The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-07-30

Raiiroad development.
The progress OF the railroads from year
IN year has come to be the surest key to
The material condition OF the United
States. When their business is depressed
the wheels of national industry turn slug
gishly. When their earnings are meager'
The. manufacturers and producers OF
every class are sure to be suffering. When
their management indicates reCklessness
and extravaganza, it may be taken as con-
elusive evidence that the people generally
are living beyond their MEANS
poor's railroad manual for 1873, the adj
vance sheets OF which are just given to
the press, shows a business and financial
condition Of the railroads which is an ac-
curate index OF the condition OF the coun-
try in these respects during that period.
1t was during the year 1879 that the revi'
val of railroad building fairly began, after
the prot,acted cessation forced by the
panic Of 1873. The statistics OF growth,
while they show marked increase in the
number OF miles operated, do not indicate
return of that unhealthy and specula'
tive railroad building which preceded the
panic and was SO largely responsible
for it. The miles in operation in 1875
were S4,233 as against 1880 in 1878 and
7l,750 in 1875. The rapidity oil
our progress in railroad develop
ment is proved by a comparison oil
these figures for those given ten years pre-
viously, at the opening Of the decade, when
thenumber OF miles Of railroad in opera
ton in the United States was 44,6l4. Our
railroads have, therefore, nearly doubled
in extent during that brief period, having
reached an aggregate mileage nearly equal
to that of the entire continent oil Europe,
including the British isles, and attained a
development equal III extent 10 that Of
the previous thirty years which reach TO
the very beginnings Of railroad enterprise
in this country. The increase OF miles in
operation in 1870 was 4,72l; the largest in
crease shown in any one year was IN 1871,
when it reached 1908. We have already
begun building, therefore, ut rate nearly
equal to the highest ever attained.
The gross earnings Of the railroads in.
creased from $500, lOS,351 in 1878 TO $780,
or, 900 in 1879, and tho net earnings from
slS7,575, 1857 in 1876 to S2l9,016,7 24 in 1870.
These are the highest totals, both Of gross
and net earnings, ever reached, and the
increase in the net earnings is in so much
larger ratio than that in the gross earn.
ings as to indicate conClusively that the
railroad management of the country has
learned some needed lessons in economy.
AS compared with previous years, there is
marked disparity between the profits
and the dividends, In 1875, S74,240, 600
was disbursed to stockholders out Of 1885,
10000 OF net earnings; while last year
only $6l, 6Sl 900 was SO distributed
out of s2l9,0l6,OOO Of profits; that
liz, as compared with 1875, the
profits were last year $34, 100000 greater,
while the dividends were SD ,623, 900 less.
This is another OF the many healthy signs
conveyed by Poor's statistics. But the
most striking OF all the facts established
by the manual for 1879 is the reduction in
the rates OF transportation effected during
the year. The ratio in The decrease in the
cost Of transportation was greater in that
year than in any predecessor. In illus.
tration OF this fact, the Commercial Bulletin
makes from the manual the following sum
mary Of the aggregate tonnage and freight
receipts Of thirteen trunk roads in 1873
and 1879, respectively:
Tons Of freight removed In lSi2.. !SSS5,932
lsI9..,"",....., 6I09s,bls
Increase, u p0r cent, oF".....,.",... 2l,6SS,64I
Receipts from i.eISht III s!9."....'..-siI? SSi Gss
"a" lsig."....,......... ll9,SllIt62
Increase, SSJ per cent, Or...".."".."os lrSOd,s0i
Miles Of railroad In ls1S.".."...".."".."". i,i3S
" lS7p..,,...,...."""..".. lS,s2l
topper ton per mile In ls5S' s: niI IB
Decrease, AS per cent, or couts~."...." rs
In 1878 the average rate upon these
roads was Ills per ton per mile, SO that
The rate OF charges was reduced in 1870
by about twelve per cent, Some time ago
Il was announced that the New York |
Central and Erie railroads had reached a
freight rate considerably below one cent.
Ten years ago. the managers Of these
runk roads would have laughed to scorn
inv one who had predicted that in 1879