CHAPTER IX 
INCOME SUMMATION 
§1 
WE have now seen how to reckon the income of either a 
real or a fictitious person. By combining the net incomes 
of all persons, the net income of society may be obtained. 
As we have seen, fictitious persons have no net income, 
and would therefore not affect such a method of summation. 
Another way to obtain the total social income is by adding 
together the net incomes from each individual article of 
concrete capital, regardless of its ownership. In such a 
summation no partial property-rights, such as stocks and 
bonds, would appear. Instead we would only find actual 
railways, mills, refineries, and other concrete capital. For 
instance, the net income earned by the Southern Pacific 
Railroad, considered as an aggregate of roadbed, termi- 
nals, rolling stock, and other existing instruments, would 
be taken. This would not be the income of the Southern 
Pacific Railroad Company, for, as we have seen, the com- 
pany, as such, has no net income. Nor would it be the 
income of the stockholders of the company, for this con- 
stitutes only a part of the earnings of the road. Nor 
would it be exactly the sum of the incomes of the stock- 
holders and bondholders, inasmuch as the company may 
earn income from other sources than the railroad itself, as, 
for instance, through leases of other roads and shares held 
In other companies, none of which income is produced by 
the railway. It would be simply the difference between 
the total value of the services of transportation rendered 
141