New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-07-26

pear that all mileage built subsequent to the
latest official reports was separately ascer-
tanned. The mileage operated, on which earn
lngs are reported, namely, S4,225 miles, is
1922 less than the mileage reported as in
operation at the end of the previous year, and it
Is stated the earnings and operations of some
roads in Southern States, and of part Of the
Union Pacific system, were refused or omitted.
The estimated earnings not reported amount to
about $7,7OO,OOO, and the earnings reported
to 1918, 4O1 1871. If Mr.. Poor's estimate is cor
rect, the gross earnings were 1898, 900, 900 for
about $4,000 miles of road. But there would
still remain about 5000 miles, said to be in
operation at tue end of the year, but not in
operation yet for the whole of a fiscal
year, or for other reasons not reported Never
theless the gross earnings are the largest ever
reported, as are the net earnings and the divi-
dends paid, though the amount of dividends,
$77,115,411, is not $4,000 900 in excess of the
amount for 1875, when only H., 759 miles were
| reported. Inasmuch as some of the roads
omitted probably paid dividends, the COMPARE
son from year to year is the less valuable
1t is only i'll connection with the mileage that
the aggregates can be advantageOusly used,
therefore, and then only with the understanding
that If all roads were reported, or if ali had re-
ported for the same period, the results per mile
would probably have been different. The
stock and debt per mile, 500, $50 for 1880, is
larger by $3.50 per mile than for 1879, of
which $1,O44 is increase in stock, ST ,45f in
funded debt, and $7S in other debt per mile.
Notwithstanding the important improvements
made during the past year in old roads, it seems
difficult to believe that the increase represents
these alone. The new mileage reported in
operation is only 2,OO2 miles, and much the
greater part of it must have been of COMPARE
lively inexpensive road. Allowing $4,000
per mile for the new mileage, half in stock,
there would still remain $34 ,OOO. 900 in stock
and $69,50O,00O in bonds, to represent i'm
provements in roads previously built. In some
recent consultations and reorganizations a
large increase of stocks or debts was authorized
to cover contemplated extensions or purchases
IN the future, and it may be that some securities
not yet issued though authorized, have been i'll
cluded in the aggregates given.
The gross earnings per mile, 81 307 for the
roads reporting, were larger than for any year
since 1874, but still fall ST. 700 per mile below
the earnings of 1871. 1t happens that the ex-
| penses, S4,277 per mile, are also about 81 900
| below those of 1871, though larger than in
any other year since 1915. Hence the net earn
ings, 5000 per mile, were exceeded in 1871
only $l47 per mile, and have never been
equallcd since that year. The ratio of expenses
to gross earnings, 5S.5 per cent, is the lowest
yet attained in 1870 it was 90. per cent in
1878, Git per cent in other year less than
60 per cent, and iii 1871, CHS per cent This
is evidence of the steady and large increase of
traffic, and of progressive economy in operat-
ing The ratio of net earnings to capital is M
most D per cent, and has not been larger since
1872, when it was 5.25 per cent. In view of
the Tact that the average capitalization in 1872
was only $50, 16 per mile against 500. $50
last year, Notwithstanding all the foreclosures,
compromises ANA sacrifices of the six years of
disaster and liquidation, so that a not inconsid-
cradle part of the present capitalization repre-
sents no outlay of money, but only the possible
profits made by purchases of roads in default,
the average OF . per cent net earnings is GER
tainly satisfactory.