The foregoing table shows that while, in 1897, the railways borrowed 87.66 per cent. and in 1898, 97.91 per cent. of the new capital obtained in the form of loans at four per cent. or better, they were compelled, in 1907, to promise more than four per cent. on 70.24 per cent. and in the first six months of 1908 to promise six per cent. on 43.00 of their borrowings. The significance of these figures is made still more apparent by the following table, which shows opposite the aggregate borrowings of each year, the interest charges thereon and the average rate upon the portion of the capital which it represents: Year. Aggregate interest Av. rate Borrowed. charges. interest. 1897 $ 493,408,775 $ 19,258,593 3.90 1898 390,803,025 14,744,141 3.77 1899 505,936,672 19,804,814 3.91 1900 215,039,851 8,073,638 3.75 1901 512,559,403 20,856,559 4.07 1902 471,578,658 19,119,182 4.05 1903 427,358,965 17,561,577 4.11 1904 325,078,790 13,571,945 4.17 1905 635,304,659 25,758,601 4.05 1906 514,638,170 21,964,215 4.27 1907 708,351,929 32,722,081 4.62 1908(a) 266,281,355 13,431,067 5.04 -------------- ------------ ---- Total $5,466,340,252 $226,886,413 4.15 (a) January to July, only.