The daily morning oasis., 1920-04-02
MILLIONS in U. s
OWN RAILROADS
Wage Farmers Directly and In.
directly Affected by Roads
SoIvency.
DIVISION OF SECURITIES.
Mutual Savings Banks Owned EntIFe.
Ix by Depesitors 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 IL divided. approx.
imately as follows:
Individuals, numbering over
1000, 600, own outright about $1O,.
100000, 900 in railroad securities.
Over 100000 are stockholders with
an average holding Of $13.956.
Life Insurance companies, with
53,OO0.o00 policies in force, own
nearly $4,000, ,0O0, 900 Of railway
: securities.
Savings banks, with 1O.0O0, 900
depositors. own $S47, ,000, 900.
Fire and marine insurance COM
panies, casualty and surety COM
panies own a total Of $840. .OoO. 900.
]. Benevolent associations, col
{ leges, schools, charitable institu-
tions, ETC., own $3.50. .000, 900.
Trust companies, State and Ma
tional banks own $685., ,000. 600
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-
positers. 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 1918
shows that e25 Of theA savings banks
operated on the mutual plan hr at the
end Of 1918 total deposits Of $4,422,-
O96, ,393.15 credited to s,011, 484 depos-
itors. an average deposit of $49O72.
These figures covered mutual savings
banks in Is states Of the Union.
The Comptroller's report gives the
amount Of railroad bonds held by mu.
tual sayings banks in the six New Eng.
land states-Maine, New Hampshire,
Vermont, Massachusetts,, Rhode Island
and Conn ecticut-as $4O6, ,272, 168. The
report of the State Superintendent Of
Banks of New York shows that the
railroad bonds held by the mutual say.
ings banks at the end Of 1918 In New
York amounted to 1851, I'll 1884.