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Rh road facilities. If rates are going to be reduced whenever dividends exceed current rates of interest, investors will seek other fields where the hazard is less or the opportunity greater.”

To quote again from this report:—

“The necessary development of railroad facilities is now endangered by the reluctance of investors to purchase new issues of railroad securities in the amounts required. This reluctance is likely to continue until the American public understands the essential community of interest between shipper and investor, and the folly of attempting to protect the one by taking away the rewards of good management from the other.”

The evidence all indicates that the returns upon capital invested from both agriculture and banking have been much more attractive to the investor than have the returns upon capital advanced to the carrier, and the Securities Commission points out very clearly that the returns upon railroad investment are not enough to attract the needed capital.

I have tried to give you a few of the im- Rh