New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-07-10
Nile. AMI inc


i s.l t sSs .g s sSs is1iS5c. sa7
is:. 80: ~ 49, y! l ss .ass ii @i
The total cost OF the railroads. the operations Of which
given for the past year. sl59I2o57, made MP OF
E647 ll3 of capital stock, and 81 81 57s9A OF various
forms of indebtedness chiefly OF bonds maturing at dis
tant periods The capital stock amounted TO 62lS per
cent and the debt TO S5 per cent OF the total cost
The OF these roads mile was s5il6 The gross
earnings for the year $732n055, OF which ts2So
40 or % per cent was received for the transportation
Of passengers and S3O93l7s5 y per cent for the
transportation OF freight including under this head the
small amount received from miscellaneous sources
The receipts per mile 6 The ratio Of earnings
to population was 81 &c per head The operating ex
penses the year 1907 1862 OF 65 per cent OF the
gross receipts leaving G5a33 or IS per cent as net
earnings percentage OF gross receipts TO the total
cost OF the roads was per cent Of net earnings 81
per cent The paid in dividends was s6ihsl6i.
or 9g per cent OF the aggregate capital stock The
balance OF net earnings, slOl3S622, was equal to GO
per cent the aggregate indebtedness of the roads
The earnings of the railroads OF the several sections
differed of course very greatly, the most productive
lines being those embraced in the groups which include
the New England and the Middle States Tho railroads
Of New England earned during the past year s59,S35
being 636 per mile and $40 So per head OF population
Their total cost s23OO99i OF which 1894 per cent
was represented by capital stock Their cost per mile
was $50 s. Their gross earnings were ALL cent OF
their Their net earnings $i464sl, and at the
rate OF per cent Of their total cost The dividends
paid amounted TO S5G9s7 OF 66 per cent on the asgre
gate capital stock o. $29,Ol274s.
LINES IN THE MIDDLE sTATEs.
The cost OF the railroads Of the Middle States was
Sg2 O074 or S79427 per mile, Of which 6OjG per cent
was represented by capital stock. Their earnings were
92O57O2 sll565 per mile and Slj So per head OF
population. The net earnings were S9,J27OiS. The
gross receipts per cent Of the total cost the
net earnings Ga per The amount paid in dividends
was S2 397l or $40 per cent OF the capital stock OF
$55ss3s,174 In the State OF NewYork, however, the
capital OF the NewYork Central and the Erie
Railroads include sOl40S2is OF fictitious capital, OF
which sol 1885 issued by the former as the est-
mated value OF it's property ABOVE cost, and {O6l622
by the latter as the discount bonds converted into
stock These sums deducted from the capita stock OF
the railroads of that state reduced the amount In that
group sl57 926 and the cost OF the roads TO
sS2 20252G The percentage Of gross earnings on this
zoe and of net earnings 1876 aud the dividends
paid per cent of the actual capital stock Of the
roads.
The total mileage OF the railroads OF the Western
States the operations of which given, 2S7s-
built at Of 232-made up OF 2 O6, or
per OF capital stock aud S77939lS6 Of debt
The cost per mile sJO,5JO against sJ0hS for Now
England and S79I27 for the Middle States The gross
earnings sl93,s26252 being sl3 &c per head OF
population. Net earnings, 7,3lOs3. The ratio Of gross
receipts 1871 per cent against all in New
England and with the reduced capital 2O6 per cent in
the Middle States The ratio OF net earnings TO cost
l57 per against GAG for NewEngland and 2I for
Middle States The number Of inhabitants per mile
of road in the Western States is iS3: in the New
England and Middle States 40. The receipts per mile
in the Western States S6.535 against 1896 IN New
England and tliJ65 in the Middle States. The dividends
i9G47 beng 80 per cent the capital stock
CONDITION OF WESTERN ROADS.
According 10 those engaged in the collation. of the
statistics the above statements disclose glance the
position Of the Western railroads Their unproductve
ness compared with those OF the Eastern States is due
simply 10 the Of mileage to population. The
earnings per mead nearly in the former as in
the latter. Should railroads be constructed in
the Western States for SIX or seven years. this disparity
would be corrected by the rapid increase Of their popu
lation which be estimated at 100000 annually. The
increase OF earnings from such increase Of population
would fully equal 100000 Annually, which, together
with the increase OF receipts from the permanent pOpu
latOD. estimated at one dollar per bead annually, would,
receipts per nile and per cost " tbe western railroads
10 the standard o lle England ana Middle states
gH" '""dr railr companies Of the Wet are largely
strncted The Milwaukee and ST. Paul Railway has
increased from miles in ls65 10 1896 ~ 1872 lie stock
and bonds have III the same time increased rom sSvoe
els 10 S562gO6l; Will. 80 es; MIS- Lave only Increased
from s65i765 "a Ss5l57l Nearly the Th0io Ifnss
OF mileage has proved unproductiye. The Chicgo any
North Western Railway has also enormously increase
its mileage In the construction OF branch lines 80 That
below the average for the States II Is increas
ing bonded debt to SiS0OOO TO complete the various
enterprises which IL has undertaken Its share capital
at the close Oh thc nscal year Iol Io'5 amounted 10
S587s6 TO these two sums II TO be added the capital
Soo COO COO with earnings al the rate of the ast fiscal
year. OF only about II per cent While these vast addi
n U' of II the road have declined from in lses to
Nl,lO21Gl. 1872. The stockholders OF these roads
shOnd put stop To policy 30 suicdal-a policy which
is working mischief to the railroad interests Of the
country than all other causes combined, and which,
lie hash IN
degree, by other roads than those named.
TIE SOUTHERN ROADS.
In the Southern States the total mileage, OF which
operations given, 1886. The cost Of the rail
roads siO 9326or $50 55 per mile-beius less
one.hal the per mile OF those of the Middle States
and per Of the per mile Of those OF the New
England and Western States. The capital stock was
Sl7GSl5j i17 per cent OF total cost aud the debt,
S23023O,ll2 The gross earnings were AI7SS5j9-beiug
~ $50 per mileaganst sl06j6 for New-Eugand SI565
for the Middle and $635 tor the Western States Inc
were "a 81. The rtO Of gross receipts 10 cost lSs
per cent OF net earnings 400 per cent. The dividends
paid amounted to SOOJ,s5J-beng IS per cent OF the
capital stock. The recent proved check 20
the prosperity of the railroads In this section of tue
slowly going in these STATES VIII prove, IN the end of
great advantage, though considerable time viii be
qured TO restore to them their former material pros
pery.
scented by s6362399O or 491 per cent OF capital stOcs
and cent ofndebtedness The gross receipts
S327 l0j per cent OF the cOsand the earnings
SsOls2 57 per cent OF the gross earnings and Gpcr
cent total cost The earnings per mile were fO
lGl; per head OF population, $l7.
The train mileage for Massachusetts, 14l67 1903; the
earnings <25363 l77 the earnings per run by
trains, ,S 70. For Ncw-lork, the mileage was
33lsl l9 earnings, S0,9900j5 earnings per mile ruH.
g. 81. For Pennsy lyanla the train mileage b47gg
s9 earnings $74,3i934G earnings per mile run I'll
For Ohio, the train mileage was 43,3l99l; earnings,
S5J5lG4S5; earnings per mile run, 81 2S FOR Illinois
train mileage 3O30g,72e earnings s4J,Ts647s earn
ings per mile rum 81 "A. For the iye States the mile
age miles, the earnings, s259
N, vi
for the whole country will differ from the
aboye rate In round numbers, the gross earnings
e.t1natrd al the rate OF N5O mile earn