Page:Walter Renton Ingalls - Wealth and Income of the American People (1924).pdf/86

64 While there has been little activity in these bonds of late, the issue most traded in on the Stock Exchange is National Railroads of Mexico prior lien 414s, 1926. These bonds defaulted in interest July 1, 1914. Interest due Jan. 1, 1914, was paid by 3-year 6 per cent notes, due Jan. 1, 1917, which subsequently defaulted.

Our investment in Mexican railway bonds may be put down roughly at $150,000,000 at the end of 1916 and $75,000,000 at the end of 1920.

Roy H. Flamm of the Latin American Division of the U.S. Department of Commerce estimated that on June 30, 1920, the capital invested in the petroleum industry of Mexico stood at about $300,000,000, whereof the American proportion was about 70 per cent, the remainder being ascribable to British and Dutch capital. According to these data the American investment in the Mexican petroleum industry may be put at $200,000,000. There are no available data for the position at the end of 1916. I put that down conjecturally at $100,000,000.

The total American investment in Mexico outside of Government bonds (other than those of the railways which are controlled by the Government) may be put down approximately as follows:

1916 1920 Railways... ..... cc cece eee $150,000,000 $ 75,000,000 Petroleum industry............. 100,000,000 200,000,000 All othors®..... 0.000. c ecw een 500,000,000 525,000,000 4 0) | $750,000,000 $800,000,000


 * Includes mines, metallurgical works, factories, lands, etc.

The totals for Mexico are much lower than what is commonly estimated for that country and are below the estimate of the Bureau of Foreign and Domestic