336 SOLOMON HUEBNER 



amount of their stock and the number of their stockholders. 

 From the evidence submitted for the twenty two railways in- 

 cluded in Table I., aggregating $1,541,887,088 of capital stock, 

 it appears that railway stock is to a large extent distributed 

 among a great number of holders. Thus the number of 

 stockholders for these twenty two roads is 144,840, and for 

 the New England railways with a capitalization of $1,000,- 

 000 or over is in excess of 20,000. Upon glancing at Table 

 II., however, we find the number of stockholders compara- 

 tively small, and in Table III. exceedingly small considering 

 the large capitalization of the roads. 



Proceeding to a closer analysis of these tables, we find 

 that the average stockholding for all the roads of Table I. 

 amounts to $10,646 per stockholder. This comparatively 

 low average, however, loses some of its significance when we 

 remember that seven roads — the Atchison, Topeka and Santa 

 Fe; the Union Pacific; Chicago, Milwaukee and St. Paul; 

 Louisville and Nashville; New York, Ontario and Western; 

 Chicago, Rock Island and Pacific, and the Chicago Great 

 Western — aggregating $779,245,516 of capital stock, or over 

 one half of the total stock of these twenty two roads, have an 

 average stockholding of $18,561 per holder. 



In Table II. the concentration becomes much more 

 marked. Having a capital stock of $1,180,871,739, the 

 twenty two railroads of this table have a total of but 17,064 

 stockholders, and an average stockholding of $69,463 per 

 holder. As in Table L, however, this average partially loses 

 its significance, since eight roads — the Chicago, Burlington 

 and Quincy; the Chesapeake and Ohio; the Great Northern; 

 Kansas and Colorado Pacific; Minneapolis, St. Paul and Sault 

 Ste. Marie; Missouri Pacific; Southern Pacific, and Western 

 New York and Pennsylvania — with a total capital stock of 

 $643,387,023 or over one half of the total capital stock of 

 these twenty two roads, have an average stockholding of 

 $108,442. Moreover, three roads — the Southern Pacific; 

 Chicago, Burlington and Quincy, and Kansas and Colorado 

 Pacific — with capital stock aggregating nearly 30 per cent of 

 the total stock represented in this table, have average stock- 

 holdings of $187,777, $179,871, and $163,577 respectively. 



