. Cost, capitalization and estimated value of American railways; an analysis of current fallacies . from some of the companies, and only vouched for the cor-rectness of our (its) own statements as far as they go. In the following table of Gross Capitalization compiledfrom Poors Manual down to 1888 and the official Statistics ofRailways since then, floating debt is included prior to 1875and excluded thereafter. The figures of mileage prior to thosefor June 30, 1890, include road operated under trackage rights,which were excluded by Mr. Adams in the summaries afterthat year. This accounts for th
. Cost, capitalization and estimated value of American railways; an analysis of current fallacies . from some of the companies, and only vouched for the cor-rectness of our (its) own statements as far as they go. In the following table of Gross Capitalization compiledfrom Poors Manual down to 1888 and the official Statistics ofRailways since then, floating debt is included prior to 1875and excluded thereafter. The figures of mileage prior to thosefor June 30, 1890, include road operated under trackage rights,which were excluded by Mr. Adams in the summaries afterthat year. This accounts for the increase in capital per mileshown in the official figures between 1889 and 1890. This tableis presented for comparative purposes only, and not as properlyrepresenting the true situation at any period. Its defects, how-ever, except as to the variations noted, are common to all returns from the Manual are by calendar years, those fromthe official Statistics by fiscal years: 49 GROSS CAPITALIZATION. (Including Stock, Bonds, Income Bonds, Equipment. Trust and Miscellaneous Obligations.). Increase per mile in 35 yearsIncrease per mile in 16 years (official; 8,2109,277 (a) Calendar year, Poors Manual. (b) Year ending June 30, Interstate Commerce Commission. It is obvious that if the mileage of track rights deductedfrom the miles of line to ascertain the capital per mile in theInterstate Commerce Commission reports could have been de-ducted in the returns from Poors Manual, the capital per milewould have appeared greater than is shown above for the yearsdown to 1888. 50 The apparent excess of capital per mile in the returns fromPoors Manual is probably due to an even greater duplicationof capital than the later official reports contained. The apparent decrease .in mileage in the official report for1888 was probably due to the incompleteness of the first reportsto the Commission, as the increase in the succeeding year is notwarr
Size: 1428px × 1751px
Photo credit: © Reading Room 2020 / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bookcentury1900, bookdecade1900, bookpublisherchicagogunthorpwar
