The Grangeville globe. [volume] (Grangeville, Idaho) 1907-1922, 1920-04-01
MILLIONS IN u. S.
OWN RAILROADS
Wage Farmers Directly and In
directly Affected by Roads
Solvency.
DIVISION OF SECURITIES.
Mutual Savings Banks Owned Entire
Iy by Depositors Hold Large
Amount of Railway
Bonds.
DIVISION OF SECURITIES

Millions of thrifty Americans 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 $1O,-
Over 100000 are stockholders with
an average holding of $13,956.
Life insurance companies, with
100000 policies in force, own
nearly $2,OOO,OO0,O00 of railway
securities.
Savings banks, with 100000
depositors, own $S47 100000.
Fire and marine insurance COM
panies, casualty and surety COM
panies own a total of $649, 900, OO0
Benevolent associations, col
leges, schools, charitable institu-
tions, ETC., own s350,0OO,O0O.
Trust companies, State and Ma
tional banks own $685., 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 di.
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
great many of these institutions
are mutual savings banks which have
no capital stock, pay no dividends
earn no profits for stockholders, anC
their entire property belongs to the de
posftors. Every dollar that the banl
earns beyond the actual cost of doin,
business also belongs to them.
The report of the United State!
Comptroller Of the Currency for 1911,
shows that 625 of these savings banks
operated on the mutual plan had at thu
end of 1918 total deposits of $4,422,
O96, 39315 credited 10 9,011, AGA depos
itors, an average deposit of $4907 ~
These figures covered mutual saving
banks in IS states of the Union.
The Comptroller's report gives tn
amount of railroad bonds held by mu
tual savings banks in the six New Eng
land states-Maine, New Hampshire
; Vermont, Massachusetts. Rhode ISLAM
and Connecticut-as S406,272, 1866 TIL
report of the State Superintendent o
Banks of New York shows that tn
railroad bonds held by the mutual say
ings banks ar the end OF 1918 in Ne,
York amounted to $361.71I334