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Rh railroads, in which about 70 per cent of the investment was American. Of the railroads, the Mexican Central had the most American capital, followed by the Mexican National. In mining, Americans had invested $80,000,000, in agriculture, $28,000,000. In manufacture, American enterprise had already begun to make investment in sugar refineries in Sinaloa, in various enterprises in the Federal District and in Nuevo Leon, especially at Monterey. All the large smelters were American.

The announced location of American capital in Mexico at this time is unsatisfactory, because the railroad investments are all credited to the city in which their chief offices were located. In Mexico City, thus, there were announced to be American investments valued at $320,800,000 and in Coahuila American properties worth $48,700,000, the greater part in each case representing railroads. Sonora had $37,500,000 worth of American capital invested, of which $27,800,000 was attributed to mining ventures. Of the $31,900,000 in Chihuahua, $21,300,000 was in mining. American capital in Oaxaca totaled $13,600,000 and in Nuevo Leon, $11,400,000.

Investments continued to be made in Mexico at a very rapid rate during the years following this report. Consul General Marion Letcher reported statistics in 1912, compiled by a mining engineer of long residence in Mexico, that indicated $1,057,770,000 American