The times., 1899-10-22

-At7' tL-tt the gross receipts or the fall-
/ roads in lhe United States have increased
/ lH almost exactly the same ratio as the
/ miles operated, viz; lS.5S per cent, while
/ their gross receipts per mile have in
/ creased $50, or less than one-half l45-lG0
/ or one per cent. This in country which
I mas developed enormously in the mean
Nhl.e and whose population is estimated
/ py the Interstate Commerce Commission to
I be increasing AT the rate Of 1850 600 per
J auuum.
On the other hand, in the same time in
/ the United KinEdom-The number Of miles
I operated increased 10 per cent; the capital
4 increased 26.41 per cent the capital per
. mile operated increased 1715 per cent;
T gross receipts increased in amount 20.39
per cent and gross receipts per mile oper-
atedt ll57 per cent.
American Rouds Excel.
While il is true that as a whole the
English railways are better built than
ours. said Mr.. Fish, there are many points
in which ours excel theirs, and there are
also thousands Of miles of railroad in the
United States which are well and perma
1 nenty constructed.
The capitalization. including bonds and
stocks, Of the railroads in the United
/ States is S60,343 per mile; that Of the rail-
ways in Great Britain. E5237 per mile
which. al s. to the pound equals $2G1, S95
The increase in the capitalization OF the
/ railroads of the United States per mile in
nine years has been, as above stated SO.
/ The increase in the capitalization Of the
British railways per mile during the same
/ nine years has been { ,669 or, at S. TO the
/ pound. s3S,S45.
As an example Of the increase in the
1 value Of railroad property in this country
which was not represented proportionately
in its stock issues, Mr.. Fish said that
! the Chicago property of the Illinois Cen
/ tral stood on the books of the company at
/ lis original cost. about $250, ,000 while the
i actual value as estimated a few years ago
/ by officials Of the city Of Chicago amounted
I for the terminus and one mile Of road TO
/ S34 500 Goo This same condition obtained In
many other places on that road, although
4 probably not 10 so great an extent. There
( was not a road in the country, Mr. Fish
said. which did not have much valuable
/ property not represented in the basis for
( its stock issue.
Employees May Buy stock.
There are 2S,75O employees of the Illinois
/ Central system. The company donated
+ grounds and buildings for hospital which
/ is located on the Louisville branch This
hospital is exclusively for the use Of rail
road men. and is maintained by the contri-
/ buttons of the employees of the Illinois Cen
/ tral road.
The company has a plan for encouraging
its employees 10 become owners OF the stock
OF the company. This plan was explained
TO the Commission by Mr. Fish as follows.
"On the first of each month the price
of shares at the New York stock exchange
is teleETaphed to Chicago. and the pay
master is authorized 10 sell one share TO
each employe al that price. Payment is
4 accepted in sums of s., or any multiple
thereof. Interest at 4 per cent per annum
is allowed on the partial payments, and,
when an employe leaves the service, he
must either pay in full for his share and
receive a certificate therefor, or take his
money, with the interest added.
The number Of officers and employees,
other than directors of the corporation,
registered on the books of the company as
stockholders, is 705, and their holdings
amount TO 2,554 shares.
The stock is being gradually purchased
by those resident on and near the line.
In each Of the eleven States in which the
company is operating railways there are
a number Of stockholders, varying from
in Indiana TO Tj7 in Illinois. The total
number of stockholders in these eleven
States is 1.126 and the number Of shares
held by them g, ,995.
There are resident in the United States
3,6GS stockholders, owning 346,207 shares,
or over 81 per cent Of the whole; in Great
Britain. 2543. owning 1856 shares; else
where, l15, owning 55,I25 shares.
Exclusive Of one large block Of shares
held for more than thirty years past in
trust by a Dutch syndicate. or admnistra-
tion Office, against its own certificates
good 10 bearer. which is widely scattered
among hundreds Of owners, the average
holding Of the remaining pT0prietors reg
istered on the company's books is eighty
five and oue-half shares. In the United
States the average is eighty-nine and one
half shares.
"All told. the books show five holdings
of 5000 shares. OF over; 50 Of 1000 shares,
or over; SO Of 500 shares, or over: 694 Of
less than 500, but more than 100 shares;
ass Of exactly 100 shares each. and 5194
of less than 100 shares The number OF
stockholders registered on the books is
6.526. Barely one-seveuth Of them own
over 100 shares apiece
Ticket Brokerage an EVIL.
Mr. Fish was opposed to the present
system Of issuing passes. He would do
away with the system altogether. It was
about the only way, he said, in which reye-
nue. could be taken out of the treasury of
q railroad without any return.
Mr.. Kennedy, Of the Commission, asked
at this point If there We're not sometimes
! a return for the passes, especially in the
/ case Of State and municipal officials.
Mr.. Fish replied with a smile that he
believed there was some times q return
/ Of this kind but added that If the return
was valuable enough TO require payment
4 30 should be a cash payment and lot
/ pass
/ Ticket brokerage he declared to be an
evil, and he had be said, a very simple
I plan which he believed. if put into opera-
/ tlon, would put q stop 10 II. Before ex-
I planning the plan, however, Mr.. Fish said
/ he had talked il over among railroad men
| for several years, and was certain that it
would not be approved by the majority
/ Of railway officials. The plan was 10 issue
! tickets with the amount Of their cash value
stamped on them and also q provision
printed thereon showing that the ticket was
/ sedeemable within thirty days, if unused
I for its fun cash value. Such portions Of
/ the ticket as had not been used Mr. Fish
would also have redeemabIe. II was
I brought out by questions on this subject
| that there are no doubt many roads which
favor ticket brokerage, for the reason
that they can in this way enter into com
petition with other roads by offering their
tickets for sale through a broker at re-
1ueed rates themselves avoiding the re-
1 spousibility for violating the Interstate
/ Commerce law. Mr. Fish was opposed to
Government ownership Of railroads
Cloudy as to Dntes.