It has been stated by men who should be competent judges that from one-third to one-half of all manufactured steel and iron is used either directly or indirectly by the railroads, and that fully one-half of all the lumber manufactured is so used. When it became necessary for the railroads to stop buying new cars and engines, and also to stop all new construction and improvements, when possible to do so, you can well understand the effect that that course must have had upon the two particular lines of business just mentioned. Of course, many other lines were similarly affected, and it would seem logical that no full and real resumption of business can be expected until the railroads are again able to resume the policy which they were forced to abandon early in 1907. When will that time come? I do not know. What will bring it about? I do not know that either, but I do know what will help matters greatly, at least so far as the Burlington Company is concerned; but before saying what I have in mind in that connection, I will digress a little, and briefly explain something of the financial responsibilities of a large Railroad Company, because in spite of all we hear about corrupt management, stock watering, etc., it is still a fact that the railroads did cost something, and the money that was used for that purpose was all, or very nearly all, furnished by private persons like yourselves, and it was furnished by them for investment because they thought or hoped such an investment would be profitable to them, for there is, there can be no other reason for investing money in anything, unless it be invested for charitable purposes. The Burlington System today, as I have said, is over 9,000 miles in length. It has large terminals in Chicago, St. Louis, Kansas City, and the other great cities it reaches. It owns 1,600 locomotives, 1,200 passenger cars, and 52,000 freight cars. The last annual report shows that its bonded debt (or the size of its mortgage) amounts in round numbers to $165,000,000.00, equal to about $18,000.00 a mile. This mortgage is legally entitled to interest at the average rate of 4.185 per cent per annum, because it is so specified in the bond, and that interest must be paid, or the mortgage would be foreclosed just as would happen if you failed to pay the interest on a mortgage, in case you happened to have one on your home. In addition to the bonded debt above referred to, there is outstanding $110,000,000.00 of stock in round figures, or about $12,000.00 a mile, making a total capitalization of $30,000.00 per mile. We are constantly told that the American railroads are overcapitalized, and yet the Burlington Road could not be replaced today for twice its capitalization. I doubt if it could be duplicated for three times its outstanding capital. The stock, as you know, receives as interest or dividends whatever sum the Directors may decide to pay, out of what is left after paying