Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1914-04-18
THE REAL MONEY TRUST.

y
is not composed Of the men and insti-
tutions which are popularity believed
to control the money supplies of the
world The real money trust con-
sists of that portion of the people who
earn little but who save a little
also" Frank T. Huswit, president Of
the United Light & Railways COM
pany and one of the best known OF pub
lie utility operators, in an interesting
interview furnishes some suggestive
figures to support these statements.
THE source of supply of capital re-
quirement," said Mr.. Hulswit, lis the
people who save in small sums. Con-
trary to the generally accepted belief,
support for new enterprises which re-
quire large amounts of capital does
not originate with the men and the
institutions which are popularity be-
lieved to control the money supplies
of the world 1t lies with the great
mass of small savings which, in the
aggregate, make up the huge sums
which industry and progress demands
for investment every year. And capital
is inevitably drawn to that quarter
which promises the greatest profit to
the investor, always provided the Sc
curly Of the investment is assured.
"The great river Of capital has its
sources in every civilized country of
the world The mechanic, the ar
tisan, the school teacher, the shop
keeper-every hand that is turned to
production and which spends little
less than is earned, pours its offering
into the rivulet, and from the countless
thousands of these small streams the
river is formed
8 Mr.. Hulswit furnished some detailed
results of study of specific issue
of bonds, to which he had access for
full information. "Of the total issue
Of these bonds" he ssid, "25 per cent
are owned by men and women whose
income is less than $4,000 or $4,000
per annum. A very large proportion
of them are single men or women
(the ownership is about equally did
ed between men and women). Twen
ty per cent Of those whose income is
less than the taxable amount under
the income tax law are residents Of
the United States. Their average
holdings are $2,354. Out of total Of
1897 who are exempt there are but sew
900 and 217 own one bond each of the
face value of $1,000. Residents Of
foreign countries-England, Scotland
Ireland, France, Holland Switzer-
land. Italy, Spain and Cuba-hold a
quarter of million of these securi-
ties. There, too, the small savings is
heavily represented, nearly so per
cent owning one bond of 81 900.
Banks and trust companies hold bet
ter than rs per cent. of the total issue
for investment account and various
partnerships hold about 10 per cent.
also for investment, and because it
represents reserve capital which can
be easily and quickly realized upon in
case of need. Individuals subject to
the income tax by reason Of a large
income hold about 40 per cent of the
issue. but the average holding is only
about $4,000.
What is true of this corporation is
true of every corporation in business
in the United States. The owners Of
the corporations are the people who
save, and the men who manage the
corporations are no less the servants
Of the people than are the men who
enter political life with that high.
sounding phrase on their lips