80 1965 Northern Pacific Railroad 3,468.61 TABLE No. 26. TABLE SHOWING REVENUE AND DENSITY OF TRAFFIC FOR ALL ROADS WHOSE GROSS REVENUE EXCEEDS $3,000,000. 1167 Pennsylvania Railroad.. 1497 Southern Pacific Company. 963 New York Central and Hudson River Railroad. 980 New York, Lake Erie, and Western Railroad 333 Chicago, Milwaukee, and St. Paul Railway 320 Chicago, Burlington, and Quincy Railroad. 334 Chicago and Northwestern Railway Baltimore and Ohio Railroad 475 Delaware, Lackawana, and Western Railroad. 2,397,851 295,577 1,957,675 $57,719,086 $23,724 $7,562 288,968 5,998.32 43,292,582 7,217 2,350 97.164 34,960,901 24,609 8,736 399,974 26,316,894 16,125 5,662 188,201 1,904,892 25,571,146 4,503 1,725 45,449 285,467 25,534,247 5,255 1,699 57,044 4,254.92 25,480.445 5,988 2,400 64,876 355,489 417,905 20,345,224 11,599 3,456 147,749 1,281,439 19,403,864 24,909 9,808 240,991 1,959,461 19,213,264 1254 Philadelphia and Reading Railroad.. 5,539 2,195 64,531 252,199 843.10 19,044,205 1578 Union Pacific Railway. 22,588 10,348 218,822 1,619,866 1,821.43 18,649,972 744 Lake Shore and Michigan Southern Railway 10,239 4,453 111,438 604,946 1,409.55 1136 Pennsylvania Company 18,070,717 12,820 4,741 153,155 1,264,094 1,366.25 16,990,719 12,437 26 Atchison, Topeka, and Santa Fe Railroad 3,872 136,734 1,246,241 3,026.26 225 Canadian Pacific Railway 16,001,267 5,288 1,836 59,587 249,494 4,957.90 151 Boston and Maine Railroad 763 Lehigh Valley Railroad... 260 Central Railroad of New Jersey 849 Michigan Central Railroad. 343 Chicago, Rock Island, and Pacific Railway 653 Illinois Central Railroad. 876 Missouri Pacific Railway. 1031 New York, New Haven and Hartford Railroad. 146 Boston and Albany Railroad 13,731,639 2,769 955 48,108 171,989 1,210.03 13,528,523 11.180 3,908 301,014 268,560 1441 St. Paul, Minneapolis, and Manitoba Railway 23,135 9,192 500,802 1,088,870 876 Missouri Pacific Railway :* 3,030.16 8,586,566 2,334 1,266 23,996 134,339 905 St. Louis, Iron Mountain, and Southern Railway 311 Chicago and Alton Railroad 1136 Pennsylvania Company:* 7,669,410 9,034 3,668 129,729 582,411 1158 Pittsburg, Cincinnati, and St. Louis Railroad 459.23 7,619,741 493 Denver and Rio Grande Railroad 16,592 3,642 199,870 1,671,182 1,544.98 7,514,657 1627 Wabash, St. Louis, and Pacific Railway. 1167 Pennsylvania Railroad:* 4,864 1,678 40,583 153,399 948,20 6,662,926 7,026 1,330 79,797 659,594 1234 Philadelphia, Wilmington, and Baltimore Railroad 535.40 6,648,359 12,418 3,065 291,323 363,304 1549 | Texas and Pacific Railway 1,497.00 6,393,654 4,271 1,050 39,101 349 Chicago, St. Paul, Minneapolis, and Omaha Railway 203,469 1,389.33 6,377,400 4,590 1167 Pennsylvania Railroad:* 1,658 48,075 289,348 1227 Northern Central Railway. 372.83 6,018,553 16,143 1628 Wabash Western Railway. 5,377 135,036 1,854,721 1,001.90 5,868,660 5,858 1,497 1136 Pennsylvania Company:* 76,595 458,937 1149 Chicago, St. Louis, and Pittsburg Railroad 710.49 5,837,528 1424 St. Louis and San Francisco Railway 8,216 1,621 99,564 923,644 1,329.47 5,807,176 4,368 1,709 37,750 225,112 369.08 5,743,909 1022 New York and New England Railroad 15,563 4,012 237,080 936,535 475.69 5,497,399 1061 525 East Tennessee, Virginia, and Georgia Railway 11,557 3,834 201,278 498,645 1,067.10 5,290,987 4,958 1,796 47,060 398,095 591.03 5,103,318 8,635 3,376 978 New York, Chicago, and St. Louis Railroad 62,529 1,201,913 523.02 707 Kansas City, Fort Scott, and Memphis Railway 4,664,052 8,918 1,636 33,871 1,622,725 670.60 4,545,567 6,778 875 Missouri, Kansas, and Texas Railway 2,508 56,543 575,140 1,627.12 4,399,034 405 Cleveland, Columbus, Cincinnati, and Indianapolis Ry. 2,704 397 19,792 173,731 391.15 4,342,038 11,101 3,854 135,946 1,124,735 667.41 4,314,696 6,465 278 Central Vermont Railway. 1,359 72,743 916,877 630.60 825 1097 Ohio and Mississippi Railway 4,044,047 6,413 2,078 75,249 478,196 57 Atlantic Coast Line Association 104,473 149,555 908.88 3,691,484 4,062 1,352 385 Cincinnati, New Orleans, and Texas Pacific Railway 46,989 136,307 335.92 3,645,632 10,850 26 Atchison, Topeka, and Santa Fe Railroad :* 3,807 102,059 889,827 51 Gulf, Colorado, and Santa Fe Railway 1,058.00 3,636,393 3,437 431 25,111 368 Cincinnati, Hamilton, and Dayton Railroad. 346.20 3,522,343 10,174 780 Long Island Railroad 4,278 186,085 360.95 3,455,790 9,574 594 Grand Trunk Railway :* 3,419 336,246 162,329 1651 Western New York and Pennsylvania Railroad. 