400 pensioners. Since its inauguration in 1884, there has been paid out in pensions, $1,008,000.
Again, the foundation of two other features—Savings and Loan—in the Baltimore & Ohio dates back a full quarter of a century. The Savings is strictly a trust fund, around it being thrown the unequivocal protection of the United States government in the decision handed down by its courts. Of course this is understood by employee-depositors; consequently there is absolute confidence. There are no runs, no anxiety as to savings, and no fear that what has been laid aside for a rainy day will be risked. Meantime, upon it the company is guaranteeing four per cent and earnings; the interest and dividend returns thus amount to never less than five and sometimes five and a half per cent. The total of the savings deposits to June 30, 1907, reached eight and a half million dollars, and interest and dividends paid to employee-depositors to that time came to a million and a half dollars.
The Baltimore & Ohio loan feature is still more remarkable. The object is to enable the employees to own their own homes. All are real-estate transactions, and it is a remarkable fact that the administration of this feature, throughout twenty-five years, has been entirely without appreciable loss on any single investment. Employee-borrowers have entered into personal obligations representing the
