A A 4 9 5 1 3 8 ^ ■ ^^^^ X. ? Ll r a^^- [PRINTED AS MANCJSCRIPT] LIBRAET OF COIS-GRESS SELECT LIST OF REFERENCES ON THE '4 i 'te-. VALUATION AND CAPITALIZATION OF RAILROADS ^ i 4\ COMPILED UNDER THE DIRECTION OF HERMANN HENRY BERNARD IklEYER CHIEF BIBLIOGRAPHER - > H ^A "^1^- Ji^'' :i --^ — «t f ->.■::::;!::-{ v ' if. ./T-.-: .-r-- .. ■K ^^>, - r .^M ■-■•«<:^ ■ i '"^X ■w .^>< /' *k SOUTHERN BRANCH, UNIVERSITY OF CALIFORNIA, LIBRARY, LOS ANGELES, CALJF. [PRINTED ASj MAXUSCUIPT] LIBEARY OF CONGRESS SELECT LIST OF REFERENCES ON THE YALUATION AND CAPITALIZATIOX OF RAILROADS COMPILKD UNDER THE DIRECTION OF HERMANN HENRY BERNARD MEYER CHIEF BIBLIOGRAPHER WASHINGTON GOVERNMENT PRINTING OFFICE 1909 . J J JJi ' * i > • > > ' , > ' 1 ' , 3 '' > 1 J 111 ' 't ' L. (3. card, !>— 85001. c t c t c I t ti I t t t i It t « * , « * < *, C I PREFATORY NOTE This List is printed as manuscript to meet an imniediate call for refei'ences on railroad valuation. The subject was found to be so interwoven with that of railroad capitalization that it proved inex- pedient to separate the two. The List therefore includes both sub- jects, with emphasis only on railroad valuation. The material scat- tered through the various state reports is of increasing importance in the issues for the more recent years. No attempt, however, has been made to index it in detail. A few works on the economics of rail- road construction have been included because of their relation to the subject. H. H. B. Meyer Chief Blhlioyrapher Herbert Putnam Librarian of Congresfi WasMrujtort, D. C, March 23, 1909 3 SELECT LIST OF REFERENCES ON THE VALUATION AND CAPITALIZATION OF RAILROADS Acworth, William Mitchell. The elements of railway economics. Oxford: The Clarendon press ^ WOo. 159^ (1) pp. 12°. Alabama. Railroad commission . Annual report. Montgomery, 1881-190 Jt. 23 vols, in 20. 8°. Arizona (Ter.). Board of equalization. Proceedings. [Phoe7iixf] 1908. 1 vol. 8°. Arkansas. Raihcay eomm^ission. Annual report. Little Rock, 1901-1907. 6 vols. 8°. Bailey, William Francis. The story of the first transcontinental railroad ; its projectors, construction and history. Comp. by W. F. Bailey. [Fair Oaks, Cal] : W. F. Bailey, [WOG'l. 16^ pp. 12°. Bemis, Edward W., and Carl H, Nau. Report on the true value of Ohio railroads for the purpose of taxation. Prepared at the request of Hon. Tom L. Johnson, Mayor of Cleveland, and with his approval as to results. Cleveland : Allied printing trades council, 1903. {20) pp. 8°. Bowers, Lloyd Wheaton and Frank P. Crandon. Brief concerning the present taxation of railways in Wisconsin and pending proposals for a change of such taxation. [Chicago : The Gunthorp-W arren printing Co., 1903 f'\ 1^7 pp. 8°. California. Board of railroad comniissiotiers. Annual report. Sarramento, 1882-1901,. 17 vols, in 15. 8°. State hoard of equalization. Report. Sacramento, 1873-1908. IJ, vols, in 13. 8°. Colorado. State hoard of equalization. Report. Denver, 1903-1907. 2 vols. 8°. 6 LIBRARY OF CONGRESS Connecticut. Railroad commissioners. Annual report to which are added statistical tables compiled from the annual returns of the railroad companies of the state. Hartford, 1856-1907. 39 vols. 8°. Daggett, Stuart. Railroad reorganization. Boston and New York: Houghton., Mifflin and company ., 1908. X, {2), 1^02, {2) pp. Diagrams. 8°. {Harrard economic studies., vol. iv.) "Bibliographical note," pp. 387-393. Contents. — Baltimore and Ohio ; Erie : Philadelphia and Read- ing; The Southern; Atchison, Topeka and Santa Fee; Union Pacific ; Northern Pacific ; Rock Island ; Conclusion. Evans, Xelson Wiley. A history of taxation in Ohio, giving the legis- lation on the subject and a commentary on the methods of providing public revenues. Cincinnati: The R. Clarke co., 1906. 7. 220 pp. 8"^ " Railroad taxation," jip. 34-41. Florida. Railroad commission. Annual report. Jacksonville, 1898-1908. 10 vols. 8"". Friedman, Harry G. The taxation of corporations in Massachusetts. Xeiv York: The Columbia university press, 1907. 177, {!) pp. 8°. {Columhia university. Faculty of political science. Studies in histoid/, economics and puhlic law.) "Taxation of railroads," pp. 122-128. Giffen, Sir Robert. American railways as investments. London: [Printed hy M'' C orquodale & c<9.], 1872. (4), 71, {1) pp. 8°. {Cracroffs investment tracts.) Greene, Thomas L. Corporation finance. A study of the principles and methods of the management of the finances of cor- porations in the United States; with special reference to the valuation of corporation securities. New York: G. P. Putnam's sons, 1897. {6), 181 pp. 12°. Grosvenor, AA'illiam M. American securities: The causes influ- encing investment and specidation and the fluctuations in value from 1872 to 1885. New York: Daily commercial bulletin, 1885. (6), 270, Ixxxiii pp. Diagrams. 