wn one per cent of the stock. This is control without
ownership. Ownership may be quite incidental. It is control that counts
in terms of power.

Most of the property owners in the United States play no part in the
control of prices or of production, in the direction of economic policy,
or in the management of economic affairs.

Theoretically, stockholders direct the policies of corporations, and,
therefore, each holder of 5 or 10 shares of corporate stock would play a
part in deciding economic affairs. Practically, the small stockholder
has no part in business control.

The small farmer--the small business man of largest numerical
consequence--has been exploited by the great interests for two
generations. Despite his numbers and his organizations, despite his
frequent efforts, through anti-trust laws, railway control laws, banking
reform laws, and the like, he has little voice in determining important
economic policies.

The small savings bank depositor or the holder of an ordinary insurance
policy is a negative rather than a positive factor in economic control.
Not only does he exercise no power over the dollar which he has placed
with the bank or with the insurance company, but he has thereby
strengthened the hands of these organizations. Each dollar placed with
the financier is a dollar's more power for him and his.

Suppose--the impossible--that half of the families in the United States
"own property." Subtract from this number the small stockholders; the
holders of bonds, notes and mortgages; the small tradesman; the small
farmer; the home owner and the owner of a savings-bank deposit or of an
insurance policy--what remains? There are the large stockholders, the
owners and directors of important industries, public utilities, banks,
trust companies and insurance companies. These persons, in the
aggregate, constitute a fraction of one per cent of the adult population
of the United States.

Start with the total non-personal wealth of the country, subtract from
it the share-values of the small stockholders; the values of all bonds,
mortgages and notes; the property of the small tradesman and the small
farmer; the value of homes--what remains? There are left the stocks in
the hands of the big stockholders; the properties owned and directed by
the owners and directors of important industries, public utilities,
banks, trust companies and insurance companies. This wealth in the
aggregate probably makes up less than