338 SOLOMON HUEBNER 



ways of Table I., for which information could be found, the 

 capital stock increased from approximately $650,834,038 in 

 1890 to $942,946,162 in 1900 or 45 per cent; while during the 

 same period the number of stockholders increased from 54,- 

 928 to 75,528 or 37 per cent. In other words, the average 

 stockholding for these eleven roads increased from $11,848 to 

 $12,486, or over 8 per cent. Again, in seventeen of the 

 twenty two railways of Table I., for which information was 

 available, the capital stock increased since 1895 from approxi- 

 mately $875,296,724 to $1,143,512,238 or over 32 per cent; 

 the number of stockholders increased from 92,029 to 100,532 

 or over 9 per cent, and the average stockholding increased 

 from $9,318 to $11,435 or over 22 per cent. Similarly in Table 

 II., we find that eleven railways have increased their capital 

 stock since 1890 from $350,106,859 to $564,251,559 or over 

 61 per cent. During the same period the number of stock- 

 holders decreased from 20,109 to 7,980 or over two and a half 

 times, thus increasing the average stockholding from $17,410 

 to $70,708 or over four times. More significant by far has 

 been the increase of the average stockholding of the railways 

 of Table III. Since 1890 eleven of these roads have increased 

 their capital stock from approximately $387,419,427 to $523,- 

 048,100 or nearly 35 per cent. Within the same period the 

 number of stockholders has decreased from 6,215 to 239, 

 while the average stockholding has increased over thirty five 

 times. Despite, therefore, the rapid changes in stock owner- 

 ship, the railways of the foregoing three tables show, on the 

 whole, a marked tendency towards an increased average 

 stockholding. The above tables, if they err in any direction, 

 may be regarded as underrating rather than overstating the 

 average stockholding at the present time. 



Thus far, then, we have taken into account the average 

 stockholding of leading railways whose capital stock aggre- 

 gates $3,551,800,382 or about 60 per cent of the total railway 

 stock of the country. Directing our attention to the distri- 

 bution of stock of the smaller roads, our only guide, again, 

 consists in the state railroad commission reports. An exami- 

 nation of the latest of these reports indicates that the stock 

 of the smaller roads in the west is held by comparatively few 



