The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1883-09-07
THE RAILWAYS.
General Review and Comparison
for Four Years.
One Billion of Water Added to Stocks
on Which tho Public Is
Taxed.
Enormous Damage Inflicted on Rail.
road Credit Thereby.

road Credit Thereby.
"Poor's Manual of the Railroads Of the
United States" for 1855 has been issued 1t Is
not only more complete In valuable stats
tics than usual, but its detail Is more COM
prehensive than it has been in any proceed
ing volume. 1t contains tabulated state
ments showing the length of all railroads in
the United States, their equipment, share
capital, funded and floating debts, cost of
roads and equipment, length OF lines ope-
rated, traffic operations, earnings and pay
menJs, together with a statement In detail
of nnes of railroad constructed in 1882 and
the total length OF all railroads in the world
The work contains ! ,163 pages
The statements show a mileage at the
close OF 1882 of liz, $40 miles, l1,t9I having
been constructed within the year The av-
erage mileage operated for the year was
1C7, l5S The amount OF share capital issued
by the several companies up TO the close or
their respective fiscal years was s., Az, 0SS,-
196, an increase from the previous year OF
$685., 2254, 5S5. The funded debts OF the sew
an increase from the previous yoar OF S352,
b54, 49i Their floating or unfunded debts
amounted to S255 10, 9j2, an increase Of
S42, 40I, 965 from the previous year The
total increase OF share capitakand OF funded
and floating debts from the previous year
all liabilities at the close of 1882 was ST, $685.
664, S5a The gross earnings OF all the
roads for their several fiscal years of
1852 were s170356, 116, an increase
from the previous year OF SCI, 0B,5lL.
Or the gross receipts, 500, l4O, rs We're
from freight, and SOL So, 734 from miscel-
laneous sources. The net earnings for the
year were S3lo,6S Si7 an increase OF S4,-
G29, 100 from the previous year. The amount
OF interest paid was sl49, ~, $50, an increase
Of so, aOS, 01S from the previous year The
amount of dividends paid was slC2,O1, "A,
an increase OF 60 IA from the previous
year. The percentage in 1882 OF gross earn
ings to Investment was 11.2 per cent in
1881, IL. .; in 1880 ia; in 1879, los. The
percentage of net earnings to investment
in 1882 was f. 5 per cent; in 1881, Al; 1880
8. l; and in 1879, "A per cent
A talutated statement is given, showing
Ivy groups Of States the length OF lines
owned, share capital funded debts, length
of lines operated, gross and net earnings,
and interest and dividends paid by
all the railroad companies of the
fiscal years of 1879 1880, 1881 and 1882.
This statement shows that the capital and
liabilities per mile Of all the railroads Tor
the respective years were as follows: 1879,
s57, $50: 1850, s5S, $40; 1881, $50, $50; 1885,,
sci, 342-showing an increase in capitalize
ton per mile for four years OF $50 not
withstanding that nearly al the new mile
age is only a single track The gross
earnings per mile of operated road for the
respective years were: 1879, 81, Coz; 1851,
S7,43; 1881, SI,:55G; 1882, S7,l9S The net
earnings per mile were: 1879, 81, 749; 1880,
The increase Of share capital and indebt-
edness of the railroad companies fol. the
thNee years ending Dec. 81, 1852, was S2,,O23,
646, Si2, the average cost per mile OF the
new mileage being. in round numbers, So
GO. The increase in the three Y ears of the
funded debts Of the several companies has
been 1854, 52t, 90; Of their floating debts
SIS, 2S9, 30 the two sums amounting to
S963, 2l5, $50, a sum equaling something over
Sc, 700 per mile of line. The cash cost Of
all the railroads constructed in the United
States in the last three years did not exceed
probably $50, 600 to the mile, or 500, CO.., coo
In all 1t Is safe to estimate that the actual
cash expenditure upon all the ra lroads of
the United States within the last three
years did not exceed 81 $50, C0O,0,O, sum
sT3, GAG, S42 less than the increase, in the
period named of capital and Indebtedness
of the several companies OF course such
an enormous increase of liabilities over cash
outlay is to be greatly reg cited, and is well
calculated to create distrust of all securi-
ties, good and bad.
lne NUMBER OF passengers Transparent
in 1882 on the railroads of the New England
group of States, having a population of
., $3.50, $50 was 65. 20 !e}4-a number lt3 times
greater than its whole population. The
number transported in Massachusetts, was
IL, 063, $50, a number greater than for any
other State The number transported in the
Micdle group of States. having q population
of ~ 80, $50, was 205, 81, So or, deducting
81, l6l, 029 carried on the New York city
elevated railroads, 1868, 5U-a number
very nearly equaling ten times its popula-
ton The number transported IN the
Southern group of States, having a
population of la,255, 90, was 10S15, 81, a
number ,379, 800 less than the popula' ion
of this group The number transported on
the railroads of the Western aud South
western group, having population Of e,
greater than its populations; the low aver
age for this group arising from embracing
in 1t the Southwestern States The num-
Der transported on the Pacific group, hav-
ing population of 1893, Sl7, was 05l0, 4l0
"a number T. , times greater than it's popu-
lation. The total number transported on
all the railroads of the United States the
waited roads, was ~, 100, 7S3-a number
equaling very nearly six times the total
population, 80, Az 0GG. OF the United States
in 1880
The miles of railroad constructed in 1882
were IL ,95l, or ] SOP mill more than were
constructed In 1881. In the following state
ment, showing the total number of miles in
the United States at the end of each year
from 1880 to 1882, 1t needs to be explained
that the total here stated for 1882 is the
number of miles completed Dec. 81, 1882,
whereas in the preceding totals the mileage
was computed for the fiscal years Of the
companies, which has ended from Sept. 30,