=Stocks and Bonds.=--Railways, interurban trolley lines, street-car lines, and toll roads have been financed largely by stock subscriptions. Public roads, being without a revenue-producing power, cannot be financed in this manner, except perhaps in exceptional cases where a few persons are willing to donate their money or are building for private use but are willing to share the same with the public. Large bridges may occasionally be built in this manner, the stockholders exacting toll for passage in order to get a return on their investment. However, such cases are negligible in the great national scheme of public highways. =National and State Aid.=--The history of National and State Aid in the United States has been treated quite fully in Chapter V. It will not be necessary to repeat that here. Suffice to say that with possibly a few exceptions all the states in the Union now have some form of state aid--money, engineering advice, testing materials, convict labor, etc.; also the territories of Alaska, Hawaii, the Philippine Islands, and Porto Rico, or else the governments of these divisions directly take charge of the construction of a part or a whole of the roads. The acceptance of Federal Aid practically made it necessary for the states to have highway departments to distribute the Federal Aid money and the equal amount the state had to put up to match it. Several of the states like New York and California had raised by bond issues large sums of money before federal aid was available and distributed it to counties that would coöperate in the building of roads to be united into a comprehensive state system. New Jersey, the first State Aid state, and Massachusetts, a close follower, had already “paved the way” as an example for other states to follow. =Federal Aid.=--The Federal Aid road act, approved July 11, 1916, appropriated “out of any money in the Treasury not otherwise appropriated, for the fiscal years ending June 30, 1917, the sum of $5,000,000; for the fiscal year ending June 30, 1918, the sum of $10,000,000; for the fiscal year ending June 30, 1919, the sum of $15,000,000; for the fiscal year ending June 30, 1920, the sum of $20,000,000; and for the fiscal year ending June 30, 1921, the sum of $25,000,000.” In addition there was appropriated $10,000,000--$1,000,000 per year until 1926--for the survey, construction and maintenance of roads within or partly within the national forests in coöperation with the states in which these forests are located.