, 1874-06-12
OUR RAILROADS.


tic book will DO ready for tho pubo noxt week:
TINT osg ore arc G >es Il nrosa in @ tas
United States, OF which tho operations gwen,
1911. Noarly all tho now road built in 1s73 WA
during. tho frat alartor Of the. year, building
since that tlmo having practically stepped, aa
loast so far rs now railroad linos nro conoorned.
Gnf ona e is s sasS q S sSSG on n noar o
debt. Tho increase Of cost Tor 1873
.ovor 1872 was s6o2, 800, 265, and over 1871 waa
81. .os5,s ,8os; Or the total coat at tho end OF
capital, and s1,84l ,a34 .73Y by various forms ot
t!abt, chiefly bonds maturing ut dtstalt day.
The totai ct, 5ohe eanings fof the yoar 1872 we're
o foi is Tho osssao e's Of io oarinEa
for 1873 was $50 050, ,2os for 1879, sGio ,e57;
tho total for tho two yours being sl2s, s,os2, ,1lb.
Tho percentage Of inoreasa for 1873 over 1871
esnt. q tho total earnings for tho year lb7s.
s:57, 642. 79o woro received from froighta aud
s13o, 7a8, ,53a from passongera: Tho current op-
Grating EXPENSES wore s344 ,a97, ,52a, or o5,2 par
dividends was 759 5G6, Big, 3.o7 per cent on the
aggregate amount Of share cul,ita{. THO rntio OF
total mileage to inhabitants III 1879 was one milo
Of road e e7sEy 5s2 inhabtants agsnst ono milo
Of net earnings upon the cost Of the roatts for
1878 waa 4.g8 against 5.20 for 1874 md 5.32 for
1871. Tho increaBo Of mileage III 1879 and 1873
was 1857, whilo tho inorease Of the cost OF tho
roadH IN tho aamc tune Was 81, ,0S5, 83l SOB. Az
explaining this point. re quote Dlr. Poor, who
says !" 1t WAS hardly possible that tho earnings
should incroaso In ratio to such MI enormous ox-
rendlsure, as two or three years oftcn enpuo
alter It's opening beforo railroad Is In position
to 10 much business, for tho waut OF adequate
equipments, OF from tbo unfinished condition of
its tracks, or from tho want OF suitable conrcc-
t1on or or from from pecunary on'bartasu'nonte;
IL 'SI s7s VAS p'' s1aso agan5t ' hopusoS slS
for 1872, and $3.50 for 1871. This ia asg,oat Gu
couraging teeturo IN connection with thosa
works, Of 1t shows that under ordinary condi.
| tions their earnings must increase, for I'LL i'll
definite period, iu very rapid ratio, moro cear-
lY sottled, tho increase per hoad in tho EaHtern
States being fully as great MS in tho Western and
| moro Hlnraely sottlod Statoa. At tho rate Of tho
pnst throo yoars tho earnings OF our railroads
will double themselves IN tho noxt six years
without tho construction Of m additional milo
Of iine tho population IL increasing ct tho ratio
of 1,000,000 annually. by 1880. tho earnings Of
tue roads now Ill operation will probably exceed
| 1,000, ,00D, 900, tho percentage OF their ealn-
inBs to their cost will como fully up to 90 por
cott,-a rato which. with good management, iH
sufficient to render the whole Investment rcason-
| nbly remuneratiyo." ..
Classifying tho railroads OF the country by sec.
tions, We lud that tho miloaga of RAILROADS III tho
New England group Of Statos for 1873 was 5,30J,
| >
75s, againyt $3.50, ,oOo, ,794 in 1872, aud was mado
up Of Sill, AIS, ,320 OF share capital and 3l22,-
22i, 40 Of debt. Thair average cost per 1ntla
waA s48,ss2. against $50, Il, 41s t., for 1872. Thsil
9"ifns for is7S zero o s4osg ag'eat
a2v, ,043 we're received for tho transportation
Of freight, aud 81, 1855, ,6d5 for tho transporta-
ton Of paasongotu. The percontaKo Of gtoaa
The net earnings wore 31b,0b1,777. md equalud
3.02 per cent Of such cost. The earnings por
head Of population equolea S14.30, against
5l353 for 1872. Tho diyidonds paid amounted
total aharo capitn}. THE ratio Of total mileage
to population waB milo OF limo to eyery GAS in~
Aabitants, against 7o9 for mile in 1872.
The 1nilenso Of tho railroads III tho Middle
1877. Their cost was 81. .126 7o2 1o7 for 1878,
againH Sta02, 700, ,770 for 1874 Their grohB earn
ings we're l94 052, ,SD2, against 81G9, 9,205 307 for
1872. OF the gross earnings, sl59 ,250. QUO were
aongors. Tho net oarnings woro So9, ,5Oo,Ooo. Or
9.22 por cent Of cost as IT stood at tho end Of
1875, Tie diyidonds paid amounted to S3U, 5ao,
225, Or ~ per cent Oh tue share capital.
The mlles Of r railroads lro III tho Westorn States
Their cost was 81, ,71s, 15s. .522 against 81 1,472,
Gg5, ,232 for 1879. Their gross earnings wore
s2ll, ,7l7 ISL, against SITS, ,S2s,25 Tor 1872 oi
these s53, ,s0O, 900 wore derived from trcights,
donds puid amounted to 4l9,055sH or 2.a6 per
cont Oh tho slare capital OF tho ronds.
Tho mileage Of railroads Of tho Southern
States ior 1873 was 1881, against 10,0s0 ior
1874: Their cost S6u9, LOG against sA0t,
l3,2G7 III 1879. Their groAs earnings wore $53-
6yU' ADD, against Sl7, ,s83, $50 for 1872. OF the
earnings $3S 9S5, a20 woro derived from frofglta,
aud SIT, $40, ,0a9 from passengers. lilo diyi
dcndH paid amounted to 1851, 1886. Or less than
per cent Oh tho share capital.
Tho miles Of railroad III tho Pacific States fol-
1878 woro LAYS, against l,308 for 1872 Tholi
cost was $1b4, 4,o3o,S 800, against $19l, ,57s 9yo IN
l2 Iasr M 1 EfeSs 1s1 oagH TefS
81, ,Gs2, 78J wore received from freight transport.
cd, and 81, 5D3, ,DG0 from passengers. Tho net
earnings wore 1885, $780,. T.,
Alr. Poor coucludes tho introduction to biz
nWithin tic past fyo years 27,7s5 miles OF
railroadB have been constructed III this coun"
try at $4,000 per mile; The cost Of thes'
works has boon q Ill, 0oo. IN tho moaI'
cd in onlarging tho accommodations and In
creasing the faoilitios for business Of roads H.
ready III operatlon,--in other words, there hays
: beun expended upon our ralltoadn $500, 600, zoo
: annually III the Lust two years. If wo hayc
! not exceeded our means in the construction Of
} tlloHo works. we have pushed this great in
terest out Of al1 proportion to others. We
: have only to stop, construction, to have TIC
equilibrium speedily restored. The method
il i very simple one. Tho earnings OF
tho rnilroads Of tho Western States tho past ycar
oquaIed $i4.3S per head OF population. Tho
! prcsont year, but for tho effect Of tho reccl,t
i87G, $lG.93 por load. This gain IL oortuiu to
DO Aado as soon as tho country rccoyera from
the present prostitution, III tho nleantime pop
ulatlon il increasing ut tho ratio OF moro than
1,0p0.0o annually. The contribution Of this IN.
ratio Of earnings, sl4,oso,uoo annually to
thoir gross receipts. Tho population Of tue
country increases at tho rate Of nbout 2 90 per