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Rh that some physical value has been extinguished. This may not be the case however with respect to public service corporations whose economic freedom is restricted by legislation.

There has never been any estimate of the national wealth that includes the intangible. The aggregate value of the securities of our industrial corporations must logically be in excess of estimates of their physical property. On the other hand the aggregate market value of the railway securities is at present inferior, and the same may be true of other kinds of public service corporations. Confusion involving these points may introduce errors in the computations in this paper, but they will not be of serious, certainly no tinvalidating, nature. If the intangible wealth, pertaining solely to the industrial enterprises, be guessed at 20 billion dollars on top of the 57 billion of physical, computation by the first method would give 48 per cent instead of 46 per cent; and by the second method, which is founded on capitalization, we should arrive at 23 per cent instead of 25 per cent.

With full recognition of the roughness of the work in this study, I hold it be sufficient to dispel the idea that something like 65 per cent of the wealth of the United States is owned by less than 2 per cent of the people, and consider that it clears away the seeming paradox between that idea and the established fact that about 70 per cent of the national income, other than agricultural, goes to the wage earners, with only 30 per cent to property and management. Of that 30