HARUE^ NEW YORK . Gove and THE UNIVERSITY OF ILLINOIS LIBRARY 5&5 B252a & SONS BOSTON IN ail road Bonds Investnrient Securities Philadelphia, represented by JAMES H. CHAPMAN, 42 J Chestnut Street Hartford, Ct., represented by R. T. H. BARNES, Aetna Life Building Chicago, represented by D. K. DRAKE, Continental National Bank Building OUt^ mST OF iNVESTMEflT SECURITIES SEJ^T ON flPPliICflTION I ■ Redmond, Kerr & Co. BANKERS CHICAGO: 4 J Wall Street, New York. Philadelphia: 232 LA SALLE STREET. GRAHAM, KERR & CO. DEALERS IN High Grade Investment Securities Transact a General Foreign and Domestic Banking Business. Receive deposits subject to draft. Dividends and interest collected and remitted. Act as Fiscal Agents for and negotiate and issue loans of railroads, street railways, gas companies, etc. Securities bought and sold on commission. j ^(^ Members of New York Stock Exchange. Issue Travelers' ' ^^ LETTERS OF CREDIT ^^ \ Available throughout the world. J. S. BACHE & CO. BanKers and Brokers Q3 Exchange Place, New York. N. Y. Stock. Exchange N. Y. Cotton Exchange N. Y. Coffee Exchange MEMBE-RS OF N. Y. Produce Exchange Chicago Board of Trade Chicago Stock. Exchange Philadelphia Stock Exchange New Orleans Cotton Exchange Liverpool Cotton Association BRANCH OFFICE,S WALDORF-ASTORIA COURT, N. Y., and at ALBANY, TROY, ROCHESTER, BURLINGTON, VT., MONTREAL, CANADA, PHILADELPHIA, ATLANTIC CITY, SARATOGA SPRINGS, and LIVERPOOL, ENGLAND. DIRECT PRIVATE WIRES TO ALL IMPORTANT CENTERS. W. L. STOW & CO. Bankers and Brokers 44 EXCHANGE PLACE Broad Exchange Building NEW YORK WM. LANINAN BULL. FREDERIC VAN LENNEP. FREDERIC BULL. HENRY W. BULL. R. M. STUART WORTLEY. Edward Sweet & Co. ....5^nl(ers and ^ro\{zrs.... 38 BROAD STREET. NEW YORK. Members of the New York Stock Exchange. Private Wires to all Principal Cities. Dealers in High Grade Investment securities. List of current offerings sent on application. K. C. Stanwood & Co. ^ Bankers ^ 121 Devonshire Street, Boston. /T\d9ieipal, Railroad apd Corporation Bopds AND OTHER INVESTMENT SECURITIES. CORRESPONDENCE SOLICITED. LISTS MAILKD ON APPLICATION Guaranty Trust Co* of New York Mutual Life Building NASSAU, CORNER CEDAR STREET. LOXDOK OFFICES, 33 LOMBARD ST., E. C. 60 ST. JAMES ST. S. W. Fiscal Agents of the United States Government. CAPITAL, $2,000,000 Manila, Philippine Islands. Hong Kong, China, Depository of the Government of the Philippine Islands, Manila. SURPLUS AND UNDIVIDED PROFITS, $5,180,000 INTEREST ALLOWED ON DEPOSITS SUBJECT TO CHECK OR ON CERTIFICATE. Acts as Tru.sire for Corporations, Firms and Individuals ; and as Guardian, Executor and Administrator ; Takes entire charge of Real and Personal Estates ; carefully selected securities offered for investment. TRAVELERS' LETTERS OF CREDIT AVAILABLE IN ALL PARTS OF THE WORLD. COMMERCIAL LETTERS OF CREDIT ISSUED. Georee F. Bal;er. GeorccS, Bnwdoin. Augaet Belmont Frederic Cromwell. I>RAFTS on all parts of Great Britain, France, Germany, China and Philippines BOUGHT and SOLD. WALTER. G. OAKMAN, Presidcut. GEORGE R. TURNiiDLL. 8d Yice-PresiUent. WM. C EDWARDS, Treasurer. E. O. HEBB.\RD, Secretary. R. C. NEWTON, Trust Ofticer DIReCTORSi ADRIAN ISELIN. Jr., Vice-Preeident. HENRY A. MURRAY. 3d Vice-President. .JOHN GAULT, Manager Foreign Department. F. C. HARKIMAN, ABBiftant Treasurer. Walter R. Gillette. G. G. Haven. E. H. Harriman. R. Somers Hayes. Charles R. Henderson. Adrian Iselin, Jr. Augiu^tusD. Jtiilliaril. James N. Jarvie. Richard A. McCurdy. Levi P. Morton. Alexander E. Orr. Walter G. Oakman. Henry H Rogers. H. McK. Twombly. Frederick W. Vanderbili. Harry Payne Whitney. LONDON COTU^TUYITTSe: ARTHtK J. ERASER, Chairman ; DON.\LD C. HALDBMAN. JAS. H. OLIPHANT, - - (Memkrs N. Y. Stock Exchange.j - Alfred l. norris JAS. H. OLIPHANT & CO. BANKERS AND BROKERS, 20 Broad Street. NEW YORK, TELEPHONE, 3907 CORTLANDT. Established 1868, Offices connected by private wires CHARLES HEAD & CO. 74 State St. Boston 17 Broad St. New YORK BANKERS AND BROKERS Boston and New England Members of the New York Securities a Specialty and Boston Stock Exchanges P U C Id I Y INSURANCE rnClllA COMPANY. OF BROOKLYN, N. Y. NEW YORK OFFICE, 47 CEDAR ST. N. W. HALSEY & CO. BANKERS 49 WALL STREET Atlantic buildiho NEW YORK DEALERS IN Bonds and Guaranteed R. R, Stocks IMegotiato ©r-itire ISJow or Refunding Issues of" Railroad, Street Railwa>r, Gas, Electric Light and Rower Connpany Bonds Government and Municipal Bonds BOUGHT and SOLD Represented in New England by MERRILL, OLDHAM & CO. 40 Water St., Boston, Mass. ANALYSIS OK RAIIvROAD Rkports BEING A DETAILED ANALYSIS, AND A COMPARISON IN TABULATED FORM!, OE THE Annual Reports of Railroads FOR THE LAST TWO FISCAL YEARS. > -- -^BY H.^ C? G. BARNABY. Copyright, 1902, by H. C. G. Barnaby. METROl'OLITAN ADVERTISING CO., Distributing Agents, Martin B, Krown Co., Printers, Ntiv Yorl:. 6 WALL STREET, NfW YorK CiTY. IvATHROP & Smith Established in 1879, at 37 BROAD STREET, NEW YORK CITY. BANKERS AND BROKERS Transact a General Stock Exchange "Business^ ^ ^ ^ Advances JMade on J^eW Yoric Stock Exchange Collateral Special jittention GiVen to Investment Securities ^ 4^ L. C. LATHROP OSCAR B. SV^ITH f N. Y. StocK Exchange I N. Y. Cotton E,xchangc F» f\' CRONISE I PREFACE. Desiring to pursue the study of railroad finance along lines not covered by any available publioatiou, I found it necessary to prepare my own statistics. The result may not prove unprofitable reading. It is here presented, with the hojje that investors and railroad officials may be interested. H. C. G. BARNABY, 37 Beoad Street, New Youk City. 578626 Ilfltth |^mc^;iran ©vust ^ompang, 135 BROADWAY. NEW YORK Capital and Surplus, - = $4,800,000 TRUSTEES Receives Deposits Horace E. Andrews H. S. Black Wm. H. Chesebrough subject to Check Pays Interest Jonathan B. Currey Heman Dowd OFFICERS on daily balances R. L. Edwards Collects Coupons, H. B. Hollins OAKLEIGH THORNE. Notes. Checks and other John Hone James Jourdan President. obligations. James S. Kuhn Issues Certificates Charlton T. Lewis HEMAN DOWD, of Deposit, bearing interest. Allan McCulloh Joy Morton WM. H. CHESEBROUGH, Acts as Trustee Jos. J. O'Donohue, Jr. E. C. Potter John J. Riker RICHARD J. SCOLES, Vice-Presidents. of Mortgage Bonds and individual trusts. Henry F. Shoemaker Edwin Thome S. D. SCUDDER, Treas. Registrar and Transfer Oakleigh Thome John C. Tomlinson G. M.WYNKOOP, Sec'y Agent Warner Van Norden FRANCIS C. PREST, Manages Estates Richard N Young Ass't Secretary as Receiver. E.xecutor. Administrator or Trustee. Acts as Fiscal Agent EXECUTES TRUSTS for Underwriting and of every description 1 Subscriptions ^ INDKX. P4SE Introductory Remarks 7 Physical Condition 7 Assets and Liabilities 9 Income and Expenses W Maintenance Expenses 11 Passenger Traffic 11 Freight Traffic 12 Suggestions 13 List of Analyzed Railroad Reports. Anu Arbor l?ailroad ... fi3-65 Atchison, Topeka and Santa Fe Railway 26-29 Baltimore and Ohio Railroad 90-93 Boston and Maine Railroad 110-L13 Buffalo, Rochester and Pittsburgh Railway 110-113 Burlington, Cedar Rapids and Northern Railway 46-49 Canadian Pacific Railway 14-17 Canadian Southern Railway (see Michigan Central Railroad) 98-101 Central of Georgia Railway T 138-141 Central Railroad of New jersev 123-125 Chesapeake and Ohio Railway ." 130-133 Chicago and Alton Railway 74-77 Chicago, Burlington and Quincy Railroad 54-57 Chicago and Eastern Illinois Railroad 82-85 Chicago Great Western Railway 74-77 Chicago, Indianapolis and Louisville Railway 86-89 Chicago, Milwaukee and St. Paul Railway 54-57 Chicago and North Western Railway . . . ." 50-53 Chicago, Rock Island and Pacific Railway. 46-49 Chicago, St. Paul, Minneapolis and Omaha Railway 50-53 Cleveland, Cincinnati, Chicago and 8l. Louis Railway 90-93 Cleveland. Lorain and Wheeling Rrdlway '. 66-69 Colorado and Southern Railway ' 38-41 Delaware and Hudson Company 1 14-117 Delaware, Lackawanna and Western Railroad 114-117 Denver and Rio Grande Railroad 30-33 Erie Railroad 118-121 Evan.?ville and Terre Haute Railroal 83-85 Fort Worth and Denver City Railway 38-41 PAUE Great Northern Railway 18-21 Hocking Valley Railroad 62-65 Illinois Central Railroad 86-89 Iowa Central Railway 70-73 Lake Erie and Western Railroad •. 103-105 Lake Shore and Michigan Southern Railway 98-101 Lehioh Valley Railroad 126-129 Long Island Railroad 136-129 Louisville and Nashville Railroad 134-137 Mexican Central Railway .' 142-145 Michigan Central Railroad 98-101 Minneapolis and St. Louis Railroad 70-73 Minneapolis, St. Paul and Sault Ste. Marie Railway 14-17 Missouri, Kansas and Texas Railway 43-45 Missouri Pacific Railway 34-37 Nashville, Chattanooga and St. Louis Railroad 143-145 New York Central and Hudson River Railroad 106-109 New York. Chicago and St. Louis Railroad 102-105 New York, New Haven and Hartford Railroad 106-109 New York, Ontario and Western Railway 1 18-181 Noithern Pacific Railway 18-31 Norfolk and Western Railway 130-133 Pennsylvania Company 94-97 Pennsylvania Railroad 94-97 Pittsburgh, Cincinnati, Chicago and St. Louis Railway 94-97 Reading Company 132-135 Rio Grande Western Railway 30-33 St. Joseph and Grand Island Railway 78-81 St. Louis and San Francisco Railroad 26-29 St. Louis Southwestern Railway 42-45 Seaboard Air Line Railway 138-141 Southern Pacific Company. 23-35 Southern Railway " 134-137 Texas and Pacific Railway 34-37 Toledo, St. Louis and Western Railway -. 78-81 Union Pacific Railroad 22-25 Wabash Railroad 58-61 Wheeling and Lake Erie Railroad 58-61 Wisconsin Central Railway ... 66-69 Appendix 147 The Audit Compdny of New \)or\{. WILLIAM A. NASH, Vicc-Presit!c-iil. JOHN I. MITCHELL, Vice- President. ^VTJGTJST BELMONT, Actins President. THOMAS L. GREENE, ] 'ice-President and General Manager. GEORGE W. YOUNG, Treasurer. F. C. RICHARDSON, Assistant Treasurer, EXAMINATIONS. APPRAISALS. AUDITS. Investigations for Financing and Underwriting and for Reorganization Committees. AUGUST BELMONT, August Belmont & Co., New York. WILLIAM A. NASH, President Corn E.xchange Bank, New York. JOSEPH S. AUERBACH, Davies, Stone & Auerbacli, New York. GEORGE G. HAVEN, Banker, New York. JAMES STILLMAN, President National City Bank, New York. CHARLES R. FLINT, Flint & Co., New York. GEORGE HARVEY, President Harper & Brothers, New York. NEW YORK, Mutual Life Buildings, 43 Cedar Street. Directors : T. JEFFERSON COOLIDGE, Jr., Chairman of tlie Board, Old Colony Trust Company, Boston, Mass. GEORGE W. YOUNG, President United States Mortgage & Trust Company, New York. A. J. CASSATT, President Pennsylvania Railroad, Philadelphia, Penna. WILLIAM B. LEEDS, President Chicago, Rock Island & Pacific Railroad, New Y'ork. JOHN I. WATERBURY, President Manhattan Trust Company, New York. DUMONT CLARKE, President American Exchange National Bank, New York. PHILADELPHIA, Arcade Building, 15th and Market Streets. CHICAGO, New York Life Building, La Salle and Monroe Streets. AINJALVSIS OF RAILROAD REPORTS. INTRODUCTORY REMARKS. It is probably because so many dilTereut methods of bookkeeping are employed by our railroads in presenting their annua! reports that statisticians have never ]iublished complete detailed comparisons of these reports. In tlie first place, hardly more than seventy i-ailroads present reports detailed enough for close eompaiison. As the tendency is growing towards greater uniformity in railroad reports, in line with the rulings of the Interstate Commerce Commission, we may in future hope for more publications with the same aim as has this. I have attempted to tabnlate under convenient headings such facts as are important to know about all railroads; then to rewrite each annual report to conform to these tables. Some of the statistics presented have not been in print before, but were obtained through personal correspondence with officials of the various railroads. The tables of statistics for each road occupy four pages. The tables are the same for each railroad; they are so ari:anged as to admit of the statistics of two railroads to each page; and so far as possible, alHliated railroads have been grouped, to facilitate comparisons. The statistics cover the last two iiscal years. On each page a coluii}n is left lalank, wherein the reader may, if he so desire, insert the figures from a later report. There are over eighty-live items tabulated about each railroad; they are so selected that any additional fact which the reader may wish to know may be found l)y combining two or more of the facts given. Thus it is believed tliat these tables cover every important point about a railroad of wdiicli the annual reports make mention. The following pages explain the tables in detail: PHYSICAL CONDITION. Mileage. — Under " mileage owned, leased and controlled Ijy ownership of stock " is placed the total mileage in which each railroad is interested, whether through trackage rights, joint management, or some other form of contract; the mileage of water lines, if known, is included, or added in a foot-note. Almost every railroad reports its " average mileage operated " during tlic year. One aim of this liook is to enable the reader to compare any two railroads mile for mile. It is useless to attempt, for instance, to compare the total earnings, 7 S ANALYSIS OF RAILROAD REPORTS. expenses, equipment, etc., of Ontario and Western and New York Central. The latter road is sev(?n times as long as the former. But if you know the earnings, the traffic, the equipment, the ballast — for each mile of road operated — you can compare the two quite readily. B.VLLAST. — All too few railroads report fully the conditions of their roadbeds. Under the headings, " mileage ballasted " and " mileage of various kinds of ballast ", are included, wherever the facts are known, the ballasted mileage of second tracks and sidings as well as of single track. • Second Tback. — As all of the statistics here given are based on the " average mileage operated " of single track, careful notice should be taken of the " mileage of second, third and fourth main tracks." All per mile statistics of roads having a considerable percentage of second, third and fourth tracks must needs be larger than those of a road with no second track. Ties. — Many and varying estimates have been made of the number of cross-ties that should be used in renewals every year, in a single mile of railroad. The average life of a tie depends upon the geographical location, the kind of wood, the ballast, and so on. Bearing in mind the additional requirements of double-tracked roads, the " number of ties renewed in track per mile " should be interesting as an indication of physical condition. Eails. — Wlierever the distribution of the various weights of rails is recorded in the annual report, the mileage of the principal weights is given here. The distribution of rails in second tracks and sidings is included if known. Do not condemn a railroad for having light rails unless the density of its traflB.c is great enough to demand heavier rails. It woidd be as wasteful to equip St. Louis Southwestern entirely with one hundred pound rails as it would be to attempt to care for the traffic of Pennsylvania on a roadbed laid with fifty pound rails. Equipment." — Under the headings showing locomotives, freight cars and passenger cars owned, per mile, is grouped all equipment owned, leased or purchased on credit and held under equipment trust agreements. Figures for locomotive equipment exclude, wherever the reports are sufficiently clear, all locomotives used for maintenance of roadway and other service to the company. The same distinction is made as to freight cars. All cars in passenger train service, including baggage, mail and express cars, are included as passenger cars. The traffic density of each railroad should be investigated as indicative of the requirements in the way of equipment. ANALYSIS OF RAILROAD REPORTS. 9 ASSETS AND LIABILITIES. Capital Stocks and Bonds. — "' Stocks outstanding, per mile," includes only that stock which is in the hands of the puhlic. Treasury stock is always deducted. The same is true with regard to bonds. Under " bonds outstanding " are included guaranteed bonds and all equipment trust notes excepting such as are current liabilities. Investments. — Each railroad's report of stocks and bonds owned has been carefully examined. All stocks and bonds of constituent parts of the road in question have been deducted. The object has been to exclude investments in securities of those companies which contribute to gross earnings and to include only such investments as contribute to " miscellaneous income ". For instance, Missouri Pacific, in its list of securities owned, includes the stock of the Central Branch Eailway. But the mileage of the Central Branch Eailway is included in the mileage of the Missouri Pacific system, and its gross earnings are also there included. On the other hand, Missouri Pacific's holdings of Texas and Pacific second income bonds increase, not the former's gross earnings, but add to " miscellaneous income " ; and the mileage of Texas and Pacific is not included in the Missouri Pacific system. Therefore, the holdings of Central Branch Railway stock are not included and the holdings of Texas and Pacific income bonds are included in the analysis of Missouri Pacific, under the heading " various stocks and bonds in treasury, per mile ". There is no uniformity shown in stating the value of the investments. Some railroads include their investments in their balance sheets, at cost; some at their par value; others at a book value or estimated value; still others make no statement of the basis of valuation used. Wherever the report makes it clear which method of valuation is employed, a foot note is added to the tables. How little reliance may be placed upon the average railroad's report of its investments is evidenced by the report of the Chicago and North Western for 1 903, wherein an investment in 147,000 shares of Chicago, St. Paul, Minneapolis and Omaha capital stock is valued at $10,000,000 — not one-half of its market value. Fixed Charges. — Under fixed charges are included taxes, rentals, and, in most cases, sinking fund payments and insurance charges^in short, all charges that must be paid before debenture or income bond interest, or stock dividends are distributed. If actual bankruptcy should threaten any of the railroads, some of the charges included as fixed could be eliminated. As fixed charges include all charges ahead of dividend payments, the " charges ahead of common stock " are simply the fixed charges, plus the full dividend requirements of all the preferred stocks, income and debenture bonds outstanding. Ccrrent Assets and Current Liabilities. — Perhaps this work is too critical in its treatment of current assets. Every report, however, has been treated alike. The aim is to show how much actual cash is on hand or is collectable on demand. 