WHO OWNS THE RAILROAD STOCKS?

...A tremendous "educational" campaign is being,conducted by the railroads to convince the American people that railroad stocks are held by thousands of small investors...

...Examination of the list showing the twenty largest stockholders of each of the railroads, shows that of the stock held by individuals 86 per cent.— MORE THAN FOUR-FIFTHS—IS HELD BY PEOPLE WHO LIVE IN NEW YORK...

...This f100,000,000 would simply be transferred through the hands of the railroad employees from New York, where it pours into the coffers of the Vanderbilts, Goulds, and Morgans, to every city and village in the land to be spent with the butcher, the baker, and others...

...The truth is the great stream of railroad earnings flows to New York and only little trickling rivulets of railroad dividends and interest run to other parts of the country...

...Of the stock held by banks and brokers 93 per cent—MORE THAN NINE-TENTHS—IS IN THE HANDS OF NEW YORK BANKS AND BROKERAGE FIRMS...

...There was never a more complete misrepresentation of facts...

...If you are shedding tears for the "poor American investor" in railroad stocks, prepare to dry them...

...The purpose of the campaign is to make the great middle class believe the prosperity of their communities will be injured if railroad earnings are reduced...

...Railroad stocks are owned for the most part by wealthy individuals and banks who can well afford to grant the men an eight-hour day without any increase in freight rates...

...If the railroads should have to reduce dividends $100,000,000 to pay for the eight-hour day for all classes of employees, it would be a fine thing for the country as a whole...

...Whatever the railroad employees get in the form of increased wages DOES flow back all over the country and helps increase local prosperity...