About $200,000,000 of American money has gone into mining in Mexico. Practically all of it has been legitimate business investment, in low grade or old abandoned bonanza properties, in mills and in smelters--the speculative period of bonanza mining such as we have had in our own West was passed in Mexico a century before American money began to flow across the Rio Grande. Our American investment could therefore by no means be regarded as a speculative venture, and the margin of return was relatively small--so small in fact that Mexicans did not and would not now consider such mining as profitable investment. We are, therefore, justified in taking a serious and calculating view of the damage done to American mining properties under revolutionary rule. From sources available, I would estimate the damage done American mining properties in Mexico at $15,000,000--this is very conservative. There has, however, been little of the wanton destruction of mines such as the Germans practiced in Northern France. One instance, however, stands out, and this was to a coal mining property in northern Mexico, the Agujita, less than 100 miles south of Eagle Pass, Texas. In May, 1913, General Jesus Carranza, brother of the president, demanded $50,000 from the manager of this property, owned by American and other foreign capital. The money was not on the ground and there was no telegraphic communication with Mexico City, so it could not be paid. The property was then wrecked by Carranza soldiers, several hundred coke ovens blown up, the mines fired and flooded, buildings burned, etc.,--damage estimated at $1,000,000. Some other incidents of this sort are recorded, but the largest physical damage is indirect, due to the driving off of workers and the murder of the American engineers, so that great mining properties were abandoned temporarily with the result that the water came in and tremendous values in timbering and stoping have been destroyed. In some instances the damage caused by water has mounted up to vast sums; one great mine, the Tiro General, an American property, will for instance require $300,000 before it can be operated again. Other properties abandoned from time to time during the years when railway traffic was interrupted, have similar bills for repairs, and hundreds of other mines, great and small, have been kept closed through the most profitable period mining has ever known (that during the Great War), with vast losses, although the ore is of course still in the ground and will some day be taken out.