investment of $1,475,000,000; at the end of 1920 at 2.1 billion dollars, but if the increase in the physical telephone and telegraph properties since 1916 be reckoned at pre-war prices, the plant investment at the end of 1920 would have been approximately 1.8 billion dollars. In other words, the book value of 2.1 billion dollars must be written down to 1.8 billion dollars.
Pullman Cars
The value of the Pullman cars in the United States at the end of 1916 was $130,000,000. At the end of 1920 it was $150,000,000. These figures are supplied by the Pullman Co. There is possibly some inflation in the figure for 1920. However, this is a relatively small item in the grand total of the national wealth.
Tank Cars
The number of tank cars in the United States, owned privately, may be estimated at 35,000, valued at $63,000,000 in 1916; and at 100,000, valued at $180,000,000 in 1920, although the cost of the additions since 1916 has been a great deal more than this estimated addition in value. The largest part of the tank car plant of the country is used for the transportation of petroleum and the increase reflects the great growth in that industry.
The Union Tank Car Co. owns approximately 26,000 cars out of the total of 100,000 in the United States. The General American Tank Car Corporation has about 10,000, the Texas Co. about 5,000, Sinclair Consolidated Oil Co. about 5,000. The railways of the United States own in the aggregate about 10,000.
