Mohave County miner and our mineral wealth., 1920-04-24
MILLIONS IN U.,.S;... !, S; OWN RAILROADS Wage Earners Directly and sln- directly Affected by Roads
 SoIvency. S-', fnoH >'H DIVISION OF SECURITIES.
 - sQ np tFE SCI. Mutuai savlnss eanI<s owned antlrs- V by Ospositers Held Large
 Amount ef RalIway sends. 4t
DIVISION OF SECURITIES.

Millions of thrifty Americans wht have laid aside something for q ''raiAy day" are directly or indirectly owner of railroad securities. This ownership represents not only individual invest ment in the railroads, but holdings ., railroad securities by life ihsurancl companies, savings banks, fire and ma rine insurance companies, bsnsFolenl 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.
 s The ownership of railroad securities among these people Is divided approx inately as follows:
 Individuals, numbering over
 100000, own outright about $10r
 oOO,O00,OO0 in railroad securities.
 Over 60O,0O0 are stockholders with
 an average holding of $13,958.
 Life Insurance companies, with
 6S,00O,O00 policies in force, own
 nearly $2,000, 100000 of railway
 securities. II Gg Savings banks, with 10,O00, 900
 depositors, own $847 100000.
 Fire and marine insurance com panies, casualty and surety com
 paqies own total of $849, ,OOO, 900. yr Benevolent associations, col
 leges, schools, charitable institu- tions, etc, own $350, 100000. >- Y { Trucf cnrono v,tao Cfota o~A N~ < tional banks own $865, 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 2625 of the total assets of these companies, 5sS, sSsi..s .s,,5. X Interest of Wage Earpers.
 In addition to this widespread own. ership of equities of American rail- roads by the people of the United States every wage earner who puts money into the savings bank has a d. rect interest in the soundness ofrail- road investment on account of tho large part of the savings 6f men and women wage earners secured by the 'failr6ad 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 divfdends, earn no profits for stockholders, and their entire property belongs to the de positors. Every dellar that the bank earns beyond the actual cost of doing business also belongs to them. ,S. g The report of the United States Comptroller of the Currency for 1913 shows that 625 of these savings banks operated on the mutual plan hrd at the end of 1918 total deposits of $4,422,- oo8. .3o3.15 credited to S,01L,464 depos- itors. an average deposit of $49O.72 Tbese figures covered mutual savings banks in IS states of the Urion.
 The Comptroller's report gives the amount of 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 S408, PIP, ,166. The report of the State Superintendent of Ranks 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 361,711,8A