The Portland daily press., 1895-08-31

the close of the year aggregated 1865,
1874, 249, sum s95, AL, 686 in excess of the
total Of 1893 (sF, $50, 29s, 613), an increase
of /. II per cent.
The other forms of indebtedness of the
several companies at the close of the year
equalled 1888, 567, 232, against $40, 361, SOB
for 1893 decrease of $26, 794,271
The total share capital and indebted
ness, exclusive of current accounts of all
the roads making returns equaled at the
close of the year s11, 1874, $50. 551, an in
crease in the year Of $64, 243, 531 over the
total of 1893 ($l1. 060, 6S7, 020) the rate of
increase for the year being 0. SO per cent.
The cost per mile of all roads making re-
turns, as measured Ey the amount of
their stocks and bonded indebtedness,
equalled $50, 3O4. against $50, 113 for 1893
| In 1880 the total capital investment of
the railroads of the United States, meas
ured by the amounts of their share capt.
tai, funded and unfunded debts, was 3d.
| 402, OBS. 257 Their gross earnings in that
year equalled s613. 733. 6lo, or 11.36 per
cent on capital invested, viii le net earn
ings amounted to sos, 557, 555. being At
per cent. n capital invested.
In 1885 the total capital investment was
s7,S42, 533, 179; gross earnings equalled
$772, sos, $685. or 9. per cent on capital in
vested; net earnings. $3.50, 493, 93l, being
"a per cent on capital invested.
In 1890 the total Investment was $40,
122, 635, 900; gross earnings were S1.097,
847, 42S, equal to TO- s per cent on invest
ment, and net earnings $34e, 921. 31S, or
g. 4 per cent. no capital.
In 1894 the total investment was II, 1874,
$50, SOL; gross earnings were 81, 0s0 305, OILS,
equal to or per cent on investment, and
net earnings 1913, $50, 276, or 2. g per cent.
on capital
In the fifteen years from 1880 to 1894
inclusive. the mileage of railroa in the
United States has increased from "a, 1893 to
17s, 119, the increase equalling 90, 726
miles The total investment in these
properties, represented by their capital
stocks, funded and floating debts, in
creased in the same time from 81. S72, OH,
SIT to Sill, 1884, $50, sol, equal to 4as per
| C6ut. 4uc dtCIaSO 1AS4CEoO Ill AAAAANe'6oO Fs'A
year was {, 24S miles; Of invested capital,
$416, 500, 902. The average capitalization
per mile in 1879 was 500, $50, as against
| $685. 45S in 1894.
In the first five years of this period the
mileage increased 40, 759 miles, or more
than 4S per cent, while the capital in
vestment increased 50, 804, S81, 537, or 81
per cent, this increase consisting OF an
increase of 81. l per cent in capital stock,
| 49, per cent. in funded debt, and 56 per
cent in other forms Of indebtedness.
In the five years ending with 1889 rail-
road mileage increased 34,S42 miles, or
27s per cent Capital Investment in
creased 50, 004, 54s 1876, or 1851 per cent.
| During 1894 it appears from an examin-
alton of the tables published in the
Manual, holders of a. SO per cent OF the
railroad share capital of the country
failed to receive any return on their In
yestment, that being by considerable
margin the largest percentage of unpro-
ductive stock in any year covered by the
tables, OF from 1882. The Manual says
that the causes that have resulted in the
continued lowering of the dividend
return on railroad shares are the evils by
which investors in those properties have
been beset for the past twenty years, and
which are likely to prove the most power
full menace in the future These causes
may be briefly summarized as follow
a. The unwise policy of extension which
the railroads themselves have pursued
since the revival in railway construction
| in 1879, which has placed heavy burden
of unproductive lines for the companies
to carry until the country grows up to
their need; (2) repressive legislation, SO
far as rates are concerned, throughout all
sections Of the country, and the animosity
engendered in the people by demagogues,
more though ignorance or viciousness
than for any other cause; (3) the compe-
tition and rivalry resulting from the null
tiplicity of routes; (4) the restrictive
features of the Inter State Commerce
law; and 60 the labor question and
growing tendency to demand higher
wages.