New-York tribune., 1874-06-10
THE RAIL WAY SYSTEM.

IN THE UNITED DsTATEs-CoNsrRUCrIoS CARRIED
BEYOND THE MEANS OF TILE COUNTRY.
The effects of the panic upon the railway
system has been the subject OF daily discussion through
out the length ana breadth of the land. Decreased
earnings depreciation priees, loss of dividends de-
faults of interest," have all entered into the CALCULATIONS
OF the bears" more comDlete and accurate state
ment than the below which Is taken from the au-
vance sheets Of Po0rs RailrOdd Manual to De lssueu
next week, cannot be obtained AT present
According to this authority the total length Of line or
which operations is gwen, 66Os6 miles for 1873 agahs
cost Of the several roads az the end OF the year was
AGAINST sS5si2So57 for 1872 and s466to1
s6C2 $50 2s5 over,ls7i sCe7 s45677 OF the total cost
o., 6s4 made up of snare capital ana ;,s9i
S3a 3s OF various forms OF Indebtedness chiefly OF bonds
maturing at distant day. The proportion OF snare
capital to debt was ST. to $50 The average COS per
mile Of all the roads was S69s against s5bG Tor le2'
and $50 726 for 1871 The total earnings for the
year were s627 1923 against &6s Os5 for 1871 and
20s for 1871 The increase of earnings for 1873 was
$50 O5O 26s; for 1872. S64gls57 the total for the
being s23s62ll5 The percentage OF increase
for 1873 1872 LA for 1877 over 1871 IA per cent
The Of increase n he he TWO % years was t 81
received for the transportation oil freight anu
mails ana sI3 34 for the trapspOrton OF passengers
a. The current operating expenses were >Si4i3''o1s
per cent OF the gross earnings The ne earnings
s2s5s 7e5 Or a. per centof tpe gross The after
&c per cent The amount paid in dividends was SO.
SOC S6 OF 307 per the aggregate amount o. the
on eGuaed s2 20 against s 90 for ls71 and 90 - FOR
The ratio Of total mileage TO inhabitants IN lolJ
mile OF road 10 every 5s2 Inhabitants against
one mile 20 COO Inhabitants FOR le1A
The percentage OF earnings on the total cost OF
the roads 1888 against IS for ls2. and 1914 for ISL
The O67 than that for 1872 0s less tnan tha
for 1871 Tie percentage OF net earnings upon the cor
OF the roads for 1873 496 against $40 for 1872 and
532 1871. The increase Of mileage IA the Two years
for which returns gwen, has been 2l4s2 miles 4be
Increase OF the cost OF the roads IN the same TINE
mas been s. G9 J05 G7. II hardly possible that the
earnings should Increase IN ratio 70 such an enormous
expenditure three years often eapse after ts
before railroad position 20 ulucu
for the want OF adequate equipments or from the
unfinished eOudtion of us tracks, or from the wan. OF
s1tbe connection from pecuniary embdrrass ments
on the other hand the earnings OF these works, per
sI1 Sa FOR is?a and $40 2? Tor 1871 Tnis IL a
encouraging feature III connection with these WOrk s
IL shows that under ordinary conditions their earnings
must increase indefinite period, IN very rapid
ratio more clearly setted-the increase per mead n the
Eastern states being fully AZ great as IN the western
and more sparsey settled States AT the rate oi the
past three years the earnings of our railroads Will
douple Themselves in the next six years without the
eonslructou OF an additional me OF ine. The popuia-
uon increasing ~ the rate OF one Ml!oh dnh4aIy
propbiy exceed IL OJ 900. The percentage OF Their
annual earnings to their cost Will come ny up 10 70
per cent-s rate which. with good management i SUI
c.nt 10 re uder the whole investment Reasonably rcI
ueratve In fast there seems 10 De no limit 70 me III
provided such population be intelligent and provided
with all aids 70 industry which science and at can
fhe mileage of railroad. in the New England group OF
States for 1873 1896, against 800 Tor 1872 Their
Gost cost wa" S ~ 81 SO Of share capital and s22244s9
NJ DENT Their cost per mile Wds s7e.! against
AIS for 1872. Their gross earnings were soloQces
e,inst "a SO SIS for 1872 OF the gross earnings
s2y3lO.O.3 received tor the Trans sport.,.aon o
fregbt nd S2235s 6i5 OT the transportation O passeh
prs The percentage OF gross earnings 10 me cOrl VI
tne roads was 1876 per cent. Inc neS taLA4A-s IT.,
81 80 and equaed 2g2 per cent OF such Cost IHe
rnn- per head of population eQuaed sl4 5J dgalhst
SI3 81 for 1872 Tue dividends PAID dAouuteu ~ go
as and eoualed Sc per cent on the total snare cap
rhe ratlo of total mileage 10 popuIat0n was one H.'e
of line 10 every Gs5 Inhabitants against V9 iof 4o-
the mileage OF the railroads IN the Middle group OF
Z " VA 4.