8°. {Commercial series.) Hadley, Arthur Twining. Railroad transportation, its history and its laws. 15th impression. New York and London : G. P. Putnam''s sons. 1903. iv, (2), 269 pp. 12". VALUATION AND CAPITALIZATION OF RAILROADS 7 Hains, Henry 8. Value of railroad property in the Ignited States, as shown by the report of 1890 of the Inter-state ooni- merce commission. {In his American railway management, pp. .308-340. New Yorlv. 1897. 12°.) Horrocks, Joseph, liaihvay rates. The method of calculating equitable rates and charges for merchandise carried on railways. London^ /S. Sonm iische'm d- co., limited. 1909. ia), Jf85^ [7] />. inci. tahles. 8° Idaho. /State hoarrl of equalization. Proceedings. IdaJw City, 1901-190 If. 2 vols. 8°. Illinois. State hoard of equalization. Proceedings. Springfield, III., 1867-1907. 33 vols, in 26. 8°. Indiana. Railroad eommis.sion. Annual report. Indianapolis, 1906-1907 . 2 vols. Folded ma p. Tables. 8'^ . State hoard of equalization. Proceedings ... in the assess- ment and equalization of railroad property for the pur- pose of taxation, Indianapolis, 1869-1890. 13 vols. 8°. loTva. Executive council. Assessed valuation of railroad, equipment and express companies' property. Des Moines, 1881^-1908. 2Jf vols, in 7. 8°. Statistical abstract of Iowa railroads (supplement to railroad assessment report). Comp. by A. II. Davison, and A. U. Swan. From data compiled from reports made to the Executive council and Kailroad conunission. and other state reports, 1855-1907. Des Moines: E. H. English, state planter, 1907. 63 pp. 8°. Railroad commissioners. Annual report. Des Moines, 1878-1908. 31 vols. Maps. 8°. Johnson, Emoiy Richard. American raihvay transportation. 2d rev. ed. New York: D. Appleton and company, 1908. xviii^ 434 PP- Illustratioits. Maps. Folded chart. Diagrams. W. {Appleton''s business series.) "References for further readinj; '" at t-iid of sunn' cliapters. Railway valuation, j)]). '.12-00. Kansas. Board of railroad conimhsionery. Annual report. Topeha. 1884-1906. 10 vols. ,s'°. Board of railroad assessors. Assessment of railroad property. Topeha. 1879-1892. 7 vols. 8°. TlltlJJ— 09 2 8 LIBRARY OF COXGRESS Kentucky. State hoard of equalization. Proceedings. Louis rine, 1899-1902. 3 roh. 8°. Kirkman, Marshall Monroe. Basis of ra'ilway rates and private vs. governmental management of railroads . . . forming one of the series of volumes comprised in the rev. and enl. ed. of The Science of railways. Edition 1905. Xew York and Chicago: The ^Yorld railway publishing com- pany, 1906. ri. 7-350 pp. 12°. •' Index to antlioritios quoted." pp. 3.3.3-.3.S.">. La Follette, Robert Marion. Heaulation of raihvav rates and serv- ice. Relation of government to commerce and transpor- tation. Speech of Hon. Robert ]M. La Follette, of Wis- consin, in the Senate of the United States, April 19, 20, and 21, 190G, and amendments to strengthen the rate bill ottered by Mr. La Follette ; the arguments and votes upon the same in the Senate of the L'nited States, May 9-12, H, and 18. lOOfi. Washington, 1906. U8 pp. 8°. A'aluatiou of railroad property, pp. 69-79. Larrabee, AVilliam. The railroad question; a historical and prac- tical treatise on railroads, and remedies for their abuses. 10th ed. Chicago: The Schulte publishing company., 1898. 4^7, xrii. 477-488 pp. 12°. ■• Stock and bond inflation," pp. 163-188. Lee, Tvy Ledbetter. Railroad valuation. Xeic York, Boston [etr.] : The Bankers puhlij^h'mg co., 1907. 15 pp. 8°. Reitrinted from the Bankers' magazine, .July, I'.toT. Le"wis, George H. National consolidation of the railways of the United States. New York: Dodd, Mead ct- company, 1893. xi\ 320 pp. 12°. ■• stock-watering," pp. 1.52-164. Louisiana. Board of appraisers. Report. Baton Rouge, 1001-1907. 8 rols. 8°. 1902 has title: Report made by the state Board of appraisers showing the assessments made of property employed in the railway, telegraph, telephone, sleeping car and express bnsines.s. Lo-wnhaupt, P^rederick. Investment bonds: their issue and their place in finance. A book for students, investors, and practical financiers. New York and London: G. P. Putnani's sons, 1908. x, (2), 253 pp. 8°. VALUATION AND ("APn ALI/ATK i.X OF RAILROADS 9 McCrea, Koswell Clieiiey. Taxation of t i-ansportation fompaiiies. A report prepared under the direction of the Industrial commission. Washhigton: Government pmntinq o-fjice^ 1001. (,;?). lOOo- 1091 pp. 8°. I'ulilislu^l also, with an index, in Kejxnt of the Industrial 1, pp. 433-435: Apr. 23. 