10 ANALYSIS OF RAILROAD REPORTS The value of * material and siipplies on hand has been excluded. The same with * investment holdings — which might indeed be disposed of to meet immediate money requirements — ^but of which record has already been made. Current liabilities include all bills, taxes and interest payments due and accrued. Whenever railroads report reserve funds, sinking funds, insurance funds, etc., which in the balance sheets are recorded as liabilities, these funds are excluded from current liabilities. The money or investments representing these funds is by a few roads reported separately as a contingent asset. In such cases the amount is not included in current assets. Total Surplus. — All railroads balance their asset and liability accounts by the addition of a profit and loss surplus. Because of the different methods of bookkeeping in use, this item is of but little value. Many people, however, concede much importance to the item of " total surplus "; it is therefore recorded here. Eailroads have such difEerent methods of charging off large or small sums for depreciation, that oftentimes the company in the stronger financial condition reports the smaller surplus, and vice versa. Eeserve Funds. — Many companies have special " reserve funds foT betterments ", which consist of appropriations from income as well as from capital account. Expenses for new equipment, additions to property, etc., are often charged to these funds. INCOME AND EXPENSES. Gboss Earnings. — The test of over-capitalization is often found in the " percentage of gross earnings to capital ". Expenses. — Some companies include taxes in their reports of expenses; some do not. Therefore, the " percentage of expenses to gross earnings ", as reported by railroad companies, is often misleading. The reports are here made uniform, expenses appearing exclusive of taxes. An important matter is the consideration of the component parts of a railroad's expense account. The sum expended for conducting transportation and for general expenses shows the economy of operation. The expenses for maintenance of way and of equipment show how much is reinvested in the property to offset depreciation and to provide for new business. The percentages of these items to earnings and to expenses provide matter for help'ful study. Almost every railroad reports its expenses in sufficient detail for close investigation. Rememljer that density of traffic has an important bearing on maintenance requirements. Miscellaneous Income. — Under " additional miscellaneous income " are included receipts from investments, from rentals, from coal properties, from water lines — all receipts that are not results of the direct operation of the railroad. • This Is in accordance wltli the rulings of the Interstate Commerce Commission. ANALYSIS OF RAILROAD REPORTS. 11 Surplus. — The surplus of a railroad during any fiscal year is rightly the amount remaining after the payment of all fixed charges. But often, from this surplus, appropriations are made for various betterments and for reserve funds. The " surplus earnings, per mile ", as reported in this book are after all such appropriations have been made; in each case the amount of such appropriation is added in a foot note, and the real surplus that could be made available for dividends is the sucm of the two items. MAINTENANCE EXPENSES. A fair comparison of the maintenance expenses of different companies is very difficult. Maintenance expenses per nule of road, differ because of the density of traffic. To report these expenses per train mile, as some roads do — that is, to report the amount expended in maintenance for each mile rixn by a train — is not fair, partly because of the varying lengths and loads of trains. The best measure of maintenance is probably the ton mile — or, in other words, the amount expended for each ton hauled one mile. Here again there is a discrepancy, for the greater the density of traffic — that is, the greater the number of ton miles — the smaller will be the amount expended per ton mile. Then again, the ton mile refers only to freight density; this fact alters the value of the measure only in the case of a railroad in which the proportion of freight traffic to total traffic is at variance with the general average. The amount of money expended upon each locomotive, each freight car and each passenger car, for maintenance during the year, is governed by the age of the equipment, the density of traffic and the miles run by each locomotive or car. The maintenance expenses per mile run afford the best measure of the efficiency of maintenance and are here given. Figures for " service " locomotives and freight cars are omitted. PASSENGER TRAFFIC. In most books and treatises on railroad matters, investigation is limited to earnings and expenses. The details of passenger traffic and of freight traffic are quite generally ignored. And yet the management of traffic is often the all important point, indicating the cause of success or of failure. The statistics of traffic have therefore been made as complete as possible, although, xmfortunately, many railroads fail to give complete returns on these points. The density of passenger traffic is found in the number of " passenger miles, per mile ". The unit of measure is the passenger mile. The total passenger miles of any railroad equals the number of passengers carried multiplied by the average distance that each passenger travels. 13 ANALYSIS OP RAILROAD REPORTS. The " passenger train mileage " is exclusive of the mileage of mixed trains, unless the report otherwise directs. The Interstate Commerce Commission rules that mixed train mileage be included in both passenger and freight train mileage. Very few railroads, however, have as yet included it in passenger train mileage and the items dependent thereon. The " passenger car mileage " includes the mileage of express, of baggage and of mail cars — of all cars iised in passenger trains. The " average number of cars, per passenger train ", also inchxdes all classes of cars. The " average number of passengers, per car ", has been found by dividing the number of passengers per train by the total number of cars of all kinds in each passenger train. It would have been better to have divided by the number of actual passenger cars, and thus to have given the correct average of passengers per passenger car. Too few railroads, however, furnish the statistics requisite for this latter arrangement. " Gross earnings, per passenger ", and gross earnings, per passenger, per mile traveled ", include only those earnings contributed directly by passenger traffic. " Gross passenger earnings, per train mile ", and " per car mile ", include baggage, mail and express earnings. FREIGHT TRAFFIC. The analysis of freight traffic excludes all " company freight ", and refers only to revenue producing freight. The ton mile is the unit for measuring the density of freight traffic. " Locomotive mileage " includes both passenger and freight locomotives ; but " service " locomotive mileage is excluded. So also is " work " train mileage excluded, in the consideration of " freight train mileage ". It is unfortunate that helping engine mileage is separately reported by but very few railroads. It would be a most useful item to insert in the tables at this point, for it is important to know the proportion of helping engine mileage to freight train mileage. Whenever the figures are known a foot-note states the amount of helping freight engine mileage. Although it is possible to approximate the amount of helping engine mileage in several cases, it is stated here only when it is correctly known. Unless the reports directs otherwise, mixed train mileage is included in " freight train mileage ". The statistics of " locomotive mileage, per locomotive ", " freight car mileage, per car ", and " per car, per day ", as well as the statistics of " passenger car mileage, per car ", are useful in determining the work done by equipment. The length of the railroad and the character of the freight hauled, influence the mileage of freight cars, per car. Unfortunately, very few railroads distinguish in their reports between the mileage contributed by their own cars and the mileage of foreign cars. The figures given here show the average mileage of each railroad's cars on its own system. Wherever simply the total mileage of all freight cars is reported, I have divided this total by the average number of freight cars in use during the year — or when the ANALYSIS OF RAILROAD REPORTS. J3 average is not given, then by the total number owned — and have in each case added a foot-note, " report not clear on this point ". The only excuse for using these figures at all, vrhen they are admittedly wrong, is that they are nearly right — probably a little higher than the correct figures : this is because the mileage of a railroad's cars on foreign systems often about counter- balances the mileage of foreign cars on the home system. So few railroads report fully on these points, that the above is the only apparent way of approximating the facts. In recording the principal articles of freight carried, merchandise is grouped under manufactures. The remaining items need no explanation. Of course the average number of tons per train and per car, as well as the average number of passengers per train and per car, are the average number for each mile run by trains or by cars. SUGGESTIONS. This book makes no pretense of giving all necessary information about railroad finance. Hundreds of books are issued, all more or less alike, covering points not mentioned herein. Such literature is at every hand, and its repetition here would make this book too cumbersome. The mission of this work is to cover new ground; to supply statistics which are important, but all too much neglected; and to answer questions that investors ask. For reference, however, by those who have no other books at hand, an appendix containing some general facts, is added. There are more than eleven thousands statistics in this book. An occasional error should be excused. It is not feasible in the previous pages to define fully the meaning and significance of each item in the tables. Every investor should be familiar with the meaning of the terms used. For further information along this line, I can do no better than to refer you to Mr. Thomas F. Woodlock's excellent book, " The Anatomy of a Railroad Report ". Just a word on the general use of the tabulated statistics. Do not lay too much stress upon the importance of a single item. Do not conclude that a railroad is too heavily capitalized, for instance, until you have examined the investments held in the treasury, and have noted the percentage of gross earnings to capital. Do not decide that the rate received from freight, per ton mile, is too small, unless you have carefully examined the character of the freight that is carried, and the amount carried per train—or the train-load. And so on. Study the annual reports and use these tables to help you analyze and compare them. After careful study, the reader should be able to sum up all the facts recorded and to acquire a clear conception of the present condition of any of the railroads. These tables analyze the roads as they are to-day, after years of development and progress. Their characteristics ought not to change so completely as to nullify the value of these statistics for some years to come. 14 ANALYSIS OF RAILROAD REPORTS. Statistics of Physical Condition. Kanie of Rttilroad. year ending . 1 Mileage owned. , 2 Mileage owned, leased and controlled by ownership of Stock 3 Average mileage operated 4 Mileage ballasted 5 Mileage of various kinds of ballast. 6 Mileage of second, third and fourth main tracks. 7 Mileage of yard and side tracks 8 Number of ties renewed in track, per mile 9 Mileage of various weight rails. , 10 Number of Locomotives owned, per mile 1 1 Average tractive power of Locomotives pounds 12 Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars pounds 14 Number of Passenger Cars owned, per mile CANADIAN PACIFIC. June 31, 1901. June 31, 1902. 4,878 10,333 7,363 5,09B 10,6.«3 7,588 855 tiO, 72 and 80 lbs. per yd. .094 ^.66 .107 J .098 MINNEAPOLIS, ST. PAUL & SAULT STE. MARIE. June 30, 1901. = ! 10 11 12 13 14 l,30;i 1,330 l,3ia June 30, 19(B. i,4ia 1,431 1,396 171 60, 72 and 80 lbs. per yd. .076 1 .076 .094 ANALYSIS OF RAILROAD REPORTS. Statistics of — Assets and Liabilities— Income and Expenses. 15 yanie of Sailroad . . TeaT eiidinr/. ASSETS AND LIABILITIES. 1 Stocks ontttanding. per mile 3 Bonds outetanding, per mile 3 Total Stocks and Bonds, per mile 4 Varions Stocks and Bonds in Treasury, per mile 5 Fixed Charges, including Taxes, per mile C Percentage of Fixed Charges and Taxes to Earnings 7 Charges ahead of Common Stock, per mile 8 Amount of Common Stock outstanding, per mile 9 Total Current Assets 10 Total Current Liabilities 1 1 Total Surplu s 13 Total Surplus, per mile 13 Reserve Funds, for Betterments, per mile INCOnE AND EXPENSES. 14 Gross Earnings, per mile 15 Percentage of Gross Eaniings to Capital 16 Expenses, per mile 17 Percentage of Expenses to Gross Earnings 18 Net Earnings, per mile 19 Additional Miscellaneous Income, per mile 20 Expenses for Maintenance of Way and Structure, per mUe 21 Expenses for Maintenance of Equipment, per mile 22 Percentage of Gross Earnings for Maintenance 23 Percentage of Expenses for Maintenance 24 Expenses for Conducting Transportation, per mile 25 General Expenses, per mile 26 Percentage of Gross for Conduct. Trans, and General Expenses. . . 27 Surplus Earnings, per mile 28 Percentage of Gross Earnings for Surplus 29 Betterments charged to Reserve Funds, per mile CANADIAN PACIFIC. Jl-NE 30, 1901. June 30, 190:;. a 30,698 8,e04 39,302 5,033 966 33. G 1.138 8, .594 14,060,405 6,193,131 11,133,561 1,471 4,080 14 3,479 60.75 1,601 123 rf758 18.5 (I 33,053 8,391 31,443 b 5.469 967 19.0 1,131 9,571 18,666,390 7,692,365 14,185,635 1,869 4,942 16.3 3,086 62.44 1,856 136 1/1,016 30.6 MINNEAPOLIS, ST. PAUL & SAULT STE. MARIE. .Tune 30, 1901. 9 10 11 13 13 14 15 Hi 17 IS 19 30 21 33 83 24 25 30 27 28 29 16,006 86,053 43,058 115 1.354 36.4 1,627 10,071 3,385,813 3,103,356 988,753 754 3,443 8.3 1,954 56.1 1,488 15 473 363 24.3 43.8 1,030 88 32.5 350 Jl'NE 30, luOri. a Inclading debenture stock (4^) amountine to $7,981 per mile io 1901 and $8,374 per mile in 1903. The interest is treated as 4 Canadian PaciBc owns 18,603,033 acres of land. <: Canadian Pacific does not classify expenses as our Interstate Commerce Commission recommends. dCanadiin Pacific receives additional income from subsidies and from land sales : this income is applied to improvements. in 1903, $515 per mile. € After deducting $215 per mile appropriated for betterments. 15,043 34,813 39,856 103 1,239 37.8 1,590 10,029 1,943,817 1,913,387 2,275,355 1,630 170 4,456 11.2 2,107 47.3 3,349 35 490 373 19.4 41 1,144 100 27.9 «933 20.7 45 a fixed charge. The amount in 1901 was $145 per mile ; 18 ANALYSIS OF RAILROAD REPORTS. Statistics of — Maintenance— Passenger Traffic. Xante of Railroad. Tear ending. MAINTENANCE EXPENSES. 1 Maintenauce of Way and Structure, per ton mile cents 2 Maintenauce of Equipment, per t^n mile cents 8 Maintenance of Passenger Cars, per car 4 Maintenance of Freight Care, per car 5 Maintenance of Locomotives, per locomotive 6 Maintenauce of Passenger Care, per car, per mile ran cents 7 Maintenauce of Freight Cars, per car, per mile ruu cents 8 Maintenance of Locomotives, per locomotive, per mile run — cents PASSENGER TRAFFIC. 9 Number of passengers curried, per mile 10 Passenger miles, per mile 11 Passenger train mileage, per mile 1'2 Passenger car mileage, per mile 13 Passenger car mileage, per car 14 Average number of cars, per passenger train l.'i Average number of passengers, per passenger train 16 Average number of passengers, per car 17 Average distance travelled, per passenger miles 18 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile travelled cents 20 Gross passenger earnings, per train mile cents 21 Gross passenger earnings, per car mile cents 22 Percentage of passenger expenses to earnings CANADIAN PACIFIC. June 30, 1901. 5T3 55,448 1,087 96.6 186.44 1.93 127.47 June 30, 1902. 638 70,477 1,094 111.5 195.13 1.75 135.94 MINNEAPOLIS, ST. PAUL & SAULT STE. MARIE. June 30, 1901. 10 II 12 13 14 15 16 17 18 19 20 21 22 .116 .089 904 »8 1,704 1.04S .4S6 364 30,005 rt 953 4,681 ^^e.soi a 4.92 rt32 a 6.5 82.37 183 2.22 a 95.34 a 19.38 June 30, 1903. .118 1 .084 2 738 .■5 27 4 1,757 .■j .928 6 .388 7 433 41,568 a 955 4,891 78,481 5.13 a 44 a 8.7 96.05 208 3.17 ( 120.79 a 23.59 (I In determining these items, mixed train mileage is included as passenger t in 1603 to 182 miles. rain mileage. Mixed train mileage per mile operated amounted in 1901 to 188 miles, and ANALYSIS OF RAILROAD REPORTS. 