lel to and north of Salouen river, reaching Sô 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 Imperial highway from Pekin to Lassa over which l'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, accompanies the article. 4. W. G. Third Annual Report on the Statistics of Railways in the United States to the Interstate Commerce Commission, for the ycar 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 promised 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 property has gone, it may be stated that 47.5 per cent of all railroad inileage is controlled by but forty companies, and that 65,4 per cent is controlled by seventy-five companies. The greatest mileage 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 interest on bonds paid during the year, reaching as a result $6,627,461,140, or about 23 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. Moreover, it is well known that many railroads are built and operated, not for their own immediate earnings but to give value to other property of the companies, notably to lands, from the sale or lease of which the companies derive profits. Again, many railroads are built, not for present but for future profits, after they shall have induced settlement of their territory; and, furthermore, numerous branch roads have been built as defensive measures to prevent rivals from occupying territory; and in many cases earnings are used in betterment of property instead of distributing it as dividends. In all these cases the roads have value, although they are not paying dividends. Taking all these matters into account, it does not appear that the railroad stocks of the country have, collectively, been watered to any great extent, if by "watering " is meant expanding nominal values above actual values. Concerning dividends paid on stock, Mr. Adams presents a table showing that 63.76 per cent of all stock paid no dividends; that but 6.47 per cent paid less than 4 per cent; that 25.26 per cent paid from 4 to 8 per cent, the remainder paying above 8 per cent. It appears that in the northeastern states much the highest dividends were paid, while in the west, so far as dividends are concerned, the stockholders have to wait for future developments. The total passenger mileage for the year was 11.847,787,617, a xlight increase over the previous year. The total freight mileage was 76,207,047,298, an increase of nearly 10 per cent over that of the previous year. The gross earnings of the year were $1.051,877.632, and the operating expenses $692,093,971, leaving as the income from operations $3.59,783,661. The income from other sources was $126,767,064, and the total deductions from income were $381,792,138, leaving as the net income $101,758,587, out of which there was paid as dividends on stock $89,688,204. The magnitude of the railway interests of the country is set forth in the above enormous figures. It is still further emphasized by the fact that nearly three-quarters of a million men are in the employ of this industry. Assuming that each such employé supports two others besides himself, it is seen that the railroad interest supports two and a quarter millions, or more than one thirtieth of the inhabitants of the country. H. G. 213, 214 ......... 253 Page. Page. ........ viii BIEN, MORRIS, Contribution to explora- 75 viii 255 75 by vii, ix 113, 1:22 32 BOARD ON GEOGRAPHIC NAMES, Institution 30 238 BONVALOT, G., Crossing of Tibet by 79 36 17 73 BROKA, GEORGE, Explorations by 73, 74 175 BUACHE, PHILLIPE, Geographic work by... 208 53 BUCKLE, Sir Henry, Quotation from, on 29 206 BY-LAWS, Proposed amendment to the ... xii 166 75 251 73 First Voyage; A. W. Greely... 205 114 X CENTURY COMPANY, Offer of coöperation 249 4 CHAIX Hulls named. 140 253 - Work of..82, 83, 84, 96, 103, 112, 113, 123, 162 89, 114 CLIMATE of South America.... 19 CLOVER, RICHARDSON, Contribution to ex- ploration fund by. 75 63, 92, 105 COAST AND GEODETIC SURVEY, Explorations 249 51 56 COLLETT, M. J., Review of map described by 250 232 Cook, COLONEL JAMES, Explorations of...... 58 1 138 viii, ix CORWIN (The) in Disenchantment bay..... 100 – Return of the.. 163 ...... 181, 182 130 94, 109 CROSS BOUND, visited by Vancouver's ex- 67 75 -, Work of ... 96, 103, 122, 125, 151, 131, 135, 139 75 xi 42 56 and observations of); A. W. Greely... 245 Dahlgren, ULRICA, Presentation of flag viii 60 58 8 233 70, 72 60 86 00 х EL ات Page, Page. 140) 219- Description of, oi Yakutat system ..... 172 218 Fossil PLANTS, Report on, by Lester F. 219 199, 200 ......... 20 70, 72 123 vii GALIASO, Don DIONISIO ALCALA, Mention 58 of........ GALIAXO GLACIER, Visit to 89,90 73 GANNETT, HENRY, ('ontribution to explo. Instructions from.... 11 47 Review of railway operations by. 235 30 ix GEOGRAPHY of the Air; A. W. Greely 31 211, 213 GEOLOGICAL SURVEY, Acknowledgments to 10 200 Instructions from ....192, 193, 114 249 220 GEOLOGY of the St. Elias region......... 167, 171 1:9), 191 63 GILBERT, G. K., Instructions from..... 192, 193 95, 115 250 187 18 Ntreus 183, 184 67 in 61, 63, 97 observed by Malaspina........ 64, 65 Puiget 67, 68 03,04 of the St. Elias region ........ 75 GREELY, 1. W., ('ontribution to explora- 75 38 41 232 the crossing of Tibet 23 2.53 Record of communication by.. vii, viii, xi 205 GUIANA, Sketch of'. 1:5 166 73 for........ 65 HAENKE ISLAND, Condition of, when seen 2 by Malaspina...... ...... 63, 64, 65, 97 Visit to... 96, 10 219, 2:29 HANN, JULIus, cited on cyclones...... 43 HUDEN, EVERETT, ('ontributions to ex- 11 ploration fund hy..... xi discussion by..... vii, viii, ix, xi 200 53 HAYS, J. W., Contribution to exploration 248 fund by....... HAZEN, H. A., Reference to work of... ..... 189, 190 79 HENDRICKSES, REVEREND Cari J., Mention 47 118 Hill, R. T., Record of communication by..xiii 112 HITCHCOCK RANGE, Brief accout of ..... 112 133 118 176 80, 83 75 х 62, 66 X, xi Page. Page. viii tion fund by..... 56, 100 LIBBEY, Professor WULIAM, Explorations 72, 73 235 75 Work of.. 122, 131, 134, 135, 139, 144 83 149, 150, 153, 157, 158, 164 76 LITTLEHALES, G. W., Record of discussion by... vii 55 253 X LONDON MISSIONARY SOCIETY, Acknowledg. ments to 247 102 xi --, Crossing of... 105, 106, 108, 109 78 75 99 MALASPINA, ALEJANDRO, cited on Mount 231 71, 72 120, 121, 162 118, 119 Mention of..... 56 X MALDONADO, Reference to............... 62, 03 2016 87 MARVIN, C. F., Reference to work of....... 48 181 MARVINE, A. R., Glacier named for.... 112 8 MARVINE GLACIER, Account of ..... 112, 122, 124 7 McCARTENEY, C. M., Contribution to ex- 75 MELVILLE, G. W., Record of communica- 144 viii xi 41 47 MEYER, Hugo, Reference to work of........ MIRAGE in Yakutat bay 87 37 75 47 255 vii 240 195 Medial, on the Marvine glacier.. 123 134 on the Malaspina glacier... 191 1 217 MOUNT AUGUSTA, Avalanches on the sides of. 145 Elevation of... 117 39 Mount BERING, Height and condition of.. 65 92 79, 80 72 Rocks composing 92 69 141 117 68 72 110 MOUNT ST. Elias, Expedition to........ 53 58 – (see St. Elias, Mount). 72 78, 79 60 5 NATIONAL GEOGRAPHIC Society, Instruc- 194 58 NÉVÉ fields. 180, 181, 182 xi 219, 229 |
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