1904. pp. 403-i(J4 ; Apr. 30. 19(>4. pp. 491^93: May 7. 1904. i.p. 519-521; .Iinie 18. 1904. pp. 087- 088: .Tnne 25. 1904. iiji. 723-724; .Tnly 2.-.. 1904. i.p. 843-845; .Inly 30, 19(H, pp. 871-872: Ang. (!. 19(U. pp. S99-901.1 Contents. — I. The Wabash railroad; II. The .greater Wabash as an investment: III. The Keadins; H'. Conununity of interest anion;: Ihe antliracite roads: V. The I.ehiirh Val- ley: VI. The New Vork Central: VII. The X<'w York Cen- tral: expansion and tratfic resnlts: \III. I'he Pennsyl- vania : IN. 'riie rennsylvania : its linaiu-ial polit-y: X. The I'ennsyh ania : its irrowth and e.vpansion : NI. Ftitnre direc- tion of railway irafhc: Nil. -XIII. The Illinois Central; XIV.-NV. The Missonri raciHc: NVI. The Atihison. To- peka and Santa Fe : NVII. The .\tchison : its financial his- tory: N\1II. Xl.X. The Haltimore and Ohio: NN. The Chi- cago, liurliufilou and Quiiuy. 10 LIBRARY OF CONGRESS Michigan. Board of state tax commissioners. Railroad companies, union station and depot companies. {In its Second report, December 15. 1902, m>. .5()-."><). Lansing, 1903. 8°.) Railroad tax litigation. (In its Fourth report, December 15, 1906, pp. 24-.S7. Lansing, 1906. S°.) Deft, of Gominissioners of railroads. Annual report. Lansing, 187^-1907. 33 vols. S°. iState hoard of equalization. Proceedings. Laming, 1871-1896. 2 vols. S''. Minnesota. Railroad and warehouse commission. Annual report. St. Paul, 1886-1909. 25 vols. 8°. " The Railroad commission of Minnesota made public on .Tan. 25, 1909, the results of its valuation of the railways of that state. This is in many ways the most exhaustive physical valuation of railways ever made." Mississippi. Railroad commission. Biennial report. ./arksmi. 1887-1908. 10 vols. 8°. Missouri. Railroad and warehouse commissioners. Annual report. Jefferson City, 1879-1907. 28 vols. 8°. State board of equalization. Journal of the State board of equalization for the assessment and equalization of rail- road, bridge, telegraph and telephone property. Jefferson City, Mo., 187J^-1907. 32 vols. 8^. Montana. State hoard of equalization. Annual report. Hele7ia, 1890-1905. 13 vols. 8\ Moody's manual of railroads and corporation securities . . . 1st- 9th annual number, 1900-1908. New York: The O. C. Lewis company, 1900-1008. 9 vols. Illustrations. Folded maps. Folded plans. Tables. 8°. Mundy, Floyd Woodruff, ed. The earning power of railroads, 1908 ; mileage — -capitalization — bonded indebtedness — earnings — operating expenses — cost of maintenance — fixed charges — comparative statistics — investments — dividends — guaran- tees, etc. New York city: J. II. Oliphant cC- co., 1908. 376 pp. 12°. VALUATION AND CAPITALIZATION OF RAILROADS 11 Ne"wcoinb, Harry Turner. Railway capitalization. Philadelpliia: Railway world ^ 1907. 23 pp. Tables. 8°. " Keprinted from the Kailway world of .luiie 7, 1907." Ne"w Hampshire. Railroad commissioners. Annual report. Concord, J 840-1907. 47 vols. Plates. Maps. 8°. /State board of equalization. Valuation and taxation of the State of New Hampshire. Manchester, 1881-1907. 25 vols, in 10. Tables. 8". Nevr Jersey. Board of cqiadization of taxes. Annual report. Trenton, N. J., 1905-1907. 3 vols. Tables. 8°. Commissioner of railfoad taxation. Annual report. Trenton, N.J. [etc.], 1875-J883. 9 vols. 8°. Ne^w York {/State) Board of railroad commissioners. Annual report. Albany, [1851]~1907. 72 vols. 8°. North Carolina. Corporation commission. Annual report, lst-9th, 1899-1907. Raleigh, N.C., 1899-1907. H vols. 8°. North Dakota. /State board of equalization. Pro<'ee(lin«:s. Bismarck, 1890-1905. 14 vols. 8°. Ohio. Board of equalization. Record of proceedings of tlie Decen- nial state board of equalization of real property in Ohio. Colvmbus, O., 1826-1900. G vols. Portraits. Map. 8°. " Reappraisement of real property is made every 10 years, and this board equalizes tlie rates." Bowker, State pub., pt. 2, p. 206. Railroad commission. Report. 1906. Springfield, 1906. 1 vol. TabUs. <5°. Ontario. C ommission on railway taxation. Report of Ontario Com- mission on railway taxation 1905. Printed by order of the Legislative assembly of Ontario. Toronto: L. K. Cameron, printer, 1905. 