1? Statistics of Freight Traffic. Name of Jtailroad.. Tear ending. Number of revenue tons carried, per mile Revenue ton miles, per mile Freight train mileage, per mile Locomotive mileage, per mile Freight car mileage, per mile - Locomotive mileage, per locomotive Freight car mileage, per car Freight car mileage, per car, per day Average number of all freight cars, per freight train Average number of empty freight cars, per freight train Percentage of loaded car mileage to totnl car mileage Average revenue tons, per freight train Average revenue tone, per loaded car Average revenue tons, per loaded and empty car Average distance of haul, per ton of freight miles Gross earnings, per ton cents Gross earnings, per ton, per mile hauled cents Gross freight earnings, per train mile cents Gross freight earnings, per car mile cents Percentage of freight expenses to earnings 21 Principal articles of freight and percentage of tonnage from each | CANADIAN PACIFIC. June 30, 1901. 946 315,170 1,37'? 889 333.8 263.83 .79 188.85 JllNB 30, 1903. 1,156 438,034 1,696 240.6 370.3 377.73 .75 188.64 MINNEAPOLIS, ST. PAUL & SAULT STE. MARIE. June ;30, 1901. 3 4 .5 (i 7 H 9 10 11 Vi 13 U 1.-. ICi ir IK 19 an 3,366 407,687 a 1,397 35,493 ft 6,574 b 18 37.37 6.73 75.4 314.49 15.84 11.5 179.94 110 .617 194.25 7.10 June 30, 1902. 2,317 443.376 a 1,405 39,283 6 0,950 ft 19 1 •J 7.95 0.75 76.4 314.88 14.85 11.6 191.01 141 .739 833 8.34 a Mixed train mileage is included with freight train mileage as well as with passenger train mileage, ft Report not clear on this point. 18 ANALYSIS OF RAILROAD REPORTS. Statistics of Physical Condition. Name of Railroad . Tear endinff . 1 Mileage owned 2 Mileage owned, leased and controlled by ownership of Stock. . 3 Average mileage operated 4 Mileage ballasted , 5 Mileage of vnriolle kinds of ballast. 6 Mileage of second, third and fourth main tracks . 7 Mileage of yard and side tracks 8 Number of ties renewed in track, per mile 9 Mileage of various weight railn. I I to Number of Loconiotivee owned, per mile 1 1 Average tractive power of Locomolives poundg 12 Number of Freight Cars owned, per mile 13 Average capacity of Freight Care poundb 14 Number of Passenger Cars owned, per mile 15 Aggregate length of wooden bridges feet NORTHERN PACIFIC. June 30, 1901. 5,363 5,649 5,100 61 1,486 418 June 30, 1903, 5,453 5,750 5,019 6ri 1,5?6 a,374 66 lbs. per yd 3,065 | l,!iti!t 66 lbs. per yd 1,173 \ 1,179 73 lbs. per yd 1.437 I .138 .l.')9 5.36 Sl.SOO .116 437,130 6.33 54,800 .l.'!6 391,567 GREAT NORTHERN. June 30, 1801. 5 -I 10 11 13 13 14 15 3,803 5,451 5,303 HI 998 June 30, KKM. .108 4.3 3,799 5,849 5,!t49 81 1,116 10 11 13 13 14 13 ANALYSIS OF RAILROAD REPORTS. Statistics of — Assets and Liabilities — Income and Expenses. 19 yanie of Railroad,. NORTHERN PACIFIC. GREAT NORTHERN. Tear enditiff . June 30, 1301. ASSETS AND LIABILITIES. Stock8 outstanding, per mile Bonds outstanding, per mile Total Stocks and Bonds, per niUe Various Stocks and Bonds in Treasury, per mile Fixed Charges, including Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings.. Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile Total Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile Reserve Funds, for Betterments, per mile 30,39>S 31,310 64,703 a 1,324 1,461 !*a.9 3,049 1.^,686 13,939,638 7,811,831 6,507,433 1,376 1,.513 INCOME AND EXPENSES. Gross Earnings, per mile 6,384 8,346 14 5,450 6,864 Percentage of Gross Earnings to Capital ; 9.9 9.4 15 14 10.9 Expenses, per mile 3,363 4,341 16 3,046 3,389 Percentage of Expenses to Gross Eaminge 51.1 51.4 17 53.88 49.37 Net Earnings, per mile 3,131 4,005 18 3,404 3,475 Additional Miscellaneous Income, per mile 146 168 19 366 419 Expenses for Maintenance of Way and Strnclnre, per mile 1,039 1,348 20 846 896 Expenses for Maintenance of Equipment, per mile 483 678 21 453 519 Percentage of Gross Earnings tor Maintenance 33.7 24.6 23 33.8 30.6 Percentage cf Expenses for Maintenance 46.3 47.8 2.3 43,6 41.8 Expenses for Conducting Transportation, per mile 1,581 3,030 24 1,490 1,699 General Expenses, per mile 171 194 25 357 375 Percentage of Gross for Conduct. Trans, and General Expenses 37.4 36.7 26 33.1 38.9 Surplus Earnings, tier mile J 1,807 i< 3,003 27 1,875 3,.'j64 Percentage of Gross Earnings for Surplus 38.3 34.3 28 34.4 37.4 Betterments charged to Eeser\'e Funds, per mile c 988 1,370 29 rt Book A-alue. b After appropriating $394 per mile for beltermeiits in lOOi and $r)98 per mile in 190:^. c Approximate. (/Cost to Company. e Exclusive of bonds redeemed through sinking funds, total being $8,317,400 up to June ,30, 1901. or .$l,.">99 per mile, anil $9,3'J9,100 up lo June 30, 1902. or $1. »" After deducting $381 per mile appropriated for betterments. This is the surplus of the entire Great Northern system, as all figures in this analysis entire operated mileage. June 30, 1902. JUNB 80, 1901. 30,883 57,003 87,885 a 34,138 1,573 19.1 1,573 30,883 13.444,434 9,058,705 8,054,710 1,605 366 10 11 12 13 30,670 18,614 39,384 d 6,505 893 16.4 895 30,588 10,163,197 11,113,719 7,000,587 1,364 305 June 30, 1902. 33,683 39,183 63,865 a 38,491 949 13.8 949 33,596 10,911,130 6,150,484 e 11,079,101 3,111 577 r77 per mile, are for tU? 20 ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance — Passenger Traffic. Ifame of Railroad. Year ending. HAINTENANCE EXPENSES. Maintenance of Way and Structure, per ton mile cents Maintenance of Equipment, per ton mile cents Maintenance of Pngsenger Cars, per car Maintenance of Freiglit Care, per car Maintenance of Locomotives, per locomotive Maintenance of Passenger Care, per car, per mile run cents Maintenance of Freight Cars, per car, per mile run cents Maintenance of Locomotives, per locomotive, per mile run cents PASSENGER TRAFFIC. Number of passengers carried, per mile Passenger miles, per mile Passenger train mileage, per mile Passenger car mileage, per mile Passenger car mileage, per car Average number of cars, per passenger train Average number of passengers, per passenger train Average number of passengers, per car Average distance traveled, per passenger miles Gross earnings, per passenger cents Gross earnings, per passenger, per mile traveled cents Gross passenger earnings, per train mile cents Gross passenger earnings, per car mile cents Percentage of passenger expenses to earnings NORTHERN PACIFIC. June 30, 1001. .315 .101 U04 36 1,800 .»35 .411 4.66 64? 60,553 1,003 7,503 64,639 7.3 a 51.8 6.0 9J.6 313 3.37 168.18 33.43 JUHE 20, 1902. .305 1 .103 'Z 584 8 41 4 3,039 5 .893 .446 7 3.07 8 835 80,003 1,311 8,891 65,373 7.34 a 59.57 8.1 97 313 3.18 173.33 33.0 GREAT NORTHERN. June 30, 1901. 9 10 11 la 13 14 15 16 17 18 19 SO SI .174 .093 533 41,306 834 79 180.91 3.39 133.45 June 30, 1903. .148 .085 666 54,548 880 83 190.814 3.337 151.97 a Probably a portion of the mixed train mileage was included as passenger train mileage, in arriving at this result, which is here presented as reported by the com- pany. ANALYSIS OF RAILROAD REPORTS. 21 Statistics of Freight Traffic. Name of Railroad, Year ending. 1 Number of revenue tons carried, per mile 2 Beveoue ton miles, per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile 5 Freight car mileage, per mile 6 Locomotive mileage, per locomotive 7 Freight car mileage, per car 8 Freight car mileage, per car, per day 9 Average number of all freight cars, per freight train 10 Average number of empty freight cars, per freight train 11 Percentage of loaded car mileage to total car mileage 12 Average revenue tons, per freight train 13 Average revenue tone, per loaded car 14 Average revenue tone, per loaded and empty car 15 Average distance of haul, per ton of frei^jht miles 16 Gross earnings, per ton cents 17 Gross earnings, per ton, per mile hauled cents 18 Gross freight earnings, per train mile cents 19 Gross freight earnings, per car mile cents 80 Percentage of freight expenses to earnings f 21 Principal articles of freight and percentage of tonnage from each NORTHERN PACIFIC. June 30,1001. June .30, 19C2 1,7.34: 478,561 6 1,473 3,S1G 46,330 38,618 a 8,753 a 84 31.4 8.47 73.01 3!i4.37 14.1.5 10.3 877.6 .944 318.08 9.94 2,808 657,533 ft 1,898 4,448 57,883 40,087 a 9,183 rt35.8 31.09 8.5 73.65 346.37 15.34 11.14 897.9 868 .H 317.84 10.804 GREAT NORTHERN. June 30, 1901. June 30, 1S02. 10 11 13 13 14 15 10 17 IS 19 20 1,908 477,076 Cl,351 38,854 a 8,494 a 33.3 30.57 6.36 79.3 381.89 16.06 13.5 350 817.75 .871 338 11.057 3,333 607,776 c 1,455 47,934 a 9,'J06 1/ 87 33 - 8, 74, 417. 17, 13, 341 80 7. ,3 .93 ,43 ,4 .595 03 7 08 859 364 Il.l 4 5 6 7 8 9 10 11 12 13 14 15 If. 17 18 19 20 21 .1 J a Report not clear on this point. b Exclusive of helping engine mileage amounting to 220in IPOl and 273 in 1902. (•Exclusive of helping engine mileage amounting to 59 in both 1901 and 1902. 9% ANALYSIS OF KAILUOAD KE1'U]{TS. Statistics of Physical Condition. Name of Jtailroad. Year endinff . UNION PACIFIC. JtTfE 30, 1901. 1 Mileage owned 2 Mileage owned, leased and controlled by ownership of Stock. 3 ,\verage mileage operated 4 Mileage ballasted 5 Mileage of vnrion^ kinds of ballast. C Mileage of second, third and fourth main tracks . 7 Mileage of yard and side tracks. 8 Number of ties renewed in track, per mile 9 Mileage of various weight rails. 10 Number of Locomotives owned, per mile 11 .\verage tractive power of Locomotives pounds 12 Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars pounds 11 Number of Passenger Cars owned, per mile 15 Aggregate length of wooden bridges feet IB Aggregate length of wooden trestles feet 5,580 a 5,G51 b 3,34:3 1,604 1,301 133 Ill June 80, 190S. 5,0^7 a 5,930 5,711 3,103 ...Gravel 1.737 1 Burnt Clay 190 ...Cinder Ill SOUTHERN PACIFIC. Jr^•E 30, 1901. 37. .Crushed Stone 43 77 1,339 479 77 1,404 317 , .56-60 lbs. per yd a,01 ."> ..70-80 lbs. per yd a,844 ,.6B-901bs. per yd 64 3 4 f I 5 -i 10 11 V2 13 14 15 16 8,6-.J3 c 9,017 8,633 4,633 June 30, 1902. 8,639 c 9,05a 8,757 4.G31 3,440 Pul 1 ballast 3,663 1,183. . . .Partial ballast 989 107 3,103 333 119 3,337 344 1,813 50 ll>s. per yd 1,831- 3,330... 60-61.5 lbs. per yd... 3,991 1,984. . . . 75-76 lbs. per yd . . . .1,986 185 SO lbs. per yd 533 .15 .139 4.13 33,760 .146 34.178 964,183 4.34 54,540 .133 33,045 939,138 a Also 1,013 miles of river and ocean lines in 1901 and 1.035 miles in 1903. b The 1901 report is analyzed just as the company provided it in 1901, and not as it is presented with the 1902 report, altered somewhat as to form. c Also 5,376 miles of river and ocean lines. ANALYSIS OF RAILROAD REPORTS. Statistics of — Assets and Liabilities — Income and Expenses. Same of Mailroad. . Tear ending . ASSETS AND LIABILITIES. Stocks outstanding, per niilu .^ Bonds outstanding, per mile Total Stocks and Bonds, per mile Various Stocks and Bonds in Treasury, per mile Fixed Charges, including Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings. . Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile Total Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile Reserve Funds, for Betterments, per mile INCOME AND EXPENSES. Gross Earnings, per mile Percentage of Gross Farnings to Capital Expenses, per mile Percentage of Expenses to Gross Earnings Net Earniags, per mile 9 10 U 12 13 14 15 16 17 18 19 Additioral Miscellaneous Income, per mile 20 Expenses for Maintenance of Way and Structure, per mile 21 Expenses for Maintenance of Equipment, per mile 22 Percentage of Gross Earnin^jis for Maintenance 23 Percentage of Expenses for Maintenance 24 Expeases for Conducting Transportation, per mile 25 General Expenses, per mile .' 26 Percentage of Gross for Conduct. Trans, and General Expenses 27 Surplus Earnings, per mile ' 28 Percciitage of Gross Earnings for Surplus 29 Betterments charged to Reserve Funds, per mile. .^ a Including bonds convertible into common stock. $lfi,9.51 per mile in litOl ; $16,101 in 1903. it Probably at cost for Union Pacific. Union Pacific owns also (1902) 5,241,778 acres of land. The average price received was $1.7y per acre for land sold in 1902. Southern Pacific owns 11,908.288 acres. The average price received per acre in 1902 was $5.81. Union, Pacific credits income from land sales to capital account ; Southern Pacific partly to capital account and partly to income account, r Fixed charges in 1901 include charges on Union Pacific bonds held in the treasury. This sum is offset in the receipts of " Miscellaneous Income '\ d Balance of current liabilities over current assets. t Union Pacific owns (1903) $90,000,000 par value of Southern Pacific stock f UNION PACIFIC. June 30, 1901. 36,377 a 44,930 81,397 b 25,573 C 1,600 30.4 3,569 18,407 a rf35,779,808 13,844,966 3,859 13 e 7.703 9.7 c 4,060 53.7 3,643 f-/i583 975 805 33.1 43.3 3,088 191 39.6 3,354 30.6 JtTNE 30, 1902. 35,060 43,443 79,103 J 34,776 3,344 28.7 3,041 18,231 13,047,157 j' 41,416,540 21,361,692 3,740 13 f 8,167 10.3 ,4,077 49.9 4,090 /i 793 1,043 800 33.5 45.3 3,046 1S8 37.4 f 2,189 30.8 113 t SOUTHERN PACIFIC. JtraE 30, 1901. 9 10 11 12 13 14 15 16 17 18 I'.l 20 21 23 24 25 26 27 28 29 33,859 43,151 66,010 J 3,505 39.6 3,505 23,859 13,435,497 13,049,637 y 10,935,343 1,363 33 « 8,453 • 12.9 < 5,314 63.9 3,139 /( 559 1,176 903 34.4 39.1 3,000 336 3B.3 i399 4.7 JusB 30, 1902. 33,593 42,539 65,131 b 2,481 37.5 3,481 33,593 7,353,689 14,828,272 (710,176,309 1,162 5 « 9,013 13.8 ,■5,834 G4.63 .3,189 ;j496 1,381 1,043 36.9 41.6 3,207 194 37.7 I Hi 1.4 e Gross receipts and expenses of water lines are deducted. /After deducting $271 per mile appropriated iu 1901 for betterments ; $350 in 1902. ;/ Not including surplus held by the proprietary companies, amounting to $44,(1fi4,H9» in 1901, and $58,707,857 in 1903. // *■ Miscellaneous Income " includes net surplus of water lines. ; .\fter deducting $794 per mile for betterments. ,/ The excess of current liabilities has been provided for since the close o( the fiscal year, by the issue $31,000,000 of Oregon Short Line 4s bonds. /■ Deficit after deducting $1,317 per mile for betterments. 34 ANALYSIS OF RAILKOAD REPORTS, Statistics of Alaintenance — Passenger Traffic. Kanie of Railroad. Tear ending. . MAINTENANCE EXPENSES. 1 Maintenance of Way and Structure, per ton mile cents 3 Maintenance of Equipment, per ton mile cents 3 Maintenance of Pusseni^er Cars, per car 4 Maintenance of Freight Cars, per car 5 Maintenance of Locomotives, per locomotive 6 Maintenance of Passenger Cars, per car, per mile run cents 7 Maintenance of Freight Cars, per car, per mile run cents 8 Maintenance of Locomotives, per locomotive, per mile run. . .cents PASSENGER TRAFFIC. 9 Number of passengers carried, per mile 10 Passenger miles, per mile 11 Passenger train mileage, per mile 13 Passenger car mileage, per mile 13 Passenger car mileage, per car 14 Average number of cars, per passenger train 15 Average number of passengers, per passenger train IG Average number of passengers, per car 17 Average distance travelled, per passenger miles 18 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile travelled cents 30 Gross passenger earnings, per train mile cents 31 Gross passenger earnings, per car mile cents 33 Percentage of passenger expenses to earnings a Ferry and suburban passengers are excluded in all Ibe statistics of pa^isenger traffic. UNION PACIFIC. June 30, 1901. .ITJS .14a 73a 55- a,983 .975 .43 G.38 .584 Cl,433 1,563 9,01-4 75,094 39.a 6.3 105. a 344.0G 1S0.3S 19.41 June 3D, l'J03. .139 .106 911 6-^ a,704 1.309 .46^ 8.066 595 70,130 1,547 9,800 09,00-4 0.34 45.33 7.9 117.84 305 131 30.06 SOUTHERN PACIFIC. June 30, 1501. 10 U 13 13 14 15 l(i 17 18 19 30 31 33 .•409 .16 780 61 3,439 1.63 .583 C.31 3,108 (( 90,935 1,536 9,638 47,833 6.13 58.09 9.47 68.43 196 3.377 136 35.4 June 80, 1903. I .344 .184 771 70 3,948 1.508 .677 7.83 1,379 o 105,907 1,044 10,488 51,131 6.33 03.05 10.13 70.78 169 3.301 163 36.3 ANALYSIS OF RAILROAD REPORTS, 25 statistics of Freight Traffic • yame of Railroad UNION PACIFIC. SOUTHERN PACIFIC. Year ending June 80, 1901. June 30, 1902. June 80, 1901. JlTNE 30, 1902. 1 Number of revenue tons carried, per mile 1,767 568,303 1,883 4,417 51,966 40,473 a 13,800 a36.1 27.6 8.3 70 301.8 16.6 11 333.5 333.85 .998 301.15 10.91 1,504 c 761,097 1,798 4,100 54,316 33,526 13,439 36.8 30.3 8.8 70.96 C417.73 f 19.49 elZ.Si c 363.73 396 1.089 417.73 13.83 1 2 3 4 5 6 8 9 10 11 13 13 14 15 le IT 18 19 30 81 1,635 563,057 6 3,194 5,318 52,608 38,122 10,478 38.7 34.37 6.8 71.97 356.6 14.6 10.5 346.5 344 1,001 356.698 10.49 1,797 566,130 b 3,305 5,393 54,386 37,663 10,363 38.4 35.03 7.39 70.44 356.7 14.56 10.36 315 333 1,031 373,617 10.93 1 2 Revenue ton miles, per mile 2 3 4 5 6 7 Freight car mileage, per car 7 8 Freight car mileage, per car, per day 8 9 Average number of all freight cars, per freight train .... 9 10 11 Percentage of loaded car mileage to total car mileage 11 12 13 14 15 Average distance of haul, per ton of freight ..miles . . cents . . cents . cents . . cents 15 16 17 Groes earnings, per ton, per mile hauled 17 18 Gross freight earnings, per train mile '18 19 20 Percentagt! of freight expenses to earnings 20 21 Principal articles of freight and percentage of tonnage from each.( 1 33 ..Agricultural Products. .. .28 25.2 Manufactures 27.4 \ 11.2 Lumber 14.8 21 a Report not clear ou this point. fj Exclusive of light and helping engine mileage amounting to 433 in 1901 and 439 in 1902. c These five items are based upon the total freight carried including company freight. The annual report for 1902 does not separate company freight from revenue freight in these items. 26 ANAIvYSlS OF KAILROAD KEP0HT8. Statistics of Physical Condition. 1 Mileage owned 2 Mileage owned, leased and controlled by ownership of Stock 3 Average mileage operated 4 Mileage ballasted Mileage of various kinds of ballast. S Mileage of second, third and fourth main tracks 7 Mileage of yard side tracks. 8 Number of ties renewed :n track, per mile. 9 Mileage of various weight rails 10 Number of Locomotives owned, per mile 11 Average tractive power of Locomotives pounds 18 Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars pounds 11 Number of Passenger Cars owned, per mile n Excluding 38 miles of double tracking now being completed. 6 Exclusive of the mileage of the Chicago and Eastern lUiBois, control of which was acquired in August, 1903, after tlie close of the flscal year. ANALYSIS OF RAILROAD REPORTS. Statistics of — Assets and Liabilities — Income and Expenses. 