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Income in the United States, Its Amount and Distribution, 1909-1919, Volume II: Detailed Report

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Street and Electric Railways This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Income in the United States, Its Amount and Distribution, 1909-1919, Volume II: Detailed Report Volume Author/Editor: Wesley Clair Mitchell, editor Volume Publisher: NBER Volume ISBN: 0-87014-001-9 Volume URL: http://www.nber.org/books/mitc22-1 Publication Date: 1922 Chapter Title: Street and Electric Railways Chapter Author: Willford I. King Chapter URL: http://www.nber.org/chapters/c9408 Chapter pages in book: (p. 148 - 156) - CHAPTER 12 STREET AND ELECTRIC RAILWAYS § 12a. Census Data AvailableThe task of estimating the value product of the street and electric rail..ways of the country is made relatively easy by the existence of three Cen- suses taken in 1907, 1912, and 1917 respectively. These Censuses seem very complete and give most of the information in the form necessary for this study. § 12b. Share of Security Holders and Other Property OwnersIii the Census of Electric Railways, the terni "gross income" means theamount remaining from the entire income after operating expenses and taxes have been paid. Since it is evident that practically all the valueproduct of this industry must arise from the activities of operating com-panies only, the gross income of this class of companies is taken as a start-ing point. From this sum, however, must be deducted a number of items before arriving at the amounts available for disbursement to securityholders or as payment for leased property. These items may be enumer- ated as follows:- Income received as dividends or interest on the bonds of other corpo-rations. Such amounts must be deducted because, under the plan of pro-cedure determined upon, they are counted in the value product of theindustry in which the paying corporation is engaged.Taxes and expenses of lessor street railway companies. Theseamounts are deducted because they do net go to investors in street

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