332 SOLOMON HUEBNER 



a compilation of the data presented in the railway commission 

 reports, if supplemented by such considerations as are neces- 

 sarily involved in a statistical treatment of this kind, cannot 

 fail to add something to our knowledge of the subject under 

 discussion. 



Passing now to an examination of specific railways, we 

 find that the Illinois Central stands out most prominently 

 in the effort to diffuse the ownership of its stock among small 

 holders, especially its employees. According to Mr. Cressey, 

 "No other railroad has adopted a plan to this purpose ap- 

 proaching in extent or liberality that devised by President 

 Stuyvesant Fish. Other roads, however, have made com- 

 mendable efforts in this direction, and among these may be 

 mentioned the Chicago Great Western system. Of the 6,526 

 stockholders of the Illinois Central in 1900, 705 were officers 

 and employees of the company, other than directors, and held 

 stock to the amount of 2,554 shares. Three thousand eight 

 hundred and sixty eight of these stockholders, owning 346,- 

 207 shares, were residents of the United States; 2,543, owning 

 198,616 shares, were residents of Great Britain; 115, owning 

 55,125 shares, were residents elsewhere. Excluding one large 

 block of 40,000 shares held by a Dutch syndicate for thirty 

 years, and itself divided among hundreds of holders, the aver- 

 age number of shares per holder is eighty five and one half. 

 According to the books of the company there are "5 holdings 

 of 5,000 shares or over; 85 of 1,000 shares or over; 93 of 500 

 shares or over; 694 of less than 500, but more than 100; 455 

 of exactly 100 shares each, and 5,194 of less than 100 shares." 

 Approximately thus 80 per cent of the stockholders own less 

 than one hundred shares each, and the fact is emphasized that 

 it is the 5,194 small stockholders who own by far the majority 

 of the stock. 



Equally favorable appears to be the distribution of stock 

 in the Boston and Albany and the Boston and Maine railways. 

 The capital stock of the Boston and Albany, aggregating $25,- 

 000,000, is distributed among 8,434 stockholders. The largest 

 of these stockholders owns but 3,000 shares, while at least 

 4,645 holders, or 54 per cent of the total number, hold less 

 than ten shares each. As regards the Boston and Maine rail- 