219 pp. 8". The subject of railroad valuation was considered by the Commission and this report includes some exposition of what had been done in the States of Michiiraii. Indiana, Illinois, Wisconsin, Minnesota, Maine. Massjichnsetts, Xew York, Pennsylvania and New .Jersey, in the valuation and taxation of railroads ; also discusses plans of the valuation. 12 LIBRARY OF CONGRESS Peck, George Record. In the matter of proposed legislation for the taxation of Wisconsin railways. Brief in behalf of Chi- cago, Milwaukee & St. Paul railway company, George K. Peck, general counsel. Chicago: The Giintho/-p-Wai/eii priittiiK/ ro., [1903 f]. 4- pp. 8\ Pennsylvania. Dept. of internal affairs. Annual report of the sec- retary. Part IV. Railroad, canal, navigation, telegi'aph. Hartishurg, 1876-1906'. 31 roh. 8^'. Phillips, ririch Bonnell. A history of transportation in the eastern cotton belt to 1860. New York: The Columbia unicersUy pj-ess, 1908. Xirli, JfO-J pp. Illustrations. Maps. Tables. 8°. ■• Bibliograi»liical uotes," p. 397. Plehn, Garl C Revenue systems of the state and local governments. A digest of constitutional and statutory provisions relat- ing to taxation in the ditferent states and territories in 1902. {In I'uited States. Department of commerce and labor. Spe- cial rei)orts of tlie Ceusu.s ottiee. Wealth, debt, and taxa- tion, pp. 017-040. Washinsiton, 1007. 4°.) Poor's manual of the railroads of the United States, street railway and traction companies, industrial and other corporations and statements of the debts of the United States, the sev- eral states, municipalities, etc. lst-4:lst annual number; 1868/69-1908. New York, London: 11. Y. d- II. W. Poor, 1868-1908. J^l vols. Maps. Tahle. 8^. From ISOS to 1804 title reads: Manual of the railroads of the Uuitetl States . . . showing their mileage, stocks, bonds, cost, earnings, expenses, and organizations; with a sketch of their rise. i)rogress influence, ett. . . . Together with an ai)pendix, containing a full analysis of the debts of the Uiiite. Snyder, Carl. American railways as investments: a detailed and comparative analysis of all the leading railways, from the investor's point of view: with au introductory chajiter on the methods of e.stimatin2 pp. T(ddrs. Folded map. 8°. 14 LIBRARY OF CONGRESS South Carolina. Railroad rommission. Annual report. Columbia, S. C, 1882-1906. 22 vols, in 10. Maps. Tables. 8°. South Dakota. Board of railroad commissioners. Annual report, Pi£7're, 1890-1907. 9 vols. 8\ Strain, Charles P. Assessment and taxation of railroads ; an address delivered before the County court, setting [I] as a Board of equalization, September 28, 1908, in the matter of the O. R. & N co.'s assessment in Umatilla County, Oregon, for the year 1903, together with a brief general discussion of railroad and other taxation. [Pendleton? Or.,: B. Haffmcmf 190S.] {20) pp. Por- trait. 8°. S'wain, H. H. Economic aspects of railroad receiverships. {In American economic association. Economic studies, vol. 3, pp. 53-161. New Yorli. 1898. 8°.) Taylor, William D. Appraisal of the physical properties of Wis- consin railwavs, for the vear ending June 30. 1903. (In Wisconsin. Tax commission. Third biennial report, pp. 267-293. Madison, 1907. 8°.) Also printed in " Commercial valuation of railway operating property in the United States: 1904,'' United States Census bulletin no. 21, pp. 82-87. Tennessee. Railroad commission. Report. Nashville, 1901-1906. 4 vols. 8". Texas. Railroad commission. Annual report. Austin, 1892-1907. 16 vols, in 7. 8°. Tax commission. Report of the Tax commission created by act of March 1, 1899. Austin, Texas: Von Boeckmann, Moore <&- Schultze, 1899. i8),i03pp. 8\ "Listing railroad property," pp. 42-66; "Taxation of rail- roads," ])]). 171-178. Thompson, R. A. Methods used by the Railroad commission of Texas, under the Stock and Bond law, in valuing railroad properties. (In American society of civil engineers. Proceedings, vol. 30, Jan., 1904, pp. 2-19.) " Hoitort of the law and the railroads valued since its passage, describing the methods used." VALUATION AND ("APITALIZATION OK KAILHOADK 15 Thompson, R. A. Retjulation of the issuance of Texas railroad se- curities by the state government. (/« Texas academy of science. Transactions, vol. 5, 3002, pp. 1-17. Austin, 1908. S°.) Thompson, Shison. Cost, capitalization and estimated value of American railwaj's : an analysis of current fallacies. Chicago: [Bureau of railways news], 1907. 188 pp. 8°. Same. 3d ed. Chicago: Gunthorp-Warren pnnfiug company., 1908. 177 . (5) pp. nimtrations. Tahlex. 