Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-09-03
RAILWAY SECURITIES.
Suggestion and Plan for Their
Wider Popular Diffusion.


In every community there are manv
people who feel that it is directly to their
interests for farming, manufacturing.
ETC.. to be carried on profitably, while in
Few communities are there many who
feel that they have any direct interest In
railways being operated very profitably.
inis Is due to tie fact that in every COM
"unity there are hume rouS persons who
own farms. small CT large factories and
small or large stores Every one OF them
10 heeniy alive to the effect that leeisIa
tion regarding manufacturing. storekeep-
ing or farming would have on him. and
knowing how such legislation would af-
iect him he Is able to appreciate how ~
would affect others in the same line q,
business. On the other hand, the owner
ship Of American railways ia concan-
trated In the hands of persons vbosa
NUMBER while absolutely large, is small
compared with the number interastaa q.
other important lines OF Industry E,,r'
.hermore. most of the owners of raiIway
securitieS live In cities, in the east or H.,
Europe 90 out on almost any road In
ehe central states. in the south or in the
anu now many individual owners
OF It's stocks and bonds will Won And in
the various communities along its lines
mere are railway employees In every
town and city. Their aggregate n,mhar
Is large But most of them are obliyious
10 the iact that II the roads are to con-
.Inue 10 exist. TO be successfully operated
ana 10 be able to pay high wages II ia
essential that they shall lie able to earn
prontS as substantial in proportion al
those earned in other businesses. Ed,,ca-
tionai work which is now being done
among employees will, no doubt in dua
time cause many OF them to perceive
more clearly the extent to which their
interests are Identical with those Of rail-
way owners, but the wage Garner, as such.
VIII never feel anything like the same
keen interest In the amount Of profits that
mis- employer earns as he does in the
amount OF wages that his employer paws
him. The result is that we have a public
sentiment In most of the country that
regards the railways as a sort OF alien
institution whey may and should be
treated Inherently from other industries
which should be given what the strict
letter OF the law requires Ii to be allowed
but not one cent more.
1t is open to very serious question
whether the time will ever c-me when
the people will look with as fs>orabIe an
eye on large profits in the railway busI-
ness as they do on large proAts I'm other
INES OF industry. until more OF the peorle
directly participate in railway nrofts
Honest. able. candid railway MANAGE
nfent can do much, educational worL cor
DO much. and disastrous results fiow1ng
lIoni unWise regulation can do much to
create sentiment more favorable TO the
rahways. But they probably cannot do
all that Is needed. The employe will ha,
come as much interested in railway
profits as he is In his pay envelope onIy
when he becomes stakeholder and
shares directly in the profits. The farmer
the banker, the editor. the clerk I'm thu
various communities of the country will
become an advocate and defender of large
railway profits only when he becomes a
railway stockholder and knows that the
amount OF his yearly income will to some
extent depend upon what the RAILWAYS
earn.
Is there any way by which a wider DIFF
fusion OF the ownership OF railway securi-
The United States Steel CORPORATION
and other Industrial concerns are s,,c
cessfully. carrying out profit sharing
schemes. Why could not the RAILWAYS
In some similar way induce investment
In their securities by their EMPLOYEES
who are the best paid wage earners in
the world? In every community. on
every railway there Is every year more
or less money seeking investment. The
agricultural communities have for
some years been especially prosperous
What unsurmountable obstacle would
serious effort to get the farmers. the
merchants, the manufacturers and 9TH
er business men along their lines IN
buy their bonds and stocks, provided
they were issued in small enough de-
nominations to make investment in
practicable? The subject seems Of SUI
fcient importance to justify serious
study and action by every railway
management in the country.