New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-06-29
RAILWAY DEVELOPMENT.

GROSS EARNINGS, But AN LNcREAsE In HH'
EARNINGs-BETTER MANAGEMENT AND REDUCED
OUTLAY.
The advance sheets of Poor's Railroad Manual
the current volume Of which will be published In
week or ten days-contans history o. all the raoauS
In operation throughout the United states in 1874 40
cordng 10 the Manual the total length OF the roadswh
operations are reported for that year, Go213 miles
against 90 237 miles In 1879 81 1923 for 1872, ana Az
GA for ISL The aggregate cost OF these roads nv the
close of Oh lr last fiscal years respectively was Sl22i
763 594 against $37Si.543.O34 for 1873, $3,l5o423
O7 for 1872 and 81 for 1871 IDe increase
of cost for the year that for 1873 was Sl3I2zOooo
while that of 1913 1872 was $625, vi inc
total cost 81 900 1877 4S6 made mp OF share capital
and 50 $50 766lO8 Of various forms OF indebtedness
chiefly of bonds maturing at distant day The proper
ton of share capital debt 80 to 100 The aver
age cost per mile Of all the reads was S6O423 against
per le In 1873, 55, ll6 fol 1872, and S09Zo
for 1871.
The gross earnings for the year were S52odGG,O16 or
this amount 1919 466935 were received for the trans
portation of freight. mails, and merchandise, ana
Os for transportation Of passengers the pro
portion of the former the latter being as 1913 Ia to 100
The operating expenses for the year Wero So3os9oooo
being 636 per cent Of the gross earnings. Ihc net earn
ngs were 957O95S being 1874 per cent oil the tota
The gross earnings equaed 1913 per cent on the total
OF the roads and the net earnings were 45O per cent OF
the cost The amount paid dividends was S67 Oi29i2
or per cent on the capital stock The gross earnngs
20 an nhabltan Sl2 81. against Sl2 80 Tor 1915
Ell SO for 1872, and 80 81 for ISL The rao OF total
mileage population in 1874 was one mile OF road Tor
every 5sl inhabitants AS against 5s2 Tor 1919 ana oVo
for 1872.
CONSEQUENCES OF THE PANIC.
The decrease was In consequence OF the financial reyu
sion Of 1873 That such revusion should occur was
inevitable the investments made in railroad enter
prscs far in of the provisions existing for their
support The pause in construction OF these works ohy
$40 miles HI wing opened in 1874, against an aver
age of over 900 miles for the ye preceding years. ana
the consequent withdrawal Of the vast sums OF money
reoured for the constgIC ton OF such Immense extent
of line annually were fully sufficient to create great enbar
rassment TO all the interests particularly to those cnsSed
in the manufacture of iron. II is gratifying fact how
ever that the tonnage transported by inc iaiiOauS
during 1s74 has exceeded that transported in the prev
oas year. proving that tho greater portion OF our INDUS
tries have suffered material disturbance. The net
earnings FOR the past year SIS9,570,9JS against
for 1878. The reduction In the cost OF OPP
Grating our roads been due in great measure to the
decline in the prices OF oralS OF all kinds as well as
of labor
ST TIsTICs IN THE VARIOUS STATE GBOUIS
The mileage OF railroads in the NewEngland group OF
States for 1874 was 5G17, against 5,3C3 for 1873 and
457i for 1872. Their cost Was $2iS,3H,726 against
3G9777S in 1873, and made up of sl37.l2o9l1
of share capital and S1l1,21S,Sl1 o. debt Their aver
age cost per milo was Si2SG2, yast iSSS2 for 1873
THIS ani,e, decrease is caused by the omission OF the
Boston Hartford, aud Erie Railroad, representing So
100000 II that amount be included me cost would DC
500 s44 1926, and the cost per mile Tls9 lhcr gross
earnings were $J0,OGi,774, against SJlo|oosS ior
1s73 OF eo,s earnings 27,0J2,9s7 were received for
transportation of freight mails &c and S22l Tor
the transportation OF passengers. Ihe percentage OF
einnss to tie cos1 q f91 q va" aS cnnd per ~
per cent The earnings per head vi pciii-
ton ,uaed lib 20, against 80 for lSI3 ihe dv
