Evening star., 1898-05-28
RAILWAY EARNINGS
Synopsis of Report of Interstate Com
merce Commission.
COMPARISON OF THE DIVIDENDS
Returns Declared by Bradstreet's to
Be Quite Satisfactory.
VOLUM OF BUSIN S S

The interstate commerce commission has
authorized the issue of a synopsis of its
report for the last fiscal year. 1t is un-
derstood. however. that it will not be sub
mitted to Congress for several months. The
full report will. it is stated. be the most
exhaustive ever issued by the commission.
Among, other things the report shows
that net earnings of railways. represent
ing operated mileage of 1S0.02I miles,
were 1863. .O.0,S ,SJ6 The net earnings, In
creased by the income from sources other
than those connected directly with the
business of transportation. such income
from investment in stocks and bonds. pro-
duce the total income of the railways for
the year. from which interest and other
charges against income are met before
dividends declared, and the financial
results of operations are shown in the sur
plus remaining The total Income of the
railways covered by this report for the
last fiscal year. including s34 166, 156 in
come from investments and miscellaneous
sources. was $40:s. .21I .512. Taking from this
amount the deductions from income total
izing S34T. .339 3:..2, leaves s55s1S, $50 for the
dividends and surplus for the year. Since,
however. the dividends declared amounted
to S51.2905I9. the figures show a deficit of
s1.412399 in the income account of the
railways, taken as a whole. The effect of
this deficiency would be recognized in the
crease of liabilities in the case of individ
ual roads. The net earnings were s5,0S3,
195 less than for the preceding year.
Increase In Dividends.
Upon comparison of the dividends report
ed for the years ending June 30. 1897 and
1896. respectively. it will be that the
amount of dividends paid by the railways
having essentially the same mileage for the
two years was s2.3:51 1876 greater for 1897
than for the preceding year, being s5I 49,
$40 for 1897.
All of the groups show an increase in the
amount OF dividends except group 3. which.
roughly speaking. includes the states of
Indiana and Ohio, the southern peninsula
of Michigan and Il small part OF New York
and Pennsylvania. for which there was
a decrease of $50 26tI. and group ., mainly
Louisiana and Texas. in which there was
small decrease also. 1t should be borne in
mind that the amount of dividends stated
does not represent the amount of dividends
declared during the year by all of the rail-
ways in the United States. for the reason
that the dividends declared by the leased
or subsidiary operated lines from the rent
ais paid to them by the lessee or operating
companies are not included in this prelnli-
nary report Thus. the total amount of
dividends declared by all of the railway
companies for the year ending June 80
operated lines being about S301D0,OOo
year
The total amount of taxes reported by
the operating companies embraced in this
statement was si0.919, ,:c;3. 1t is also dem
onstrated that the aggregate amount of
taxes reported for the year ending June
80. 1895. was $3J91O.191. which amount
included the taxes OF such subsidiary lines
as were operated under lease or other
agreement by the lessee companies Thus
the taxes of the operating companies of
that year. representing ISL 9S2.6i miles, of
line, were S;I.gji .6jJ or about 5000 o,rJ
than he y.4s.r H. II,
although the 1897 mileage involved is l.
aIi-J' miles less than that just given for
1896.
Increase in Volume.
Since the date of the commissions re-
port there has. however. been a great in
crease in the volume of business transact
ed on all the trunk lines, and this is espe-
cially true on those running south and
southwest from Washington
In an article which recently appeared In
The Star facts We're given to show that the
chesapeake and Ohio road is and has been
Tor some time past, carrying an enormous
quantity OF coal and various other kinds of
freight from the west to Newport News
FOR export to foreign countries, and at a
meeting of the Southeastern Car Service
Association in this city, in which the South
ern railway Is a leading factor, it was an
nouhced that there has been a very large
increase of traffic over the amount carried
on the roads composing the association
during the corresponding period of last
year
The Southeastern Association has as It's
members the Southern railway Atlantic
Coast Line. Central Georgia railway West
ern and Atlantic railroad. Georgia railroad
Atlanta and West Point railroad Plant
system Of railways Florida Central and
Peninsular railroad Georgia Southern and
Florida railway, Georgia and Alabama rail-
way, Macon and Birmingham railway
East and West railroad Charleston and
Carolina railroad Wrightsville and Ten
nile railroad. Chattanooga Rome and
Southern railroad. Northeastern railroad of
Georgia, Macon, Dublin and Savannah rail-
road. Albany and Northern railroad Elori-
da East Coast railway, Sandersville rail-
road. Oconee and Western railroad Allan
ia, knoxville and Northern railway Triton
and Northeastern railroad South Carolina
ana Georgia railroad, Columbia Newberry
and Laurens railroad. Ohio River and
Charleston railway, East Shore Terminal
company, Carolina and Cumberland Gap
Iallway' ISy' blue Ridge railroad, and Cape
Fear and Yadkin Valley railway.
GROSS and Net Earnings.
The quarterly report of gross and net
railway earnings just issued by Brad
streets says OF the volume of business
which has been done by the railroads of
the country since the first of the year:
Viewed from almost every standnotnt
the returns are quite satisfactory. and the
IeW ulfaVorable features are chiefly nota-
BILE as furnishing sharp contrasts to the
otner~lse uniformly good returns
Inc results of the first quarters work
or the railroads of the country NAV he
DIlefy summarized by saying that In spite
Oh the ruin3usly low rates ruling through
out large section OF the country the
showing made by the leading railroads IL
the best one reported for years past AT
thls period. The gains, both in gross and
net, have been progressive in being based
upon returns both for last year and The
year before, which showed increases over
similar preceding periods.
The remuneretiye character of the work
done Is proved by the larger proportion
ate gain in net earnings than that shown
in gross returns. and while OF course
some highly favored systems. notably the
Pacific roads and the grain carrying svs-
TENS. generally show the heaviest returns
alike In net and gross, the generally good
condition of affairs is proved by the uni
formity of The gains In gross receipts, and
by the fact that only one OF the eight
groups OF American roads shows a de-
crease in net This decrease as was rea-
sonably to be expected. is shown by the
New England roads, which appeared to
share in the rather less prosperous condi-
tions in that section of the country
Gains RepOrted