8°. ryry 5 United States. Biirean of the census. Commercial valuation of railwa}^ operating property in the T'nited States: 1904. Washington : Gorernment pr>)ifhig oifice, lOOo. 88 pp. ^°. {Census bulletin 21.) Contents: Counnercial valuation of railway operating prop- erty in the United States; 1904. by Henry C. Adams, pp. 7-14. Supplement : I. Methods of valuation, hy B. H. Meyer, pp. 17-21 ; II. Rate of capitalization, by William .T. Meyers, pp. 22-43; III. Methods for the distribution of railway value-^ among States, by B. II. Meyer, pp. 44-."t2: IV. Valu- ation of railways by railway men, by J. Shirley Eaton, pp. 58-61 ; V. State reports relative to railway valuation, pp. 62-66; VI. Valuation of railways in foreign countries, by B. H. ^leyer, pp. 67-75; VII. Railway valuation in Michi- gan and Wisconsin, by Mortimer E. Tooley, Henry C. Adams, and W. D. Taylor, pp. 7G-.S.S. United States. Circuit court {9th circuit). The taxation of rail- road property in California, as atiected by the Four- teenth amendment of the federal Constitution. County of Santa Clara vs. Southern Pacific raih-oad company. County of Sacramento vs. Central Pacific i-ailroad com- pany. Opinions of Justice Field and ,ludge Sawyer, delivered in the U. S. Circuit court at San Francisco, Sep- tember 17th. 1883. [San Francisco F 1883 f\ 95 pp. 8°. Congress. IIoiisc. Committee on iuterstate mid foreign com- merce. Hearings before the Committee on interstate and foreign commerce of the Ilou.^e of Representatives | May 12, 1908] on TT. R. ('>2()S. to limit the issue of stocks and bonds. Wa.^hiiigtou : Gorernment priuting office^ 1908. /.> pp. 8 Remarks by .\. .1. Volstead. Bill to prevent overcapitalizalion of railways. o 16 LIBRARY OF CONGRESS United States. Congress. Senate. Committee on interstate com- nierce. Regulation of railway rates. Digest of the hear- ings before the Committee on interstate commerce, Senate of the United States: held from December 16, 1904, to May 23, 1905, inclusive, together with certain data. Comp. b}' order of the committee by Henry C. Adams, statistician to the United States Interstate Commerce Commission, and H. T. Xewcomb. December 15, 1905. Washington: Government printing oifiee., 1906. Rll pp. Tahles. 8°. {59th Congress., 1st session. Senate docu- ment 244-) Reissue, with additional material of the edition of 1905. Contains items on the valuation and capitalization of railroads. I Industrial eonunission. Railroad finance and fiscal regula- tion : Present capitalization. (In its Final report of the Industrial commission, vol. 19, pp. 397^19. Washington, 1902. S°.) Interstate commeree eommission. First-twentieth annual re- port of the statistics of raihvays in the Ignited States . . , 1887/88-lUOG/OT. Washington: Government [/rinting o-fjrce., 1889-1909. 20 vols. Folded mnps. 8°. Report year ends June 30. Interstate commerce commission. Intercorporate relation- ships of railways in the United States as of June 30, 1906. Prepared by the division of statistics and accounts. Washington: Government printing office., 1908. 516 pp. Diagrams. 8°. (Its Special report no. 1.) Gives statistics showing the relation between active and inac- tive corporations and their holdings. Interstate commerce corporations owning capital stock of other transportation corporations. Letter from the chairman of the Interstate commerce commission, transmitting statements in response to a Senate resolu tion of January 13. 1908. [Washington: Government printing ofp'ce. 1908.'] lllf pp. Tahles. 8°. {60th Congress., 1st session. Senate docu- ment 278.) VALUATION AND CAPITALIZATION OF KAIL1{(JADS 17 United States. Interstate conunerce comrnission. Preliminary re- port on the income uccoiint of railways in the United States. Washington: Go ceyntnent printing o-ffice, 1896-1007. 11 cols, in 4- <^°' Published also in tLie Aiiiiiial rt'iiort <>f tlie Interstate coiii- uierce commission. liaihvavs in the United States in 11)02. Part V. State taxation of railways and other transportation agencies. Washington: Gooernment printing office., 1903. J^J^ pp. r- Stockholders in certain railways on record June :>0, 1U04. Letter from the Interstate conunerce commission transmitting, in response to the Senate resolution of Jan- uary 2-t, 1905, a statement .showing for each railway re- l^orting to the connnission the number of stockholders on record June 30. IDOU \J^ashington: Government printing office., 1906.] 