dend. aid amounted to Ss5ll,Ul, ana equalci OIL
IN
mileage TO population was one mile OF line 10 ever! Oh
inhabitants against $50 for 1873 , - =,
The mulcags OF the railroads III the Middle group or
States tor is74, l2,S7l against l2,1il Tor ISL
Their cost was 81 81 against 81 l2G, 7O2l07
for is73 ard was made VI, S657,9JlGOl share c''p
tall and 96U0, .9l OF debt Iher aVeIase cos per
gross earnings were 81 GI9s ABS against sl9lo52JOl
for 1879. or gross earnings Tll470S,5o7 were re-,
I 500 81 Tor transportation of passengers The per
cetage Of gross earnings upon the cost OF iJld was
l4l1 Tnc nee earnings were ?lOloSJlz' ana 1laou
So per cent OF sucn cost Tho earnings pcr head OF
population egualed ZIG %, against SIS for Tor 1915
The dividends paid amounted TO SSf'o0I,,lJl au1
e1uaed 81 per cent on tie share capital Iho rn Oh
total mileage to population was ono mile OF Inc 10 'oo'
IRE mileage OF railroads OF the Western States for
cost was Tl972,177, Si4 against Sl13O' ~o'Zot l0F
l. -, AMI was ua &c ~ 81 is9aV 80 o. snare c",,,
and - o7i OF de Their . ayerge ei csr c
SJl 320, against S2249O Tor lo iaclr Ss' 'sli,
Igs were T2l4s6Ji7, against 81 llIIsl ior 80,
OF these jo.0s6Ol1 were rec ived Tor transportation
Of freight mails, &c. and 1907 31G6 for passcnscis
The percentage OF gross earnings !" TIE cOst o mo 70" Is
\ y.
ennalcd SO per cent of such cost. The earnlgs peg
btaj Of Iopuaiion cquaed III II. against Tli 81 ior
1873. Tie dividends pad amounted to rl6COJ.S5l. ana
c0ualed I92 per tho shsrc capital of ms roads
The ratio of total mileage to population was one to No.
INC ncae of the rfoa Is Of the Southern states for
1874 1880, against lJ,91s 10. 10 - ~ COSY
was made up OF s2l370i,i4s of share capital. aud
-.;O011 ,O75 Of debt Their average cost per mo W'
r,JJ15 aganst SivT72 Tor 1873 Thcir gross cdi
were SJ2 2jg24f against S5369j 400 for 1873 Oh the
earnings, - $3.50 were RECEIVED ior Inc lrdoa.t
toftit II
The percentage OF gross earnings "a the cost or the Ods
80 tne net earnings were SlI.5G9az' ana ei ,,
uaiiom oqIod II 3d. against "a 70 for 1873 Ihe d "
denIs pai amounted to 81 O5S 100, ana eaualcd only
OjO per CEN the share capital vi the Tos lac Id.4o
| OF total mileage 10 population was 7Jo 80 49,
The mileage OF te railroads of the Pacific states Tor
| 81 S32700 aeanst S15l O9O, 800 in 1873, ana wa,
made up s3 900 Of share capital, aud e762-ol 09
debt The average cost per nle was @o3Joi as'!ihs'
500 flr 1870 TIC gross saInnss were 10 80.
slO47s96l received for the Transportation Vi
freight and d. G66 for the transportation 81 assen-
gers The percentage of gross earnings 10 inc cost oil n
roads 1905 the net earnings were SooJZ''o ad
equalcd Gl pee cent on such cost me "lrnns per
head of population were ais AZ, against ?lI " Tor
1873. The dividends s3.2j6.l 5Oequa to 3J2 per
cent the capital invested the Iitio Of toa! milease
| one 10 $50 for 1873.
| RESULTS FOR THE YEAR.
The result for the past year. on the whole cannot be
considered an unfavorabie The earnings Of the
roads were only $5953,919 LII per cent less than
those for 1873 fhey were So-ZZ4Jol OF ~ per ceue
greater than those for 1872. They exceeded by Sly
1875 sos the earnings Of 1871 These facts show how III
innate are TelaoIs which the railroad system ss-
tns business OF the country how potent It's lnl-
ence In the development OF ils resources and the nrn
foundation wn it rests. Previous to ls7l the an
pual percentage increase of earnings for years
exceeded per those of the immediately pre-
yOus similar rate OF for past would
have given an aggregate OF earnings of about
$3.50 900, O00 Such u result would undoubtedly have
been reached but the condition Of our currency; tht
1t was reached is OF the many proofs Of the pen
| atty we pay To- delaying the necessary reforms.
During the five years ending with 1873, 2S 425 miles 81
| new line were constructed Among these from
10000 1900 miles OF what termed Immigrant