions are mel
with, as there are many thousands OF
persons who keep deposits In more
than one bank and are thus counted
two or three times in the total of de-
positors. Nevertheless, it is clear thai
the number of individuals owning In
surance policies or having savings
bank deposits must aggregate many
millions.
These institutions are heavy holders
of stock and bond Investments. 1t Is
not too much to say, therefore, that in
one way or another more than one-hal1
of the population of the United States
is more or less dependent upon, or al
least to some extent interested in, in
vestments. Their interest Is sure to In
crease as the years pass, because the
corporation plan Of conducting business
is steadily taking the place of partner
ships and individual ownership.
The study of investment is, therefore
more and more becoming q matter in
which vast numbers Of persons, both
men and women, are vitality concerned
More and more will they apply seien-
tiflc principles In the examination OF
! reports and statistics, and more and
more will they become expert in read
| two re q &C
More and more will they read with in
| telligence and eager interest the finan-
cial pages of the newspapers. In max
ing itself the special representative OF
! this class of investors the Wall Street
Journal feels that it is serving, in the
highest degree, the best interests OF the
whole people-"best," because the gen.
eral welfare of people is closely, al
most vitality, bound up with their finan'
cial welfare.
1t may be that the vast number OF
holders of insurance policies and de-
positors in savings banks and trust
companies appreciate only family their
intimate connection with the corporate
interests of the country. Their connee-
ton is so indirect that it does not come
home to them forcibly that they belong
to the investing class, though gradually
they will begin, in large numbers, tc
comprehend the significance Of the fact
But the 100000 of holders Of stocks
and bonds are direct investors. They
are capitalists, and in them is largely
the hope of the country, for they stand
as conservative class between this
stock gamblers, on the one hand, and
the advancing army Of socialism, or
the other This class, composed for the
most part Of small investors, holders
of small blocks of stocks and bonds, Is
bound to take more active part In the
affairs of corporations. 1t is bound tc
make it's influence felt more and nors
in favor of honest and efficient man.
agemert.
It will, moreover, stand as an army o.
defense against influences, political OF
otherwise which would strike down OF
at the corporations. But it should not
be overlooked by those who control cor
porations that this army of investors
so valuable for defense, cannot be mar
shalled for secrecy and corruption II
corporate management. 1t naturally
favors publicity, for in publicity it sect
it's own protection.
The recent appeal to the class Of
small investors to use its political inf1u
ence against those officials who stand
ri