Evening star., 1934-10-16
To the Editor Of The star:

AcCokOlu8 70 Tue Co0pke0e00ye 8uIe
vey Of the Twentieth Century Fund,
your letter-box contributor Mr.. 8. r.
Randell has oppressively deviated from
the path Of accuracy In his statement
Of the number Of persons In America
owning stocks. mooted problem that
has challenged the best Of economic
minds ever since Adam Smith passed
to the Land Of the Shadow IN the
eighteenth century.
Mr.. Randell, who beams on Q social
lied state for the United States, de-
clares that only . few paltry millions Of
people-neyer leas than eight and
never mare than twelve-are lawful
proprietors Of securities, and In thu
duplication Of names REGISTERED n the
holdings Of more than one corporation
or company the stock owner u counted
BY "capitAlistic figures @ repreeenting
. different and additional pefson.
DR.. Evans Clark, director Of the
Twentieth Century Fund. which Mas
endowed BY Edward A. Etlene, says
In . report puhlished last March that
the public's stake In the security mar
the worse year Of the depression. The
value Of stocks owned BY individuala
was in excess Of $so, ,0oo. 900, 900. Thus
nearly half the value Of outstanding
securities two years ago were In the
hands Of individuals.
Moreover the report shows that Be.
tween six million and ten million own
bonds and between nine and eleven
million individual men and women
In the United States own stock. so
the study would indicate that fifteen
to .twenty-one million psrsons own
stocks and bonds In the country. n
ID revealed that every ninth Or tenth
man, woman and child prohahly has
= stake In the Nations security mar
kets, which means at least one family
In every three.
The thirty economists and assistants
making the major Investigation sel
forth ons million employees bousht
shAres from their employers. Another
million are public utility customers,
sold through the solicitation Of their
company. Over one-fifth Of AL the
corporate stock outstanding Is held
by individuals with net incomes OF
less than 5000 Q year, classified a
persons IN moderate circumstances.
DR.. Clark states that more than
thirteen million persons have savings
In mutual savings banlED and ct least
twice this number have deposits n
national and STATE hanks and trust
companies. Through ownersiip Of life
Insurance. policies and payment Of In.
9lrAnce premiums, . considerable por-
ton Of which are invested in bonds
more than $4,000, 600 people are In
directly. but none the less vitality. In
tsrested IN securities. The research
represents that . majority Of the
population has an interest in securities
through the investments Of their banks
and insurance companies amounting
to nearly $4,000, 100000 in 1892.
II would seem relevant to determine
to what variety Of Socialism Mr.
RAndell claims allegiance. From hil
intensely interesting contribution
whether Utopian, Of which Robert
Owen, who projected New Harmony
Ind, where NO private property o.
competition should exist and aftel
two years' struggle the experiment
ended IN complete failure. - mos
other enterprises have, or Of tn
MARKHAM type. the heavy bearded fsl.
lows who give themselves the name
'.scientiflc." Perhaps his dire pre-
dictions in seeking ''the more abun.
dant life" have placed him in thu
column Of the Fabian Socialists, q
Christian Socialists, who In the nine.
teenth century included such men .,
Kingsley, Maurice and Hughes in ing.
hnd as headers. The university pro.
fessors "a 0ermany have . grouI
cAlled socialism e ~ CHAIR An