Even a cursory examination of the foregoing statement shows that the average rate of interest demanded by those who supply railway capital has greatly increased. In 1897 and 1898 the largest aggregate of new indebtedness was incurred at the rate of three and one-half per cent. per annum; in 1899, 1900, 1902, 1903, 1904, 1905 and 1906 the preponderating portion was at four per cent.; in 1907 the largest aggregate was at five per cent., while in the months of 1908 for which data are available the greater portion was obtained at six per cent. Loans at three and three and one-half per cent., which supplied a considerable aggregate during all of the years to and including 1906 and particularly in the earlier years of the period, had substantially disappeared before 1907 and no funds were procured at less than four per cent. during the portion of 1908 which is included. The increased volume of loans at five and six per cent. is equally marked. The following table makes this analysis clearer by showing the total borrowings of each year and the percentage at each rate: ======================================================================== Rate of Interest and Proportion of Total Indebtedness Incurred During Year and Outstanding. Year. Borrowed. ----------------------------------------------------- 6½ 6 5 4½ 4 3¾ 3½ 3 per per per per per per per per cent. cent. cent. cent. cent. cent. cent. cent. ------------------------------------------------------------------------ 1897 $493,408,775 -- 2.24 8.54 1.56 41.73 -- 44.92 1.01 1898 390,803,025 -- .12 1.92 .05 48.08 -- 49.83 -- 1899 505,936,672 -- 2.59 5.77 3.14 54.91 -- 25.05 8.54 1900 215,039,851 -- .53 7.40 3.71 38.94 -- 29.10 20.32 1901 512,559,403 -- .35 7.58 7.38 74.55 0.07 10.07 -- 1902 471,578,658 -- -- 9.53 4.23 73.80 -- 12.44 -- 1903 427,358,965 -- .36 12.54 5.17 74.40 -- 5.22 2.31 1904 325,078,790 -- .08 18.82 9.30 59.53 -- 12.27 -- 1905 635,304,659 -- .28 10.44 11.65 57.38 -- 17.73 2.52 1906 514,638,170 0.07 .23 27.55 7.95 48.78 9.38 6.04 -- 1907 708,351,929 -- 4.28 40.86 25.10 29.70 -- .06 -- (a)1908 266,281,355 -- 43.00 17.86 1.07 38.07 -- -- -- ------------------------------------------------------------------------ Total 5,466,340,252 0.01 3.25 15.34 8.00 53.49 0.89 16.87 2.15 ------------------------------------------------------------------------ (a) January to July, only.