New-York tribune., 1876-07-19
pIJIPO3D RETURNS.

Mr.. Poor's railway statistics are not very
oood hut thcv are immcasuraby better than
any Others attainable. They come late, cover
peIiods of time differing widely with different
roads, and present only such statements as
officials please to make, not Distinguishing
genuine b0aa- -fde stock from that upon Which
not dollar has been paid, nor bonds Issued
IN contractors or construction rings at 5O to
50 cents on the dollar from those sold at par
for cash. nor dividends earned from dividends
narrowed. The shadowy and movable line
between operating expenses and construction
account is left in each case just where thc
officials pleased to put it at the date OF the
latest report. But the information given Is IN
comparably better than any other to be ha',
and 1t is so important that it is always received
with welcome.
For 1872 the report processes to be. In
fact, the fiscal years of which statements are
given terminate all the way from June, 1910,
to Jane, 1876, so that in some cases the state
ments are nearly year old, ami III otherS
barely a month. Yet 71.759 miles OF ROAD
are rcportcd, so that less than 5000 miles OF
road IN operation at the close Of 1873 are
omitted from the financial statements. Out OF
G9l railways reported, only 1G6 paid diyi-
dends during the latest fiscal year. but these
paid S74.29i,20S, an increase OF F2,23l'ooo
since the preceding year. Or tins cohSid-
crabe part j. due to the Union and central
Pacific Railways, but there Is also small
increase i'm the dividends OF roads IN New
England, an increase of $1,757O00 IN the
Middle States, and besides the dividend on
the Union Pacific, an increase of %loO,OoO ut
the West, and about the same at the South.
Ont of 9S roads in NewEngland, AZ paid
dividends; ont of 20S in the Middle states,
only 20; out of 246 in the Western states,
only 81: out of 100 at the South, only IL, and
out of 80 in the Pacific states and Territories,
only two paid dividends. The return Is not
very encouraging one for stockholders. On
more than three-GOuIths Of the railways no
dividends appear to have been paid, and at
the West nearly scvcn-ciShths are in that con-
dition.
No valuable information is given respecting
the aggregate OF average cost of roads, be-
cause stock and bonds are included which do
not represent cost. In the ill-digested abstract
of reports, il does not even appear what roads
are in default upon the whole or pant OF their
bonds. The most valuable statements given
are those of gross earnings, which amount to
1903, OGj. .j0j, of which $3G3,9GO,231 was
derived from freight and Sl39, lO5,27l from
passengers and OF net earnings, which amount
TO %lS5, 900, ,l3S. The gross earnings of the
preceding year were 500, O,1G6Ol6, so that
the decrease has been Tl7, 400, jll-about 3i2
per cent. OF this decrease, .ilJ,5OG,1Ol was
in freight earnings and the decrease III pas
scngcr receipts was only $l,S93,SlO. 1t
would be a mistake to suppose, however, that
the decline in freight earnings bad been gen
cral. 1t has been chiefly upon the roads en-
gagged in the severe competition of last year,
the rates upon most of the roads having been
fairly sustained, while upon some roads, eSpe-
cially the Union and Central Pacific, there has
been an increase both of rates and al freight
earnings.
very encouraging fact is that the operating
expenses have been reduced nearly as much IA
the earnings. The figures given show that the
aggregate operating expenses during the latter
year were $3l7,5j9, ,O67, and during the pre-
ccding year $3.50, 800, OBS, IL reduction of
S13,33j,99l. Hence the decrease in net
earnings is only $I.06i,520. 1t is great
pity that no accessible statistics show what
part of the decrease in operating expenses is
due to a decrease in amount of traffic. Al
though many roads report the number OF pas
scngcIs and of tons transported, and the dis
tancc, many refuse that information, and
among them are some of the more important.
Mr.. Poor has rendered valu bic service in
gathering 50 much information of this nature,
and its value, in The discussion of tranSpOrta-
ton and other questions, sharpens The appe-
tite for more complete data, which can proba-
bly, be obtained only by authority of the Gov
cInmcnt.