cannot be determined with the same accuracy, information about a few roads indicates that the number of bondholders exceeds the number of stockholders, and that 1,000,000 is not an unfair figure to represent those holding railway securities. Many of these holders are women and children, charitable and educational institutions, national banks, savings banks, trust companies, and insurance companies. The average for each owner of railway property in this country is $13,600. Of course, some individuals hold more than this, and very many hold much less, but the statement that railways are owned and controlled by a few very rich men is not correct. These 1,000,000 owners represent at least 4,000,000 people in the United States whose daily bread and butter depends more or less on the success or failure of the railways.
Now, this railway-owner, with an average ownership of $13,600, is dependent entirely, as to a return on his investment and as to the safety of his principal, on the honesty, intelligence, and efficiency of the railway employee,