87 Name of Bailroad. Tear ending. ASSETS AND LIABILITIES. Stocks outstanding, per mile Bonds outstanding, per mile Total Stocks and Bonds, per mile Various Stocks and Bonds in Treasury, per mile Fixed Charges, including Taxes, per mile Percentage of Fixed Cliarges and Taxes to Earnings. Cliarges alicad of Common Stock, per mile Amount of Common Stock outstanding, per mile. . . Total Current Assets , Total Current Liabilities Total Surplus Total Surplus, per mile Keeerve Funds, for Betterments, per mile INCOnE AND EXPENSES. Gross Earnings, per mile Percentage of Gross Earnings to Capital Expenses, per mile Percentage of Expenses to Gross Earnings .; Net Earnings, per mile Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses for Maintenance of Equipment, per mile Percentage of Gross Earnings for Maintenance Percentage of Expenses for Maintenance Expenses for Ccnducting Transportation, per mile General Expenses, per mile Percentage of Gross for Conduct. Trans, and General Expenses. Surplus Earnings, per mile Percentage of Gross Earnings for Surplus Bettermeuts charged to Reserve Funds, per mile ATCHISON, TOPEKA AND SANTA FE. June 30, 1901. 15, 9, 13, 37,684 33,495 53,179 74 1,^90 18.5 3,081 13,060 586,643 ,173,883 083,740 1,676 433 6,977 13.1 4,133 59.3 3,845 43 814 830 33.3 39.3 3,308 300 35.9 1,598 33.9 June 30, in02. 38,797 38,763 57,559 45 1,375 18.3 3,103 13,988 37,308,014 13,303,507 16,037,415 3,040 130 7,538 13.1 4,317 57.3 3,311 145 783 1.001 33.7 41.4 3,338 186 33.5 1,981 36.3 ST. LOUIS AND SAN FRANCISCO. June 30, 1901. June 30, 190-3. 10 11 la 13 14 15 16 17 18 19 80 81 83 23 24 25 26 2T 28 29 37,610 37,350 54,960 cl6 1,559 35.8 3,016 16,187 3,490,095 3,101,534 1,910,669 1,133 363 6,033 11 3,466 57.45 3,566 66 781 567 33.34 38.9 1,938 179 39.11 ti960 15.9 37,336 f 34,018 61,354 <;14 1,866 38.1 3,114 8,397 4,363,088 5,639,145 3,301,670 1,015 67 6,648 10.8 4,143 63.31 3.506 61 916 680 34.01 38.5 3,353 194 38.3 700 10.5 a .\t estimated value. Including {115 per mile appropriated for betterments. c Book value. d After deducting $107 per mile for betterments. e There are iilso bonds amounting to $1,115 per mile guaranteed by the Kansas City, Fort Scott and Memphis Ry., which is a part of this Bystem. 28 ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance — Passenger Traffic. Name of Raitroad Tear ending HAINTENANCE EXPENSES. 1 Maintenance of Way and Stiucture, per ton mile cents 2 Maintenance of Equipment, per ton mile cents 3 Maintenance of Paesenger Care, per car 4 Maintenance of Freight Cars, per car 5 Maintenance of Locomotives, per locomotive 6 Maintenance of Passenger Cars, per car, per mile run ; . . . cents 7 Maintenance of Freight Cars, per car, per mile run cents 8 Maintenance of Locomotives, per locomotive, per mile run ...cents PASSENGER TRAFFIC. ft Numher of passengers carried, per mile 10 Passenger miles, per mile 11 Passenger train mileage, per mile 12 Passenger car mileage, per mile 13 Passenger car mileage, per car 14 Average number of care, per passenger train 15 Average number of passengers, per passenger train 16 Average number of passengers, per car 17 Average distance travelled, pef passenger miles 18 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile travelled cents 20 Gross passenger earnings, per train mile cents 21 Gross passenger earnings, per car mile cents 22 Percentage of passenger expenses to earnings ATCHISON, TOPEKA AND SANTA FE. JlTNE 30, IflOl. .164 .165 ?JJ8 »9 .786 .537 ».» 7 if, 65,843 1,437 8,507 9a,631 5.9 45.8 7.8 9U.74 U06.10 3.!S7a l!i6 ai.356 June 30, 1902. .145 .186 86 3,156 .863 .663 9.1 813 77,361 1,577 9,575 96,176 6.07 49.1 8.1 95.36 310.73 3.313 l;38 31.09 ST. LOUIS AND SAN FRANCISCO. June 30, 1901. June 30, 1902. 10 11 12 13 14 15 16 IT 18 19 20 21 22 .19!S .14 751 67 1,487 .905 .835 4.79 1,315 60,441 1,637 8,135 83,006 5 37.14 7.43 45.96 96.6 3.103 103.3 30.45 .183 .135 804 54 1,751 1.051 .539 5.13 1,131 56,961 1,643 8,034 76,514 5 34.66 6.93 .50..36 115.64 3.397 101.71 30.34 ANALYSIS OF RAILROAD REPORTS. 29 Statistics of Freight Traffic. Name of Bailroad.. Tear enditiff. 1 Number of revenue tons carried, per mile 2 Revenue ton miles, per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile 5 Freight car mileage, per mile 6 Locomotive mileage, per locomotive 7 Freight car mileage, per caf 8 Freight car mileage, per car, per day 9 Average number of all freight cars, per freight train 10 Average number of empty freight cars, per freight train 11 Percentage of loaded car mileage to total car mileage 12 Average revenue tons, per freight train 13 Average revenue tons, per loaded car 14 Average revenue tons, per loaded and empty car 15 Average distance of haul, per ton of freight miles 16 Gross earnings, per ton cents 17 Gross earnings, per ton, per mile hauled cents 18 Gross freight earnings, per train mile , cents 19 Gross freight earnings, per car mile cents 20 Percentage of freight expenses to earnings r 21 Principal articles of freight and percentage of tonnage from each a Report not clear on this poiut, b Mainly bituminous coal. c Mainly wheat, ATCHISON, TOPEKA AND SANTA FE. June 30, 1901. 1,4»3 496,579 )J,106 4,993 55,066 33,304 a 14,708 « 40.3 iS6 7.4 71.6 a4)8.67 13.6 9.33 34S.86 351.3 1.007 ■444 9.385 June 80, 1902. 1,476 538,731 3,177 5,099 56,509 30,530 ,( 13,978 a 35.6 35.9 7.8 69.7 347.51 13.68 9.56 364.93 360.55 .988 353 9.77 30.9 «/ Minerals 33.3 18.8 cGrain 13.3 16.4 Manufactures 19.9 ST. LOUIS AND SAN FRANCISCO. June 30, I'JOl. June 30, 1902. 3 4 5 ti 7 8 9 10 11 12 13 14 15 16 17 18 19 20 "1 3,075 406,333 3,940 4,591 44,489 31,811 a 8,038 a 33 30.58 6.77 67.1 187.95 13.61 9.13 199.83 306.94 1.057 198.63 9.65 3,789 503,499 3,694 5,310 53,331 33,819 a 10,037 a 37.5 19.38 6.74 65.3 186.91 14.78 9.64 180.57 173.09 .953 178.13 9.19 31 .. ..Bituminous Coal 35.1 13.3 Grain and Klour 9.3 19.47 Manufactures 15.45 10.3 Lumber 14.48 30 ANALYSTS OF RAILROAD REPORTS. Statistics of Physical Condition. Name of Railroad . Tear ending. 1 Mileage owned . 2 Mileage owned, leased and controlled by ownership of Stock . 3 Average mileage operated 4 Mileage ballasted 5 Mileage of various kindw of hallnet. fl Mileage of second, third and fourth main tracks . 1 Mileage of yard and side tracks 8 Number of ties renewed in track, per mile 9 Mileage of various weight rails , 10 Number of Locomotives owned, per mile It Average tractive power of Locomotives pounds 12 Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars pounds 14 Number of Passenger Cars owned, per mile DENVER AND RIO GRANDE. June 30, 1901. 1,668 36 348 June 30, 190S, 3,397 S 3,390 C 3,34T 36 348 368 S5 lbs. per yd 310 Balance 30 to 80 lbs. per yd. .195 5.08 .136 .193 5.695 .14 RIO GRANDE WESTERN. Junk 30, 1901. ] I (i I 8 9 10 n Vi 13 H 618 673 663 9 108 cJuNE 30,1903. G5 to 7.5 lbs. per yd. .143 .113 a Includiug 91:? miles of narrow gauge road. 6 Including 920 miles of narrow gauge road. (' The Denver and Hio CTrande and the Rio Crande Western were operated sepaiately in 1901 and their separate reports are here analyzed. In 19()2 their operations were consolidated, and one report coveiing the enlarged Denver and Rio Grande system was furnished. That report is here presented. ANALYSIS OF RAILROAD REPORTS. 31 Statistics of — Assets and Liabilities — Income and Expenses. Xame of Hailroad. Year ending . ASSETS AND LIABILITIES. Stocks oatatanding, per mile Bonds outstanding, per mile Total Stocks and Bonds, per mile Various Stocks and Bonds in Treasury, per mile Fixed Charges, including Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings. Charges ahead of Common Slock, per mile Amount of Common Stock outstanding, per mile Total Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile Reserve Funds, for Betterments, per mile INCOME AND EXPENSES. Gross Earnings, per mile Percentage of Gross Earnings to Capital Expenses, per mile Percentage of Expenses to Gross Earnings Net Earnings, per mile Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses for Maintenance of Equipment, per mile Percentage of Grose Earnings for Maintenance Percentage of Expenses for Maintenance Expenses for Conducting Transportation, per mile General Expenses, per mile Percentage of Gross for Conduct. Trans, and General Expenses. Surplus Earnings, per mile Percentage of Gross Earnings for Surplus Betterments charged to Reserve Funds, per mile DENVER AND RIO GRANDE. June 30, 1901. 36,960 !«5,911 63,871 a 1,430 1,431 30.8 ^,140 23,783 ,060,701 1,6.30,684 ,707,333 1.633 173 6,866 10.9 4,371 63.3 3,595 67 939 653 33 37 3,488 303 39.3 * 1,147 16.7 13 c Jdnk 30, 1902. 35,106 31,156 66,363 a 1,000 1,.j63 31.3 3,.509 16,191 5,388,435 4,689,790 3,377,643 1,440 313 7,359 10.9 4,403 60.64 3,857 71 1,043 733 34.4 40.3 3,433 301 36.1 b 1,100 15.1 44 RIO GRANDE WESTERN. JCTNE 30, 1901. c June 30, 1902. 8 9 10 11 15 13 14 1.5 16 17 18 19 30 21 22 23 24 25 26 37 28 29 36,435 38,060 64,301 a440 1,469 19.8 3,035 15,106 3,313,787 806,346 415,178 637 371 7,410 11.5 4,867 69.68 3,543 76 1,359 950 39,8 43.4 3,375 393 36 1,151 15.9 1 2 3 i 5 G 7 8 9 10 11 13 18 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 39 a Book value. b After deducting S84 per mile, appropriated for Betterment fund in 1901 and $204 per mile in 1902. c See note c on page 30, opposite. 32 ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance— Passenger Traffic. Naine of Railroad Tear ending MAINTENANCE EXPENSES. 1 Maintenance of Way and Structure, per Ion mile cents 2 Maintenance of Equipment, per ton mile cents 3 Maintenance of Passenger Cars, per car 4 Maintenance of Freight Cars, per car 5 Maintenance of Locomotives, per locomotive 6 MaintenanQp of Passenger Cars, per car, per mile run cents 7 Maintenance of Freight Cars, per car, per mile run cents 8 Maintenance of Locomotives, per locomotive, per mile run cents PASSENGER TRAFFIC. 9 Number of passengers carried, per mile 10 Passenger miles, per mile U Passenger train mileage, per mile 18 Passenger car tnileage, per mile l.S Passenger car mileage, per car 14 Average number of cars, per passenger train 15 Average number of passengers, per passenger train It) Average number of passengers, per car 17 Average distance travelled, per passenger miles 18 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile travelled cents 20 Gross passenger earnings, per train mile cents 21 Gross passenger earnings, per car mile cents 32 Percentage of passenger expenses to earnings a See note c on page 30. DENVER AND RIO GRANDE. June 30, 1901. « June 30, 1902. 4:04 54 .ro9 .614 3.81 465 1,401 »,743 56,976 5.5 366.09 136.8 33.05 .345 .173 439 46 1,651 .611 .604 5.37 578 76,601 1,514 8,887 61,575 5.87 50.59 8.45 133.63 371.89 3.05 136.58 31.56 RIO GRANDE WESTERN. JcNE 30, 1901. •J 10 11 12 13 14 15 16 17 18 19 20 21 32 .347 .185 805 96 3,133 .967 .513 8.38 693 76,980 1,560 9,307 83,364 5.96 49.34 8.3 111.09 333.18 3.09 114.13 19.15 a June 30, 1902. 1 2 3 i 5 6 7 8 9 10 11 12 18 14 16 16 17 18 19 20 21 ANALYSIS OF RAILROAD REPORTS. Statistics of F reight Traffic. Name of Railroad DENVER AND RIO GRANDE. RIO GRANDE WESTERN. Year ending JtTNB 30, 1901. JJuneSO, 1902. June 30, 1901. 6 June 30, 1902. 3,390 3,773 439,338 3,133 5,634 43,385 39,433 « 7,618 a 30.9 30.33 6.9 66 199.48 14.83 9.8 153.37 187.11 1.33 343 11.93 1 •> 3 4 fi 8 !) 1(1 11 12 1.3 n 15 K 17 18 111 an 31 • [ 3,938 509,878 3,338 3,309 43,074 37,338 a 18,733 a 51.6 19.08 5.9 69.1 335.8 17.14 11.84 174.16 188.09 1.08 344 13.78 1 2 Revenue ton milee, per mile 2 a,365 6,343 44,689 33,449 a 8,793 «34 18.9 6.7 67 3 4 4 Locomotive mileage, per mile 5 Freight car mileage, per mile 6 Locomotive mileage, per locomotive 5 6 7 8 Freight car mileage, per car, per day s 9 Average number of all freight cars, per freight train 10 Average number of empty freight cars, per freight train 9 10 11 12 Average revenue tons, per freight train 12 13 Average revenue tons, per loaded car 13 14 Average revenue tons, per loaded and empty car 14 15 Average distance of haul, per ton of freight . . miles , . cents ..cents . , cents ., cents 196.44 15 16 Gross earnings, per ton 16 17 Gross earnings, per ton, per mile hauled 17 18 Gross freight earnings, per train mile 313.15 11.38 18 19 Gross freight earnings, per car mile 19 20 Percentage of freight expenses to earnings 20 21 Principal articles of freight and percentage of tonnage from f each \ 1 21 a Report not clear on tliis point. b See note c on page 30. §4 ANALYSIS OF RAILROAD REPORTS. Statistics of Pliysical Condition. Nittne of Railroad. Tear endittg . 1 Mileage owned 2 Mileage owned, leased and controlled by ownership of Stock . 3 Average mileage operated 4 Mileage ballasted 5 Mileage of various kintls of ballast., 6 Mileage of second, third and fourth main tracks 7 Mileage of yard and side tracks 8 Number of ties renewed in track, per mile 9 Mileage of various weight rails , 10 Number of Locomotives owned, per mile 11 Average tractive power of Locomotives — poundi 13 Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars pounds 11 Number of Passenger Cars owned, per mile 15 Aggregate mileage of curved track 16 Number of curves in track 17 Mileage of ascending track 18 Average ascent per mile of ascending track feel 19 Aggregate length of wooden bridges feet MISSOURI PACIFIC. Decembeb 31, 1900. December 31, 1001 5,455 5,455 a,541 5,567 3,541 5,555 l,8»r 2,040 530 Gravel 618 1 553 Cinder 578 j 430 Zinc Tailings 443 f 361 Rock 398J ■ 1,070 1,176 455 484 52 lbs. pr-r yd 468 .. 56 " " 3,484 00-63 " " 1,1^9 ...75 " . " 1,199 .096 81,010 6.08 50,000 .105 .093 4.765 .098 TEXAS AND PACIFIC. Decembek 31, IPOO. 10 11 13 13 14 15 16 17 18 19 1,477 1,570 1,527 December 31, 1901 1,591 1,684 1,634 453 .Cinder 3*3 .Gravel 145 .Rock 85 327 447 362 464 390. 139, , 985. .75 lbs per yd 480 .63 " '■ 127 ..56 " " 973 .152 .093 241 814 992 107 1,860 .169 17,283 3.7 55,656 .096 264 905 1,038 103 1,708 ANALYSIS OF RAILROAD REPORTS. 35 Statistics of — Assets and Liabilities — Income and Expenses. Xame of Railroad . MISSOURI PACIFIC. TEXAS AND PACIFIC. Tear ending . DecemberSI, 1900. DecembehSI, 1901. ASSETS AND LIABILITIES. Stocks outstanding, per mile Bonds outetandint?, per mile Total Slocks and Bonds, per mile Various Stocks and Bonds in Treasury, per mile Fixed Charges inclizjding Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings. Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile Total Current Assets Total Current Liabilitiee Total Surplus Total Surplus, per mile Reserve Funds, for Betterments, per mile INCOHE AND EXPENSES. Gross Earnings, per mile Percentage of Gross Earnings to Capital Expenses, per mile Percentage of Expenses to Gross Earnings Net Earnings, per mile Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses foi Maintenance of Equipment, per mile Percentage of Gross Earnings for Maintenance Percentage of Expenses for Maintenance Expenses for Conducting Transportation, per mile General Expenses, per mile Percentage of Gross for Conduct. Tians. and General Expenses. . . Surplus Earnings, per mile.-. Percentage of Grose Earnings for Surplus Betterments charged to Reserve Funds, per mile 9,101 34,747 33,848 « 33,863 1,418 »4.4 1,418 9,101 7,193,375 5,755,680 7,764,638 1,401 5,825 17 3,839 65.7 3,000 347 688 13 December 31, 190D. DecemberSI, 1901. 13,754 83,37!» 37,033 a 38,521 1,386 31 1,386 13,754 7,030,458 8,450,503 8,480,030 1,539 180 6,600 17.9 4,353 64.4 3,348 445 i b b * b 1,346 30 9 10 11 12 13 14 1.5 IB 17 18 19 20 21 22 23 24 25 26 27 88 29 35,357 c 34,313 59,670 811 1,036 16 1,844 35,357 1,966,013 1,438,419 3,663,983 1,744 6,385 11 4,310 67.6 3,075 134 980 735 37 40 3,404 181 40.5 a 745 11.7 33,731 c 33,876 56,597 186 1,031 14.3 1,795 33,731 3,340,700 1,764,539 3,330,439 1,971 7,303 13 4,917 68 3 3,386 338 1,104 863 37 39.8 3,771 190 41 il 910 13.6 « .\l par value. Cost to company was about one-half of the par value, ft Missouri Pacific does not classify expenses as the Interstate Commerce Commission directs. c Includes Income bonds amounting to $l(i.358 per mile in 1900 and $15,294 per mile in 1901. (I .\fter deducting SHO per mile, spent for Ix'ttermente in 1900, and $367 per mile in 1901. 36 ANALYSIS OF KAILKOAD KEFORTfci. Statistics of Maintenance Expenses — Passenger Traffic. Nnme of Jtaiiroad. Year ending. nAINTENANCE EXPENSES, Maintenance of Way and Structure, per ton mile centa Maintenance of Equipment, per ton mile cente Maintenance of Passenger Car?, per car \ Maintenance of Freight Cart-, per car Maintenance of Locomotives, per locomotive Maintenance of Passenger Cars, per car, per mile run cents Maintenance of Freight Cars, per cur, per mile run cents Maintenance of Locomotives, per locomotive, per mile run cents PASSENGER TRAFFIC. Number of paBsengers carried, per mile Passenger miles, per mile Passenger train mileage, per mile Passenger car mileage, per mile Passenger car mileage, per car Average number of cars, per passenger train Average number of passengers, per passenger train Average number of passengers, per car Average distance travelled, per passenger miles Gross earnings, per passenger cents GrosB earnings, per passenger, per mile travelled cents Gross passenger earnings, i)er train mile cents Gross passenger earnings, per car mile cents percentage of passenger expensef^ to earnings MISSOURI PACIFIC. DECEMBERS!, 19U0. 543 55 a,6S3 .71 .6 5.8 958 45,293 1,335 6,839 79,935 5.1 33.8 6.6 47.09 104.47 a. 23 100.03 19.53 Decembrr 31, 1901 505 37 ;;,779 .73 .36 914 48,676 1,440 7,354 80,154 5.1 33.7 6.6 53.28 117.75 3.21 98.0 19.39 73.59 TEXAS AND PACIFIC. Decembeb 31, 1900. 9 10 11 12 13 14 16 16 ir 18 19 20 ai .167 949 76 1,624 1.21 .78 4.86 987 56,319 1,441 7,336 78,319 4.99 39.09 7.7 57.09 140.S5 2.46 96.22 18.88 78.7 DscbhbbrSI, 1901. .204 .158 1,127 77 2,399 1.49 .79 6.3 1,126 62,400 1,415 7,342 75,862 5.1 44.1 8.5 55.43 138.39 2.49 110.1 21.24 77 ANALYSIS OF RAILROAD REPORTS. 