cot was 81 2G m IO7 against S922 100 76. and was made
mn of O33 share capital ana Si77IsyVO OF dent
r sVerI co.t Der mile was SOL against Ss,i27
for 1872 Their earnings were eva
sIeo az ao- for l7q OF the gross earnings sl52 410"
s.2 the transportation OF passengers Inc pet
of gross eurnug upon the cUs OF roads was IA
rn - ee rnings were $50 5s5 and equaled 622 per
cent OF such The earnings per head OF population
eauaed SIS against SIS &c Tor 1874 Inc CNlueuus ialu
ononnIed 10 $50 sac as and equaled At per cent on the
share capital lne ratio OF total mileage 10 popu'Aoh
xas one mile OF line 10 ~, against w ioi Io,-
Inc mileage Of the railroads Of the Western States for
1879 was 80 miles, against 2elo iOr o- tHvlr sos.
S a oS sG75O against sl72625252 for ls72 and was
made nm OF ss4O23 OF capital ana Sei sl1i9 OF
dent Their average cost per nile Was so4sSi asshs'
ssn sis FOR Is2 Their gross earnings were s2l7'ei,
20 ost 252 for ls72 OF these s55,tO1 were fe-
ceived for tue transportation OF lrt!sH dud sIS'o
for tnat of passengers Inc perceh'ase 81 os rn
ms We re al O10 and equaed 81 per cent Oi -ucn
The earnings per Leaa OF nd
70 $40 G5 247 and equaled 226 per cent on the
share capital OF the roads Ine rao o tSta @ o
pVpu'" roieage Of tine rail- roads of the Southern
u,ates for ia was 1894 against 1885 ior 1917.
is7Q and was made up Of s22s,i'IV oi smart
capital and s's oi ,nr is7q Tneir
gross earnings were ss3,6.t+v9 against sioSo.yJ' to
is72 OF earnings i!o were received lof ,e
The percentage VI gross earnings TO the cost
of the roads I5i the net earnings were se55 59
ana p1uaed 5 per cent such cost The earnings per
head Of population equaled ~ 81 against " 81 IOI 4s-
The dividends paid amounted 10 sS6lSsS aud eqlasd
le-s than per the share capital OF Tue load-
The ratio OF total mileage TO popuAIou was 100 'sS'
779 for 1917. ,, -, 49, p..,e. s.,.os for
ga was igs against 1865 .or 1872. Their cost was
s5.Oel zoe against Sl3l55,g9o IN ls2 ana "as nare ~
o. ssl,25l,',0 OF snare cap anu sss se9 against
$500 for is72 The gross earnings were siS.S7.
ics essl7ss we're received for the transRorla'!Vn
OF freight and 1855 go for The rapspoat?G o. passeh
gers The PeIssniRIse R , Si sSss xt ~ ana
equaed 81 peI gen, On such cost. Inc eALiIss y q
head OF popr'ation were sl7 w. against "a lor ' - nan
dvih,uas were paid. The ralio OF tot nlease "
sas one nIle 10 each 3s9 Of nRaultahss' asans'
onv m. past ave years $40 miles Of railroad nave
- cnnsfrucied in this country. AT Slov1 peI Hi.e
,ne ccst of these works has been sl5eI 49, d -,
mean time s75OJOtv0 have been ANNUALLY Ps
,,,e Recommendations aud INCREASING the IaN4.1
ti.s Tar business OF roads already 10 Opefaton
"rts There has been expended upon our fa!.'Oas &
s,Sa , esI anuua.ly ia the last tive years II We Ia
ot erreeded our means IN the constructor Va -o
worKs pushed tins gre Vs %
'r,,on IN Others We have only 20 stop cobs' =
have the eauinbrium speedily restored a.. me2 ~ me
very simple one. The earnings of tbe Tn AZ @ I'D ~
Westsrn states the pst year eqiaeu sIa % .s -, e
unun.fiou TIE present year. Dut of lNs cn1e' Ia n
rec.nt manic they would equal sl1 IS Per neae 80. "a
s7s sls x3 uer mead. This gain Is eeriAn W po
,,n ~. the couufry RECEIVERS from the pIeseLt Ii 80
on m the mean time population IL lhcfrhsins ~, ~ %
r.ta of more Than one million ANNUALLY iue -.
- ~ ,hi. increase alone 10 railroads VII. adu a. @
ressat rate Of earnings s4,SSooo annually W wy
gross recruits But tue population OF the ooanI
erasss AZ the rate of about J. 80 per ceDt auhua!
rbiIe the Earnings ef railroads Increase ~ o'4 =.
nvefud greater rsio. Iae qie uoh VI Gu ,s ner head
populntlou, The pioneer contriblubH ~ u.u'N -
"A % old and densegy y-Settieu ob"scs
With the vast amount that Las hreI eApenu.e an
our rroads il was IsevitaDe tnat tneIr eonsirucso
al ANYTHING IKE The rae OF tie past ann an
rnr anllI and energies of almost entire pop
snonI,i come 10 sudden halt Ii millions V uol'aie
nave heen ost IN cOnslructlug uhpIOuuel. ne