The republic. [volume] (Washington [D.C.]) 1849-1853, 1852-05-17

sanction Of State authority we ore able TO gather
many facts Of importance relutiye to railroad IN
ercsts, but much Is required TO be done to render
practicable the preparation Of any general state
ment for which perfect authenticity can be justly
claimed.
But, though these difficulties obstruct inquiry at
the threshold, we may, by ajudicous use Of ma
terias accessible to us arrive at conclusions which
approximate correct results
Massachusetts, New York, South Carolina, and
Georgia present fair examples Of the operation Of
the Railroad system of the United States in fnan-
cia view.
According to the latest returns the aggregate cost
of the Massachusetts roads had been $50 sos, ,2S6.
The gross receipts for 1851 amounted to Sc 575;
the gross expenses S333S, ,905; nett income % 2G0,
G70. The income is seen to be 6. 20 per cent on
the cost The dividends declared last year amounted
to S2,0943i4, the balance of profits being carried
to the. surplus fund. The rate of dividend upon
the capital paid in, is something four and eight
ienths per cent, but adding the amount carried to
the surplus fund, to the dividends, the apparent
profits the capital at the rate of rs per
The actual cost Of the completed portions Of the
roads within the State of New York being l,62G
miles, cannot be accurately ascerained; but re-
turns and estimates entitled to credit, embracing
the amount of capital paid in upon stock, and the
funded and floating debts Of the various companies,
give SIG ,500,0 900 the probable amounts and this
IS, without doubt, very near approach TO the
truth. Returns from companies operating lines in
the State, representing about $4,000 900 of the
above capital, show their receipts for 1851 to have
been 81 1863 900, and their passenger and freight ex
penses 80, $40 000 leaving balance Of "a 023 900.
From this must be deducted 81, 1905 900 as the
amount Of interest annually accrung on the debts
of the companies, leaving 81 $685. 600 for dividends
on about S3S,000,000 of capital stock paid in.
This gives rate of only small fraction over five
per cent. but this result is far from showing the
actual profits upon the capital thus invested for
upon the two great lines of the Erie and Hudson
river roads, costing more S33,000,000, but a
nominal dividend was declared, owing to their
having come into operation late in the year. Should
the hopes of the proprletors of those lines, when N
full operation, be fulfilled, namely, that they will
yield seven per cent. on their capital, and should
the financial condition Of the other roads within
the State remain the same the aggregate income Of
the New York railroads now completed will be,
during the year 1882 81, 900, equal to 9A4 per
cent.
The principal railroad of South Carolina is 242
miles in length Its main line, l36 miles long, il
the Oldest road of any importance in the Union.
Its business, therefore, is well developed The
gross receipts of the road in 1851 81 000,7l7,
and the income S455 5,000; out of this dividend Of
per cent. was paid, and slS3, 1872 was carried to
the surplus fund. During the eight years ending
with 1851, the dividends upon this work were as
follows: In 1874, per cent; lS45, 81; in 1876,
5s; in l647, s3-l00; in lS4S, p; in ls49, 4; in
1850, 6; and in 1851, 7 per cent. There arc in
this State 100 miles additional of railroad but they
arc parts of lines yet unfinished and their receipts
and expenditures afford no reliable indices of their
value as investments of capital
Georgia has 754 miles of completed railroads.
| The two greatest works the Georgia railroad,
l9l miles long, and the Georgia Central railroad,
2l3 miles long. The capital stock Of these two
companies is about 81 ,266, 900. The first namel
line has been in operation five years, and yields
eight per cent upon its capital. The other Is Of
more recent construction, and produces an income
of seven per cent. upon the stock. In addition to
these dividends for 1851, the Of 1924 ,946 was
| reserved from the nett earnings, and carried 10
funds set apart for contingencies; so that the ag-
gregate profits upon the capital employed was
| sf6S 600, or over ten per cent.
| Most of the loans effected for railroad purposes
upon the credit Of the companies, ore at seven per
cent interest; when secured upon the faith of the
State, they have frequently been negotiated on more
favorable terms The American Railroad Journal
| a periodical of established authority, publishes
quotations Of railroad stocks and bonds, from trans
actions of March 3, 1852, from which il appears
that of hiy-onc panles, the stocks of only sew
oncen were above par. BY the same statement
it is shown that six out of thirteen classes Of seven
per cent. bonds were sold above par, and that
of the six per cent bonds quoted stood as high as
that point.
The management of the American railroads 10
entirely distinct from tho administration of Govern
ment, except in those cases before referred to, in
which the works have been constructed under the
patronage and at the expense Of the State govern
mcn,s. Their affairs are managed 10y corporations,
which consist of president secretary, and drcc-
| tors. Each Of the directors must own a certain
amount Of stock. They chosen by the body
| Of stockholders, who have votes IN proportion TO
the number OF shares they hold The directors
choose one Of their body president and appoint
the secretary. The president md secretary have
generally liberal salaries but the services Of the
directors arc gratuitous.
The rates of speed our railroads is not so
great as on those Of England The ordinary
locity Of passenger tram is twenty miles hour,
but on some routes it is as high as twcnty-cight
and thirty miles. Express trains, such occa-
sions the conveyance OF the Presidents mes
sagc, frequently maintain, for long distances, as
high speed as foriy-hve miles an hour. And on
one road, that between New York and Albany,
forty miles per hour is the regular rate for all pas
scngef trains.
The fares or rates Of passage are not uniform.
In New England. the average price per mile FOR the
conveyance of passengers is under two cents from
New York TO Boston il is two and four-tcnths;
from New York to Philadelphia three and four
tcnths from Philadelphia to Baltimore, three and
oHc-tcnth. From New York to Cincinnati the dis
tancc is S57 miles by the northern route, of which
l43 miles are travelled by steamboat. The price
Of passage for the whole distance is SIS so, being
slightly under two cents per mile. The lines be-
tween baltimore ana Clnclnnatl, soon 10 be opened,
will lie ESQ miles in length and the fare will be
Sl3 that 49, two cents per mile.
From an official statement recently published il
appears thlt the prices for tho Conveyance Of pas
sengcrs on twenty-onc railroads in New York, vary
from ono cent and for;y-six hundrcdths, to three
cents and forty hundrcdths per mile and tho aver
age for the railroads of the State may be given at
two cents and twenty hundrcdths per mile.
Believing that the history Of the origin, condi-
ton, and cxtcn; Of the railroads in tho United
States forms one Of the most important subjects OF
statistical investigation, and one not generally un.
derstood, ] have devoted Il portion of my time to
the preparation Of complete history and detailed
statement respecting each Of the railroads ia the
United States, 10 accompany the other statistics To
bc embraced within the Seventh Census; but, az
Congress may exercise their right OF abridgng the
work this and other SUBJECTS, II IS impossible,
IN advance, TO say what the Census when Published
will contain
FaoM HAyTi.-- Captain Mclean. Of the brig
hilton, rom Port-au Prince arrived AT this port
Yesterday reports that the coronation of the EN-
pctur took place on thc 18th u.iimp aud vas a