Ashland tidings. [volume] (Ashland, Or.) 1876-1919, 1915-09-16


This means that throughout the
United States each shareholder
would be in plain sight of two other
shareholders along the right of way
under conditions of normal vision.
Yet because of the free-and-easy
way in which the public has attached
to railroad properties the names OF
well-known men, the people general
ly have a vague belief that the rail
roads are owned by a very few
wealthy people.
The facts run to the contrary.
The railroads are owned by great
army of the people; people who have
put of their savings into railroad
shares until 100000 of them are di-
rect owners 1t requires no argu-
ment, unless we argue the obvious
to show that if the savings of people
who have thus entered into railroad
ownership prove to be secure, and
the returns to them as the owners of
the money prove to be attractive,
there will be little trouble in obtain
ing from them and others like them
more money for improving the rail
roads which now serve the people,
and for extending them into sections
whose development is standing still
because of the lack of railroad serv-
ice.
AS a question of public policy is it
not fundamentally sound that the
rights of these hundreds of thou
sands of saving and prudent people
should be given as serious considera-
ion as any other factor in the rail-
road question?
Is it not obvious that there should |
)e accorded to them the same fun
Measure of solicitude which is ex-
ended to other human factors prom
nently before us in all industrial
discussions?
But there are still other hundreds
# thousands of the people who have
personal interest in the railroads.
Those whom our political saviors
all the Common People" (why
hey are called common / do not
now are the chief users of the saw
ngs banks of this nation. These
avings banks have for their depos-
.ors about 100000 of the people.
These depositors rely upon the
bility of the savings bank to earn
nth safety and certainty enough
honey on their deposits to pay to the
epositors a satisfactory rate of in
crest, with such banking profit
dded as will maintain the integrity
nd solvency of the bank without
uestion.
These savings banks carry be-
yeen $SOO,O00,OOO and O,O0O,-
DO in railroad bonds and stocks.
Upon the earnings derived from
lem these savings banks properly,
nd in accordance with the laws of
leir respective states, are dependent
II an important part of their income
nd their income is for the benefit
their depositors.
To state it another way, if these
lilroad securities owned by the saw
gs banks were to be averaged
nong the depositors, each depositor
ould have an interest in the rail
'ads of between SIS and $50.
Every depositor is thus interested
exercising his influence to prevent
,cline in the value of the securities
hich safeguard his deposit. Is it
Vt plain that it is unfair, and in fact
ngerous as a matter of public pol
Y, to lose sight of the interests of
ese hosts of the people, who have
personal though indirect relation
the railroads?
Is it not rather the function of the
vernment in its superior knowl-
ge to be watchful of their inter-
Is, even when they themselves may
t dimly realize their own interests
d rights with respect to these
lngs?
1t is hardly necessary to refer to
tie and other banks and trust COM
MES, whose holdings in protection
their depositors and in the con-
ct of their business count up to
'eral hundred millions of dollars
ire.
This aspect of the subject carries
into still wider fields. Among
, large holders of railroad securi- :
S the life insurance companies are
vast Importance to the people,
arly every man of family carries
urance of some sort.
Il is the duty of the insurance COM
lies to find profitable investment
the millions confided to them by .
,ir policy-holders, and what form
investment should be more secure
| more profitable than that which
pertains to the greatest industry
this country or in any other. the