The age-herald., 1901-07-20
ELEVEN BILLIONS
 IN THE RAILROADS Of Which Over a Fourth Pay
 No Dividends SIXTEEN BILLION PEOPLE Travelled on the Railroads of America In One Year-Figures That Stag ger the gInation-statis-
 tics That startle. II .ii
SIXTEEN BILLION PEOPLE

The annual report of the Interstate Commerce Commission has some exceed ingly interesting information within its binding. Regarding the question of the capitalization and valuation of railway property rather startling statistics are given.
 The question of public service is also discussed at length. The statistics of fered ito throw light on this division of the railway business and are also full of in- terest.
 Abstracts from the report are as fol- lows:
 '"The amount of railway capital out standing June 30, 1900. was $11, ,491, ,oS4, ,e6O This amount assigned to mileage basis represents a capitalization of $61, 49o per mile of line. Of this amount $b,s4S,57s,5ss existed in the form of stock, of which $,- 522, ,2sl, ,sas was common stock and N, ,s23, 2S7,- 755 preferred stock This amount was classified as mortgage bonds, A.sOO626,- s2s: miscellaneous obligations, $464.9S3. .S4l 1; income bonds. s219,5se.sss; and equipment trust obligations, s6o, ,sos BOP. The amount of current liabilities not included in the foregoing capital statement was $594, ,7S7,- s70. or $3,1s3 per mile of line.
 "The amount of capital stock paying no dividend was $3.176,60 ,69s, or 54.34 per cent. of the total amount outstanding. The amount of funded debt, excluding equip ment trust obligations, which paid no in- terest, was s378, 8,937, ,sO6. Of the stock pay ing dividends. 1o.1s per cent. of the total amount outstanding paid from 1 to per cent, 1456 per cent. paid from to per cent, 6,e5 per cent. paid from to per cent. 4.29 per cent. paid from to ! per cent. and GAO per cent. paid from to 8 per cent. The amount of dividends de- ciared during the year was $1S9, ,587. .g72, which would be produced by an average rate of 5.23 per cent. on the stock on which some dividend was declared. The amount of mortgage bonds paying no in- terest was $266, ,s74, ,623 or 5.A per cent; of miscellaneous obligations $16,779,17b, or 36i per cent; of income bonds $95, ,2S4, COS, or 45. 70 per cent.
 'The number of passengers carried dur ing the year ending June 30, 1900, as shown by the annual reports of railways. was 576, S65, 230, showing an increase for the year of 53,6SS.722. The number of passen- gers carried one mile-that is. passenger mileage--was 16,oss, ,o07, ,217. there being an increase in this item of 1,447, ,679, ,604. There was an increase in the density of passen- ger traffic. as the number of passengers carried one mile per mile of line in 1900 was S3,2s5, and in 1899 Ts21.
 "The number of tons of freight carried during the year was 1.101 ,6s0, 2sS, an in- crease of 4i,916.655 being shown. The number of tons of freight carried mile that is, ton mileage-was 1,599, 157 ,270. The increase in the number of tons car ried mile was 17,S31 ,900,117. The number of tons carried i mile per milo of line was 735, ,366 These figures show an in- crease in the density of freight traffic of 75,Sol tons carried mile per mile of line.
 "The report contains a summary of freight trafic analysed on the basis of commodity classification, and also a sum- mary indicating in some degree the local ization of the origin of railway freight by groups of commodities.
 "The average revenue per passenger per mile for the year ending June 3O,1900, was 2,oo3 cents. For the preceding year 1t was 1925 cents. The revenue per ton of freight per mile was 072s cent, while for 1899 is was 0.724 cent. An increase in earnings per train mile appears for both passenger and freight trains. The aver age cost of running train i mile in creased nearly g cents as compared with 1899. The percentage of operating ex- penses to earnings shows a small decrease as compared with the preceding year."