Indianapolis Times, Indianapolis, Marion County, 24 September 1952 — Page 27

WEDNESDAY, SEPT. 24, 1952 24, 1952 :

! k Business Notes—

! Only 6.5 Million in U.S. Own Stocks; Study Says

By J. A. LIVINGSTON | Dreams Die Hard It remains true, of course, that vs ; Awe] | ticle, “Another Look at the Fig- : in a Wt Bernard J. Nees, partner in:the New York Stock ExX-| pi dreams die hard—even ore TE tote oto That the this widespread ownership of cor-|

change firm of Johnston, Lemon & Co., Washington, D. C.,|Wall - Street where facts mean|Brookings study tabulated 4+ 75/POrate enterprise does not imply

: that the wealth of the nation is has just won an award from Standard & Poor's Corp., giant Money: (million families which own stocks, now more or less equally divided.”

: Te) “ { Ever since 1929, and for long that these families have an aver- » 7 investment research and statistical firm, for “one of the before that, Wall Streeters have age of 2.74 members, therefore, Be oN Toh. puity best prepared booklets we have \basked in the estimate of 15 mil-| “13,015,000 people— or one out gjize or slice them, there are still seen in many a day.” versial figure, but Bernie is prob-|lion to 20 million shareholders. of every 12 persons in the United only 6.5 million share owners by The title is “Why 15 Million ably as nearly right as anyone|Four years ago, ven the Federal | States—have a direct personal the Exchange's and Brookings’ Americans Own Common Stocks.” |a1¢e especially so when joint. Reserve Board brought forth an ownership interest in American own figures. | Mr. Nees got a bad break. hip. 3 idered fo estimate of 5.5 million sharehold-| industry.” merm————— —— Almost ‘the day his’ sales-pro-|° cop 18 COnSicerec. 1® ers, based on a University of That's just a way to get bigger ‘Important’ Robbe motion pamphlet appeared, Brook- figure has been variously quoted Michigan survey; many Wall numbers, to double the Brookings] ry ings Institution released a study, as from 6.5 million to 15 million.” Streeters, including Emil Schram, figure. The Exchange could have! SHIZUOKA, Japan ~ Tetsuo sponsored by the New York Stock| What could be more cavalier? then president of the New York done better by using Kimmel’s| Teraji said today he was “‘overExchange, which estimated the Th tud st 5 tha Stock Exchange, were taken own figure. He points out that|Whelmed” when he learned the! number of stockholders in the e Suqy Cos. Inore N aback. There weren't as many one family out of ten owns stock. estate he was caught robbing was

United States at 6.5 million ($50,000. It was done by an out-/frogs in their puddle as they That's a better proportion than the winter villa of Emperor Hiro-| ; * standing research organization. thought.

THE INDIANAPOLIS TIMES = | : PAGE 27

holdings of life insurance and savings accounts. a “Viewed as a device for tapping {the savings of the people, the corporate form of organization {has been remarkably successful.|

OPEN NITES TILL 9 P. M

SELLING OUT

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OPEN NITES TILL 9 P. M. : ple who can read this ad are going to be treated to a real old-fashioned

azine, The Exchange, has an ar-

1d Bonds

952—

That was embarrassing. But Lewis H. Kimmel, a thoughtful the pamphlet was off the press. economist, was responsible for the! Standard & Poor's Corp. wasn't|jop, Field surveys were conducted | deterred by this untimely coinci- by a reputable firm of market redence, even though Standard &igearchers and management con-| Poor's depends for its livelihood | tants, Stewart, Dougall & on sound, accurate statistics. Its Associates, of New York. ’ name, before it merged with! rp, ctydy, itself, was initiated

Poor's Corp, was Standard Sta-y, G, Keith Funston, president tistics Co.

Standard dismissed the 8.5 million discrepancy between Brook-

of the Exchange. He'd been president of Trinity College, Hartford,

Such low estimates don’t fit the idea that stocks are owned by nearly every one -—— from the bootblack, ‘elevator man and

| paperhanger, to the doctor, law- | yer, banker, and corporation pres-

ident. The Stock Exchange is an ex-

clusive place with 1375 seats. But|

in recent years, business being

as slow as it has been, exclusive-

one out of 12 persons, obtained hito. “I knew it belonged to some-| |one important,” he said, “because! [it was so gorgeous.”

RR OT |

LOANS

by arithmetical hijinks. The Numbers Game

Apparently, big numbers are an?

American fetish. The Brookings Institution, itself, couldn't resist size for size's sake, The original

Brookings press release went outside the study and said: “The study as a whole clearly,

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