The times. [volume] (Richmond, Va.) 1890-1903, 1902-10-29
IHER RAILROADS.

According to the advance proofs OF
Poo,'s Manual for 1902. the total traffic
revenue of the railroads of the United
States for 1901 reached the enormous
aggregate Of S1,6l2, 4is So6, leaving net
earnings, alter providing Tor expenses
OF operating Of s5.y.tl.i ~, While the
total available revenue amounted to
l.9ss,t6s.5ll Out OF this was paid in bond
and other interest So, ,5l0, there was
distributed i'll dividends Sls2l6.,9S5.
rentals, and miscellaneous payments alb
so,oed sl2;,61.:;;:atG... leaving a. surplus
over fixed charges and miscellaneous
payments OF slll.sis, la.,
In 1850 there were twellty-tirce miles
OF railroads in operation in the United
states. IN 1s9. the mileage had IN
creased 10 lsS.p5a. and ii 1871 1885 miles,
not including second track, sidings. etc.
lie total llapinaes increased from
sl1 49, 90 COS TO s1..s2S, 9Go.521 and the
assets from S1I. SOS. i25,9sS TO sl3aoso 29, oScc.
The number of passengers carried IN
creased from 5sa,65pals to 60D,iS5.1aa, and
the tons Of freight moved from 674,I.l1i1
to l,Csa,pss isl. In 1891 the balance be-
tween earnings and payments showed a
deficit of slo,iae,455. which vas turned
in 1901 to q surplus of lll,Sos, 1874
There could nc no better sign than
this of the general prosperity OF the
country and there could be no better
sign OF the better management of rail
roads. Under the old system railroads
wrecked themselves by cutting rates;
under the new system they have an
agreement between themselves as TO
rates. and while there is competition for
business there is a uniform rate. which
is good for the railroads and good also
tor the shipper. 1t is better for the
shipper. TO have a uniform rate, even
though it be a little higher, than to have
cut rate upon which he cannot de-
pend.
But contrary to the belief OF many,
the rates nave not increased In point
Of fact they have decreased According
10 Poor's Manual since 1882 there has
been a decrease in the average rate Of
interest from i.16 per cent to Al.
There was also a decrease i'll the aver
age dividend rate of ...2 per cent in
that year to l.is III 1897 From that time
there has been a steady increase from
LIS IN lS,S TO 81 IN 7al The average
rate of freight per ton per mile, fell
from LIS cents III us. to O743 cents
Iii 1851, The lowest point ever touched
being IN 1893. when it WAS down to O.126
cents. I'ie average rate per passenger
per mlie has also been a. decreasing
quantity, the figures being cc.is7 cents in
lse: and 2.uys IN 1901, with 1899 again
making the lowest showing, with onl2.
The gross earnings per mile OF opera
ton have increased in the same period
IRON s7.ss3 TO ss,27s. and the net from
$3.50 to SEES. The percentage of ex-
penses TO earnings was G.sS in 1852 and
el.75 last year.
Nor has tncre been any decrease in
wages, but a steady Increase. and If the
railroads continue to prosper there will
De stun Iurlner. increase III snort
time. But the skepucal may want to
know how the railroads can decrease
their rates and increase wages and make
Yet more money. The simple reason is Il at
the roads have been doing larger busi-
nees and by an increased capacity are
doing business at smaller percentage
OF cost BY means OF the giant iocomo-
tives and large freight cars one train
can now do the work of two trains un-
der the old system.
There are no railroads in the svnrld
equal TO the railroads OF the United
States, and their management is cx-
cclient. OF late years during their pros
perity they have been making improve
ments out of current earnings instead
OF increasing their bonded indebtedness
and haze put themselves i'll first class
physical condition. They have. as al
ready stated. purchased larger loconlo-
tivcs and larger cars and are now in
pos,uon TO make more money than ever
N u IS to me interest Of The whole