37 Statistics of Freight Traffic. Xame of Kailroad Tear ending 1 Number of revenue tone carried, per mile ...... 2 Revenue ton milee, per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile 5 Freight car mileage, per mile 6 Locomotive mileage, per locomotive 7 Freight car mileage, per car 8 Freight car mileage, per car, per day 9 Average number of all freight care, per freight train 10 Average number of empty freight cars, per freight train 11 Percentage of loaded car mileage to total car mileage 18 Average revenue tons, per freight train 18 Average revenue tons, per loaded car 14 Average revenue tons, per loaded and empty car 15 Average distance of haul, per ton of freight miles 16 Groee earningB, per ton cents 17 Gross earnings, per ton, per mile hauled cents 18 Gross freight earnings, per train mile cents 19 Gross freight earnings, per car mile cents 80 Percentage of freight expenses to earnings 1 ] SI Principal articles of freight and percentage of tonnage from each -1 i I MISSOURI PACIFIC. Decbmbeb 31. 1900. December 31, 1901 3,071 490.533 3,135 4,359 46,379 46,888 11,060 30.3 31.8 5.3 75.9 230.8 14 10.6 336.76 303.39 .854 311.37 9.71 3,351 583,218 3,244 4,664 50,138 46,478 10,356 28, 33. 5 77. 269 15 II. 347, 204. S30, 10, Gl. 17.3 Coal 17.8 16.6 Grain 16.3 13.6 Lumber 13.8 10.7. .. . Manufactures. ... 1 1 .8 ,1 ,3 .4 .4 ,2 ,66 ,73 835 55 ,33 89 TEXAS AND PACIFIC. DbcehbbbSI, 1900. December 31, 1901 9 10 U 13 14 1.-) 16 ir 18 19 20 1,893 438,852 3,448 5,034 51,838 33,421 9,855 27 21.1 6.3 70 179.3 12.6 8.5 331. 7T 237.58 1.03 183.76 8.68 71.6 2.331 543,914 3,767 5,524 59,846 38,087 9,855 2r 21.6 6.6 69 195.3 12.99 9 232.75 221.39 .95 186.69 8.68 72.3 23.7 Manufactures 23.5 18 a Agricultural Products, 17.7 16.1. . ..Forest Products.. .. 17.6 19.1.. ..Mining Products. ..17.3 13 Grain 16.5 6.6 4 Cotton 6 ft Exclusive of grain. I 4 Hauling of Cotton furnished Vi^i of total freight receiiiie in 1901, and Ky^ in 1900. 21 96 ANALYSIS OF RAILROA.D HEP0UT8. Statistics of Physical Condition. yame of Railroad, Tear ending . 1 Mileage owned 2 Mileage owned, leased and controlled by ownership of Stock. , 3 Average mileage operated 4 Mileage ballasted 5 Mileage of varioup kinds of ballast. . Mileage of second, third and fourth main tracks. 7 Mileage of yard and side tracks 4i Number of tics renewed in track, per mile y Mileage of various weight rails.. 10 Number of Locomotives owned, per mile 11 Average tractive power of Locomotives pounds 14 Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars pounds 14 Number of Passenger Cars owned, per mile 15 Aggregate length of wooden trestles and bridges feet FORT WORTH AND DENVER CITY. December31,1900. 464 454 464 Mostly dirt roadbed. December 31, 1901. 464 4.54 454 43 445 49 510 858 66 lbs. per yd 858 107 65 lbs. per yd 107 } 88... 58 and 60 lbs. per yd.... 88 .081 J 081 a.33 41.034 .06-J i 41,019 2.37 43,500 37,803 COLORADO AND SOUTHERN. JtnjB 30, 1901. 10 11 n 13 14 15 1,083 1,938 a 1,148 JiiHB 30, 1902. 817 360 1,068 1,911 a 1,133 817 349 45 to 85 lbs. jier yd. .13 I 3.66 45,705 .116 4.53 49,866 .116 a Including 8S0 miles of narrow gauge road in 1901 and 387 miles in 1903, ANALYSIS OF RAILROAD REPORTS. Statistics of — Assets and Liabilities — Income and Expenses. Name of Railroad. . Year ending . ASSETS AND LIABILITIES. Stocks outetanding, per mile Bonds outstanding, per mile Total Stocks and Bonds, per mile , Various Stocks and Bonds in Treasury, per mile Fixed Charges, including Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings. . Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile Total Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile , Reserve Funds, for Betterments, per mile INCOME AND EXPENSES. Gross Earnings, per mile Percentage of Gross Earnings to Capital ■. Expenses, per mile Percentage of Expenses to Gross Earnings Net Earniugs, per mile Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses for Maintenance of Equipment, per mile Percentage of Gross Earniugs for Maintenance Perceutage of Expenses for Maintenance Expenses for Conducting Transportation, per mile General Expenses, per mile Percentage of Gross for Conduct. Trans, and General Expenses. Surplus Earnings, per mile Percentage of Gross Earnings for Surplus Betterments charged to Reserve Funds, per mile FORT WORTH AND DENVER CITY. December 31, 1900. ao,03o 1H,361 39,011 936 §8» 1,100 18,055 aa3,iS5 3^4,037 335,6H6 rir 3,989 lO.a 3,135 78.0 854 38 1,113 386 37.7 48 1,489 137 4U.9 8 .•i December 31, 1901 30,650 18,133 38,773 714 1,303 35 1,436 15,055 367,618 384,865 369,758 814 4,773 13.3 3,509 73,5 1,366 36 1,180 469 34.5 47 1,711 143 38.9 88 l.S COLORADO AND SOUTHERN. Junk 80, 1901. 3 4 .5 6 8 9 10 11 12 13 14 1.5 16 17 IS in 30 21 22 23 24 25 20 2T 2S 29 43,033 13,846 57,878 1,184 815 19.4 1,410 37,145 1,011,890 1,083,039 435,446 380 50 4,300 7.3 a 3,073 a 73.3 1,137 43 611 558 37.8 38 1,767 137 45.3 3S5 8.5 JuHE 30, 1902. 41,539 16,806 58,345 1,071 838 17 1,438 37,361 1,333,516 1,515,355 807,305 714 99 4,936 8.4 a 3,570 a 73.5 1,356 36 840 650 30.3 41.7 1,930 130 43.3 553 11.3 1 2 3 4 5 6 7 8 9 10 U 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 39 a Including Rentals and Insurance, items generally included under fi.xed iharges, amounting to only about $80 per mile. 40 ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance Expenses — Passenger Traffic. Namv of Sailroad Tear ending HAINTENANCE EXPENSES. 1 Maintenance of Way and Structure, per ton mile cents 2 Maintenance of Equipment, per ton mile cents 3 Maintenance of I'uesenger Cars, per car 4 Maintenance of FrcigUt Care, per car , 5 Maintenance of Locomotives, per locomotive 6 Maintenance of Passenger Cai's, per car, per mile run cents 7 Maintenance of Freight Cars, per car, per mlie run cents 8 Maintenance of Locomotives, per locomotive, per mile run — cents PASSENGER TRAFFIC. 9 Number of passengers carried, per mile 10 Passenger miles, per mile 11 Passenger train mileage, per mile 12 Passenger car mileage, per mile 18 Passenger car mileage, per car U Average number of cars, per passenger train 15 Average number of passengers, per passenger train 16 Average number of passengers, per car IT Average distance traveled, per passenger miles 18 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile traveled cents iiO Gross passenger earning?, per train mile cents 21 Gross passenger earnings, per car mile cents 82 Percentage of passenger expenses to earnings FORT WORTH AND DENVER CITY. Dbcembeb 31, 1900. Dec3MBEb 31, 1901 .101 .183 1,100 as 1,983 1.47 .108 *.-i7 3J3 36,309 913 4,607 74,704 5.05 39.67 7.86 97.13 !491.39 ^.467 119 33.58 .348 .134 893 39 3,195 1.053 .36 4.65 490 48,556 933 4,851 84,709 5.35 53.49 9.99 9i<.83 387.37 3.459 153 39.03 COLORADO AND SOUTHERN. JCNB 30, 1901. 10 11 12 13 14 15 16 17 18 19 20 21 22 .336 .307 307 38 3,103 1 .508 6.58 603 37,464 761 3,550 30,714 4.67 36.08 7.73 46 136.086 3.741 . 117 35.05 JirsE 80, 1902. .364 .304 456 53 3,168 1.4 .751 6.05 735 33,746 768 3,756 33,486 4.89 43.96 8.90 46 131.763 3.617 137 38.03 ANALYSIS OF KAILKOAD UEPUKTS. 41 Statistics of Freigiit Traffic. yame of Railroad, Year ending 1 Number of revenue tone carried, per mile a Revenue ton miles, per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile 5 Freight car mileage, per mile 6 Locomotive mileage, per locomotive 7 Freight car mileage, per car ff Freight car mileage, per car, per day 9 Average number of all freight cars, per freight train 10 Average number of empty freight cars, per freight train 11 Percentage of loaded car mileage to total car mileage 12 Average revenue tons, per freight train 13 Average revenue tons, per loaded car 14 Average revenue tons, per loaded and empty car 15 Average distance of haul, per ton of freight miles 16 Gross earnings, per ton cents 17 Gross earnings, per ton, per mile hauled cents IS Gross freight earnings, per train mile cents 19 Gross freight earnings, per car mile cents 20 Percentage of freight expenses to earnings 21 Priucipal articles of freight and percentage of tonnage from each FORT WORTH AND DENVER CITY. December 31, 1900. 1,5!51 856,447 1,»35 3,678 3»,783 45,138 al4,181 a39 18.94 4.53 77.9 148.48 10.07 7.84 ao5 1.U8 160 8.44 December 31, 1901. 1,533 380,434 1,569 3,693 34,446 45,314 al5,186 a4a ai.95 5.97 78.8 804.38 18.78 9.31 309 809.67 1.003 805 9.33 15.1 Lumber 81.3 15.4 Grain 10.0 15.3 Livestock 13.3 11.9 C'oalaudCoke. ...18.7 COLORADO AND SOUTHERN. June 30, 1901. 10 11 13 13 14 15 II) ir 13 19 30 8,563 869,966 1,505 4,073 87,396 31,430 a7,476 a80.5 18.8 6 67.5 179 14.59 9.85 105 136.735 1.307 816 11.87 June 30, 1902. 3,839 318,319 1,691 4,S98 31,638 30,110 07,053 019.3 18.7 6.6 64.7 188 15.51 10.06 98 107.998 1.304 336 13.1 31.7 Bituminous Coal. 19.4 Ore .38.7 .18.6 15.6 Lignite Coal and Coke 80.6 a Report not clear on tijis point. 42 ANALYSIS OP RAJL110A.D KEPOKTS. Statistics of Physical Condition. Name of Railroad. Tear ending . 1 Mileage owned •2 Mileage owned, leased and controlled by ownership of Stock, 3 Average mileage operated. 4 Mileage ballasted - 5 Mileage of various kinds of ballast. . 6 Mileage of second, third and fourth main tracks. 7 Mileage of yard and side tracks 8 Number of ties renewed in track, per mile 9 Mileage of various weight rails. 10 Number of Locomotives owned, per mile 11 Average tractive power of Locomotives pounds 12 Number of PVeiglit Cai.s owned, per mile 13 Average capacity of Freight Cars poundi 14 Number of Passenger Cars owned, per mile MISSOURI, KANSAS AND TEXAS. June 30, 1901. 3,480 !i,480 3,365 437 495 JuHE 30, 1902. 3,555 3,555 2,500 1,726 427 697 .63 to 80 lbs. per yd. .13 4.585 .095 J .133 4.703 .09 ST. LOUIS SOUTHWESTERN. JCNB 30, 1901. 1,251 1,393 1,275 568 JuHE 30, 1902. 1,251 1,293 1,293 620 409 Gravel and Sand 460 | 104 Rock 1 04 I 54 Cinders 56 j 348 419 267 550 114 3.51b6.peryd 41 9 ^ 1 1,028 56 lbs. per yd 952 r 104 75 lbs. per yd....... 253 t 10 11 12 13 14 .099 16,590 ] 4.57 47 ,800 .087 .114 18.190 5.19 49,000 .093 ANALYSIS OF RAILROAD REPORTS. 43 Statistics of— Assets and Liabilities — Income and Expenses. Kame of Raitroad Year ending ASSETS AND LIABILITIES. 1 Stocks outstanding:, per mile 2 Bonds outstanding, j)er mile 3 Total Stocks and Bonds, per mile 4 Various Stocks and Bonds in Treasury, per mile 5 Fixed Charges, including Taxes, per mile fl Percentage of Fixed Charges and Taxes to Earnings 7 Cliarges ahead of Common Stock, per mile 8 Amount of Common Stock outstanding, per mile 9 Total Current Assets 10 Total Current Liahilities 11 Total Surplus , 12 Total Surplus, per mile 13 Reserve Funds, for Betterments, per mile INCOnE AND EXPENSES. 14 Gross Earnings, per mile 15 Percentage of Gross Earnings to Capital 16 Expenses, per mile 17 Percentage of Expenses to Gross Earnings 18 Net Earnings, per mile 19 Additional Miscellaneous Income, per mile 20 Expenses for Maintenance of Way and Structure, per mile 21 Expenses for Maintenance of Equipment, per mile 22 Percentage of Gross Earnings for Mamtenance 23 Percentage of Expenses for Maintenance 24 Expenses for Conducting Transportation, per mile 25 General Expenses, per mile 20 Percentage of Gross for Conduct. Trans, and General Expenses 27 Surplus Earnings, per mile 28 Percentage of Gross Earningsior Surplus 29 Betterments charged to Reserve Funds, per mile (t Market value. b Cost to Company. c Par value. MISSOURI, KANSAS AND TEXAS. June 30, 1901. 31,336 34,087 a 309 1,685 84.8 1,915 34,406 3,150,063 3,639,858 3,585,143 1,140 350 6,800 10.4 4,778 70.3 3,033 17 1,343 601 37 38.6 3,615 330 43.3 355 5.3 J ONE 30,1902. 33,438 39,038 61,466 nlS7 1,588 34.3 1,796 33,440 8,384,979 3,801,083 1,360,348 504 437 6,557 10.7 4,619 70.4 1,938 13 1,058 599 35.3 35.9 3,650 311 45.1 364 5.5 169 ST. LOUIS SOUTHWESTERN. June 30, 1901. June 30, 1902. 9 10 11 12 13 M 15 16 17 18 19 20 21 24 25 26 27 28 29 38,636 34,581 53,147 J 91 1,006 17.4 8,104 13,941 3,.564,421 1,358,491 918,593 730 1,067 5,793 10.9 3,633 63.7 3,160 64 847 587 33.6 37.8 1,960 899 38.9 1,319 81 173 38,035 88,937 56,963 (;309 1,135 30 3,199 13,650 7,017,555 1,117,471 1,458,017 1,138 404 5,630 9.9 4,001 71.18 1,030 69 1,050 634 30 43.1 3,039 378 41.8 563 10 730 9 10 11 12 13 14 15 IC 17 18 19 20 21 22 23 24 25 28 27 28 29 44 ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance Expenses— Passenger Traffic. - J^ame of Railroad MISSOURI, KANSAS AND TEXAS. ST. LOUIS SOUTHWESTERN. | JrrNK 30, 1901. Jura 30, 1902. JnuE 30, ISOl. Junk 30, 1902. " 1 MAINTENANCE EXPENSES. 1 Maintenance of Way and Structure, per ton mile cents .-^16 .189 1 .»3 .364 1 2 Maintenance of Equipment, per ton mile cents .104 .107 2 .143 .159 o 3 600 690 3 4 43 46 4 • 5 8,030 1,964 5 6 Miiiiitenance of Passenger Cars, per car, per mile run T Maintenance of Freight Cars, per car, per mile run 6 1.05 1.18 6 .63 .74 8 5.03 5.58 8 PASSENGER TRAFFIC. 915 31,81S 931 55,609 10 1,005 45,459 956 44,914 9 10 Passenger miles, per mile 10 11 Paeaenger train mileage, per mile 1,516 1,64a 11 1,353 1,347 U 12 Passenger car mileage, per mile 7,469 7,816 12 6,347 6,387 12 13 Passenger car mileage, per car 7a,ii7 73,365 13 63,875 64,340 IS 14 Average number of cars, per passenger train .... 4.93 34.17 4.8 34 14 15 4.73 36.37 4.83 33.74 14 15 6.93 7.1 16 7.7 7 16 17 Average distance travelled, per passenger mileB 56.66 59.73 17 45.33 46.97 17 18 Grose earnings, per passenger cents 1«8.3 130.6 18 109.37 110.36 18 19 Gross earnings, per passenger, per mile travelled cents ».a65 a.l87 19 3.43 3.35 19 20 Gross passenger earnings, per train mile cents 94.103 89.a8 20 105.43 101.91 20 21 Gross passenger earnings, per car mile cents 19.105 18.6 21 22 33.34 31.14 21 22 Percentage of passenger expenses to earnings 22 ANALYSIS OF RAILROAD REPORTS. 4S Statistics of Freigiit Traffic. Name of Railroad. Tear ending . 1 Number of revenue tons carried, per mile 2 Revenue ton miles, per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile 5 Freight car mileage, per mile 6 Locomotive mileage, per locomotive 7 Freight car mileage, per car 8 Freight car mileage, per car, per day 9 Average number of all freight cars, per freight train 10 Average number of empty freight cars, per freight train 11 Percentage of loaded car mileage to total car mileage 1:! Average revenue tons, per freight train 13 Average revenue tone, per loaded car 14 Average revenue tous, per loaded and empty car 15 Average distance of haul, per ton of freight miles 16 Gross earnings, per ton cents 17 Gross earnings, per ton, per mile hauled cents 18 Gross freight enrnings, per train mile cents 19 Gross freight earnings, per car mile cents 20 Percentage of freight expenses to earnings 21 Principal articles of freight and percentage of tonnage from each ■ MISSOURI, KANSAS AND TEXAS. Juke 30, 1901. 3,157 57e,0!J3 3,714 63,531 13,567 37.17 83.41 7.37 68.94 313.8 13.15 9.07 367.1 347.6 .937 196.78 8.41 June 30, 190a. 3,006 558,684 3,707 63,936 13,560 34.41 33.35 8.8 63.16 306.4 14.3 8.88 378.64 351.9 .904 186.66 8.03 36.5 Coal 34.5 38.3 . . Agricultural Products . . 36.S 13.7. . .Manufactures 13.4 ST. LOUIS SOUTHWESTERN. June 30, 1901. 9 10 II 13 13 14 15 16 17 18 19 20 21 \ 1,881 367,571 1,751 3,996 37,316 40,359 7,665 31 31.31 6.39 70 309.99 14.08 9.85 195.42 335.63 1.31 355.78 18.81 JlTNE .30, 1902. 8,000 398,854 1,716 4,013 37,044 35,197 7,665 31 31.5M 6.39 70.4 333.08 15.38 10.8 199.1 314.81 1.08 353.3 11.74 50.3 Lumber 50.4 15.1 Cotton Products. . . . 10.7 11.3..0ther Agric. Products.. 17.3 10 It 13 18 14 15 16 17 18 19 20 31 4« ANAIA>ilS OF RAILROAD REPORTS. Statistics of Physical Condition. Name of Railroad . Tear ending . 1 Mileage owned S Mileage owngd, leoecil and controlled by ownership of Stock . 3 Average mileage operated 4 Mileage ballasted 5 Mileage of varioue kinds of ballast. 6 Mileage of second, third and fourth main tracks . T Mileage of yard side tracks 8 Number of ties renewed in track, per mile 9 Mileage of varioae weight rails . CHICAGO, ROCK ISLAND & PACIFIC, March 31, liiOl. i March 31, 1902. BURLINGTON,CEDARRAPIDS& NORTHERN 10 Number of Locomotives owned, per mile 11 Average tractive power of Locomotives poimdfe 12 Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars pounds 14 Number of Passenger Cars owned, per mile u Approximate. 3,178 3,819 a 3,819 •i^9 775 303 .190 .115 3,319 3,910 a 3,910 283 813 311 .161 5.03 .131 December 31, 1900. 10 11 13 13 14 1,377 1,389 1,193 DECE3IEEB3I, 1901 1,399 1,311 1,388 168 177 52 to 80 lbs. per yd. .113 4.59 45,360 .087 .109 18.000 4.33 46,940 .083 ANALYSIS OF RAILROAD REPORTS. 47 Statistics of — Assets and Liabilities — Income and Expenses. Nante of Ra itrO€i(l . CHICAGO. ROCK ISLAND & PACIFIC BURLINGTON.CEDAR RAPIDS & NORTHERN, Tear ending. March 31, 1901. ASSETS AND LIABILITIES. 1 Stoc-kg outstauding, per mile 2 Bonds outstanding, per mile 3 Total Stocks and Bonds^, per mile 4 Various Stocks and Bonds in Treasury, per mile 5 Fixed Charges, including Taxes, per mile 6 Percentage of Fixed Charges and Taxes to Earnings. 7 Charges ahead of Common Stock, per mile 8 Amount of Commoa Stock outstanding, per mile. . . 9 Total Current Assets 10 Total Current Liabilities 11 Total Surplus 12 Total Surplus, per mile 13 Reserve Funds, for Betterments, per mile INCOHE AND EXPENSES. Gross Earnings, per mile Percentage of Gross Earnings to Capital Expenses, per mile ■ Percentage of Expenses to Gross Earnings Net Earnings, per mile Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses for Maintenance of Equipment, per mile Percentage of Gross Earnings for Maintenance Percentage of Expenses for Maintenance Expenses for Conducting Transportation, per mile General Expenses, per mile Percentage of Gross for Conduct. Trans, and General Expenses . Surplus Earnings, per mile Percentage of Gross Earnings for Surplus Betterments charged to Reserve Fimds, per mile oNot including the amount charged off for betterments- 13,0»JS 1S,508 31,580 1,635 1,-41» 18.7 i,a4a l»,07!i 8,935,163 1,911,190 10,813,670 »i,83!S 6,641 Jil 4,348 63.96 3,393 184 1,304 781 39.9 46.7 3,109 153 34.1 1,335 30.1 -over $3,OCO,000 in all. MiRtH 31, 1903. December 31, 1900. , December 31, 1901 13,311 17,310 33,631 1,581 1,333 16.8 1,333 13,311 30,144,873 3,033,540 13,386,755 3,910 7,360 33.3 4,433 61.U 2,837 343 1,188 744 36.G 34.3 3.343 158 34.4 1,847 35.4 9 10 11 12 13 U 15 16 17 18 W 20 21 2-2 23 24 25 26 27 28 29 3,970 13.348 19,318 79 793 19.3 793 3,970 1,086,046 315,984 (T 4,831,371 4,041 4,064 31.1 3,886 71 1,178 319 1,063 513 38.75 54.6 1,302 109 33.37 604 14.9 3,<559 13,848 18,407 481 738 17.7 738 3,.