New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-09-23
THE N. Y.CENTRAL RAILROAD.
A BRIEF TEN-YEAR HISTORY.

has caused to be prepared analysis of the progress
and business of the New-York Central and Hudson
River Railroad Company. Before proceeding to an
examination Of the accounts of the consolidated
company, brief review of the financial history of
the separate roads for few years prior to the
solidation (which occurred on Oct. l. 1869 will be
instructive to many readers of the present day. BY
the separate reports of the companies 1.-THE NewYork
Central and the Hudson River. made to the State
Engineer, for the year ended Sept. 30, 1865 their
combined capitals and debts ther,were 500 544, $685.
against the present consolidated stock and debt of
1929, 431 907-an increase in ten years of $50 SS7-
464, or 1416lO per cent. The combined length of
roadways then owned by them was G99s8IOO miles,
against 740l7lOO miles now owned by the CONSOLE
dated company; and of second, third, fourth, and
side tracks, $50 miles in 1865 against 1,3027sIOo
miles at present. The total length Of rOadways oper
atcd Including leased lnesl was S0434lOO miles in
1865, against 1,0002OIOO miles in 1S75-an in
crease of 195S6IOO miles in the length of road
operated, of which additional mileage 15557iOO
miles are leased. The S04 miles of 1865 earned
SIS, 427,90f gross, with operating expenses of
S14,73S,522 leaving as the net earnings, $3,GS0,
$50. The 1000 miles of 1875 earned $29,O27,216
gross, with reported operating expenses of $17 262,
107, leaving as net earnings $11, 765, 100, an in
crease in gross earning of 90 per cent. against an
luCTedse Ill operating eAptllSeS VI Only
u very encouraging feature particularly when it is
remembered that tho length of roadway to be
maintained had been increased "a per cent and that
the rates for transportation on large proportion of
the business of 1875 were not much, if any, over
half of what they were in 1865. This point will be
investigated further on. At various times prior to
the consolidation, the capital stock of the Hudson
River Company was increased by the payment of
stock dividends the most noticeable of which, how
ever, was in 1867, when the stock was raised from
$7,OOO,O0O to $14.OO0,OOO. by an issue to stock
holders Of 81 900, OOO the payment of 50 per
cent of the par value The of S., 800, 900 thus
realized by the company for the purchase of the
land and the building of the st. Johns Park
Depot. In 1868 the New-York Central Company
paid dividend of so per cent in certificates that
were equal to the stock in every respect except the
power to VOTE This issue amounted to the hand
some sum of $o3 900 900. But the creation of this
small bit of property, by the stroke of pen, was
not sufficient and when the consolidation occurredy
Oct l, 1862 another plum of q per cent was given
to the stockholders of the n. Y Central making 107
per cent in all while the stockholders of the Hud-
son River received 50 per cent in like certificates
upon their stock The total of these three "certf-
cate mutations" which ator Were made convertible
into stock are represented in the first table here
after by consolidation certificates" S4442S.33o
When the Central Company paid its first dividend
$50 per cent? il had real available surplus of
81, 900 00O but this nearly all disappeared fromits
reports before the consolidation. THIS brings us to
the first report made by the consolidated company
which was for the year. Oct. l, 1863, to Sept. 30,
1870 and forms the starting point for all the sue
cceding comparisons. All the suboinod statements
are from the published official reports of the State
Engineer Of Ssw-YOrk State.
The capitals and debts compare as follows:
For the years ending s,pt, So
Capital stock ......... S45,oGo,0o0 $s6,2$2,osO
Funded debt . iS,6si,sO7 1o,OO3,G67
Total capital. 1O3,I1OI87 sI29A8I.997
Changes-Debt increased. ...-.......... 20'32l,Soo
This increase has occurred as follows: in 1871,
81, 549,912; 1872, $1,2G1,30i; 1873, Sll,220,-
5l3; 1874, $40, 1850 209, and in 1875, $l,51s,925,
and makes the annual outgo for interest 81 S42,1OO
greater hereafter than in 1870
The length of roadway and tracks owned by the
company at the respective dates was as follows:
n,m,.r ., mile. ., road 7 lSaG; 7 1872
Number of miles Of second. third, -o,o ooo =,
fourth aud side tracks...--....-- O'Z'lO l'ou-''o
Total miles of tracks owned. ....1,4I227 2,oi@s5
The length of roadway remains unchanged, while
the length of single tracks has increased G3OGo, or
400 per cent
The cost of these additional miles of track should
DO marked by the difference in the amounts OF the
following accounts, which were reported as follows:
1870. 1875. increase.
Graduation ana ma sla 191.56I s19.sl5o35 4s2o
Rridges .......... I,29l,391 2,49s,l04 1910
s@ cISdSr iroD 1ss22O25 2s564425 1Osalo
and fences ai 5,8o275s r,682,oao $3.50
-
Total. .$sl1IO725 sG2oa1,6o4 $50
Cost Der mile Of road. $l6,l36 $S3,907 SOTO
Cost per mile or SIM -o oo ooo OK
The foregoing accounts are only applicabloao tho
roadway an tracks those for depots, shops, &c,
win appear hereafter.
Therefore G3O.6S miles of additional singe.track
are reported 10 have cost the sum Of $27,95O0G0,
or 81, 296 per mile, being within $1,000 OF the
cost per mile of the entire superstructurc including
track of 1870. In other words, the addition OF
A46,o per cent of track to an old and completed
road of 700 miles has added 81 per cont to the total
cost without an additional depot or building OF any
Kind This increased cost like the augmented debt,
has been scattered along each Of the five years from
1870 TO 1875 but the larger proportion has occurred
since the commencement of the work uDon the two
axtra tracks from Albany to Rochester, 2ZZ'lo
,niles Such an expenditure of capital with so snah
results NAV well excite dstrust of all corporate
,eports as well as suggest the query: II such an
accounting may pass unchaenged, is it worth
while for the State to compel the ming OF aihuai
renorts and sustain the necessary cost OF maintain
inc the railroad bureau in the State Engineer
department
II "a certain that the construction of this addi-
+onsl track has been accomplished with extraordi-
.....,,o a. on ar that the yarions accounts in