Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-12-26

too little contact between them ana
the people Again, II u undouDseAi1
true, that the world Of railroad hnaace
- we'll ~ other lines Of indust11G
activity has had IL share Of inexcno-
able abuses-but bust as the public
does not hold the banking world or -
ministry responsible AZ . whole for the
shortcomings Of an occasional blacA
sheep, 10 the hundreds Of honest rail-
road officials turnout the country
should not be condemned because OF
the misdeeds OF the few.
Who Owns the Railroads7
In this connection 1t may be said that
the railroad world IL inoumbered with
q lot of phantoms which exist only in
the popular fancy. For instance. be-
cause there have been some half dozen
80 called railroad magnates whose.
names have figured prominently In
Wall street. many people have come to
believe that the railroads of tho coun-
try are largely owned by a few, rich
men. AS matter of fact. nothing
could be farther from the truth. Out
OF the colossal sum Of $4,000. 100000
invested in American railroad secur-
tiles less than per cent II now.
or ever has been, in the hands Of these
men who have figured prominently In
the newspaper headlines-while the
other 95 per cent 10 in the hands OF
nearly two million investors. large and
small. who in many instances have put
the modest savings of q lifetime into
these securities In order that they
might lay away a competency Tor OLD
age.
AS1A HInY ~
securities Is depressed, or perchance
destroyed. the hardship is ten-fold
greater upon thousands Of everyday
citixens-upon the frugal mechanic in
a New England factory. the widow
with her life insurance funds. and the
countless other citizens in every avoca-
ton and walk Of life than upon tho
handful Of millionaires, good or bad.
who have figured prominently in rail-
road circles. Thus. for instance, tho
great Pennsylvania system has over
"a. 900 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 tina
country, and hence hundreds OF mill
lions Of the assets Of our great life In
surance companies banks. benevolent
associations and colleges were invested
in them, and the moment, therefores
that the soundness of these securities
1. affected the financial eolidity OF
these myriad institutions u greatiJ
menaced at the same time.
Carrying It step further. It means
that every holder OF an old line lifo
insurance policy and millions OF de.
positors In saving and other banks.
and those interested in many dduciary,
benevolent and educational institutions
are directly concerned In the present
situation, which threatens largely %
destroy the high regard In which an
investment In railroad bonds was held.
In the impending crisis. therefore. noe
merely the fate Of our transpoFtation
system b at stake. but along with u the
very financial integrity OF our entire Il.
ycstment world-and this only goes -
show how vast and overwhelming or
railroad industry has become-0oW
they are not merely the giant aFesgso0
of agriculture and commsroa. bUt how
closely their welfare = woven into the
woof and fabric Of the entire nation
Among other things. e should gemin4
W how intsrdependsnt ~ have eo0o
to be In thu mighty republic q ousO-
that each - In truth becoming maso
ana moro his brothers Keeps. ard 49,
We nesA 70 think anA aoe oase6u11ys1mo
IA our mistakes seal We destroy tADo
who, Ike ourselves. need whAAsvee 9
this WORRIES goods tho toll ana 0WoA1
of years has brought 20 them
| That tho time has como W1heo -
citizens Of Iowa ana ths country
generally should DO some serious think.
ing in connection With this great an
vital question there u not the sHghtose
doubt, and hence We appeal 70 ~
people to read the forthcoming articles
carefully and thoughtfully-and stnco
all the essential facts and figures
quoted will be taken from tho public
records they will DO easily capable o9
veriiication. Especially do We hopo
that farmers whose market facdlitiso
and land values are 90 critically af-
fected by the railroad problem will co1s
low the articles closcly-for agriCu1era
and transportation are easily the ma
tons two greatcst ana most fundAs
mental industries.
(Paid Advertisement. TO be cons
tinued next weekly