10 pp. S°. {58th Congress., 3d session. Senate document 188.) Stocks, bonds, etc., subject to the act to regulate com- merce. Letter from the chairman of the Interstate com- merce commission transmitting its rejjort in answer to a Senate resolution calling for certain infornuition in regard to the stock, bonds, car-trust certificates, etc.. of each rail- road company subject to the act to regulate conunerce. etc. February 24. 1903. [^Yashington: Government printing office, 1903.'] o pp. 8°. {57 tk Congress, 2d session. Senate document no. 178.) Valuation of railroad properties. Report of Inter- state commerce commission on the bill (S. 501) to amend an act entitled "An act to regulate commerce,'" approved February 4, 1887, and all acts amendatory thereof, and to enlarge the powers of the Interstate commerce com- mission. March 25, 1908. Series no. (>. Washington: Gorernment printing ofp'ce, 1908. 10 pp. 8°. Utah. State board of equalization. Report. 1899/1900-1901/1902. Salt Lake City, 1901-1903. 2 vols. 8°. Van Oss, S. F. American railroads as investments. A handbook for investors in American railroad securities. New York: G. P. Putnam's sons, 1898. xv, (i). 815, {2), vii pp. Colored maps. 8°. 18 LIBRARY OF CONGRESS \^ Vermont. Railroad commissioners. Report. . Rutland, [etc'], 1856-1908. 28 vols, in 22. Illustrations. Plates. Maj7s. 5^ Virginia. State corporation commission. First-fourth annual report of the State corporation commission of Virginia, 1903-1906. Compilations from returns of railroads, canals, electric railwaj's, and other corporate companies. Richmond: J. H. O'Bannon, 1901^-1907. If vols. 8°. Washington (State) State board of equalization . Minutes and offi- cial proceedings. Olympia, Wash., 1893-1906. 7 vols. 8°. Webb, Walter Loring. The economics of railroad construction. New York: J. Wiley ct* sons; [etc.] 1906. viii, 339 pp. Illustrations. Diagrams. 8°. " The valuation of railway property," pp. 41-65. Wellington, Arthur Mellen. The economic theory of the location of railways; an analysis of the conditions controlling the lay- ing out of railways to eifect the most judicious expenditure of capital. Rev. and enl. ed. New Yorl-: -/. Wiley ct' sons; London: E. & F. N . Spon, 1887. xx^ 980 pp. Illustrations. Folded map. Tables. Dia- grams. 8°. West Virginia. Board of public works. Assessed value of railroad property in the State of West Virginia. [Charles Town?] 1901. 1 vol. 8°. Wliite, Henry Kirke. History of the Union Pacific railway. Ch icago : The University of Chicago press, 1895. {Ji), 129 pp. Diagrams. Folded tables. 8°. {Economic studies of the University of Chicago, no. 2.) Wisconsin. Railroad com^mvisioncr's dept. Biennial report. JMadison, 187Jf-190Ji. 19 vols. <9°. Railroad commission. Biennial report. Madison, 1907. 1 vol. Tables. 8°. Taos commission. Second hiennial report. 1903. Madison. Wis., 1903. j\ 377 pp. 8°. "Taxation of railways," pp. 150-217. VALUATION AND CAPITALIZATION OF RAILROADS 19 Wisconsin. Tax commission. Third biennial repoii of tlie Wis- consin tax commission to the governor and legislature. Madison, Wis., 1907. xiii, 1^3 pp. 8°. " Railroad taxatiou, including valuation," p]). 82-125. Woodlock, Thomas Francis. The anatomy of a railroad report and ton-mile cost. New York: S. A. Nelson, [1!)U1\. {8), 11-121 pp. 12 . {Nelsoti's Wall street library, vol. 2.) Worthington, Thomas Kiniber. Historical sketch of the finances of Pennsylvania. With an introduction bv Richard T. Ely. . . ' [Baltimore] : American econom,ic association, 1887. 106, (2) pp. Folded diagrams. 8°. (Publications of the Aincri- can economic association. [Monographs.] vol. 2, no. 2.) Wyoming. State board of equalization. Annual report. Cheyenne, 1895-1898. 4 vols. 8°. VALUATION AND CAPITALIZATION OF RAILROADS: ARTICLES IN PERIODICALS 1900. Tendencies in the taxation of transportation companies in the United States. Roswell C. McCrea. American academy of political and social science. Annals, vol IS {May, 1900) : 355-380. 1901. The reorganization of railroads. E. S. Meade. Arnerican academy of political and social science. Annals, vol. 17 {Mar., 1901) : 205-243. 1901. Michigan raih-oad appraisal. Valnation of physical prop- erties. Mortimer E. Cooley. Michigan political science association, vol. 4 {June, 1901) : 285-292. 1901. The valuation of the non-physical element in railways. Henry C. Adams. Michiyan political science association, vol. If. {June, 1901) : 293-296. 1902. American statistical practice : the Interstate commerce com- mission. H. T. Newcomb. Yale review, vol. 11 {Aug., 1902) : 16Jf-197. 1903. Railway taxation. H. J. Pettypiece. Canadian magazine, vol. 20 {Feh., 1903) : 353-361. 