Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1914-12-27

tween them and the people. Again. Il
10 undoubtedly true that the world Of
railroad finance as well as other lines
Of industrial activity has had its share
OF inexcusable abuses-but Just as the
nublic does not hold the banking
world or the ministry responsible as
a whole for the shortcomings Of an oc-
casional black sheep, 80 the hundreds
Of honest railroad officials throughout
the country should not be condemned
because Of the misdeeds Of the few.
who owns the Railroads.
In this connection it may be said
that the railroad world is encountered
with lot of phantoms which exist
only in the popular fancy. For IN
stance. because there have been some
half dozen so-callei railroad magnates
whose names have figured prominently
in wan Street. many people have come
to believe that the railroads of the
country are largely owned by a few
rich men. As a matter of fact, moth
ing could be farther from the truth.
out of the colossal sum of $4,000 100000
invested in American railroad securities
less than per cent is now or ever has
been. In the hands of these men who have
figured prominently in the newspaper
headlines-while the other % per cent is
in the hands of nearly 100000 investors
large and small, who. in many instances,
have put the modest savings OF lifetime
into these securities in order that they
might lay away a competency for old
cge.
When, therefore, the value OF these Sc
curities is depressed. or pcrchance de-
stroyed the hardship is tenfUld greater
upon thousands of everyday citizens
upon the frugal mechanic in a New
England factory, the widow with her life
insurance funds and the countless other
citizens in every avocation and walk OF
life>than upon the handful of mllionaires,
| good or bad who have figured promi-
nently in railroad circles. Thus. for in
stance. the great Pennsylvania system
| has over 10000 stockholders. while the
Santa Fe has over 5000. and the same
ratio holds good in nearly all the other
lines.
Many other Investments Affected.
But that isn't all. For many years
railroad bonds were considered the safest
and soundest investment in the coun-
| try. and hence hundreds of millions or
assets of our great life insurance com
panies, banks, benevolent associations
and colleges were invested in them. and
the moment, therefore, that the soundness
| of these securities is affected the finan-
| cial solidity of these myriad institutions
is greatly menaced at the same time.
! Carrying it a step further, it means
that every. holder of an old line life in
! surance policy and millions of depositors
! in savings and other banks, and those in
! terested i'm many fiduclaryI benevolent
and educational institutions are directly
concerned in the present situation, which
threatens to largely destroy the high re-
gard in which an investment in rail-
roads bonds was held.
In the impending crisis. therefore, not
merely the fate of our. transportation sys-
tenn is at stake, but along with it the very
financial integrity of our entire invest
ment world-and this only goes to show
how vast and overshadowing our rail-
road industry has become-how they are
not merely the giant arteries of agricul-
ture and commerce, but how closely their
welfare is wovep into the wcof and IA
brio of the entire nation. Among other
things. 1t should remind us how interde-
pendent we have come to be In this
mighty republic Of ours-that each Is in
truth becoming more and more his broth
ers keeper, and that we need to think
and act carefully lest in our mistaken
zeal we destroy those who, like ourselves,
need whatever of this worlds goods the
toll and sweat of years has brought to
them.
That the time has come when the citi1
zens of Nebraska and the country gem
orally should do some serious thinking in
connection with this great, and vital ques-
ton, there is not the slightest doubt, and
hence wo appeal to the people to read
the forthcoming articles carefully and
acknowledgement since all the essential
facts and figures quoted will be taken
from the public records they will be
easily capable of verification. Especially
do we hope that farmers whose market
facilities and land values are so critically
affected by the railroad problem will fol-
low the article closely-for agriculture and
transportation are easily the nations
two greatest and most fundamental in
dustries. QPaid Adv. To be continued
next week)