. Cost, capitalization and estimated value of American railways; an analysis of current fallacies . ividends, adjustments and im- $313,957,251 $175,334,923 46,005,909 166,371 $221,507,203 $92,450,048 Defieits in operation of 76 unprofitable roads 12,292,750 $80,157,498 140,158,136 Balance available for improvements $220,316,034 Disposition of balance: $56,502,413 59,610,904 104,202,717 $220,316,034 The income from other sources is principally derived fromrentals and from railway stocks and bonds owned by theseoperating roads, and practically takes care of the rents andinterest charges on the d
. Cost, capitalization and estimated value of American railways; an analysis of current fallacies . ividends, adjustments and im- $313,957,251 $175,334,923 46,005,909 166,371 $221,507,203 $92,450,048 Defieits in operation of 76 unprofitable roads 12,292,750 $80,157,498 140,158,136 Balance available for improvements $220,316,034 Disposition of balance: $56,502,413 59,610,904 104,202,717 $220,316,034 The income from other sources is principally derived fromrentals and from railway stocks and bonds owned by theseoperating roads, and practically takes care of the rents andinterest charges on the debt incurred in the purchase of suchsecurities. If these items of income and expense could beeliminated, the balance for improvements would not be mate-rially affected. During the past sixteen years the official statistics showthe following balances available for adjustments and improve-ments, the sums under permanent improvements being in-cluded in the total sum available in comparison with the netdividends in each year: 24 Investments in Improvements from Income During SixteenYears 1890-1905,. (1) Dividends previous to 1897 inclusive are swelled by duplications. (2) There was a deficit after paying for permanent improvements. (3) Deficit. Notwithstanding the fact that prior to 1897 the dividends wereswelled by duplications amounting to at least $12,000,000 an-nually—in 1897 the exact figures were $12,245,480—it will beperceived that the undivided profits of the railways devotedto their betterment amounted to over three-fourths of the sumdistributed in dividends. Nor does this showing, impressiveas it is, tell the whole truth, for in the yeafs 1894, 1895 and1897 in addition to the figures shown in the table the railwayshad to account for deficits of unprofitable roads amounting to$45,851,294, $29,845,241 and $6,120,483, respectively. During the years covered by the foregoing table the totalamount of capital stock outstanding not owned by railwaycorporations has increased f
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