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It is difficult to ascertain the total wealth of the country.  The census bureau is notoriously dilatory.  Its latest estimate was for 1904, when this aggregate was computed to be $107,000,000,000, or about $1,300 per caput.  Assuming this ratio, the wealth of our people should now be over $120,000,000,000; but the figures are largely conjectural.  It happens, however, that we possess some figures that are altogether trustworthy.  In the year 1909 the Federal Government imposed a tax of one per cent. on the net income of every corporation, joint stock company, or association, including insurance companies, organized for profit, whenever this net income is over $5,000.  There are some other exemptions, but they are not sufficient to demand consideration, and may be disregarded.  Now we may be absolutely certain of one thing, and that is that the net income of those concerns will not be overestimated.  Their net income may be more than what they report for the purposes of taxation, but it surely cannot be less.  For the past year it seems probable that this tax will produce nearly thirty-five millions of dollars net income, after deducting all expenses, losses, depreciation, interest on debts and on deposits paid by banks, and dividends from other companies subject to the tax.

It may be more, but it cannot be less.  Here our certainty ends.  Guesses will vary, but in view of what we know in a general way of the conditions of business during the past year, we may perhaps venture to assume that the net income of these concerns is six per cent. of their real wealth.  If this assumption is correct, their total wealth is 60 billions of dollars, or one half of the total wealth of the nation.

This estimate may be confirmed to some extent by other statistics.  Calling the physical value of the railroads fourteen billions, their net earnings at five per cent. would be 700 millions, which corresponds well enough with the figures of the government, although some railroad men would make their net earnings much less.  We do not know the net income of the untaxed corporations.  Their returns would show its amount, but the government does not supply the information.  As there must be now nearly 250,000 such corporations, if their average income is only $2,000 a year, the total could be $500,000,000.  If it is $4,000, their income would be almost a billion dollars.  On a 5 per cent. basis, the wealth of these corporations would be nearly 20 billion dollars.  It seems, on the whole, that the wealth held by corporations is probably more than half our total wealth rather than less.

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