AGRICULTURE, BANKING, AND CARRIER
they take in. In 1912, of every dollar that the railroads received, the following disposition was made:—
| Labor direct | 44.17 | cents |
| Fuel and oil, 70 per cent labor | 8.93 | “ |
| Material, supplies, and miscellaneous expenses | 14.06 | “ |
| Loss and damages | 2.20 | “ |
| Taxes | 4.21 | “ |
| Rents for leased roads | 4.41 | “ |
| Interest on debt | 13.43 | “ |
| Total | 91.41 | “ |
| Balance | 8.59 | “ |
| 100.00 | “ |
Of this balance 3.75 cents was for betterments and deficits, and 4.84 cents for dividends. In other words, of the dollar collected there had to be paid out 91.41 cents for those things that were absolutely necessary for maintaining and operating the property and paying taxes and interest, leaving only the small balance of 8.59 cents for improvements and dividends.
Without effective banking the great railroad systems of the country could not have been developed to the extent that they have been, and one of the great problems confronting the
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