The Liberal democrat. [volume] (Liberal, Kan.) 1911-1924, 1914-12-04

been, in the hands of these men who
have figured prominently in the
newspaper headlines - while the
other 80 per cent is in the hands OF
nearly two million investors, large
and small, who in many instances
have put the modest savings of a
lifetime into these securities in or
der that they might lay away COM
potency for old age.
When, therefore, the value of these
securities is depressed, or perchance
destroyed, the hardship is tenfold
greater upon thousands of everyday
citizens-upon the frugal mechanic
in New England factory, the widow
with her life insurance funds, and
the countless other citizens in every
aYocation and walk of life than upon
the handful of millionaires, good or
bad, who have figured prominently in
railroad circles. Thus, for instance,
the great Pennsylvania System has
over 10000 stockholders, while the
Santa Fe has over 10000, and the
same ratio holds good in nearly all
the other lines.
But that isn't all. For many years
railroad bonds we're considered the
safest and soundest investment in
the country, and hence hundreds of
millions of the assets of our great
life insurance companies, banks, be-
neyolent associations and colleges
were invested in them, and the mo-
ment, therefore, that the soundness
of these securities is affected the
financial solidity of these myriad in
situations is greatly menaced at the
same time.
Carrying 1t step further, 1t means
that every holder of an old line life
insurance policy and millions of de-
positors in savings and other banks,
and those interested in many fldu-
ciary, benevolent and educational In
situations are directly concerned in
the present situation. which threatens
TO largely destroy the former high
regard in which an investment in
railroad bonds was held
In the impending crisis, therefore
not merely the fate of our transpor.
tation system is at stake, but along
with 1t the very financial integrity OF
our entire investment world--and
this only goes to show how vast and
overshadowing our railroad industry
has become-how they are not merely
the giant arteries of agriculture and
commerce, but how closely their wei.
| fare is woven into the wool and fabric
| of the entire nation. Among Other
| things, II should remind us how in
ter-dependent we have come to be IN
| this mighty republic of ours-that
each is in truth becoming more ant
more his brothers keeper, and that
we need TO think and act carefully
| lest in our mistaken zeal we destroy
those who, like ourselves, need what,
ever of this worlds goods the tot
and sweat of years has brought Il
them
During the next few weeks We
| promise the reader the most intimate
and far-reaching discussion of the
railroad question that has ever ap-
peared in the public press, and We
trust that all thinking citizens in the
state will read what is said carefully
The facts and figures given will be
based upon public records, and hence
easily capable OF yerincatioh Espe.
cially do we ask that farmers whose
market facilities and land values are
so vitality affected by the railroad
problem will follow the forthcoming
articles closely-for agriculture and
transportation are easily the nation S
two greatest and most fundamental
industries. (Paid adv. To be con-
tinued next week.
Mrs. G. g. Cam returned Mon.