-.39 734,745 639,463 03,473,773 4,349 4,163 33.6 3,600 63.3 1,363 33 931 357 ■ 31.4 30.3 1,192 100 31 847 30.4 48 ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance Expenses — Passenger Traffic. yante of Jtaitfoad . Tear endinff. HAINTENANCE EXPENSES. Maintenance of Way and Strncture, per ton mile cent; Maintenance or Equipment, per ton mile cents Maintenance of Passenger Care, per car Maintenance of Freigtit Cars, per car Maintenance of Locomotives, per locomotive Maintenance of Passenger Cars, per car, per mile rnn cents Maintenance of Freight Cars, per car, per mile run cents Maintenance of Locomotives, per locomotive, per mile run . . .cents PASSENGER TRAFFIC. Number of passengers carried, per mile Passenger miles, per mile Passenger train mileage, per mile Passenger car mileage, per mile Passenger car mileage, per car Average number of cars, per passenger train - Average number of passengers, per passenger train Average number of passengers, per car Average distance travelled, per passenger miles Gross earnings, per passenger cents Gross earnings, per passenger, per mile travelled cents Gross passenger earnings, per train mile cents flross passenger earnings, per car mile cents Percentage of passenger expenses to earnings CHICAGO, ROCK ISLAND & PACIFIC. March 31, 1901. Makch 31, 1903. .asr .16T 817 9-6 1,S44 .S71 .699 4.33 1,939 77,560 1,813 9,835 81,639 5.17 43 8.5 40 86 a.115 108 iiO.89 .»53 .153 847 51 1,846 i.oas .46'^ 4.96 ■4,104 95,331 1,930 10,003 83,693 5.17 49 9.5 45 98 3.81 131 33.40 BURLINGTON,CEDAR RAPIDS & NORTHERN. December 31, 1900. Decehbeb 31, 1901 10 11 12 1:) 14 1.5 16 17 18 19 20 21 28 .439 .313 .533 35 1,054 1.058 .71 3.50 934 37,130 1,339 4,933 50,370 4 30.3 7.6 39.7 101.5 3.5 93.4 33.35 .393 .147 479 19 1,036 1.016 .535 3.88 961 39,833 1,164 4,057 47,158 4 34.3 8.6 41.4 103.5 3.5 100.7 35.18 AN^VLYSIS OF RAILROAD RKl'OH'l'S. 4U Statistics of Freight Traffic. Name of Railroad . . Tear ending. 1 Number of revenue tone carried, per mile 5 Keveuue ton miles, per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile 5 Freight car mileage, per mile 6 Locomotive mileage, per locomotiye 7 Freight car mileage, per car , 8 Freight car mileage, per car, per day 9 Average number of all freight cars, per freight train 10 Average number of empty freight cars, per freight train 11 Percentage of loaded car mileage to total car mileage 12 Average revenue tons, per freight train 13 Average revenue tons, per loaded car 14 Average revenue tone, per loaded and empty car 15 Average distance of haul, per ton of freight miles 16 Gross earnings, per ton cents 17 Gross earnings, per ton, per mile hauled cents 18 Gross freight earnings, per train mile cents 19 Gross freight earnings, per car mile cents 20 Percentage of freight expenses to earnings 21 Principal articles of freight and percentage of tonnage from each CHICAGO, ROCK ISLAND & PACIFICIBURLINGTON. CEDAR RAPIDS&NORTHERN Makch 31, 1901. j Makch 31, 1902. Decembeh 31, 1900. I December 31, 1901 3.018 4G8,47i 3,379 5,67T 5I,G71 37,904 a 10,873 a 39.8 30.03 183 6.4: HSii 330 .99 180 8.99 3,109 470,365 3,64G 6,006 .55,731 37,319 a 11,039 a 30.3 31.05 M7.7 5.9 !i33 331 1.04 184 8.74 30.8... J Grain and Flour... 30.3 19.6 .... Manufactures 33.3 14.9 Bituminous Coal 15.6 13.5..Piioducts of Animals. .11.8 10 11 12 13 14 15 16 17 18 19 20 1.776 341,740 1,.383 3,331 36,356 30,109 3,500 9.59 19 4.3 77.31 175 11.9 9.3 136.1 163.33 1.3 310.4 11.0T 1,643 343.647 1,.369 3,181 35,198 31,375 3,617 9.91 18.4 3.9 78.97 177 13.3 9.6 147.7 177.34 1.3 310.0 11.46 Tonnage much diversified. 21 a Report not clear on this point. b Com furnished 10.3 ,■: of total tonnage in liiOI and 6.2 ^ in 1003. 50 ANALYSIS OP RAILROAD REPORTS. Statistics of Physical Condition. Name of Railroad . CHICAGO, ST. PAUL, MINNEAPOLIS & OMAHA. Year ending . 1 Mileage owned 2 Mileage owned, lenscd and controlled by ownership of Stock . 3 Average mileage operated 4 Mileage ballasted 5 Mileage of various kinds of ballast. 6 Mileage of second, third and fourth main tracks . 7 Mileage of yard side tracks 8 Numberof ties renewed in track, per niOe 9 Mileage of various weight rails. 10 Number of Locomotives owned, per mile 11 Average tractive power of Locomotives pounds 12 Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars poundi 14 Number of Passenger Cars owned, per mile u Includes 100 miles under construction. December 81 , 1900. December 31, 1901 1,488 1,557 1,344 3!i 459 1,488 1,591 1,574 3a 459 56 to 80 lbs. per yd. .179 6.787 .145 .176 G.e .14« CHICAGO AND NORTH WESTERN. Mat 31, 1901. 10 11 12 13 14 5,577 a 5,767 5,507 714 1,975 395 Mat 31, 1902. 5,891 5,953 5,760 797 3,130 361 72, 80 and "JO lbs. per yd, J .193 .17 7.53 7.5 olTl 1 cl86 ANALY'SIS OF KAlLKoAl) HKPOKTS. Statistics of — Assets and Liabilities — Income and Expenses. 51 Name of Railroad. Tear ending. ASSETS AND LIABILITIES. Stocks outstanding, per milo Bonds outstandinj;, per mile Total Stoclie and Bonds, per mile Various Stocks and Bonds in Treasury, per miJe Fixed Charges, including Taxes, per mile Percentage of Fixed Ctiarges and Taxes to Earnings. Charges ahcid of Common Stock, per mile Amount of Common Stock outstanding, per mile. . . Total Current Assets Total Current Liabilities , Total Surplus Total Surplus, per mile Reserve Funds, for Betterments, per mile INCOnE AND EXPENSES. 14 Gross Earnings, per mile 6,700 7,11^ 15 Percentage of Gross Earnings to Capital 3-1,7 37.5 16 Expenses, per mile. , 3,948 4,188 17 Percentage of Expenses to Gross Earnings 58.93 58.88 18 Net Earnings, per mile 3,75a 3,9!J4 19 Additional Miscellaneous Income, per mile 20 Expenses for Maintenance of Way and Structure, per mUe 1,339 1,370 21 Expenses for Maintenance of Equipment, per mile 593 079 28 Percentage of Gross Earnings for Maintenance 37.1 37.4 23 Percentage of Expenses for Maintenance 45,9 46, 24 Expenses for Conducting Transportation, per mile 1,969 3,096 2j General Expenses, per mile .' 156 143 SO Percentage of Gross for Conduct. Trans, and General Expenses 31.7 31.3 27 Surplus Earnings, per mile 1,553 1,734 28 Percentage of Gross Earnings for Surplus 33,3 34.4 89 Betterments charged to Reserve Funds, per mile 343 338 a Book value, ft After deducting the amount of dividends received on Chicago, St. Paul, Minneapolis and Omaha c Not including S9,708,215 in sijiking funds in 1901. and $10,179,725 in 1902. 38 a 18 »ti 5.1 ■37 »4a 14.16 11 161 155.9 .971 335 10.65 December 31, 1901. 3,323 5-J3,964 a,119 5,436 48,598 30,891 a 7,364 a 30 33 5.8 75 347 14.35 10.7 163 156 .961 337 10.35 CHICAGO AND NORTH WESTERN. Mat 31, 1901. s 9 10 11 12 13 14 15 16 17 18 19 20 4,589 673,138 3,893 7,193 06,606 37,377 a 8,858 a 34.3 33.06 5.9 74.4 333.37 13.54 10.1 146.46 134 .85 19S S.S9 Mat 31, 1902. 5,091 715,701 3,867 7,389 349.69 14 140..59 114 .81 303 54 ANALYSIS OF RAILROAD REPORTS. Statistics of Physical Condition. Xatne of Railroad. Year endiiif/ . 1 Milcas^c owned 3 Mileage owned, leased and coutrolled by ownership of StocU. 3 Average mileage operated 4 Mileage ballasted Mileage of various kinds of ballast.. G Mileage of second and additional main track. 7 Mileage of yards and sidings 8 Number of ties renewed in track, per mile . . . 9 Mileage of varions weight rails . 10 Number of Locomotives owned, per mile 11 Average tractive power of Locomotives pounds 12 Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars poundi 14 Number of Passenger Cars owned, per mile CHICAGO, MILWAUKEE AND ST. PAUL. June 30, 1901. 0,604 6,781 6,513 303 1,676 379 June 30, 1002. 6,617 6,793 6,601} 316 1,773 381 56 to 85 lbs. per yd. .136 .'J.S33 49,035 .131 5.98 50,584 .134 CHICAGO, BURLINGTON AND QUINCY. June 30, 1901. 10 11 12 13 14 Not stated. « 7,993 6 7,753 433 c 1,690 June 30, 1902. Not stated. « 8,134 J 8,1 09 464 C 1,690 56 to 75 lbs. per yd. a. 1*9 rf5.54 d .13 rf.l45 (i5.43 d .I'i aC.B. & Q. controls narrow gauge road not included in mileage here recorded, although contributing to earnings ; 179 miles in 1901 and 229 miles in 1902. i Not including the Kansas City and Omaha Kailway, 203 miles, which is operated separately. c Approximate. (i Excluding narrow gauge equipment, because narrt>w gauge mileage is excluded. ANALYSIS OF RAILROAD REPORTS. Statistics of — Assets and Liabilities — Income and Expenses. 55 Navie of Railroad . Tear ending . ASSETS AND LIABILITIES. Stocks outstantiing, per mile Bonds ontt-tanding, per mile Total Stocks and Bonds, per mile Various Stocks and Bonds in Treasury, per mile Fixed Charges including Taxes, per mile Percentage of Fixed Charges and Taxes to £aniiiigs. Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile Total Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile Reserve Funds, for Betterments, per mile INCOHE AND EXPENSES. Gross Earnings, per mile Percentage of Gross Earnings to Capital Expenses, per mile Percentage of Expenses to Gross Earnings Net Earnings, per mile Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses foi Maintenance of Equipment, per mile Percentage of Gross Earnings for Maintenance Percentage of Expenses for Maintenance Expenses for Conducting Transportation, per mile General Expenses, per mile Percentage of Gross for Conduct. Trans, and General Expenses. Surplus Earnings, per mile Percentage of Gross Earnings for Surplus Betterments charged to Reserve Funds, per mile CHICAGO, MILWAUKEE AND ST. PAUL. June 30,1001. 1.5,430 19,493 34,9*3 333 itigj- 18 i,6rr 17,84.5,840 r,3.403 73.04 a,034 111 b 1,04.5 b 1,000 * 38.4 6 39 63,171 130 b 44.8 Cl38 1.7 Juke 30, 1902. 3I,33'.I n 37,781 .59,110 .50.5 1,78.5 33.8 3,313 11,485 3,3.51,411 4,358,548 643,431 304 7,K15 13.3 .5.679 73.08 3.133 131 1,195 l,03f. A 38.4 39. 1 3,337 131 6 44.3 c 109 3.3 WHEELING AND LAKE ERIE. June 30, inoi. 9 10 n 12 ■ 13 14 1.5 111 ir IS 111 20 21 23 23 21 25 26 ar 28 29 80,7 78 33,100 113,878 1,047 1,000 34.8 3,081 4.5,371 931,631 1,317,017 3.53,504 SOO 6,679 5.9 4,693 70.39 1,98* 7 759 889 34.7 35.1 3,797 3.50 43.0 333 June 30, 1902. 83,600 33,839 119,495 1,046 1,678 31 3,314 45,371 1,310,.345 1,411,833 435,637 963 7,999 0.7 3,866 73.33 3.133 1,183 1,307 39.9 40.7 3,341 336 43.5 163 3 3 4 5 6 7 K 9 :o 11 12 13 U 15 lU 17 18 19 30 21 22 23 24 23 20 27 28 39 a Includes 412,712 per mile of Debenture bonds in 190] and 812,305 per mile in 1902. b Estimated. <■ Afier deducting $27f< per mile spent for betterments in 1901 and $313 per mile in l!i02. 60 ANALYSIS OF liATr.lioAl) liKPORTS. Statistics of Maintenance — Passenger Traffic. Xante of Jtailroad . Year endinff. MAINTENANCE EXPENSES. 1 Muinteiijince of Way and Structure, per ton mile cente 2 Maiiiteimnce of Kiiuipineut, per ton mile centp 3 Maintenance of Passenger Cars, per car i Maintenance of Freight Cars^ per car .T Maintenance of Locomolives, per locomotive (i Maintenance of Passenger Care, per car, per mile run cents 7 Maintenance of Freight Cars, per car, per mile run cents 8 Maintenance of Locomotives, per locomotive, per mile run. . . cents PASSENGER TRAFFIC. ii Number of jiiissengers carried, per mile 10 Passenger miles, per mile 11 Passenger train mileage, per mile 12 Passenger car mileage, per mile 13 Passenger car mileage, per car 14 Average number of cars, per passenger train ]."» Average number of passengers, per passenger train. 16 Average number of passengers, per car 17 Average distance travelled, per passenger miles 18 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile travelled cente 20 Gross passenger earnings, per train mile cents 21 Gross passenger earnings, per car mile cente 22 Percentageof passenger expenses to earnings WABASH. June 30, 1901. June 30, 1902. .137 07 a.iK7 .(198 .39 .5.10 3,0il4 111,978 .3,066 14,46.> 96.164 4..-.7 36..]! 8 as, a lOO.K 1.883 85.14 18.63 G7 .13 .135 693 44 2.373 .7 08 .313 5.68 a,090 133,366 .3,135 14.630 90,030 4.64 43 9.1 63.3 113.13 1.791 91.4 19.71 68.7 WHEELING AND LAKE ERIE. JCNE 30, 1901. lu 11 la 13 14 1.3 IC, i; l(i 13 20 21 22 .f tonnage from each ; (/ Corn gave 11^ of tonnage in I'JUI and ?;.' in HJ03. .'> Hepert not clear on this point. WABASH. June 30, 1901. June 30, 1903. 3,540 838,539 3,958 7,849 77,954 50,309 11,353 31.1 36.3 7.8 73 ^83.47 16.67 11.73 215.1 133.56 .564 159.84 6.077 3,519 798,771 3,806 7,611 74,010 48,804 10,393 38.2 36.4 7.4 71.9 384.66 16.69 13 300.5 137.13 .604 171.95 6.51 76.6 39 .(/Products of AgricuiUire.";! 30.5 Bituminous Coal. ... 35.6 15 Manufactures 15.8 WHEELING AND LAKE ERIE. JlTNE 30, 1901. 8 9 10 11 12 13 14 1.5 1(5 ir l.s I'.i 20 9,695 963,095 3,483 71,503 b 3,966 b 10.9 38.8 8.64 70 387.^*6 30.58 14.41 99.3 56.3 .566 319 7.68 Ju.NK 30, 1902. 11,896 1,317,337 3,061 7,844: 83,177 39,136 4 3,921 6 10.7 37.17 7.36 73.3 430.37 33.63 16.57 109.3 55.68 .503 316 7.95 43 Bituminous Coal 43 26 Manufactures 35 16. Coke, Ores, Stone, Sand, etc 30 63 ANAIA':-IIS OF l^VILliOAl) liKPOllTS. Statistics of Physical Condition. Name of Railroad. Sear ending. 1 Mileage owned. 3 Mileage owned, leaded and controlled by ownership of Stock . 3 Average mileage operated 4 Mileage hallaeted 5 Mileage of various kinds of bjiUiibl. H Mileage of second, thinl and fouilli main Hacks . 7 Mileage of yard and side tracks . . . . 8 Number of ties renewed in track, par mile ...... 9 Milease of various weiiflit roil^* -', ' I I. 10 Nuuibtr of LocomotivL-y owiu-d. per inile 11 Average tractive power of Locomotives pountis 13 Number of Freight Cars owned, per mi!c 13 Average capacity of Freight Cars pounds 14 Number of Passenger Cars owned, per mile ANN ARBOR. JUSE 30, 1901. June 30, 1903. 't9i ■i'.fi 1i9i •i9a ■49i 87 93 a 085 «T.? ....ro lbs. per yd....«105 I nai7,...5l! lbs. per yd ...alS7 f J .158 HOCKING VALLEY. June 30. 1901. 10 II l:i 13 14 ■Jil :!6i .147 •Mi 1N9 5t«0 JUME 30, 190-3. 321 3U] 347 aG ail 508 52 to 80 11)S. ixT yd. .3 I J .3^3 .34.53 .isr 41,487 .187 (/ Approximate. ANALYSIS OF RAII.KOAI) REPORTS. «3 Statistics of — Assets and Liabilities — Income and Expenses. Xame of Jiallroad. Tfiar emtiinff . ASSETS AND LIABILITIES. Stocki? outstanding, per mile Bonds outetandinjj, per mile Total Stocks and Bonds, per mile Various Stocks and Bonds in Tceasury, per mile Fixed Charges, including Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings, Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile Total Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile Reserve Funds, for Betterments, per mile INCOME AND EXPENSES. Gross Earnings, per mile Peicentage of Ciross Earnings to Capital Expenses, per mile Percentage of Expenses to Gross Earnings Net Earnings, per mile Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses for Maintenance of Equipment, per mile Percentage of Gross Earnings for Maintenance Percentage of Expenses for Maintenance Expenses for Conducting Transportation, per mile. , General Expenses, per mile Percentage of Gross for Conduct. Trans, and General Expenses. Surplus Earnings, per mile Percentage of Gross Earnings for Surplus Betterments charged to Reserve Funds, i)er mile ANN ARBOR. June 30. 19(11. June 30, 1902. a.3,97.i 48,80!« 1,134 18.0 1,819 11,130 497,433 40.5,373 310,158 l,06i« G,009 12.3 a 4,485 74. G l,j!44 24,8;J9 a3,973 48,803 l,13'.t 17.1 1,834 11,1.30 07'.>,933 398, .394 498,01.-. 1,700 (".,480 13.3 a 4,703 73..-. i,7S3 1,194 1,408 1,044 919 37 35.9 50 49.4 3,065 3,173 181 303 37.4 30.7 390 644 G.5 9.0 HOCKING VALLEY. June 30, 1901. June 30, 1902. . 11 12 13 14 l."i 18 i; IS 19 20 31 2fi 27 70,379 « 50,018 130,397 <■ 34,009 3,^21 a* 4,835 30,033 3,589,830 3,096,178 1,579,647 4,55!i 1,190 13,410 11.1 7,653 57.07 5,757 1,»6G 1,489 -^,154 37.8 47.6 3,701 308 39.9 3,903 39.9 70,379 b 57,835 138,214 (■34,173 3,365 31.3 4,879 30,033 3,640,133 1,711,053 3,306,563 6,647 1,189 15,331 11.9 8.893 58.03 6,439 1,454 1,63T 3,479 36.87 46.3 4,417 359 31.16 1,618 .30.1 a Includes $nia per mile for betterments charged to maintenance expenses in 1901, and S.ir.'i per mile in 1903. b Hocking Valley also, jointly with Toledo ar.d Ohio Central, enarantces principal and irteresi on S.i.MO 000 Coal Company C Report does not show clearly whether thesif are strictly investment holdings, as deHned ilo cents 2 Maintenance of Equipment, per ton mile cents 3 Maintenance of Passenger Cars, per car -* Maintenance of Freight Cars, per car 5 Maintenance of Locomotives, per locomotive *i Maintenance of Passenger Cars, per car. per mile rtin cents 7 Maintenance of Freight Cars, per car, per mile rpn cents S Maintenance of Locomotives, per locomotive, per mile run. . . cents PASSENGER TRAFFIC. Number of passengers carried, per mile til Passenger miles, per mile 1 1 Passenger train mileage, per mile 12 Passenger car mileage, per mile 1.1 Passenger car mileage, per car 14 Average number of ciirs, per passenger train 1 J Average number of passengers, per passenger rr.Tin IC Average number of passengers, per ear 1 7 Average distance travelled, per passenger miles 18 Gross earnings, per passenger cents 1!) Gross earnings, per passenger, per mile travelled . . cents 20 Gross passenger earnings, per train mile cents 21 Gro=8 passenger earnings, per ear mile cents 22 Percentage of passenger expenses to earnings ANN ARBOR. JVNE 3l), 1!W1. June 30, 1902. .1S3 .169 91 r .•50 l.i'.t.-. .ji.oa'.i i,4ar. 3*.G 78.5 .JO.-. .I.'i4 37 1,418 1,44..> 3«.0 3C.4 S3. 1 •i.'ir, 101 .0.-. HOCKING VALLEY. June 30, isoi. 13 14 l.i IC. 17 IS 1.1 20 21 22 .on-j .09 e,-i 1 11 1,491 1.47>l .939 ,-..443 .-.,«91 93,104 ■i,ooa 7,86S 43,003 3.8 4.-. 11.9 1.->.S .33.84 3.0K 100 37.9 Jl-KE 30, 1902. .0.-.7 .087 .-..54 40 I, -.S3 1.410 .93.'? .-..1.33 .-..013 93.303 1,911 7,328 39,131 3.8 49 13.9 10.03 .30.7 3.31 lil 31.84 ANALYSIS OF KAILHOAl) REPORTS. 