The par value of the amount of railway capital outstanding on June 30, 1903, was $12,599,990,258, which represents a capitalization of $63,186 per mile for the railways of the United States. Of this capital, $6,155,559,032 existed as stock, of which $4,876,961,012 was common and $1,278,598,020 preferred, and the remaining part, $6,444,431,226, as funded debt, which consisted of mortgage bonds, $5,426,730.154; miscellaneous obligations, $640,704,135; income bonds, $234,016,821, and equipment trust obligations, $142,980,116. Current liabilities are not included in railway capital for the reason that this class of indebtedness has to do with the operation rather than with the construction and equipment of a road. Current liabilities for the year amounted to $864,552,960, or $4,211 per mile of line.

Of the total capital stock outstanding, $2,704,821,163, or 43.94 per cent, paid no dividends. The amount of dividends declared during the year was $196,728,176. being equivalent to 5.70 per cent on dividend-paying stock. For the year ending June 30, 1902, the amount of dividends declared was $185,391,655. Of the total amount of stock outstanding, $6,155,559,032, 6.59 per cent paid from 1 to 4 per cent; 13.51 per cent from 4 to 5 per cent; 10.34 per cent from 5 to 6 per cent; 11.39 per cent from 6 to 7 per cent, and 9.10 per cent from 7 to 8 per cent. The amount of funded debt (omitting equipment trust obligations) that paid no interest was $272 788.421, or 4.33 per cent. Of mortgage bonds, $194,-295,524, or 3.58 per cent, of miscellaneous obligations, $7,377,925, or 1.15 per cent, and of income bonds, $71,-114,972, or 30.39 per cent, paid no interest.