In my opinion, railroad business, which really means all business, will recover its former proportions when the influences and forces at work during the last two or three years shall have ceased doing the things that have contributed so largely towards bringing about the depression which we all deplore. Perhaps that is not quite clear. I do not mean that laws already made must necessarily be unmade, that wages raised must be reduced, but we must have a rest. We must be given time and opportunity to work out the new problems that have been forced upon us during the last two years. We must be given a chance to find out what it is going to cost to meet the new requirements, and also how much our revenues are going to be reduced by reduction of rates. Perhaps it will be found that by new methods growing out of the exigencies of the case we will still be able to earn a surplus sufficient to justify the resumption of extraordinary expenditures as formerly. If not, then, either rates must be advanced, or wages be reduced, or improvements must wait or be carried on with borrowed money and railroads will be slow to increase their interest-bearing debt under such circumstances. As I have said, two years ago during the legislative period, 800 bills affecting railroads were introduced in states reached by the Burlington System, including those proposed at Washington. So far this season, 272 such bills have been presented. It is too early now to venture even a guess as to how many of them will become laws, but until we know just what to expect, you can clearly see, I am sure, that we will not feel like incurring any new or unnecessary obligations. Among the bills so far introduced are two in Illinois, called the full-crew bills. These two bills, if passed, will increase the cost of operation on the Burlington Road alone $96,000.00 a year, on basis of present business. In Nebraska a similar bill is under consideration. It is true that the two Illinois bills if they become laws will not necessarily make our operations in Illinois unprofitable, but that class of legislation will do much to discourage new developments, by making such developments more difficult, or rather, less profitable; and besides, in my opinion, such laws are not necessary.