The Owosso times. (Owosso, Mich.) 1897-1926, 1920-04-30
MILLIONS IN u. S.
OWN RAILROADS
Wage Farmers Directly and In
directly Affected by Roads
SoIvency.
DIVISION OF SECURITIES.
Mutual Savings Banks Owned Entire
Iy by DeposItors Hold Large
Amount Of Railway
Bonds.

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
Oent 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,-
000,000,0O0 in railroad securities.
Over 100000 are stockholders with
an average holding Of $13,956.
Life insurance companies, with
53,000O00 policies in force, own
nearly $2,OOO,0OO,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, 000, 900.
Benevolent associations, col
leges, schools, charitable institu-
tons, etc, own $350,0O0,000.
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 di-
rect interest in the sOundness of rail-
road investment on account of the
large part OF the savings. of men and
wOmenSwage earners secured by. the
railroaa bonds which are bought blythe
savings Danks. vi hAHwo YEft vii rs
A great many of these institutions
are mutual savings banks which have
no capital stock, pay mo- 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 1918
shows that 62J of these savings banks
operated on the mutual plan had at the
end Of 1913 total deposits Of 81 .422,-
096, 393.15 credited to 9,011, AGA depos-
itors, an average deposit Of $49072
These figures covered mutual savings
banks In 1S states Of the Union.
The COmptroller's report gives the
amount iof railroad bonds held by mu-
tual savings banks in the six New Eng
land states-Maine, New Hampshire,
Vermont, Massachusetts,, Rhode Island
and COnnecticut-as $4O6.272, 166. The
report of the State Superintendent Of
Banks of New York shows that the
railroad bonds held by the mutual saw
ings banks at the end of 1913 in New
York amounted to S361.711. 1884.