Excerpt from Cost, Capitalization
From the facts presented in the following pages it is submitted that the Value of railway property in the United States employed in the service of the public is shown by several independent methods of inquiry to exceed their total Net Capitalization.
Historically, the cost is shown to be always cumulative, while the capitalization has sometimes been scaled down and millions of expenditures have never been capitalized.
Where the Net Capitalization in 1906 has been officially declared to be only $11,671,940,649, the cost or value ascertained, through several processes, is approximated as follows:
Construction and Equipment to June 30th, 1905, $13,000,000,000 (Exclusive of appreciation of right of way and terminal rights.)
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