The Portland daily press., 1873-07-17
The Railr Dads Of the United States,

The Railr) Dads Of the United States.
We have previously noticed some of the
statistics furnished by Mr.. Poor's Railroad
Manual for 1928. A copy of the introduc-
tion of that very valuable work we have just
received. The work is of interest to all
classes, since railroad development has come
to be recognized as the best means by which
to Judge oil the wealth and business of any
locality.
The Manual shows that 67,1o4 miles OF
railroad were in operation IN the United
States at the time of the publication of the
earnings, expenses, etc., of 426 different COM
panes are given embracing 57,323 miles of
lne-the balance of the milage, g. ,781 miles,
being made up Of new and dpartially completed
railroads from which no returns could be OBJ
famed. The cost ofthe 81, s23 miles of road
whose operations are given, is So, 159, ,423,O57,
of which 81, ,647, 944, 113 is share or stock cap
ital and 81 1,511 ,37S, ,944 is in various forms of
Indebtedness mostly bonds. Their earnings
of which S132, ,3O9,270 were received for
transportation of passengers, and S34O,93l,-
1856 for freight-amounted to $473, ,241 ,055,
being fifteen per cent on the whole invest
ment. The operating expenses for the year
were $780,, ,3S6,6 ,6S2, or slxty-five per cent OF
the gross receipts. The net earnings were
S165. 754,373, or thirty-tive per cent OF the
gross receipts, equaling SO per cent OF the
whole investment. The cost Of the roads
averaged $55,116 per mile; their earnings
S8,256 per mile.
The most productive roads are those in
New England where the population is most
dense and there is less fictitious or ''watered"
stock to enter into the computation. The
earnings, were $4S, $40, 1886, or p. 10 per cent,
on cost of $3.50, ,6O9,794 The Cost per mile
of the roads "a, ,574mies)was $50.418; the earn
ings per mile, S10,636; the earnings per head
of population, estimated at 3,5S6,0O0,
$13.53. The number of inhabitants to each
m lie of road was 709 1t appears that Maine
has 933 miles of road In operation, with to-
tai capital account of SAC, ,225 ,043 of which
S14,669, 725 is capital stock and $25.555, ,31S,
bonds &C.. giving an average cost per mile
of $43, ia.
The cost of the II ,617 miles of road in op-
Grafton in the six Middle States equaled 1922,
700,7 ia, or $40, ,427 per mile. Their earnings
were S169, ,205.7 703, or 1880 per cent. of their
cost. The earnings per mile were S14565,
and S15.S6 per head of population. The
number of inhabitants to each mile of road
was 1872.
In the State of New York there has heen
the most reckless watering of stock by Como
dore Vanderbilt, Jay Gould and other men
who have seized the great lines in that State,
The capital account of the New York Cen
tral and Erie railroads alone include $101,-
49S 248 of entirely fictitious stock. Deduct
ing this amount from the cost of the ioaGs as
given above, and the actual cost Of the roads
is 1921. 1.2O2, ,526.
In noticing this matter the New York
Times says that the annual interest on the
fictitious stock issued by Mr.. Vanderbilt is
81, ,236, 173; or in other words, the business
and industry of the country is robbed of OYER
four and quarter millions of dollars by Mr..
Vanderbilt and his associates. The transac-
tion may be called by another name, but these
men have issued themselves ctock upon
which they collect this sum, the stock not
costing penny or adding penny to the
real value of the road. In view of this it is
not much of wonder that the average
farmer of the West is getting to believe there
is no great difference between old-fashioned
highway robbery and modern railway extor-
tion.
For the ten Western States and their con-
tiguous territories, the cost of fhe 2S,778
miles of railroad in operation was S1,472,-
1892, or s5O,55O per mile. Their earn
ings equaled $193, ,S26, 1858, or 1910 per cent
of the cost. Their earnings per mile were
$6,735; per head of population, $13 76. The
number of inhabitants to the mile of road was
3 400. fet -l1rsEa
The excessive milage of the Western
States and the small returns are due to the
competition of the leading railways and in
many instances to ''rings" who have secured
the contract of buildings, supplying and ne
gotiatng securities of new roads for the pur-
pose of making money. The manual gives
several examples of leading western railways
Cudt HAVE SuuSo III lhio AOoPSSe' - IN bAii
waukie and st. Paul road has increased its
milage since 1868 from $50 miles to 1896 in
1872, thereby increasing its cost from $780,
578,61S to $50, 290,643 while its earnings
have increased less than 100000. The
Chicago and Northwestern Railway has in
creased its actual cost nearly 100000, 900
since 1868 in carrying out new enterprises
and leasing branch and uDremunerative
lines; but while these vast additions have
been going on, the earnings of the road have
declined from S12, ,614, ,S46 in 1868 to 81 ,402,-
161 in 1872.
In the southern States the total miIage in
operation is given as 1896. The entire cost
was. $40, ,O13, ,267 or S3e,575 per mile. The
gross earnings were SAT, 783, $50, and the net
earnings S16, 455, 400.
In 1872 the total earnings of all the roads
cannot have been less than S400, ZOO, 900.
These earnings are increasing, probably, at
the rate of more than $50,000.000 annually,
so that in 1881 the total earnings of the roads
now in operation will be 81 200, 100000. The
increase of earnings is almost wholly from
the transportation of freight-a most favora-
BILE symptom, as it shows solid improvement
in the material interests of the country.
THE resolutions of the Bridgewater meet
ing which appear in the Aroostook Pioneer
contain but one distinct proposition of gene
raj interest, and that is that the Admnistra-
ton does not take the course that suits the
stouts'' in ralatinn IN tbe civil Servica Anotb
er resolution charges the Administration with