Evening journal., 1920-09-13
WHY 10 NOT RAILWAY EMPLOYEES BUY AMERICAN
RAILROADS?

RAILROADS?
WHY do not the railway employees buy the railroads
w Of the United StatesY" asks the Railway Age in an
editorial its issue which should interest Della
wareans. The propaganda for the Plumb railroad pan
which but part OF the Boshevsc crusade for the de-
stwcton OF capitalism and the establishment Of the
ltcal and economic rule Of the proearat stll
II the employees Of railways. coal mines and other indus
tries really believe that those who them derive inn
mense profits from exploiting their employees, why do
not the workers buy the Industries in which they
ployed and get The profits for themselyes2'
This question has been given increased pertnency con-
tnues the Railway Age by the advance in the wages Of
railway employees which recently have been made. The
wages being paid to them amount to about s36OOOOO
900 year The advances their wages granted in the
award Of the Railroad Labor Board amount to S625
100000 a year They easily could and should saye this
part their annual incomes. Why do they not do this
and adopt say cooperative plan. through their labor
organizations otherwise, for acquiring the ownership
OF the railroads. They could easily enough money
to do this
The total par value Of railroad stocks outstanding In
the hands Of the public on December 81 1917 reported
by the Interstate Commerce Commission s65s3OOOOO
The saving by the railway employees Of the recent adj
vance in their wages would give them S6250OO00 annual
y for investment on this basis II they bought at par
they could by investing all their savings and their dv
dends On their savings in railway stocks become owners
Of 100000 substantial majority Of all the stock
outstanding within five years.
But they would not have to pay par The average price
at which the stocks Of twenty-five large railroad systems
were bought and sold in the open market last week was
Taking hs the average market price at present
Of the railway stocks outstanding all the stock could be
bought for OOO one-half Of IT, enough to
give absolute control could be bought for s926O0OOO
on this basis the railway employees by saving and invest
ing their recent Increase in railroad stocks, could
aooure ownership Of majority OF the stock Of all the
railroads within three years
II the cooperative organization suggested the employees
might form did not wish TO invest the stocks Of all the
railways simultaneously It could acquire first one railway
and then another The combined outstanding stocks OF
the New York Central and the Pennsylvania In the cast
and the Achson Topeka and Santa Fe and the Union Pa
clnc the west amount TO less than Sii7OOOOO II the
employees desired TO acquire control first OF the ownership
and management Of only these four great properties they
could buy majority OF the stocks OF all Of them at par
with their recent increase in in fourteen months
The financial power of the employees OF the railways
would be enormous II they would but compare
lively small part OF their wages and invest them in Sc
curities The same thng Is true OF the workers in all
other lines OF industry Why should they carry propa-
ganda TO get the public to tax itself to buy and turn over
TO working the management Of the Industries in
which they engaged when It wouldebe easily within
the power Of the working to acquire both the own
ershp and Management Of all the industries they en-
gaged they would only practice the THRIFT in their ex
penditures upon which has been originally founded The
fortune OF every man VINO ever advanced from wage earn
er 10 capitalist, or from farm hand to farmer2
II the opportunities for profit great and working
men are that their management OF industry wou'
be efficient than that OF the capitalists, they should
feel sure that they saved their money and bought TN
capitalists out they would have just good chance
making large profits in the future the capitalists wou
have.
Never was there time in the history Of the Unite
states when the wages OF railway employees and othe
works. large in proportion to the prices OF rail
way and other securities they Never there
fore were conditions favorable for the workers to &C
qure financial control Of the industries in which the
work and show how well they could manage them.
or one thing the workers warned, however Thi
that II they do their and invest suggested
they will soon find that the difficulty OF making profits
business and the Of ncurng losses much create
than they would ever suspect from reading the eraur
OF The Plumb Plan League and other Boshevstc organ
izaons.
Many bank clerk is Jealous Of the coal miner becaus
the latter gets more holidays