|
Earning Power of Railroads, The 1904 By Floyd W. Mundy
The Earning Power of Railroads 1904 By Floyd W. Mundy Tables showing facts as to earnings, capitalization, mileage etc of 112 railroads in the United States and Canada. 244 pages Some pages show staining --see examples in the photos.
INTRODUCTORY
At the outset it must be stated that this book treats in the most simple manner of the earning power of railroads, and deals but little with those features alike most essential to investors-the traffic resources and the financial and physical condition. As a rule, comparisons of the earning power of different roads can be made easily and intelligently owing to the uniformity in this regard of the reports submitted by the railroad companies. While the balance sheets of railroads seldom are as complete and satisfying as they should be, yet individual investigation into the financial condition of any road can readily be made, and, as a rule, its strength or weakness financially ascertained.
All too few details are given in the railroad reports of to-day as to the physical characteristics, the character of rails and ballast, the number of grade crossings, the extent and nature of curvatures and gradients, and the number and character of bridges, culverts, etc., etc. Knowledge of all these, as well as of the character and density of traffic and of the general conditions attendant upon the obtaining and conduct of such traffic, is essential to the complete under, standing of the merits of railroad securities ; yet invaluable information bearing upon their relative merits can be acquired by comparison of the income accounts of the different roads. While the peculiar and varying conditions under which each individual road must of necessity be operated impair comparisons, yet analysis points to certain undisputed conclusions and gives an index to the truth.
There are few roads in existence of which it can be said that their "cost of road, structures and equipment," as exhibited in their financial statements, does not include very large items, presenting altogether fictitious values. This comes about through the charges, dating perhaps long ago, of excessive amounts for "discount on bonds," "reorganization expenses," and through the charges for construction of amounts which to-day would be considered fabulous. Per contra, taken in a strict sense, "bonds and stocks outstanding" represent to a considerable degree nothing save an equity in earning power. So it becomes of prime importance to ascertain the "earning power" of each railroad in order that through the comparison of the "earning power" of each with the other certain conclusions as to the respective merits of their bonds and stocks may be deduced.
All pictures are of the actual item. If this is a railroad item, this material is obsolete and no longer in use by the railroad. Please email with questions. Publishers of Train Shed Cyclopedias and Stephans Railroad Directories. Large inventory of railroad books and magazines. Thank you for buying from us.
Shipping charges
Postage rates quoted are for shipments to the US only. Ebay Global shipping charges are shown. These items are shipped to Kentucky and then ebay ships them to you. Ebay collects the shipping and customs / import fees. For direct postage rates to these countries, send me an email. Shipping to Canada and other countries varies by weight.
Payment options
Payment must be received within 10 days. Paypal is accepted.
Terms and conditions
All sales are final. Returns accepted if item is not as described. Contact us first. No warranty is stated or implied. Please e-mail us with any questions before bidding.
Thanks for looking at our items.
| 
