Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1891-11-30
MOMENTOUS FACTS.
The Annual Report on Uncle
Sans Railways.
a YEARS INCREASE OF MILEAGE.

Total Length of Lines in the Country
June so, 1S9O-The Increase of Capital
and ConsoIidations-Ca Pitalization and
Business Done-Comparative Safety or
Trayei-Some suggestions for Change in
the Interstate Commerce Law -
Book for Consressmen-The Speaker
ship.
WASHINGTON, Nov. 0-The third an
nual report from the interstate commerce
commission on the statistics of Railways
in the United States" which covers the
operation of railroads FOR the year ended
June 80. 1890, was given to the press last
night 1t shows that railway mileage in the
United States on June 3D. 1890 was l63,-
5S7 miles; the inc ease in railway mile
age brought into operation during the
year was g. 30 miles The total length of
track for the United States. including all
tracks, sidings and spurs, is 209, 060 miles.
During the year s. l01 miles of line disap-
peared as independent companies, hav-
ing been merged into other companies.
Had the Big End OF the Income.
There were seventy-four companies in
Ire United States whose gross income in
1890 was Ss37, coo, 600, out of a total gross
income of all railways in the country of
Sl,051, S17, 6S2. The total number of men
employed on the railways of the United
States was 749. sol, being an increase of
IS, SOS over the number employed in 1889.
The 156, 4O4 miles of line, which is made
the basis of statistics in this report, is
represented by railway capital to the
amount of 50, ass, 444, 172, which is equiva-
lent to Sc, 4Sl per mile of line. Assum-
ing that the remaining mileage is capi-
talized at the same rate, the total capital
ization of railway property in the United
States would be 50. s94, 4S3 400.
Increase in Capital for the Year.
The increase in railway capital for the
year ended June so, 1890, over railway
capital for the previous year. is S444, z6S,-
79S OF this amount $3.50, 900. 900 at least
is due to the increase in capitalization on
lines already in existence The proper
tion of railway capital represented by
stock is 1852 per cent. of the total railway
capital. The amount of stock per mile of
line is S2S 522, and the amount of out
standing obligations, including bonds,
equipment, trust obligations. etc, is
$29, 262. There are marked differences in
the capitalization of railway property in
various sections of the country. In the
middle states, for example, railway capt.
tai is outstanding to the amount of $l1S.-
Csc per mile of line. In California, Ore
gon, Washington and other states and
territories, railway capital is outstand-
ing to the amount of SS7. 1O4
More Capital Than Real Value.
The roads which converge in Chicago
lying east of the Missouri river are capt.
talized at SAT Gas per mile of line. which
fairly represents the capitalization in the
other sections of the country, exclusive of
the middle states and the Pacific slope.
The capitalization of railway property is
largely in excess of it's market value. The
interest on railway bonds and the final
net earnings available for dividends may
be accepted as the amounts accruing to
the owners of railways on their invest
ment. The amount paid in interest was
1925, Az. 937; the final net earnings were
$l06 y61, 9S4. IL the sum of these amounts
be capitalized at per cent it. shows that
the value of railway property considered
as an investment, estimated on the opera
tions of railways for the year ended June
30, 1890, was So, 667, rs 400, which is equiv
alent to az, G31 per mile of line.