In 1975 Prof. H. Thomas Johnson claimed that materially the concept of return on investment [ROI] was the product of the 20th century. In 1984 I criticised his view by showing the existence of calculations of return on capital stock [ROCs] in the 19th century. In response to my article, Prof. Takatera insisted that Prof. Johnson claimed the non-existence of return on total assets [ROA] calculations, while Prof. Takaura asserted the existence of ROCs calculations. So he concluded that Prof. Johnson and Prof. Takaura's positions are not incompatible.
In this paper, I reconsidered this problem. I clarify that in the 1830's U. S. corporations used the calculations of ROCs as ROA and as return on equity [ROE] judging from the following data : Maximum profit limitation articles of early New England railroad corporation charters and the questions and answers on ROE in the McLane Report (1833). So I conclude again Prof. Johnson was wrong.