05 Statistics of Freight Traffic. Name of Railroad.. Tear ending. 1 Niimbor of revenue tons carried, per mile a Kcveniie ton miles, per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile .") Freight car mileage, per mile • G Locomotive mileage, per locomotive 7 Freight car mileage, per car 8 Freight car mileage, per car, per day 9 Average namber of all freight cars, per freight train 10 Average number of empty freight cars, per freight train 11 Percentage of loaded car mileage to total car mileage 12 Average revenue tons, per freight train 13 Average revenue ton?, per loaded car 14 Average revenue tons, per loaded and empty car 15 Average distance of haul, per ton of freight mil IG GropF earnings, per ton. cents ir Gross earnings, per ton, per mile hauled cents IS Gross freight earnings, per train mile cents 19 Gross freightearnings, per car mile cents *.iO Percentage of freight expense^ to earnings 21 Principal .irticles of freight and percentage of tonnage from eacli ti Report not clear on this pniiit. ANN ARBOR. June 30, 1901. Jitne 30, 1902. .5,871 G54:,9 owned, per mile 1 1 Average tractive power of Locomotives pounds 12 Number of Freigiit Cars owned, per mile 13 Average capacity of Freight Cars poundi 1 1 Number of Passenger Cars owned. i)er mile V) Ai^i^egate length of wooden bridges feet WISCONSIN CENTRAL Jl-NE 30. 1901. June 30, 1'.iOS. 083 1,048 •.t.5.> 083 1,043 078 4 ;i.jl as? 4 301 440 .3O-i...:-6and001b.f. peryd-. 3-i4 1 1B3 TO lbs. per yd.. .. 1.59 150 80 lbs. per yd l.jl 8.-. Wlbs. peryd 138 .104 I .ii;i S.3.°> 1,773 CLEVELAND, LORAIN AND WHEELING. .Il-NE 3C. lOOl. 19i 103 193 JlTNE 30, 1902. 10 11 1' 1-3 It 1.5 3 ll.'> 1,1.33 110 to ,«n lbs. pi-r yd. .339 33.88 .177 J .333 ANAl-YSIH OF UAII.KO.Vl) IJEPOKTS. 67 Statistics of — Assets and Liabilities — Income and Expenses. yattte of Hailroatt . Tear ending . ASSETS AND LIABILITIES. Slockf^ oiilslanding, per mile Bonds outistanding. per mile Total Slocks and Bond?, per mile Various Stocks and Bonds in Treasury, per mile f^xed Charges including Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings. Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile Total Current .\ssets ; Total Current Liabilities Total Surplus Total Surplus, per mile Reserve Funds, for Betterments, per mile INCOnE AND EXPENSES. Gross Earnings, i)er mile Percentage of Gross Eaniings lo Capital Expenses, per mile Percentage of Expenses to Gross Earnings Net Earnings, per mile Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses foi Maintenance of Equipment, per mile Percentage of Gross Earnings for Maintenance Percentage of Expenses for Maintenance Expenses for Conducting Transportation, per mile ." . . General Expenses, per mile Percentage of Gross for Conduct, Trans, and General Expenses iinrpluo Earnings, per mile l^ercentage of Gross Earnings for Surplus Betterments charged to Reserve Funds^ per mile a After deducting fias per mile for betterments. b .\ftcr deducting $1,012 per mile for betienuents WISCONSIN CENTRAL. .June 30,1901. '.58,707 38,937 .57,644 .56 1,710 ,10. 2,184 16,909 .303,713 ,177,835 376,93.5 390 830 9.7 3,630 65.1 1.543 33 G60 .501 30.8 33 3,313 25 7 44.3 258 4.6 June 30. 1903 3r.,033 37,605 55.637 55 1,754 38.4 2,315 16,511 1, 919,57s 1,157,945 633,049 646 188 6.179 11.1 3,973 b4.3 3,307 38 799 634 33 35.8 3,305 344 41.3 .( 366 5.9 The reui.iitiing surplus u :is also reserved for CLEVELAND, LORAIN AND WHEELING. June 30, 1901. June 30. 1902. 1 3,346 ■3,354 .5 1) 30.9 16.1 1; 7 3,548 3,556 7 S 41.667 41,667 8 :i 678,211 439,096 ■1 10 821,973 113,130 10 11 968,333 9 158,340 11 13 5,043 5,043 12 13 U 2,371 14,024 13 10,748 14 1.5 10.3 13.5 15 IG 6,885 7,858 16 IT C4.06 56.03 17 !8 3 863 6,166 18 I'J 4 19 30 SO 3,108 1,59S •21 1,363 1.381 21 33 31.36 21.09 22 33 49 3 7.6 ti 34 3,105 4,306 24 2.5 409 505 35 211 32.7 34.94 31! 37 1,617 // 3,374 37 i:ft 15 16.3 38 3'» 2!) r future I etti*rmi*nts. 38 ANALYSIS OF KAILKOAI) liEI'OKTS. Statistics of Maintenance Expenses — Passenger Traffic. Ifamt of Railroad. Tear ending. lAINTENANCE EXPENSES. I MamliiianCL- of Way and Structure, jier ton mili'. cents •i Maintenance of Equipment, per ton mile cents 3 Maintenance of Passenger Cars, per car 4 Maintenance of Freight Cars, per car 5 Maintenance ef Locomotives, per locomotive B Maintenance of Passenger Cars, per car, per mile run cents 7 Maintenance of Freight Cars, per car. per mile run cents 8 Maintenance of Locomotives, per locomotive, per mile run cents PASSENGER TRAFFIC. Number ot passengers carried, per mile 10 Passenger miles, per mile 11 Passenger train mileage, per mile Vi Passenger car mileage, per mile 13 Passenger car mileage, per car 14 .\verage number of cars, per passenger train 15 Average number of passengers, per passenger train Iti Average number of passcngei-s. per car 17 Averagcdistance travelled, per passenger nnles 18 Gross earnings, per pas.senger cents 19 Gross earnings, per passenger, per mile travelled cents •2(1 Gross passenger earnings. i)er train mile cents •Jl tiross passenger earnings;, ])er car mile cents 'i'i Percentage of passenger expenses to earnings WISCONSIN CENTRAL. JtJNE 30, 19U1. .I-J .091 .^15 ■iO 1,G17 l.O-iT .■>6,685 1,748 11. -> •^.08 84.311 JCNE .'iO, 19(«. .123 .096 579 23 ,165 1,084 59,343 1,738 .-.4.8 114 2.08 88.37 CLEVELAND, LORAIN AND WHEELING. JlNE 80. IBOl. n 10 11 Vi i:i 14 1.-. 10 17 18 1!) •iO .111 .07 490 S3 1,394 .05 2,611 «. .060 .059 3,524 67.343 2,147 36.68 51.44 1.93 68.336 AXAT.YSlS OF ItAILHoAD TiKPoKTS. 6£ Statistics of Freight Traffic. Name "/ liaitroatf . Tear ending 1 Number of revenue tons carried, per mile 2 Revenue ton miles, per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile 5 Freight car mileage, per mile ♦ 6 Locomotive mileage, per locomotive 7 Freight car mileage, per car 8 Freight car mileage, per car, per day ^ 9 Average number of all freight cari^. pi-r f reiiiht train 10 Average number of empty freight cars, per freight train 11 Percentage of loaded (.ar mileage to total car mileage 13 Average revenue ton;?, per freight train 13 Average revenue tons, per loaded car , 14 Average revenue ion.s, per loaded and empty car 15 Average distance of haul, per Um of freight miles 36 Gross earnings, per ton cents 17 Gross earning?, per ton, per mile hauled cents 18 Grogs freight eaminge, per trai n mile cent^ 19 Groi^s freight eaniinge. per car mile cents 20 Percentage of freiTilea;:e ImlliSHted 1 .380 380 4 167 isa 4 1 1 Cinders 87 5 Mileaije of various kintls of lialljist 380 Gravel .38'.t •"' i Gravel 87 r 5 I 1 J 1 1 .Stone 6 1 ti Milt'ii^jf of t^uconil, tliiid ami fourth niaii^ tracks. 7 Mileage of j'ard side tracks.. . 20 20 6 ..1 3 g 140 122 116 113 R Number of tioF roncwptl :n track, per niile '. . . . . r 1 ,s 278 (iO lbs. per yd 378 224 70 lbs. per yd 22* I 77 SOlhs. per yd 77 r •i i I 1 103 .->i; lbs. per yd 110 1S2 60 lbs per yd 175 [■ 205 VO lbs. )ier y.l 208 9 1 1 .120 .I2.> 10 11 .13 .136 10 11 Average tractive power of Locomotives 15 Number of Freight Cars owned, per mile pounds 18.483 18,45 J 4.8,5 4..-,9 4-i.412 12 13 4.9 4.6 .073 107 12 13 Average capacity of Freight Cars pounds 13 .101 COO .107 297 14 15 .077 130 14 15 Aggregate length of wooden bridges feel 15 16 Aggregate length of wooden trestles feel 46,967 46,907 10 44.614 44.314 16 ANALYSIS OF HAILKOAI) HKI'OKTS. n statistics of — Assets and Liabilities — Income and Expenses. yantc of Raitroft't . Tear ending. ASSETS AND LIABILITIES. Stocks luitstanding, per mile Bonds outstanding, per mile Tctal Stoclis anti Bond^. per mile Various Stocks and fJonds in Treasury, per mile Fixed Charges, including Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings. Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile. . . Total Current Assets Total Current Liabilities Total Surplus Total Surplus, jht mile. . , Reseive Funds, for Betlernients, per mile INCOHE AND EXPENSES. Gross Earnings, per mile Percentage of Gross Earnings to Capital Expenses, per nuio Percentage of Expenses to Gross Earnings Net Earnings, per mile Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses for Maintenance of Equipment, per mile Percentage of Gross Earnings for Maintenance Percentage of Exi>enscs for Maintenance Expenses for Conducting Transportation, per mile General Expeases, per mile Percentage of Gross for Conduct. Trans, and General E.xpeuses, Surplus Earnings, per mile Percentage of Gross Earnings for Surplus Betterments charged to Reserve Funds, per mile MINNEAPOLIS AND ST. LOUIS. June 30, 1001. 13,4(30 37,351 48,811 137 1,678 3Si.* 1,994 9,394 13.3 3,11G 55.7 3.47S 393 1,036 440 36.4 47.3 1,446 193 39.3 1,101 19.7 6 IOWA CENTRAL. June 30, 1901. June 30, 1902. 1 38,033 •i5,43? 1 '.; 15,118 17,391 2 3 43.141 43,738 3 4 .( 708 4 J 1,003 1,047 5 B 33.3 33 6 7 1,364 l,.55.5 7 S 16,813 15,350 8 a 319,13* 985,530 9 10 580,845 433,153 10 11 101,895 300,433 11 12 301 549 12 13 13 11 4,514 4,538 14 1.1 10.5 10.7 15 IR 3,598 3,631 IB IT 79.7 79.65 17 IN 916 937 18 111 101 134 19 20 1,350 976 20 31 558 631 21 o.i 40.1 35.03 23 23 50.3 44 33 24 1,616 1,831 21 2.1 174 303 3.1 20 39.6 44.63 26 27 14 .3 27 2S .3 .1 38 20 29 m Book value. 73 ANAI.YSIS OF K.ULROAl) KKTORTS. Statistics of Maintenance — Passenger Traffic. Natnti of Jtailroatf.. Tear ending. HAINTENANCE EXPENSES. 1 Maiutenaiice of Way and Structure, per ton mile ceuts 2 Maintenance of Kquipmont, per ton mile cents 3 Maintenance of Past^enger Cars, per car 4 Maintenance of Freiglit Cars, per car 5 Maintenance of Locomotives, per locomotive ti Maintenance of Passenger Cars, per car, per mile run cents 7 Maintenance of Freight Cars, per car, per mile run cents 8 Maintennnce of Locomotives, per locomotive, per niUe run cents PASSENGER TRAFFIC. 9 Number of pass-engcrs carried, per mile 10 Passenger miles, per mile 11 Passenger train mileage, per mile 12 Passenger car mileage, per mile 13 Passenger car mileage, per car 14 Average number of cars, per passenger train 15 Average number of passengers, per passengrr train . . 1« Average number of passengers, per car 17 Average distance traveled , per passenger miles 18 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile traveleil cents !>0 Gross passenger earnings, per train mill' cents 21 Gross passenger earnings, per car mile cents ii Percentage of passenger expenses to earnings a Not including the cost of four new loci. motives, $.")! loroinolive "ould be $1,807. MINNEAPOLIS AND ST. LOUIS. June 30, 1901. June 30, 1902. .146 4H4 34 a 1,370 .rsa .53 4.73 1,35.-. 55,054 1,39» a^nount per ANALYSIS OF RAILROAD REPORTS. 73 Statistics of Freight Traffic. Jfame of Railroad . Tear ending. 1 Number of revenue tons carried, per mile 2 Revenue ton miles, per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile 5 Freight car mileage, per mile 6 Locomotive mileage, per locomotive 7 Freight car mileage, per car 8 Freight car mileage, per car, per day 9 Average number of all freight care, per freight train 10 Average number of empty freight cars, per freight train 21 Percentage of loaded car mileage to total car mileage 12 Average revenue tons, per freight train , 13 Average revenue tons, per loaded car. 14 Average revenue tons, per loaded and empty car 15 Average distance of haul, per ton of freight mile^ 16 Gross earnings, per ton cents 17 Gross earnings, per ton, per mile hauled cents 18 Gross freight earnings, per train mile cents 19 Gross freight earnings, per car mile cents 20 Percentage of freight expenses to earnings 21 Principal articles of freight and percentage of tonnage from each MINNEAPOLIS AND SL LOUIS. June 30, 1901. 3,790 333,917 1,153 3,033 38,363 39,159 5,81!J 16 33.59 3.87 8*. 37 388.74 11.64 13.34 119.33 136.656 1.145 330.54 14.01 JtmE 30, iri02. 3,063 318,639 1,303 3,349 38,307 39,560 6,837 18.7 31.37 3.77 83.3 353.77 14.37 11.86 103.41 130.181 1.335 316 13.37 43.1 Grain and Flour 36.8 31.4 Lumber 31.5 13.3 Manufactures 18.9 IOWA CENTRAL. June 30, 1901. 10 11 12 13 14 15 16 17 18 19 20 21 3,393 498,879 3,308 4,930 40,711 34,105 7,985 31.9 17.43 4.71 74.46 336.03 17.77 13 151.43 107.378 .709 160.335 9.193 June 30, 1902. 3,364 530,388 3,434 5,154 43,331 40,393 3,697 13.6 16.43 4.03 76.9 318.07 17.55 13.3 158.64 105.97 .668 146 8.873 40 Bituminous Coal 43.3 33.7... Grain and Flour 19.3 9.6 Manufactures 9 1 21 ANALYSIS OF RAILROAD REPORTS. Statistics of Physical Condition. yame of Railroad . Tear ending. 1 Mileage owned 2 Mileage owned, leased and controlled by ownership of Stock. 8 Average mileage operated 4 Mileage ballasted S Mileage of varione kinds of ballast. 6 Mileage of second, thirl and fourth main tracks , 7 Mileage of yard and eide tracks 8 Number of ties renewed in track, per mile t Mileage of various weight rails 10 Number of Locomotives owned, per mile 11 Average tractive power of Locomotives potmds 12 Number of Freight Cars owned, per mile IS Average capacity of Freight Cars pounds 14 Number of Passenger Cars owned, per mile 15 Aggregate mileage of curved track 16 Number of curves in track 17 Mile-Qge of ascending track 18 Average ascent per mile of ascending track feet 11 Aggregate length of wooden bridges feet CHICAGO GREAT WESTERN. Jc.VE 30, K'Ol. Jl->-E 30. liKie, 845 930 930 4 ■i-il S14 §46 930 930 4 344 56, 60 and 7.t Ibe. per yd. .209 .109 .'434 .11* CHICAGO AND ALTON. JUN-E 30, 1901. Jl-NE 30. I903. 5 ^ 90^ 930 9ao 9!39 90 '« 9«0 9-iO 961 450 Stone 34 3 1 263 Gravel 183 135 Cinders 79 61 Slag 154 136 242 663 213 286 516 77 eolbs.peryd 30 3S0 VOIbs peryd 313 59 75 lbs. per yd 59 491 SOlbs.peryd 586 10 .218 .22 11 12 11.07 11.07 13 60.600 60.600 11 .208 .31 15 128 128 16 612 612 17 607 607 18 4.2 4.2 19 154 796 ANALYSIS OP RAILROAD REPORTS. 76 Statistics of — Assets and Liabilities — Income and Expenses. Xante of Railroad. Tear ending . ASSETS AND LIABILITIES. Slocke outstanding, per mile Bonds outstanding, per mile Total Stocks and Bonds, per mile Various Stocks and Bonds in Treasury, per mile Fixed Charges, including Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings. Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile . — Total Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile Reserve Funds, for Betterments, per mile INCOME AND EXPENSES. Gross Earnings, per mile Percentage of Gross Earnings to Capital Expenses, per mile Percentage of Expenses to Gross Earnings Net Earnings, per mile , Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses for Maintenance of Equipment, per mile Percentage of Gross Earnines for Maintenance Percentage of Expenses for Maintenance Expenses for Conducting Transportation, per mile General Expenses, per mile Percentage of Gross for Conduct. Trans, and General Expenses Surplus Earnings, i)er mile Percentage of Gross Earnings for Surplus Betterments charged to Reserve Funds, per mile CHICAGO GREAT WESTERN. June 30, 1901. 43,106 a 33,463 69,569 a76 a 1,745 33 3,679 33,930 1,478,414 3.111,857 746,939 803 r,546 10.8 5,198 68.9 3,348 999 704 33.6 33.8 3,053 438 46.3 601 8 JUOT! 30, 1902. 47,507 a 38,999 76,506 356 a 1,801 33,! 3,830 35,140 1,841,099 3.837,645 837,336 900 8,133 lO.G 5,685 69.99 3,437 1,031 813 33.7 33.4 3,387 4S3 47.3 634 7.8 CHICAGO AND ALTON. June 30, 1901. June 30, 1903. 10 11 13 13 14 1,5 16 17 18 19 80 21 22 23 24 25 20 27 28 29 43,486 b 58,679 101,165 c 4,483 45.6 5,333 31,343 1,864,458 3,866,133 463,071 503 9,836 9.4 6,085 61.9 3,741 1,665 1,306 953 33 35.5 3,680 341 39.9 933 9.4 43,486 A 58,695 101,181 4,344 4 3.3 5,094 31,343 896,801 3,337,905 500,157 544 10,038 9.9 6,548 65.3 3,480 1,661 1,043 1,133 31.7 33.3 4,139 345 43.6 897 8.9 a Great Western has no bonded debt. A few outstanding loans and the 4% Debenture Stock are here treated as bonds. Interest on the Debenture Stock is here treated as a fixed charge, i Including bonds of the Chicago and Alton Railroad guaranteed by the Chicago and Alton Railway, amounting to $31,683 per mile. c Report not clear on this point. 16 ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance— Passenger Traffic. yame of Jtailroad . Tear ending. MAINTENANCE EXPENSES. 1 Maintenance of Way and Structure, per ton mile cents 2 Maintenance of Equipment, per ton mile cents 3 Maintenance of Passenger Cars, per car 4 Maintenance of Freight Cars, per car 5 Maintenance of Locomotives, per locomotive 6 Maintenance of Passenger Cars, per car, per mile run cents 7 Maintenance of Freight Cars, per car, per mile run cents 8 Maintenance of Locomotives, per locomotive, per mile run — cents PASSENGER TRAFFIC. 9 Number of passengers carried, per mile 10 Passenger miles, per mile 11 Passenger train mileage, per mile 18 Passenger car mileage, per mile 13 Passenger car mileage, per car 14 Average number of cars, per passenger train 15 Average number of passengers, per passenger train IC Average number of passengers, per car 17 Average distance travelled, per passenger miles 18 Gross earnings, per passenger . . cents 19 Gross earnings, per passenger, per mile travelled cents 20 Gross passenger earnings, per train mile cents 21 Gross passenger earnings, per car mile cents 22 Percentage of passenger expenses to earnings CHICAGO GREAT WESTERN. Jtont 30, 1901. •Ill .078 696 33 l,6a5 .73 .31 4.9 1,609 71,061 3,357 10,355 95,349 4.4 30.13 6.9 44.32 89.35 3.01 75.4 17.3 JtTNB 30, 1902. .119 .094 731 36 1,753 .733 .303 5.61 1,845 81,514 3,546 11,343 98,306 4.4 33. 7.36 44.15 90.43 3.05 79.5 18.1 CHICAGO AND ALTON. June 30, 1901. 9 10 11 IS 13 14 15 16 17 18 19 20 21 22 .134 .107 1,316 35 3,073 1.791 .35 4.56 3,558 144,500 3,979 14,095 67,894 4.73 48.48 10.3 56.47 109 J. 94 111 33.17 June 30, 1902. .106 .115 881 38 3,933 1.383 .38 6.31 3,713 150,703 3,030 14,415 68,706 4.76 49.73 10.45 55.53 103 1.86 )10 33.11 ANALYSIS OF KAILROAD REPORTS. 77 Statistics of Freight Traffic. Kaine-of Railroatl, Year ending. 