National Geographic : 1892 Feb 19
Statistics of Railways in United States. 255 lel to and north of Salouen river, reaching So and once again seeing houses on April 15. They arrived at Batang early in June, their route some distance west of it having joined the Im perial highway from Pekin to Lassa over which 1'Abbe Huc travelled. From Tatsien-lou, where the French Tibetan mission is located, their route turned southward to Red river, which was reached, at Manhoau, on September 21, when their journey practically ended, as Hanoai was reached two days later. An excellent map of the itinerary, by Prince Henri, accom panies the article. A.W.G. Third A iial Report on the Statistics of Railways,in the United States t' the Interstate Connerce C)minission, for the year ending June 30, 1890: Washington, Government Printing Office, 1891 (advance copy, pp. 1-100).-This pamphlet, by Professor Henry (. Adams, is issued in advance of the full report, which is prom ised to comprise about 875 pages. It contains a summary, digest and discussion of the full report. It appears that the total railroad mileage on June 30, 1890, was 163,597, an increase of 5,838 miles during the year. The increase came mainly from southeastern and western states. This mileage was owned by 1,797 distinct corporate bodies, but entirely controlled in one way or another by only 747 companies. To illustrate the extent to which consolidation of railroad prop erty has gone, it may be stated that 47.5 per cent of all railroad mileage is controlled by but forty companies, and that 65.4 per cent is controlled by seventy-five companies. The greatest mile age controlled by one company is 6,053, operated by the Southern Pacific company. The total capital and bonded debt of railroad companies was $9,871,378,389, or $60,340 per mile. Stock and bonds were about equal in amount. Mr. Adams estimates the value of railroad property by capitalizing at 5 per cent the dividends and in terest on bonds paid during the year, reaching as a result $6,627,461,140, or about Y3 of the nominal capital and bonded debt. The justice of this method may fairly be questioned. A comparison of the ruling prices of dividend-paying stocks with the rate per cent of the dividend shows that 5 per cent stocks are above par and that 4 per cent stocks average nearly par.
1892 Mar 31
1891 May 29