The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1892-02-06
Railways in the United States.

~e~"~~v
The advance sheets of the Inter.
state Commerce Commission, saws
the San Francisco Bulletin, con
tain many interesting facts. The
railway mileage of this country VI
to June 80, 1891, is set down al
163,597 miles. Illinois has the lar
gest railway mileage, the total being
lO,2l3,97 miles. Iowa, Kansas
and Texas have each upward Of
5000 miles Of railroad. California
has 1885 miles. The states which
constructed the largest number OF
miles last year were Georgia, 40.
miles; Michigan, 459 miles; and
Washington, Alb miles. The IN,
crease during the year was 1883
miles.
The consolidation ofrailway com
panies has been going on rapidly.
Thus during the year mentioned
twenty-five companies were reor-
ganized, representing 1886 miles,
while thirty-four companies, repre-
senting 1905 miles, merged their
corporate existence into other cor
porations. No less than fifty COM
panies, representing 6,!96 miles,
disappeared by consolidation. 1t
thus appears that companies rep
resenting 8,101 miles ceased during
last year to have an independent
corporate existence. It further ap-
pers that forty railway corporations
operate 1872 miles, or 47.51 per
cent of the total mileage Of the
country. This consolidation ap-
pears to be going on now as rapidly
as at any former time. If to the
total milesge, as already set down,
there are added the yard tracks,
sidings and spurs of all tracks, the
actual mileage up to June so, 1891.
was POS, 612 miles.
This vast system of railways is
operated by 749,3O1 men; the in.
crease of railway men for last year
over the previous one was 44,55S.
+ y The personal hazards TO
railway operatives are indicated by
the fact that in 1891 there were g.
451 killed, and 1886 injured. Of
these 265 men were killed by coup
ling and uncoupling cars, and 1912
men were injured from the same
cause. In the same year 1893 per-
sons were killed and 4,206 were in
jured by reason frailway accidents.
The railway property of the
United States is represented by a
capital of SO, 437 1853, 372, being $780,
$40 per mile of line. This estimate
relates to 1855, 4O4 miles; but it is
assumed that if all the reports of
capitalization were in hand the to-
tai would not fall much short of
$10,OOO,OOO,OOO. In one group, rep
resenting the Pacific Slope, stocks
are issued for $48,128, and bonds
for $35,S45 per mile, making a to-
tai capitalization of $87, 1O4. This
statement is significant. ut will
be observed that the railways in
Group II are capitalized at $117,-
9O2 per mile of line, being higher
figure than is reached by the rail
ways in any other portion of the
country. This excess in capitali-
zation is very marked. The
only roads that approach those of
the Middle States in capitalization
are the roads in California, Oregon
and Washington. The explanation
of this over-capitalization will be
found in that series of accidents,
mismanagements and shrewd man.
agements, which make up the his
tory of railway development in the
United States. There is no ques-
ton of more vital Importance to
the just policy of the Government
control over railway affairs than the
one thus brought into prominence. |
The rule of just compensation for
railway service can never be worked |
out satisfactorily until it is possible
to convert the actual capitalization
of lines into a just value of the
property" 1t is suggested that a
special Commission for this pur-
pose might, with propriety, be urged
upon Congress.
The number of passengers carried
by railways during the year under
review was 1872, 43O,856. The aver.
age journey of each passenger was
24.O6 miles: 1t appears that in the
same year the total amount of stock
in the railways of the country on
which no dividends were paid was
63.7G per cent of the whole. On
about one billion of stock the rates
of dividends were 4, 5 and 6 per
cent. There were probably other
sources of income not here enumer-
ated. The conclusion of the Com.
mission is that the motive for own
ership in railway stock is quite diff
ferent from the ordinary motives
which lead mon fo ;nvo,t .: