Morning journal and courier., 1883-08-10
iaaurnsI anS GoHriet
Friday, August 10, 1883.
OUR RAILROAD sYsTMM.

. The advance sheets of the introduction to Poor's Railroad Mammal for 1883 reveal much
 that is interesting and some things that are
 rather startling. It takes gigantic figures to
 show the extent and condition of the rail-
 roads of this country, and as one reads them
 the wonder is how the country, great as it is,
 can support such system. Many who now
 hold railroad stocks which hays been steadi-
 ly declining in apparent vaFue for year OF
 two have reason to think that the country
 can't support 1t.
 But to the figures At the close of 1882
 there were 113, ,329 miles of railroad in this
 country, and no less than 1,591 miles were
 built during the year. The amount of share
 capital issued by the several companies up to
 the close of their respective ascal years was
 s, 456, ,o7s, 196, an increase from the previ-
 ous year of $3s5, ,254, ,5s5. Tine funded debts
 of the several companies amounted to $3,-
 184, ,415, POI, an increase froHl the previous
 year of $352, 554, 496. Their floating or m
 funded debts amounted to $255, ,17O, 962, an increase of $42, ,4O4, 965 from the previous year. The total increase of share capital and of funded and floating debts from the previ- ous year equalled $7sO, ,213. .77t;. The total amount of all liabilities at the close of 1882 was $6, s95, ,664, ,S59.
 These are tremsndous' hgureS. But the real cost of the roads is much less than 1t appears to be. During the three years since 1879, 2S, ,O19 miles of railrsad have been opened; the share capital and Indebtedness was increased $2.o2s. .64o. .s42, the average cost per mile of the new mileage being in l round numbers $7O, 900, whsis the increase 1 in funded and floating debts for the three years has squalIsd about $8o, ,OOo per mile. 1 The sash cost of all the railroads constructsd | in the United States in the last three years | did not exceed, probably, $30.Ooo to the | mile, or $9OO, GOO, ,OEO in all. To this sum is | to be added at least $15o. o.ooO,Uoo, derived chiefly from earnings, expended in improve ments of old lines. IL is safe te estimate that the actual cash expenditure upon all the railroads of the United States within the past three years did not exAeed $1, ,o5O, o00,. poo, sum $973, ,s46, s42 1ssas than the in- crease in the period named, of capital and of the several companies. Such An enormous increase of liabilities over actual cash outlay is not vsky cheering and has done much to bring rsilroad stocks into lisrepute.
 But notwithstanding stock watering and he other pecularities of railroad fnansierine he railroads earned in 1882 over ITO million dollars, or nearly 114 per cent. This means he gross income, ont of which running ex- oenses, interest and profits must be paid. 0n the stock, of nominally 8, ,466. millions, put 1o2 millions were paid in dividends, or ess than three per cent. on the aysraga.- Of ,whsrs. The bonds and other kinds of in- | erests received 149 million dollars, or much { nore than did the stockholders. All told, Nr. Poor finds that the percentage of nst earnings, in 1882, was but 1-2 per cent against AT per cent. In 1881. and over per l ,ent. in 1ssO Considering the way railroad property has been treated it is surprisinR hat so good showing of net earnings is made.
 It is not probable that Il, 800 miles of rail- 'oad will be built in this country in year gain very soon, and perhaps so much will lever again be built in single year. Many If the States have already all the railroads ] hey need and more too, and there are more trunk lines" than can find profitable busi- less. But the railroad system will continue o be extended with more or less rapidity un- il all parts of the country are supplied with 'ailroad facilities. MT. Poor thinks that here will sometime be three hundred thou and miles of railroad in these United States