Statistics of Railways in United States. 255 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. A. W. G. Third Annual Report on the Statistics of Railways in the United States to the Interstate Commerce Commission, 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 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 mileage 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 33 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 11,847,785,617, a slight 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 $359,783,661. The income from other sources was $126,767,064, and the total deductions from income were $384,792,138, 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. 44 CARPENTER, Z. T., Contribution to explo- 165 ration fund by 75 75 CARTOGRAPHY, Discussion of....... 251 205 CASCADE GLACIER named 144 X CENTURY COMPANY, Offer of cooperation 11 by 249 4 CHAIX HILLS named... 73 ALLEN, JAMES, cited on isostaths.. ALPENSTOCKS, Necessity for ALPINE glaciers. 176, 180 ALTON, EDMUND, Contribution to explora- tion fund by ALVORD, H. E., Remarks by, at field meeting AMAZON, Discovery of the -, Sketch of the AMENDMENT to by-laws proposed.. ANDES, General description of the....... ANEMOMETER formula devised by C. F. Marvin ANGOT, A., Reference to work of.............. ANTIQUITIES of Peru ARCHANGELICA, Mention of............ 89, 114 ASIA, Exploration in 63, 92, 105 bay........ 196 AVALANCHES BAIE DE MONTI 145, 155 ARGENTINE REPUBLIC, Sketch of ATREVIDA, Mention of the AURIFEROUS Sands from Yakutat named by La Pérouse Mount St. Elias -, Explorations by 70, 72 -, Reference to bibliography by.... viii, ix 94, 109 BATES, H. W., Quotation from, on South America.. BEAR, Meeting with the ration fund by BELL, CHARLES J., Contribution to explo- BELLIN, S., Geographic work by BERING'S first voyage (The cartography and observations of); A. W. Greely... 206 DAHLGREN, ULRICA, Presentation of flag viii CLIMATE of South America... 6 ploration fund by. 75 by COAST AND GEODETIC SURVEY, Explorations -, Offer of cooperation by 70, 72 249 51 COLLETT, M. J., Review of map described by Mount St. Elias early eclipses -, Explorations by Page. 205 FOSSILS at Pinnacle pass. 219 -, Description of, of Yakutat system..... 172 219 Ward..... 231 FRANCE, Review of Staff Map of..... Quotation from, on map by de l'Isle... 207 GABBRO on the Marvine glacier. - Record of discussion by Reference to bibliography by D'ANVILLE, M., cited on early eclipses review by. 199, 200 Vii GALIANO, DON DIONISIO ALCALA, Mention 253 250 123 63 89,90 75 194 255 250 235 39 41 31 -, Instructions from.... 167 211, 213 GEOLOGICAL SURVEY, Acknowledgments to 40 DE MONTI BAY, Arrival at of 95, DIGGES' SOUND, named by Vancouver 192, 193, 194 206, Instructions from fund by 183, 184 DIP at Pinnacle pass 140 GLACIER BAY, Mention of.... 67 66 GLACIERS in Disenchantment 163 observed by Malaspina... 64, 65 Puget 67, 68 -, visited by Malaspina...... 63, 64 of the St. Elias region 176 DIXON, CAPTAIN GEORGE, Explorations of..60, 62 - west of ley bay 187 GRACE, M. P., Financial operations by..... 23 tion fund by. 75 GREELY, A. W., Contribution to explora- DOBBS, ARTHUR, Geographic work by 210 tion fund by. 75 DONEY, L. S., Member of expedition........ 76 - Geography of the Air. 41 252 253 Tibet by.... 85, 158, 159, 160, 162 -, Note by, on polar regions D'ORLEANS, PRINCE HENRI, Crossing of DOUGLASS, E. M., Record of discussion by. 253, Record of communication by.. vii, viii, xi 55 DU BOCAGE, BARBIC, Geographic work by.. 211 EARTHQUAKES, South American. 46 43 205 13 GUIANA, Sketch of HAENKE, D. TADEO, Haenke island named HAENKE ISLAND, Condition of, when seen -, Visit to... 73 65 63, 64, 65, 97 xii, Record of discussion by.....vii, viii, ix, xi fund by. 2 shatka 219, 229 14 14, 85 Alaska; I. C. Russell........ 53 EXPLORATION in Alaska 248 FLORAL HILLS, Brief account of 105, 108 FLORAL PASS, brief account of...... 105, 108, 110 FINLEY, J. P., Reference to work of......... 118 42 47 50 75 HAZEN, H. A., Reference to work of... 50 of 80, 83 HILL, S. A., Reference to work of............ 47 named for.. 112 HITCHCOCK RANGE, Brief account of......... 112 from Pinnacle pass 133 HUBBARD, GARDINER G., Contribution to exploration fund by.... 75 99 LYNN CANAL, Mention of....... MALASPINA, ALEJANDRO, cited on Mount -, Explorations of 1 MALASPINA GLACIER, Character of. 99, Excursion on.... 255 from Blossom island X MALDONADO, Reference to...... MAPS of Alaska, Rare 87 8 231 62, 66 187 71, 72 120, 121, 162 118, 119 56 62, 63 206 250 48 112 112, 122, 124 (Staff) of France, Review of the.. 184 MARVINE, A. R., Glacier named for.... 7 192 75 MCGEE, WJ, Record of communication by, xiii 194, Record of discussion by.... x, xi -, Glacier named for -, Presentation of flag by...... Record of presidential address by.... HUBBARD GLACIER, Brief description of... munication by. ICEBERGS, Formation of viii xiii ........ 98, 99, 101, 102 in Yakutat bay, Description of...... ICE tunnels INCAS of Peru INDIANS of South America...... 193, 194 National Geographic Society for.. JACKSON, SHELDON, Record of discussion JOHNSON, J. B., Record of discussion by.. ploration fund by.... -, Exploration planned by. -, Record of discussion by -, Report on exploration by JUDD, J. G., Contribution to exploration fund by JUNGEN, ENSIGN C. W., Mention of... KAMSHATKA, Cartography of..... -, Early eclipses in.... 219, 229 KERR, MARK B., assigned as an assistant.. 75 cited on Mount St. Elias -, Report on topographic work by......... 195 79,80 KING, HARRY, Contribution to explora- tion fund by.... KNAPP, HON. LYMAN E., Mention of. KNIGHT ISLAND, Scenery near - named by Puget....... KNOWLTON, F. H.. Report on fossil plants.. 199 LA BOUSSOLE, Mention of... LAKE CASTANI named. LAKELETS on the glaciers.. 119, 120 LAKES, Abandoned beds of, near Blossom island... LA PÉROUSE, J. F. S., Explorations of... 58, 60 LASSA, recent attempt to reach....... L'ASTROLABE, Mention of..... LAURIDSEN, P., cited on early maps -, Quotation from, on de l'Isle's map..... 217 NEWELL, F. H., Record of communication xi |