1906. ^lethods of railroad valuation. B. H. Meyer. Railway critic, vol. 5 {June, 1906) : 268-269. 1906. Taxation of railroad and canal property in New Jersey. Win- throp M. Daniels. Quarterly jovriutl of economics, vol. 20 {Aug., 1906): 617-622. ' 1906. Capitalization of i-ailroad corporations. Wharton Barton. North American re vieiv, vol. 183 {Oct. 19, 1906) : 717-728. 1907. The attack on railroad capitalizations. Frederic J. Whit- ing. Inter-rmtion, vol. 1 {Feb., 1907) : 52-58. 20 VALUATION AND CAPTTALIZATION OF RAILROADS 21 1907. Railway overcapitalization. A\'illiaiu L. Snyder. Outlook, iwl. 85 {Feh. ,9, 1007) : 312-310. 1907. Are our railroads financially stron"^? Wolcott Drew. Moodifs iii(i'-'^8. 22 LIBRARY OF CONGRESS 1907. Mr. Hansel on valuation of railways. Railway age, vol. U {J^'h 19, 1907): 71-72. 1907. Railroad and industrial capitalization. Henry Clews. Government, vol. 1 {Aug., 1907) : 1-5. 1907. The growth of the Union Pacific and its financial operations. Thomas Warner Mitchell. Quarterly journal of economics^ vol. 21 {Aug., 1907) : o69- 612. 1907. Absorbing the water. R. L. Ardrey. Railway age, vol. U {^ug. 9, 1907) : 176-177. 1907. Depreciation. S. M. Hudson. Railway age, vol. J^If. {Aug. 9, 1907) : 175-176. 1907. Mr. Hansel on valuation. Railway age, vol. U {Aug. 30, 1907) : 276-277. 1907. State valuation of railroads. Charles Hansel. Railway age, vol. U (^^w^. SO, 1907) : 281-282. 1907. Proposed valuation of American railroads. Railway news, vol. 88 {Aug. 31, 1907) : 1^17-1^18. " Extracts from a paper in the New York ' Bankers' Magazine.' by Ivy L. Lee." 1907. Railroad bonds as an investment security. P'loyd W. Mundy. American academy of political and social science. Annals, vol. 30 {Sept., 1907) : 312-335. 1907. The value and economic effect of railroad improvements. Morrell W. Gaines. Engineering magazine, vol. 33 {Sept., 1907) : 849-^58. 1907. Railroad over-capitalization: a symposimn. With editorial introduction b}' AY. H. Lough, jr. Journal of accountancy, vol. 4 {Sept., 1907) : 327-349. Over-capitalization injures tlie public, by Victor Rosewater; The real evil is to the railroad itself, by Carl Snyder ; Over-capitalization should be against the rules of the finan- cial game, by W. G. Langworthy Taylor; A revaluation would show simply the extent of under-cai>italization, by Stuyvesant Fish; Over-capitalization deceitful, by Irving Fisher ; Rates are not based on capitalization, by Frederick A. Delano. VALUATION AND CAPITALIZATION OF EAILKOADS 23 1907. State valuation of railroads. Carl Tombo. Railway age, vol. 4-^ {Sept. 13, 1006) : 31^8. 1907. Valuation of railway and oonmiercial property for taxation. Railway age, vol. U (Sept. 20, 1007) : 393. X. S. Ketcliuui, of lowu niilroad coinniissiun. suir^psis a method. 1907. The investments of the Union Pacific in other lailways. Thomas AVarner Mitchell. Railway world, col. 51 {Sept. 13, 1007) : 775-770. 1907. Capitalization of railroads. Symposium. Frederick A. Delano; W. G. Langworthy Taylor; Victor Rosewater. Railway world, vol. 51 {Sept. 27, 1907) : 808-809. 1907. The penalties of prosperity. George Withers. Financial review of reviews, vol 4 {Oct., 1907) : 16-22. On tbe railroad question iu the United States. 'Any set-back in trade will brinj? the over-capitalised railroads into direct conflict with the over-capitalised concerns which constitute the railroads' chief customers." 1907. Taxation of railways. H. T. Newcomb. Railroad world, vol 51 {OH. 25. 1007) : 897-808. 1907. The Texas stock and bond law and its administration. E. T. Miller. Quarterly journal of economics, col. 22 {Xov., 1007) : 109- 119. 1907. Cost, capitalization and value of American railways. Railway age, vol. U {^'ov. 22, 1007) : 710-711. 1907. Railroad valuation. William Z. Ripley. Political science quarterly, rol. 22 {Dec, 1007) : 577-610. 1908. The romance of the railways. John Moody. Moody's magazitw, vol. 5 {Jan., 1008) : 80-104; {Feh., 1008) : 161-181: {Mar., 1008): 227-2 J,5: {Apr., 1008): 201-206: {May, 1008): 357-375: rol. {July, 1008): 7-18; {Aug., 1008): 73-00; {Sept., 1008): 145-156; {Oct., 1008): 220- 245; {Nov., 1008) : 327-341; {Dcr., 1008) : 405-416. CoNTKNTS. — 1. The Ueadiii;; system. '1. Tlie Union raciflc railroad system. :'.. The reniisylvaiiia system. 4. The riii- cajro, .Milwaukee and St. Paul railway. .">. The remarkable career of the Erie. 0. The Northern Pacific system. 7. The 24 LIBRAEY OF CONGRESS New York Central railroad system. 