The Pioche record. [volume] (Pioche, Nev.) 1908-1925, 1920-04-09
MILLIONS IN j, s,
own RAILROADS
Wage Farmers Directly and In.
directly Affected by Roads
Solvency.
DIVISION OF SECURITIES.
Mutual Savings Banks Owned Entire.
Iy by Oepositors Hold Large
Amount Of Railway
Bonds.

HAihioHs " liiiilty AIueliCdHS WHO
have laid aside something for rainy
day are directly or indirectly owners
of railroad securities. This ownership
represents not only individual invest
ment in the railroads, but holdings of
railroad securities by life insurance
companies, savings banks, fire and ma
rine insurance companies, benevolent
associations, educational institutions,
trust companies and State and Nation.
al banks A large part of the assets
OF these institutions depend on the SOL
vency of the railroads.
The ownership of railroad securities
among these people is divided approx
imately as follows:
Individuals, numbering over
100000, own outright about S1O,-
OOO,OOOOOO in railroad securities.
Over 100000 are stockholders with
an average holding of $13,956.
Life insurance companies, with
53,OOO,OO0 policies in force. own
nearly S2,OOO,OOO,OOO of railway
securities.
Savings banks, with 100000
depositors, own $S47 100000.
Fire and marine insurance com.
panies, casualty and surety COM
panies own total of $649, OOO, 900.
Benevolent associations, col
leges, schools, charitable institu-
tons, ETC., own $35O,OOO,OOO
Trust companies, State and Ma
tional banks own 1896, 100000.
According to statistics compiled for
the Association Of Life Insurance Pres
idents in 1918, 27.65 per cent of life
insurance companies assets were in.
vested in railroad bonds, and during
the first half Of 1919 the percentage Of
railroad bonds held by the life insur-
ance companies was 1925 Of the total
assets Of these companies.
Interest Of Wage Farmers.
In addition to this widespread own
ership Of equities Of American rail.
roads by the people of the United
States every wage Garner who puts
money into the savings bank has a d.
rect interest in the sOundness of rail
road investment on account of the
large part Of the savings of men and
women wage earners secured by the
railroad bonds which are bought by the
savings banks.
A great many of these institutions
are mutual savings banks which have
no capital stock, pay no dividends.
earn no profits for stockholders. and
their entire property belongs to the de.
positors. Every dollar that the bank
earns beyond the actual cost of doing
business also belongs to them.
The report Of the United States
Comptroller Of the Currency for 1919
shows that CPS Of these savings banks
operated on the mutual plan had at the
end OF 1918 total deposits Of 81 400.
Oo6'39S.15 credited to 9,O11,464 depos.
itors, an average deposit of $3.50 70
Tnese figures covered mutual savings
banks In Is states Of the Union.
The Comptroller's report gives tho
amount of railroad bonds held by mn.
tual savings banks in the six New Eng.
Iand states-Maine, New Hampshire
Vermont. Massachusetts, Rhode Island
ana Connecticut--as $4O6, 272. 18e The
report Of the State Superintendent ~
Banks of New York shows that The
railroad bonds held by the mutual saw.
ings banks at the end Of 1918 in New
YORK amounted to $361.7l13sA.
An advertisement in The Recora 4. =
paying investment -