342 SOLOMON HUEBNER 



$1,440,000. More significant, still, is the instance of the 

 inequality of ownership afforded in the case of the New Eng- 

 land Railroad company. This company has its capital stock 

 of $25,000,000 distributed among fifty one stockholders, and 

 with but three exceptions shows the largest average stock- 

 holding of the nineteen roads included in Table III. Yet 

 twenty six, or one half of these fifty one stockholders, accord- 

 ing to the Massachusetts Railway commission report, owned 

 but $55,000 of the capital stock, or slightly more than one five 

 hundredth part of the total. 



Having thus illustrated the unequal distribution of stock 

 among the owners of a given road, which illustrations may be 

 almost indefinitely multiplied, we may now inquire briefly 

 into the second point, the ownership of stock by one individual 

 in several or many roads. To what extent this multiple 

 ownership exists is partly indicated by a comparison of the 

 directorates of a number of the leading railways with a view 

 of noticing to what degree the names of the directors of 

 various railways duplicate one another. For the purpose of 

 this comparison, the names of the directors of the ninety 

 principal railways, as published in the state railroad com- 

 mission reports, and including the directors of all the roads 

 of Tables I., II., and III., were examined. After a tabular 

 analysis had been made, and all duplications had been elimi- 

 nated, it was found that the total number of positions in the 

 directorates of these ninety roads was 819 and the total num- 

 ber of individual directors 393. Of this number of individual 

 directors one was the director of fifteen roads, aggregating 

 over $929,000,000 of capital stock, and one the director of 

 fourteen roads aggregating over $565,000,000 of capital stock. 

 Three were the directors of twelve roads each; one of these 

 directors representing capital stock to the extent of $765,000,- 

 000, and the remaining two over $367,000,000 each. One 

 was the director of eleven roads with a total capital stock of 

 $572,000,000; one the director of ten roads whose total stock 

 exceeded $656,000,000, and two the directors of eight roads 

 whose stock reached $541,000,000 in the one case, and $565,- 

 000,000 in the other. Of the remaining directors, two 

 were the directors of seven roads; eight the directors of six 



