Another question now naturally arises. If an increased capitalization has been obtained without an increase in charges, owing to the lowering of the rates of bond interest and to the liberal use of stocks or income bonds, what has been the effect on the market value of the securities concerned? Is the aggregate value of the new securities less or greater than the aggregate value of the securities which they have replaced? It has been seen that taken as a whole less annual payments can be claimed from the railroads as of right. Has this fact decreased aggregate quotations, or has the larger volume of securities and the chance for dividends over and above the minimum interest, raised such quotations higher than they were before? The following tables compare the quotations of securities disturbed by the various reorganizations one year before the failure of their railroads, with the quotations one year after reorganization of the new securities issued to exchange for them. A third column is inserted to show the effects of years of prosperity upon quotations subsequent to reorganization. _Seven Reorganizations, 1893–8_ _Lowest quotation _Lowest quotation of month one of month one year before year after _Lowest quotation failure_ reorganization_ December, 1906_ Atchison $184,857,934 $129,364,451 $342,941,683 B. & O. 26,955,000 34,092,518 45,634,437 Erie 67,190,748 38,895,077 82,230,457 N. Pac. 157,555,214 135,507,699 289,557,415 Reading 88,940,250 71,607,223 179,190,107 Southern 45,653,414 35,231,356 71,411,937 U. Pac. 83,241,672 103,329,339 187,596,748 ------------ ------------ -------------- $654,394,232 $548,027,663 $1,198,562,784 D. 16.2 per cent I. 83.1 _Four Reorganizations before 1893_ Atchison, ’89 $129,142,003 $113,993,417 Atchison, ’92 35,100,000 42,600,000 E. Tenn. ’86 17,657,377 21,746,188 Reading, ’83 39,061,531 48,664,864 ------------ ------------ $220,860,911 $227,004,469 I. 2.7 per cent