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Show MILLIONS IN 0. S. ! OWN RAILROADS Wage Earners Directly and Indirectly In-directly Affected by Roads' Solvency. DIVISION OF SECURITIES. Mutual Savings Banks Owned Entire. - ly by Depositors Hold Large ' Amount of Hallway f ' Bonds. ., . -.-. , . Millions of thrifty Americana who have laid aside something lot a ''rainy day-"ae directly or Indirectly, "owners of railroad securities: This ownership represents not only individual lnvest- ment In the railroads, but holdings of railroad securities by life insurance companies, savings banks, fire and marine ma-rine insurance "companies, benevolent associations, educational Institutions, trust companies and State and National Nation-al banks. A large part of the assets of these Institutions depend on the solvency sol-vency of the railroads. The ownership of railroad securities among these people Is divided approximately approx-imately as follows: Individuals, numbering over If 1,000,000, own outright about $10,-000,000,000 $10,-000,000,000 In railroad securities. Over 600,000 are stockholders with - an average holding of 913,006. Life insurance companies, with 53,000,000 policies in force, own nearly $2,000,000,000 of railway securities. Savings banks, with 10,000,000 depositors, own $847,000,000. Fire and marine Insurance companies, com-panies, casualty and surety companies com-panies own a total of $648,000,000. Benevolent association, eel-leges, eel-leges, schools, charitable Institutions, Institu-tions, etc., own $350,000,000. Trust companies, State and National Na-tional banks own $805,000,000. According to statistics compiled for the Association of Life Insurance Presidents Pres-idents in 1918, 27.63 per cent of Ufe Insurance companies' assets were la-vested la-vested in railroad bonds, and durlag the first half of 1810 the percentage ef railroad bonds held by the Ufe Insurance Insur-ance companies was 2KL25 of the total assets of these companies. Interest of Wage Earners. In addition to this wldeaprea4 ownership own-ership of equities of Ameriaaa railroads rail-roads by the people of the United States every wage earner who puts money into the savings bask has, a dl-. rect Interest In the soundness of railroad rail-road Investment on account of the large part of the savings of man and women wage earners secured by the railroad bonds which are bought by the savings banks. A great many of these institutions are mutual savings banks which have no capital stock, pay no dividends, earn no profits for stockholders, sad their entire property belongs to the depositors. de-positors. Every dollar that the bank earns beyond the actual cost of iolut business also belongs to them. The report of the United States Comptroller ef the Currency for 191$ shows that 629 of these savings banks operated on the mutual plan had at the end of 1018 total deposits ef ,$4,422,-096,303.15 ,$4,422,-096,303.15 credited to 0.411,464 depositors, depos-itors, an average deposit of $400.72. These figures covered mutual savings banks in 18 states ef the Union. The Comptroller's report gives, the amount ef railroad bonds held by mutual mu-tual savings banks Is the six New Bog-land Bog-land states Maine, New Hampshire, Vermont Massachusetts, Rhode Island and Connecticut s $406,272,160. The report of the State Superintendent of Banks of New Tork shows that the railroad bonds held by the mutual sav-InRs sav-InRs banks at the end of 1918 In New York amounted to $301,711,834, |
