Daily capital journal. (Salem, Oregon) 1903-1919, 1908-10-22
Farmer and Wage-Earner Bought
Stocks Cheau.

yearly.
Farmer and Wage-Earner Bought
Stocks Cheap.
Though at the close Of President
rCieveland's dm'nistration extremely
wealthy persons and few bank
alone held shares Of stock and bond
in the great American enterprises
The number Of shareholders TODAY u
. 600 600. end those 100000 rep-
resent the savings Of 10000, ,OOO
Americans. The number Of Ameri.
can- holding stock has increased
greatly IN the last wear Tho mon
ev ranic'" which hit the very rich
hardest Of al, and compelled them 70
cell out their securities at lCv prices
70 get money gave the ware-earner
ord tho man ~ small income who
had heer nursing he "neet egg" an
oroortunitv 10 buy those stocks AZ
ridicuiously low price. For example.
vdar ago Union Pacific stock wa
ee,Iing ~ Sos share: todav n e
worth te7 Reading. which TODAY is
worth I'm the neighborhood OF s13o.
couid he bought after the panic for
ses share. United States Steel
common. which f. bringing $45
shave now. sold then for s26. Con-
seonenilv. n the mall investor wish
es TO dispose OF his holdings. he cnn
reeo y huge nront: or " he wishc
IN hold those stocts he has larger
chance in the election of william II
Taft as President Those stocks viii
fsell at still higher price In the
event OF n Republican election, be
ceu-e there "a every assurance that
with HE election the country will en-
tor upon an era OF stlll greater pros
neritv. that tho earning % the COM
panies In which the poor man hos NM
his eavings viii be greater and CON
senuently will pay still larger div
idend.
N NAV seem astounding that 60
many million American nersons are
interested In the earnings Of the
railroad and Industrial companies OF
the country. but hasty glance at
the list OF stockholders IL convincing
For example, two billion dollars OF
railroad securities are owned bF
banks and insurance companies. Ev-
ery bank depositor received interest
Indirectly from the railroads. The
banks OF the country have 10 100000
accounts. The savings banks nave
invested $500, 900. 900 In railroad Sc
curities for their S,500,000 deposi-
tors. Life insurance companies, win
their 25, 600, 900 policy holders, have
millions OF dollars invested In rail-
road and industrial securities. Ac'
cordingly, u Is q conservative esU-
mate TO say that 20,000,OOO persons
have inverted their money In Ameri-
can securities.
Increase I'm Savings Bank Deposits.
Not only have the number OF direct
holders OF stock increased In the iast
I12 wears, but the amount or money
depoqited In savings banks, for IN
stance has increased from about S1,-
$40 900. 900 In 1895 to $3,690,0OO,-
600 In 1907, and that the deDos'tors
/ in that time were doubled. The vast
wealth which the farmers yearly had
been obtaining from their farms; the
millions of dollars dug from the earth
every year and the profits from thr
turning out OF manufactured article
and ceiling them abroad have IN
creased the wealth OF the capitali9f
wage-earner and the man OF modes
income to such an extent that oil
had money To nut I'm savings banks
or 10 invest In securities promising
fair rate of interest.
When the panic struck the ricf
men I'm Wall street, there was no
donht about the safety OF saving
hanks and although many deposit0rs
wanted their monev. they had In We"
the purchase Of stocks at rtdiculou~
" low nricer. The wealthy man.
who had extended his credit out OF
all bounds. was hit and was Obliged
10 sell his securities 10 meet ~
notes. The manner In which the men
p~a women who had heen saVing
their earnings took ADVANTAGE o.
that is shown nv statistics OF to-
number OF etockhOlaars in big rat
road companies andindustrial CIV
Germs before and after the panic The
number of stockholders In the unttes
Steel CORPORATION increased from
$4,000 to 10000, $4,000 OF whom
are emnloves OF the concern; or 'Ne
Pennsvlvan'a railroad from 40.Oeh
10 $4,000: OF the Rell ThelenhoDe
company from 2O,5O0 10 24,1O0; OF
the New York Central from $4,000
10 90, 100, and of the American Sugar
eomnauv from $4,000 To , 20.oOO.
The interest OF the small inve'tor -
the purchase ~ stocks was shown by
the orders which brokers received for
what before the nanic wa con-
temptuously termed "odd lots"
Once "A Moreover. Now a Lender