The Portland daily press., 1885-08-14
RAILROADS In 1894.

From Poor's Manual just published, it APP
pears that at the close of 1884 there were
125,379 miles of railroad inlthe United States,
of which 1877 miles were constructed last
year. The share capital of the mileage in
operation in 1884 equalled $3,7626166S6
against SO, 7OS 06O,5S3 in 1883, the increase
equalling 4,556 103 The funded debts of
all the lines at the close of the year aggrega-
ted $1,000, 115,772, a sum $16S, 235,85S in ex-
cess of the total of 1888. The other forms
of Indebtedness of the several companies at
the close of the year equalled 1914, 666, $685.
against $26S, ,2S5 for 1883, the decrease be-
ing 1924, 25S $50 The total share capital and
Indebtedness of all kinds Of all the roads
making returns equalled at the close of the
year, $7,676, 399,054, a net increase in the year
Of $19S, 533,2 72, The gross earnings and re-
ceipts from all the lines making returns for
the year equalled $770,6S4, 1908, of which
$206, 100, 701 were received from transporta-
tion of passengers; $500, S69,910 from trans
portation of freight and $53,0O0,OOO from
transportation of mails and express matter,
investment and sale of lands. The gross
earnings of all lines for the year ending De-
cember, 1883 were $685., 772, 1924, exceeding
those of 1884 by $53,0SS,O 16, or falling off in
The latter year of GA per cent.
Notwithstanding the great prostration of
business the past year the tonnage of mer-
chandise distributed in 1884 fell very little
short of that of 1888, while it exceeded the
tonnage moved in 1882 by 29,5S3,374 tons.
Mr.. Poor says the falling off of the earns
ings is something phenomenal. In 1877 the
total earnings of all the roads was SAT-, 9O9,-
272. From that date they increased rapidly
until in 1888 they amounted to 1928, 1924.
In four years the increase amounted to $296-
1872, BAT, the average increase being more than
$4,000 annually. This increase was due
very largely to the enormous expenditure in
the period of five years ending in 1883, in the
construction of railroads, within which 49,
600 miles were constructed at a cash cost of
$1,2OO,0O0,OOO
Of these 10000 miles a considerable part
was built on speculation and therefore par
alleled existing lines The most striking eX-
amples of the kind are the West Shore and
the Nickel Plate, and the general demorali-
zation which has prevailed the past year in
railroad circles is due more largely to the
construction Of these two lines than to any
thing else. Their effect has been to stop al
together dividends on the Lake Shore and
Michigan Central, and to reduce those paid
on the New York Central from 2 per cent
quarterly to one-half of one per cent quar-
terly The earnings of other great trunk
lines have suffered in like manner, and bust
ness has been done with little reference to
rates or results. Back of the building of
these two parallel lines, and the real cause Of
the catastrophe of 1883 and 1884, was the Won
derful success of the signal instances of
watering of which the Pacific lines, the
New York Central and Lake Shore are strik-
ing examples The real catastrophe Mr..
Poor says, took place when the watering oc-
Cured. Its success set everybody wild
and capitalist and adventurer alike were
seized with a mania for railroad building.
The country, in the opinion of Mr. Poor, is
now at about its lowest depths as far as rail-
roads are concerned, and the remedy for the
evil which has been done by excessive build
ing, has been applied The competing lines
are being taken up by the lines they