The united opinion. [volume] (Bradford, Vt.) 1881-1970, 1902-12-26
Statistics Of Railways.

.,,erc4 Commission contains an ex-
tensive abstract of the Fourteenth
Annual Report on the Statistics OF
Railways in the United States TOT
Abe wear ending June 80, 1901, when
or;ves in A brief way the more I'M
nortant items of railway statisticS
for the wear named. This statlstlo-
al report is similar in character ~
PREVIOUS reports, with the ADDITION
of some new summaries. 1here -
included in the report OF the Colil-
mission also synopsis OF the pre-
1iminary report on the income az
count of railways in the Onlteu
States for the year ending June 'o'
1902. this preliminary report oelHe
prepared by it's statisticlan IN du
vance of the final statistical report
Cor the year. The preliminary re-
mort embodies returns or railway
onerating 1875, 385 miles of line or
nrohab1v 90 per cent of the mileage
+.a+ will be covered in the full re-
mort on the statistics of railways TOT
+he wear. The passenger earnings
of the railways represented were
$472. 42o. 165 and the freight earn
mos A. zoe, 884, SOB. Including these
and other earnings from operation
cross earnings amounted to SILL
IA POO or So, 761 per mile OF lne'
and operating expenses to 81, loo'-
1877, 4O5, or S., COL per mile OF line
showing net earnings were Sooo' DID,
7o5. or $500 per mile. The net
earnings of these lines, it appears
were ISL, 1916, 421 greater than those
which they received during the pre-
vious year. The total income or the
roads covered by this advance re-
mort. including $50, ,492 derived
from investments and miscellaneous
sources, was $688, 331, 287. Deductions
from income, not including div1
dends, aggregated $458, 459, 9ol.
This amount comprised interest on
funded debt, rent of leased lines
betterments charged to income, tax
es (S49, 426. 675), and other expend1-
+ures miscellaneous in character.
The report shows that dividends de-
c1ared on stocks amounted to $751;
6S5, $50, and it appears from compar-
alive figures that the dividends OF
the same roads, disreg arding unlm-
nortant exceptions, were nearly $780,
600. 900 greater for the Inst fiscal year
than for 1901. The surplus from
the operations of the roads for which
returns are compiled was $79, 1oo' oo|.
The complete report for the year
ending June 80, 1901, gave a surplus
of S84, 764, 1872. 1t should be ex-
planned, perhaps, that the amount
of dividends stated in the prelimina-
ry report, which is compiled from
the returns of operating roads only
does not represent the entire amount
of dividends declared on the stocks
of all the railway companies in the
United States, since dividends de-
clared by such companies as nave
leased their property to others toi
operation are paid from their own IN
comes, which is, apart from tint
small portion derived from invest
ments, essentially the fixed or con
tingent rental paid to them by thei
lessees. AS an aid in estimating
the amount of dividends that will b.
shown in the final report for 1902, l
may be remarked that the aggregat
of dividends, $156, 735, 784, declared
during the year ending June 3d. 1901
included about $35, 900, 900 distribute
to stockholders through the agenc
of leased lines.
The tendency to combine contin
ties TO be the most significant featur
of railway development. The fact
in this regard are matters OF coH
mon knowledge, and little is game
nv the mention of particular II
stances. 1t is not open to questlo
that the competition between raj
road carriers which formerly pr
vailed has been largely suppressed
or at least brought to the condit1c
of effective restraint. The progress
of consolidation, in one form or al
other. will at mo distant day contii
this competition within narrow al
unimportant limits, because the CO.
troll of most railway properties wi
he merged in a few individual
whose common interests impel the
m act in concert. While this WI
insure. as probably nothing else C;
in equal degree, the observance
nublished tariffs, and so measurab
remove some of the evils which
act was designed to prevent, the
sulting situation involves cons
ouences to the public which clal
the most serious attention. A IL
which might have answered the pr
pose when competition was reli
upon to secure reasonable rates
demonstrab1y inadequate when til
competition is displaced by the mC
far-rea ching and powerful combin
tions. So great change in COM
tions calls for corresponding chan
in the regulating statute.
The Commission states that
act of March 3, 1901, requiring car
ers engaged in interstate CONNER
by railroad to report accidents mon
1y to the Commission has been in
Grafton since July 1901. and that
has issued four quarterly bullets