the total wealth of this country greater than that of any other nation, but also is the wealth per person greater, and without any doubt its division among the people is widespread. Increase in the distribution was one of the consequences of the war, for the accumulation of billions of dollars in savings bank deposits and, government bonds by small investors can have no other meaning. Deposits in savings banks have increased, while the acquisition of government securities is something new. This shows that not all of the great mass of the workers of the country squandered their earnings during the war period. A great many of them saved, and saved a huge amount. Their actual savings were undoubtedly much greater than would appear from figures stated, for many small investors acquired stocks and bonds of corporations. There is scarcely one of the great public corporations whose lists do not show an increase in the number of stockholders year by year.
Two other things are indicated pretty clearly by these data. First, the cost of living can not by any possibility have increased more than the increase in wages or even as much, for if it had the small investors would not have been able to save anything. Those who complained of the high cost of living were largely the ones who were indulging in high living. The other thing that is indicated is this: The wealth of the country having increased but slightly and the savings of small investors having increased very largely, their savings could come from nowhere but out of the property previously owned unconditionally by other people. Contrary to the popular belief, the fact is that the business interests of the country paid mainly for the
