The Montgomery advertiser., 1905-06-01
WHO OWNS THE RAILROADS?
NEARLY A MILLION HOLDERS A EMPLOYEES OF EARNNGs-MILLIONs INTEREsTED.

Chicago, May 29.-Figures which have recently been collected showing the ownership of the railroads in the United States demonstrate that in no country on the earth are the railways more truly the railways of, by and for the people than in America. Holders of the stocks and bonds of American railroads number nearly a million per- sons.
 If the ownership of industries were determined by the distribution of their gross earnings, the holders of railway securities would be in partnership with 1.312.537 railway employees. who not only are the most numerous class interested in the prosperity of the railroads. but divide by far the largest portion of the earnings among them. This great army of security holders and employees with more than two million members exceeds in number the total of the forces placed in the field by the Northern States during the War of the Rebellion.
 In the year 1903, about 408 per cent. of the earnings of American railways went to the employees. 14.62 per cent to the bondholders. and only STA per C6HLs tO tHc HuCf IL appears that less than 24 per cent. of the income which the railroads derive from operation is distributed to the persons or corporations who are par ticularly identified in the public mind with the ownership of railways.
 Various attempts have been mado to ascertain with some degree of &C., curacy the number of persons who own railway securities. An inquiry made a year ago showed that the total number of persons owning was about $SOO,o00. since then the Interstate Commerce Commission in response to a Senate resolution on the subject has stated that 'Ine mum Der of stockholders reported by the carriers in their annual reports for the year ending June 30. 1904. was 327.- 851." In transmitting these figures Chairman Knapp wrote, Tt cannot. however, be said that this figure accu- rately represents the number of in- dividuals interested in railway securi- ties"
 How far 1t comes from fully repre- senting the number of beneficiaries of railroad stock may be judged from the fact that no less than 79 per cent. of the stocks of one large railway com pany appeared on the books in the name of one stockholder-a trust company. Besides cases like this. the number of shareholders in the great holding companies Is only reported where such a company is an operating road.
 In responSe to an inquiry, one ofi- cial wrote: These figures are for reg istered stock, but as many Of these are bankers and brokers holding stock in their name for various clients the ac- tual number of stockholders wlll he greater"
 Another official. the comptroller of one of the largest systems wrote: IL Is very probable that the number of actual stockholders is twice as large as the number ot registered bond holdors."
 The holdings of bonds by reason of their character as approved securities in estates and trusteeships must great ly exceed the holdings of stocks. So. in spite of the duplication of ownership in some cases, 1t is safe to say that the direct owners of railway securities number between 100000 and sO0,OOO.
 Then there Is the holding of railway securities by insurance companies and savings banks. There are 17.000,000 life insurance policies in force and all of their holders are indirectly inter ested in the prosperity of American railways because of the heavy invest ments made by the insurance compa- nies in railroad properties.
 In 1908 these stock and bond hold CTS divided $444,067.795 among them. while the 1.312.537 employees received $775,s21,415 as their share of the earn ings of the roads.
 In September. 1908, the books of the Illinois Central showed the following distribution of registered shaves: