Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1914-12-30

that the railroad world is incumbered
with lot of phantoms which exist
only in the popular fancy. For in
stance, because there have been some
half dozen so-called RAILROAD magnates
whose names have figured prominently
in Wall 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,
nothing could be farther from the
truth. Out Of the colossal sum Of
twenty billion dollars invested in
American railroad secures less than
S 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 IS per
cent. is in the hands of nearly two
million 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
age.
When, therefore, the value Of these
securities Is depressed, or perchance
destroyed, the hardship is ten-fold
greater upon thousands of everyday
citizens-upon the frugal mechanic
in a New England factory, the widow
and her life insurance funds, and the j
countless other citizens in every avo-I
cation and walk of life than upon the
handful of millionaires, good or bad,
who have figured prominently in rail-
road circles. Thus, for instance, the
great Pennsylvania System has over
$4,000 stockholders, while the Santa
Fe has over 10000, and the same
ratio holds good in nearly all the
other lines. :
Other Interests Affected.
But that isn't all. For many years |
railroad bonds were considered the !
safest and soundest Investment in the |
country, and hence hundreds of mil
lions Of the assets of our great life
insurance companies, banks, benevo-
lent associations and colleges were
invested in them, and the moment, |
therefore, that the soundness of these
securities is affected the financial
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
insurance policy and millions Of de-
positors in saving and other banks,
and those interested in many fiduci-
airy, benevolent and educational insti-
tutions are directly concerned in the
present situation, which threatens to
largely destroy the high regard In
which an investment In railroad bonds
was held. ",:.-..s,,.+ i
In the impending crisis, therefore,
not merely the fate Of our Transports
ton system is at stake, but along with
it the very financial integrity of our
entire investment woodland this
only goes to show how vast and over
shadowing our railroad industry has
they are not merely
The giant arteries Of agriculture and
but how closely their well
fare is woven into the wool and fabric
IF the entire nation. Among other
things, it, should remind us how an
,erdependent we have come to be In
his mighty republic of ours-that
each is In truth becoming more and
more his brothers keeper, and that
We need to think and act carefully
est in our mistaken zeal we destroy
hose who, like, ourselves, need what
sver Of this worlds goods the Toll
md sweat of years has brought to
hem. p ~ ''.>-S ''
That the time has come when the
citizens Of IQwaasand the country l,
Generally sh6uid as some serious
thinking in connection with this great
md vital question there is not the
slightest doubt, and hence we appeal :
o the people to- read the forthcoming ;
lrticles carefully and thoughtfully-l
md since all the essential facts and
igures quoted will be taken from the 1
public. records they will be easily ;
capable of verifcation.t Especially do
We hope that farmers whose market
ABILITIES and land values are so critt-
ally affected by the railroad prob
EN- will follow the articles CLOSELY!
or agriculture and transportation are
asily the nations two greatest and
most fundamental industries. |
(Paid adv. To be continued next
veek.) ~ .&5ts : ~ I