nage moved by the railroads in 1910 effected the saving of $615,928,000.
As compared with $275,000 per mile in the United Kingdom, $109,788 per mile in Germany, $80,985 in Russia, $139,390 in France, and $112,879 in Austria, the capitalization of the railroads in the United States is smaller than that of the railroads of any country of the first class, and especially low when considered from the standpoint of comparative service to business, for in this country the citizens command the service of five miles of a railway to one mile that serves the average European.
The Railroad Securities Commission says in its report transmitted by the President to Congress, December 11, 1911:—
“Neither the rate of return actually received on the par value of American railroad bonds and stocks to-day, nor the security which can be offered for additional railroad investments in the future, will make it easy to raise the needed amount of capital. The rates of interest and dividends to outstand-
