Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1912-11-07
AGRICULTURE. MANUFACTURES
AND THE RAILWAYS.

According to the estimates OF the ma
tional wealth of the United States made
by the bureau of the census the value
of the railways increased but little more
than half as fast as the value Of all
property from 1880 to 1904.
From 1900 to 1910 the capital value Of
agriculture increased from s2o. 43o9ol. 164
to $40 99l, 4i9 900; the capital value of man
ufacr'res from ss,?75, $4,000 to SIS, 4s,27O.-
0O: the cost Of road and equipment Of
the railways from So 253, 3l3, 100 to s143S7,-
sl6,oa9
The gross value Of the products of
manufacture increased from 81. 406 927, go
in 100 to s20G72. o52,Ono in 1910. The total
operating revenues of the railways In
creased from 81, iS7Oits1i to s. 1904 1876
Thus the increase of S1.2 per cent. in the
gross value of manufaC cured products
was accompanied by an increase of 1893
per cent. in manufacturing capital; while
the Increase of SIS per cent. in the total
operating revenues Of tho railways was
accompanied by an increase of only 400
per cent. in their cost OF road and equip
ment.
The capital value OF agriculture in
oludes all farm property. land, buildings.
implements. machinery, and live stock
as enumerated by the census. The cap
ital value of manufactures, as defined by
tho census. includes the value Of prop
erty employed for the purposes of pro-
duction. excepting rented property. but
does not include any allowance for pat
ent rights or good will. The capital
value of the railways used in this COM
parison Is the cost of road and equip
me!.t' as It stands or their books and
as reported by them TO tho interstate
commerce commission.
The report of me bureau Of the CEN
sus for 1890 indicated that the gross cap
italzation of the Industrial combina-
tons then in existence was more than
twice as great as their capital value.
The gross capitalization of the railways
was about l. per cent greater than the
cost OF road and equipment in 1900 and
IS per cent. greater In 1910 The net
capitalization of tho railways. which is
the amount for which they are respon-
sble to the public, almost exactly CO.
inclded in 1910 with the cost of road
and equipment.
Because OF the peculiar nature of the
industry. It Is impracticable to arrive
at satisfactory and comparable estim-
ate of the net return on the capital In
agriculture. Tho greater similarity of
the manufacturing and railway industries
permits estimates of the return on cap
ital that In broad and general way
are comparable. Approximately. the per-
centase OF net return on the capital value
OF manufactures in 1900 was 1-.1l9 per
cent ana that on the cost OF road and
equipment Of The railways 1850 per cent
In 1910. when the capital value of man
ufactures had increased 1863 per cent,
the percentage of net return was 12.o4l
per cent. while on the cost of road anG
equipment OF the railways. which had
| increased +2 per cent. the percentage
| of net return was 5.129 per cent. Tha
| Is. In 1900 the percentage of net return
| on capital in manufactures was nearly
four times as great as that on the cos
Of road and equipment OF the railways
in 1910 II was over twice as great. II
| both cases the interest on capital Is In
cluded in net return.
| While these comparisons are subjec
| to qualification, II Is not believed that
We're absolutely accurate and comparable
data available. there would be any sub
stantial change in the general conclu
| sions.
These facts and figures which are base'
on official statistics OF the United State
government are from tho just ISSUED
bulletin No 80 OF the bureau of railwa
economics