1542 Terre Haute and Indianapolis Railroad 929 Nashville, Chattanooga, and St. Louis Railway 863 Milwaukee, Lake Shore, and Western Railway 26 Atchison, Topeka, and Santa Fe Railroad :* Chicago, Santa Fe, and California Railway Atlantic and Pacific Railroad 2,193 85,133 278,808 657.86 3,276,865 4,980 1,162 38,734 634,886 420.90 3,261,812 7,750 1,954 88,958 623,168 652.17 3,201,098 4,908 1,916 44,481 309,076 604.97 3,172,757 5,243 2,539 35,094 357,548 Fremont, Elkhorn, and Missouri Valley Railroad. 343 Chicago, Rock Island, and Pacific Railway :* Chicago, Kansas, and Nebraska Railway, lessee. 461 Delaware and Hudson Canal Company:* Albany and Susquehanna Railroad 47,711 188,118 775.40 3,088,355 3,985 833 32,258 206,559 1,298.77 3,086,677 2,376 966 19,914 91,756 1,575.60 3,034,549 1,926 454 19,664 82,755 187.35 3,001,567 16,021 6,600 96,768 1,917,146 } TABLE No. 26—Continued. SUMMARY OF RAILWAY CAPITAL (153,385.37 MILES OF LINE REPRESENTED). The amount of railway bonds and railway stocks outstanding June 30, 1889, was, as stated above, $8,518,718,578. The distribution of this amount on the line of classification suggested is shown in the following statement: Closely connected with this subject, both as explaining it and in its turn being explained by it, are the facts contained in the following table, in which stocks and bonds are classified according to the rate of dividend or of interest paid during the year covered by the report: 1 TABLE No. 28. CLASSIFICATION OF STOCKS AND BONDS ACCORDING TO RATE OF DIVI It would be impossible to explain why 61.67 per cent of railway stock paid no dividends, and 18.19 per cent of railway bonds paid no interest, were it not for the tendency here observed towards concentration of railway control. A large portion of these stocks and bonds, worthless so far as dividends or interest are concerned, represent property held for incidental advantages accruing to its owner, or else property representing the obligations of subsidiary corporations which are passing through a process of being solidified into large operating systems. A study of the contracts entered into between various railway corporations making up an operating system would throw much light upon the facts presented in the above table. PUBLIC SERVICE OF RAILWAYS. The number of passengers carried by the railways of the United States during the year ending June 30, 1889, was 472,171,343; the aggregate number of miles traveled was 11,553,820,445. This shows an average journey of 24.47 miles for each passenger. Passenger train mileage for the same period was 277,240,804, from which it appears that the average number of passengers in a train, on the basis of which passenger rates must ultimately be adjusted, was 42. The number of tons of freight carried by the railways of the United States during the year ending June 30, 1889, was 539,639,583; the aggregate number of ton miles was 68,727,223,146. This shows an average haul of 127.36 miles for each ton of freight. The freight train mileage for the same period was 383,200,573, from which it appears that the average number of tons carried by a freight train, which is conceded to be an important factor in adjusting rates, was 179.35. It is commonly said that the people of the United States make a greater use of railway facilities than those of any other country. From the above statements it is made to appear that if the total passenger mileage of the year were divided equally among the inhabitants of the United States, each inhabitant would have traveled 175.58 miles. A similar estimate for the ton mileage for the year shows that the railways have carried what is equivalent to 1,041.32 tons one mile for each inhabitant. This shows a use of railway facilities in this country considerably in excess of that of most European countries. EARNINGS AND EXPENSES. The public service rendered by the railways for the year ending June 30, 1889, was the source of gross earnings to the amount of $964,816,129,* and of operating expenses to the amount of $644,706,701,* thus leaving a net income from operation of $320,109,428. These figures cover 153,385.37 miles of operated lines, of which 5,641.96 miles lie without the territory of the United States. They show average gross earnings per mile of line to have been $6,290, and average net earnings per mile of line to have been $2,087. As compared with similar returns included in the report for the year ending June 30, 1888, the figures disclose an actual increase in earnings, but a decrease in earnings per mile of line. The details of this comparison appear in the following table: |