8. The Atcliison, To- peka and Santa Fe system. I). The Baltimore and Ohio rail- road system. 10. The Great Northern system. 11. The Southern railway system. 1908. Cost, capitalization and estimated value of American- rail- ways. Railway news^ vol. 89 {Jan. 4, 1908) : 15. " Mr. Slason Thompson has pnblished an interesting pamphlet on this subject, in which he deals with the charges of over- capitalisation which have been so freely made against the American railways by the public in the United States." 1908. " Water " in railway capital. Slason Thompson. Raihvay world, vol. 52 {Feb., 1908) : 128-132. " Extracts from ' Cost, capitalization and estimated value of American railways. 1908. Physical valuation of railways. Naiion, vol. 86 {March -5, 1908) : 209-210. 1908. Railway valuation: is it a panacea? Jackson E. Reynolds. Columbia law review, vol. 8 {Apr.. 1908) : 265-280. 1908. Administrative supervision of railways under the twentieth section of the act to regulate commerce. Henry C. Adams. Quarterly jouimal of economics, vol. 22 {May, 1908) : 364- 383. The article is devoted more particularly to supervision of rail- way accounts. 1908. Railroad capitalization and federal regulation. Franklin K. Lane. American review of reviews, vol. 37 {June, 1908) : 711-714- 1908. One view of railway capitalization. [Editorial.] Railroad cuje gazette, vol. 45 {June 26, 1908) : 365-366. 1908. Government regulation of railroad securities. [Editorial.] Railroad age gazette, vol. 45 {Jnly 10, 1908) : 461-462. 1908. Over-capitalization. Henry Fink. Railroad age gazette, vol. 45 {July 10, 1908) : 487-490. 1908. Valuation of railroad property. Henry Fink. Railroad age gazette, vol. 45 {July 24, 31, 1908) : 587-588, 627-S32. 1908. Physical valuation of public utilities. John R. Commons. Independent, vol. 65 {Sept. 10, 1908) : 582-585. VALUATION AND CAPrTALIZA'J'ION OF HAILHOADS )iD 1908. The needs of the raih-oatls. Logan (i. McJ'hei-.son. Political science quarterhj. rol. 23 [Sept., lOOH) : ^()-J/}3. Has to do with capitalization as affected by railroad develop- ment. 1908. "Over-capitalization," "Over-equipment," and the panic [Editorial.] Railroad age gazette, vol. 4-5 {Sej)t. 11, 1908) : SOSSO.'t. 1908. Railroad taxation. W. W. Baldwin. Railway world, rol. 52 {Sept. J,, 1908) : 757-760. " Tlie valuation method of taxing i-ailroads. The rates of capitalization ". " Extracts from remarks before the Minnesota Jioadeniy of social science ". 1908. Millions in railway improvements. George Calvert. American indn-stries, rol. 8 {Oct. 1, 1908) : 13-15. 1908. Physical valuation of public utilities. John W. Commons. Freight, vol. 9 {Oct., 1908): 267-208. 1908. Physical valuation of railroads. [P^ditorial.J R'ailroad age gazette, rol. h5 {Oct. 2, 1908) : 1029-1030. 1908. Railroad revaluation: with an example. [Editorial.] Railroad age gazette, vol. 45 {Oct. .9, 1908) : 1081-1082. 1908. Scientific valuation in AVisconsin. Dwiane, Franklin K 24 Larrabec. William S Laughlin. .1. I,;mrence 25 Lee. Ivy Lediictlcr 8.21.22 Lewis, George II 8 Lough, W. H. ;;• 22 Low, E 13 I-ownhanpl. Frederick H McCrea. Roswell Cheney '.1.20 McPherson, Logan G 25 Mason. J. M 21 Meade. Edward Sherwood '.». 20 Meyer, B. H 1.5.20 Meyers, William J 1.' .Miller. E. T 23 Mitchell. Thomas Warner 22.23 Moody. John 23 Morgan, Dwight C 25 Mundy. Floyd Woixlruff Id. 22 Nau, Carl II . Newcomb, Henry Turner 11. IG. 2(1. Ji. 1':; Taj-ue, Will 21 Peck, (ieorge Record 12 Rettypiece, H. J 20 rhillips, T'lrich Bonnell 12 Plehn. Carl C 12 Rawles. William A i:'. Raymond, William Gait i:'. Reizenstein. Milton i:> Reynolds. Jarkson E 24 Ripley. William Z 2;i Rosewater. Victor 22.23 Serrell. Lemuel William^ 13 Snider. Guy Edward 13 Snyder. Carl 1.3,22 Snyder. William 1, 21 Stickney. A. B 21 Strain. Charles P 14 Swain. H. II_- 14 27 28 INDEX Page Swau, A. U 7 Taylor, W. G. Langworthy 22,23 Taylor, William D 13,14,15 Thompson. R. A 14, 15 Tliompsou, Slason 15, 24 Tombo, Carl 23 United States : Bureau of the census 15 Circuit court 15 Congress 15, IG Industrial commission 16 Interstate commerce com- mission 16-17 Page Van Oss, S. F 17 Volstead, A. J 15 Watson. W. P 13 Webb, Walter Loriug 18 Wellington, Arthur Mellen 18 White, Henry Kirke 18 Whiting, Frederic J 20 Williams, W. H 25 Withers, George 23 Woodlock, Thomas Francis 19 Worthington, Thomas Kimber__ 19 o 112H28 SOUTHERN BR/^NCH ijNiVERSlTY OF CALlFOfiNlA, LIBRARY, U^S ANGELAS. CALIF. Ill AA 000 495 1 ?«^ date stamped below Z U5U5t \00'5 ■^- :^' -/^ > ). \ \ V •\ yof. S\ r:#?^^-^^f fy )^ \m^ % lp=^ y - \m %h- -tK .7/