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Show ; . I vv . . THE 20 PER CENT INDUSTRY One oL' the most accurate descriptive terms ever applied to the railroads is ' America's 20 per cent industry". The railroads normally purchase more than 20 per cent of the nation's coal, about 20 per cent if its forest products, nearly 20 per cent of the output of steel and rolling- mills, and over 20 per cent of the output of foundries. They purchase pur-chase the entire output of the great locomotive and car manufacturing plants, except for a small amount which is exported. And railroad securities constitute about 20 percent per-cent of the par value of all corporate securities listed on the leading stock exchange. It is difficult to visualize America's stake in the privately-owned, publicly-regulated railroads. The lines employ hundreds of thousands of workers and, on top of that, through their purchasing of supplies, they are indrectly responsible re-sponsible for the jobs of millions of others. Every citizen who owns a life insurance policy or a bank deposit has a personal interest in the welfare of the railroads a large proportion of banks and insurance .company assets are invested in-vested in railroad bonds. And railroad purchasing, far from being centralized in the great industrial cities, is felt throughout the country, and is a significant factor in the economy of all the states. Many a small town factory, no less than a giant industry in a metropolis, lives on railroad orders. To the farmier, the railroads are the transport medium which makes it possible to sell perishables in profitable markets mar-kets thousands of miles away. To the manufacturer, they are the ti'ansport medium which enables him to deliver machines ma-chines and clothes, furniture and beverages, to distributor andn consumer at maximum speed and minimum cost. To all shippers, they are the sole means of transportation which goes through with rarely a delay, regardless of weather or the whims of nature. This is but part of our stake in the iron horse. And it illumines il-lumines vividly the sweeping public interest in proposed pgu'atory policies and laws which are fair and equitable and ontribute to railroad progress, spending, employment and community betterment. M |