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Rh person in the country, in France only 400 tons, and in Prussia only 700 tons.

These few figures show you that the American roads perform a greater freight service than the European roads, at a much lower average charge, pay the employees much higher wages, and have much less capital upon which a return should be made. Even with this relatively low capitalization, the Securities Commission, whose report has just gone to Congress, shows that the return is less than four and one half per cent, a return not very satisfying to an energetic man, no matter what his business may be.

In North Dakota the rates on all grain are about one fifth lower than they were ten years ago. On twelve-bushel wheat from 1000 acres, shipped from Bismarck to the Twin Cities or Duluth, the saving in freight to the farmer is $1 a ton, or more than enough in one year to buy the farmer two of the best eight-foot grain-binders with a couple of hay-rakes thrown in. In the country as a whole, the average freight-rate has gone down about one Rh