1 Number of revenue tons carried, per mile 2 Revenue ton mileSf per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile 5 Freight car mileage, per mile 6 Locomotive mileage, per locomotive 7 Freight car mileage, per car 8 Freight car mileage, per car, per day 9 Average number of all freight cars, per freight train 10 Average number of empty freight cars, per freight train It Percentage of loaded car mileage to total car mileage 12 Average revenue tous, per freight train 13 Average revenue tons, per loaded car 14 Average revenue tone, per loaded and empty car 15 Average distance of haul, per ton of freight miles 16 Gross earnings, per ton cents 17 Gross earnings, per ton, per mile hauled cents 18 Gross freight earnings, per train mile cents 19 Gross freight earnings, per car mile cents 80 Percentage of freight expenses to earnings 21 Principal articles of freight and percentage of tonnage from each CHICAGO GREAT WESTERN. June 30, 1901. June 30, 1902. 3,851 897,031 2,864 6,989 76,377 33,317 a 10,650 a 39.3 36.6 313 3,961 865,633 3,974 7,331 83,344 31,333 (7 11,608 031.8 38 391.1 11.8 10.4 314.53 393.19 303 301 .64 .69 199 300 7.33 7.14 CHICAGO AND ALTON. June 30, 1901. 1 2 3 4 S 6 7 8 9 10 11 12 13 U IS l(i ir IK l!l 20 21 5,038 894,641 3,109 7,781 78,353 45,439 a 7,081 a 19.4 35.3 8.19 67.47 387.8 16.93 11.4 178 138 .733 308 8.3 June 30, 1902. 6,350 981,639 3,106 7,783 81,367 47,536 « 7,353 rt 20, 36, 8. 68. 316. 17 13. 183 134 214 8. 38 33 98 ,65 1 .679 1 2 3 4 6 e 7 8 9 10 u 12 13 14 15 16 17 18 19 20 *v a Report not clear on this point. 78 ANALYSIS OF RAILROAD REPORTS. Statistics of Pliysical Condition. Kame of Railroad.. Year ending . 1 Mileage owned 2 Mileage owned, leased and controlled by ownership of Stock, 3 Average mileage operated 4 Mileage ballasted 6 Mileage of various kinds of ballast . 6 Mileage of eecond, third and fourth main tracks. 7 Mileage of yard and side tracks 8 Num ber of tics renewed in track, per mile 9 Mileage of various weight rails.. I 10 Number of Locomotives owned, per mile 11 Average tractive power of Locomotives pounds 13 Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars pounds 14 Number of Passenger Cars owned, per mile TOLEDO, ST. LOUIS AND WESTERN June 30, 1901. 451 451 491 June 30, 1902. 451 451 451 lor lor 739 534 61^ and 70 lbs. per yd. .18 7.03 .08 7.04 .078 ST. JOSEPH AND GRAND ISLAND. June 30, 1901. June 30, 1902. 9 ■! 10 11 12 13 U asi 313 313 351 313 313 46 52 and 60 lbs. per yd, .0<.I6 3.71 .064 .064 ANALYSIS OF RAILROAD REPORTS. 79 Statistics of — Assets and Liabilities — Income and Expenses. Name of Hailroad Year endinff ASSETS AND LIABILITIES. 1 Stocks outstanding, per mile 3 Bonds outstanding, per mile 3 Total Stocks and Bonds, per mile 4 Various Stocks and Bonds in Treasury, per mile 5 Fixed Charges, including Taxes, per mile 6 Percentage of Fixed Cliarges and Taxes to Earnings 7 Charges ahead of Common Stock, per mile 8 Amount of Common Stock outstanding, per mile 9 Total Current Assets 10 Total Current Liabilities 11 Total Surplus 12 Total Surplus, per mile 13 Reserve Funds, for Betterments, per mile INCOHE AND EXPENSES. 14 Gross Earnings, per mile 15 Percentage of Gross Earnings to Capital 16 Expenses, per mile IT Percentage of Expenses to Gross Earnings 18 Net Earnings, per mile 19 Additional Miscellaneous Income, per mile SO Expenses for Maintenance of Way and Structure, per mile 21 Expenses for Maintenance of Equipment, per mile 22 Percentage of Gross Earuings for Maintenance 23 Percentage of Expenses for Maintenance 24 Expenses for Conducting Transportation, per mile 25 General Expenses, per mile 26 Percentage of Gross for Conduct. Trans, and General Expenses, 27 Surplus Earnings, per mile 28 Percentage of Gross Earnings for Surplus 29 Betterments charged to Reserve Funds, per mile TOLEDO, ST. LOUIS AND WESTERN, June 30, 1901. June 30, 1902. 44,346 34,368 78,714 1,363 ii4.6 2,349 33.173 690,855 723,740 83,550 183 183 5,526 7.3 3,994 73.37 1,533 14 803 711 37.4 37.9 3,307 173 44.9 183 3.3 44,346 34,368 78,714 1,506 35.7 3,393 33,173 503,360 554,106 138,347 307 15 6,859 7.4 4,349 73.53 1,610 21 807 758 36.7 36.8 3,463 331 45.8 133 3.1 373 ST. JOSEPH AND GRAND ISLAND. June .30, 1901. 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 81 29 23 24 25 43,358 11,318 54,676 603 13.4 1,933 14,743 433,449 443,000 336,647 73S 119 4,484 8.3 3,600 57.98 1,884 473 366 16.6 38 4 1,661 303 41.5 1,383 38.6 June 30, 1902. 43.585 11,318 54,803 657 15.3 1,987 14,743 403,720 397,091 234.558 752 143 4,333 7.9 3,730 63.15 1,693 499 357 19.8 31.4 1,678 199 43.4 940 31.7 9 10 11 12 13 14 15 16 17 18 19 23 21 22 23 84 23 26 27 38 29 80 ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance— Passenger Traffic. Name of Kailroad. Tear ending. MAINTENANCE EXPENSES. Maintenance of Way and Structure, per ton mile ceutB Maintenance of Equipment, per ton mile cents Maintenance of Passenger Cars, per car Maintenance of Freight Cars, per car Maintenance of Locomotives, per locomotive Maintenance of Passenger Cars, per car, per mile run cents Maintenance of Freight Cars, per car, per mile run cents Maintenance of Locomotives, per locomotive, per mile run — cents PASSENGER TRAFFIC. Number of paeeengers carried, per mile Passenger miles, per mile Passenger train mileage, per mile Passenger car mileage, per mile Passenger car mileage, per car Average number of cars, per passenger train Average number of passengers, per passenger train Average number of passengers, per car Average distance travelled, per passenger miles Gross earnings, per passenger cents Gross earnings, per passenger, per mile travelled cents Gross passenger earnings, per train mile cents Gross passenger earnings, per car mile cents Percentage of passenger expenses to earnings TOLEDO. ST. LOUIS AND WESTERN-! ST. JOSEPH AND GRAND ISLAND. Jura; 30, 1901. .104 .09% 586 39 1,859 .633 .358 1,386 51,835 1,881 7,449 92,673 3.98 87.55 7.03 37.4 68.29 1.83 66.81 16.89 jOTfE 30, 1902. .109 .096 937 39 1,848 1.506 .389 1,453 55,132 1,892 6,922 89,189 3.66 29.14 7.96 37.95 72.83 1.92 71.84 19.63 Jttne 30, 1901. 9 10 11 12 13 14 15 16 17 18 19 20 21 23 .186 .105 3.05 941 28,759 1,191 4,478 69,862 3.76 84.17 6.43 30.57 7* 2.41 74 19.68 June 30, 1902. .103 1,387 4.73 882 37,264 1,192 4,457 69,526 3.74 22.88 6.12 30.93 73 2.33 70 18.73 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 ANALYSIS OF RAILROAD REPORTS. 81 Statistics of Freight Traffic. Same of Bailroad Tear ending 1 Number of revenue tons carried, per mile 3 Revenue ton mllee, per mile 8 Freight train mileage, per mile 4 Locomotive mileage, per mile 5 Freight car mileage, per mile 6 Locomotive mileage, per locomotive T Freight car mileage, per car 8 Freight car mileage, per car, per day 9 Average number of all freight care, per freight train 10 Average number of empty freight care, per freight train 1 1 Percentage of loaded car mileage to total car mileage 12 Average revenue tone, per freight train 13 Average revenue tons, per loaded car 14 Average revenue tons, per loaded and empty car 15 Average distance of haul, per ton of freight miles 16 Gross earnings, per ton cents 17 Gross earnings, per ton, per mile hauled cents 18 Gross freight earnings, per train mile cents 19 Gross freight earnings, per car mile cents 80 Percentage of freight expenses to earnings f 81 Principal articles of freight and percentage of tonnage from each I a Report not clear on this point. TOLEDO, ST. LOUIS AND WESTERN. June 30, 1901. 3,549 773,934 3,085 77,899 a 11,079 a 30.4 a4.aa 7.13 70.6 350.87 14.68 10.4 tilS.l 118.38 .543 136.07 5.63 June 30, 1902. 3,693 793,536 3,779 70,667 a 10,038 a 37.5 35.43 6.19 75.7 385.57 14.84 11.3 314.9 118.78 .553 157.85 6.31 33.3.Product8 Of Agriculture. 33. 7 ' 31.4 Manufactures 31 18.1... Products of Mines .... 19.3 13 ...Products of Forests. ..13 ST. JOSEPH AND GRAND ISLAND. June 30, 1901. 9 10 II 12 13 14 15 16 IT 18 19 20 3,171 354,336 1,377 3,795 37,339 39,067 a 10,066 37.6 31.33 6.43 69.9 199.15 13.37 9 117.3 159 1.36 370 13.7 June 30, 1902. 3,013 349,136 1,344 3,698 36,441 38,903 n 10,031 a 37.4 81.85 6.31 70.3 300.39 13.41 9.4 133.93 163 1.33 364 12.4 ANALYSIS OF RAILROAD REPORTS. Statistics of Physical Condition. Name of Railroad. CHICAGO AND EASTERN ILLINOIS EVANSVILLE AND TERRA HAUTE. Tear ending . JtJNB 80, 1901. 1 Mileage owned 2 Mileage owned, leased and controlled by ownership of Stock. . 3 Average mileage operated 4 Mileage ballasted 5 Mileage of varions kinds of ballast . 6 Mileage of second, tlurd and fonrtli main tracks . 7 Mileage of yard and side tracks 8 Number of ties renewed in track, per mile 9 Mileage of various weight rails. 10 Number of Locomotives owned, per mile 11 Average tractive power of Locomotives pounds 12 Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars pounds 14 Number of Passenger Cars owned, per mile a Approximate. J Including the Evansville and Indianapolis R. R 704 ff 7ao 106 ii91 June 30, 1908. 7X5 738 a 730 106 319 fiO, 65 and 80 lbs. per yd. .19)J .169 .19 14.37 .16S June 31), 1901. 10 11 12 13 14 180 6 331 163 June 30, lii02. 180 6 331 163 63 63 334 569 60, 70 and 80 lbs. per yd. 33.86 .247 30.304 ANALYSIS OP RAILROAD REPORTS. Statistics of — Assets and Liabilities — Income and Expenses. yame of Railroad. . Tear ending . ASSETS AND LIABILITIES. Stocks outstanding, per mile Bonds outBtanding, per mile Total Stocks and Bonds, per mile Vitrioiis Stocks and Bonds in Treasury, per mile Fixed Charges, including Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings.. Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile Total Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile Reserve Funds, for Betterments, per mile CHICAGO AND EASTERN ILLINOIS JtrtTE 30, 1301. 19,4S4: 33,437 63,9ai 3,173 9,997 1,948,931 1,164,909 1,701,073 3,363 June 30, 1902. 19,317 33,76§ 53,9H5 3,308 3.5.' 3,569 9,860 3,133,643 1,339,419 1,701,073 3,330 INCOME AND EXPENSES. Gross Earnings, per mile 7,860 8,599 14 8,605 8,973 Percentage of Gross Earnings to Capital 14.9 16.3 15 10.1 10.5 Expenses, per mile 4,508 4,748 16 4,891 4,635 Percentage of Expenses to Gross Earnings 57.35 55.33 17 56.84 51.54 Net Earnings, per mile 3,353 3,851 18 3,714 4,348 Additional Miscellaneous Income, per mile 304 341 19 383 343 Expenses for Maintenance of Way and Structure, per mile 869 838 20 1,014 856 Expensesfor Maintenance of Equipment, per mile. 841 1,011 21 1,300 1,173 Percentage of Gross Earnings for Maintenance 31.8 31.5 23 36.9 33.6 Percentage of Expenses for Maintenance 37.9 38,9 23 49.7 43.9 Expenses for Conducting Transportation, per mile 3,576 3,668 34 3,366 3,313 General Expenses, per mile 333 333 35 311 383 Percentage of 6ro6s for Conduct. Trans, and General Expenses 35.6 33.7 26 39.9 38.93 Surplus Earnings, per mile ft 1,043 41,153 87 900 /; 461 Percentage of Gross Earnings for Surplus '. .. 13.3 13.4 88 10.4 5.1 Betterments charged to Resen-e Funds, per mile 3!) (I No investments reported excepting in stocks lepresentin^ terminals. b After deducting $4*1 per mile for betterments and depreciation in 1901 and $8.32 per mile in 1003. c Including guaranteed bonds amounting to $1.5,433 per mile. rfPar value. e Par value, excluding the stork of the Evansville and Indianapolis R. R., amounting to $13,346 per mile. / Including deficit of Evansville and Indianapolis on bonds guaranteed by Evansville and Terra Haute (see note (■) ; deficit equaled $535 ni-r mile in 1901 and $395 per mile in 1903. m ^^ ■ «- g After readjustment of income account when stocks of the Evansville and Indianapolis were charged off (see note e). ). A f,„. ,i„,i..„.: — ji^i(j9 per mile for depreciation. EVANSVILLE AND TERRE HAUTE. June 30, 1901. 9 10 U 12 13 33,690 c 53,951 85,647 (i 14,490 /3,098 36 3,494 34,613 493,896 333,307 1,475,393 9,107 JuMK 30, 1902. 33,696 c 53,951 85,647 f 1,953 / 3,961 33 3, .35 7 34,613 679,533 335,130 (7 74,653 461 fl After deducting 84 ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance Expenses — Passenger Traffic. Name of Sailroad. . Tear ending. HAINTENANCE EXPENSES. 1 Maintenance of Way and Structure, per ton mile cents 2 Maintenance of Equipment, per ton mile cents 3 Maintenance of Passenger Cars, per car 4 Maintenance of Freight Cars, per car 5 Maintenance of Locomotives, per locomotive 6 Maintenance of Passenger Cars, per car, per mile run cents 7 Maintenance of Freight Cars, per car, per mile run cents 8 Maintenance of Locomotives, per locomotive, per mile run. . . .cents PASSENGER TRAFFIC. 9 Number of passengers carried, per mile 10 Passenger miles, per mile 11 Passenger train mileage, per mile 12 Passenger car mileage, per mile 13 Passenger car mileage, per car 14 Average number of cars, per passenger train 15 Average number of passengers, per passenger train 16 Average number of passengers, per car , 17 Average distance traveled, per passenger miles 18 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile traveled cents yO Gross passenger earnings, per train mile cents 21 Gross passenger earnings, per car mile cents 22 Percentage of passenger expenses to earnings CHICAGO AND EASTERN ILLINOIS Jxrss 30, 1901. .068 .066 481 1,406 .438 U.Ol 4,85r 8a,633 1,871 44.^ 17 a7.7 1.63 83 JUNB 80, 1903. .056 .067 383 36 1,639 ..507 7.173 5,303 83,373 1,868 16 37.5 1.73 88 EVANSVILLE AND TERRE HAUTE. Junk 30, 1901. 10 11 12 13 14 l.'i 16 17 18 19 20 21 23 .163 .308 116 39 731 1.694 3.56 3,145 81,380 3,345 37.9 9«,049 3.449 110.511 Junk 30, 1902. .136 .173 354 37 938 1.435 3.596 3,334 88,540 3,356 39.53 94.379 3.385 111.681 ANALYSIS OF RAILROAD REPORTS. 85 Statistics of Freight Traffic. Name of Railroad . Year ending. 1 Kumber of revenue tons carried, per mile 2 Revenue ton miles, per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile 5 Freight car mileage, per mile Locomotive mileage, per locomotive 7 Freight car mileage, per car 8 Freight car mileage, per car, per day 9 Average number of all freight cars, per freight train 10 Average number of empty freight cars, per freight train 1 1 Percentage of loaded car mileage to total car mileage la Average revenne tons, per freight train 13 Average revenne tons, per loaded car. 14 Average revenue tons, per loaded and empty car 15 Average distance of haul, per ton of freight miles 16 Gross earnings, per ton ceats 17 Gross earnings, per ton, per mile hauled cents 18 Gross freight earnings, per train mile cents 19 Gross freight earnings, per car mile cents 20 Percentage of freight eipensee to earnings 21 Principal articles of freight and percentage of tonnage from each CHICAGO AND EASTERN ILLINOIS. JnNE 30, 1901. JtjiTB 30, 190S. 8,314 1,373,170 a 3,6X3 4,481 90,364 33,395 b 6,39S 617.5 34.6 13.8 63 a 487.4 33.4 14 155 76.4 .493 a 340 6.94 9,605 1,503,353 a 3,483 4,351 101,886 33,848 67,103 619.5 41.05 15.6 63.1 a 605.3 33.8 14.7 156.4 71.9 .459 ((378 6.77 EVANSVILLE AND TERRE HAUTE. JtTNE 30, 1901. 10 II 13 13 14 15 16 17 18 19 20 10,S47 636,413 3,447 66,350 53,391 6 30,351 6 3,331 66.39 31.78 6.48 70 396 16.7 11.8 59.33 51.543 .87 333.131 10.199 Juke 30, 1902. 11,175 670,844 3,461 6 0,373 54,663 6 35,811 b 3,578 67.1 33.31 6.54 70.6 375 17.6 13.4 60.4 51.345 .848 333.733 10.48 a Switching and helping engine mileage ie included in freight train milel^e. b Report not clear on this point. 86 ANALYSIS OF RAILROAD REPORTS. Statistics of Physical Condition. Nattte of liailrottd. Year ending . 1 Mileage owned 2 Mileage owned, leased and controlled by ownership of Stock. 3 Average mileage operated 4 Mileage ballasted 5 Mileage of various kinds of ballast. 6 Mileage of second, third and fourth main tracks. 7 Mileage of yard and side tracks, 8 Number of ties renewed in track, per mile .. 9 Mileage of various weight rails. 10 Number of Locomotives owned, per mile. . , 11 Avernge tractive power of Locomotives pounds 12 Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars pounds 14 Number of Passenger Cars owned, per mile ILLINOIS CENTRAL. June .30, 1901. J0NE 30, 1902. 4,366 4,366 4,313 4,384 4,3S4 4,376 338 1,333 471 535 1,370 439 1,314.... 60 lbs. per yd ....1,165 1,535... rs Iba. per yd ... 1,570 794.... 85 lbs. per yd ....1,084 Balance 50-100 lbs. per yd. .311 , 34,705 9.13 58,860 .173 I .331 35,860 10.15 01,730 .17 CHICAGO, INDIANAPOLIS AND LOUISVILLE, June 30, 1901. June 30, lOOa. 10 11 13 13 14 S09 .'>46 535 433 334 Gravel. 77 Stone.. 31 Cinders 509 546 535 478 .364 . 83 . . 31 103 393 170 373 143 56-60 lbs. per yd 40 153 67 lbs. per yd 150 313 To lbs. per yd 339 .161 .151 .174 10.93 .133 ANALYSIS OF RAILROAD REPORTS. 87 Statistics of — Assets and Liabilities— Income and Expenses. Name of Jiailroad. Tear endinr/. ASSETS AND LIABILITIES. 1 Stocks outfctanding, per mile 2 BondB outstanding, per mile 3 Total Stocks and Bonds, per mile 4 Various Stocks and Bonds in Treasury, per mile 5 Fixed Cliurgee, including Taxes, per mile 6 Percentage of Fixed Charges and Taxes to Earnings 7 Charges ahead of Common Stock, per mile 8 Amount of Common Stock outstanding, per mile 9 Total Current Assets 10 Total Current Liabilities 11 Total Surplus 12 Total Surplus, per mile 13 Reserve Funds, for Betterments, per mile INCOnE AND EXPENSES. 14 Gross Earnings, per mile 15 Percentage of Gross Earnings to Capital 16 Expenses, per mile n Percentage of Expenses to Gross Earnings 13 Net Earnings, per mile 19 Additional Miscellaneous Income, per mile 20 Expenses for Maintenance of Way and Structure, per mile 21 Expenses for Maintenance of Equipment, per mile 22 Percentage of Gross Earnings for Maintenance 23 Percentage of Expenses for Maintenance 24 Expenses for Conducting Transportation, per mile 26 General Expenses, per mile 26 Percentage of Gross for Conduct. Trans, and General Expenses. 27 Surplus Earnings, per mile 28 Percentage of Gross Earnings for Surplus 29 Betterments charged to Eeserve Funds, per mile ILLINOIS CENTRAL. June 30, 1901. 18,042 39,879 47,981 « 9,915 1,94% 23.2 • 1,943 15,659 ,130,362 950,835 ,980,960 702 155 8^765 18.3 6,754 65.7 3,001 594 1,390 1,037 aT.7 42.2 3,137 189 38 c966 11 93 Junk 30, 1902. ,/ 20,861 30,314 51,075 a 10,071 1,940 20.4 1,949 18,532 10,730,880 9,199,811 « 3,010,960 704 85 9,546 18.7 6,138 64.3 3,408 831 1,331 1,342 26.8 41.8 3,377 198 37.5 c 1,275 13.4 63 CHICAGO, INDIANAPOLIS AND LOUISVILLE June 30, 1901. 1 2 3 4 5 6 S 9 10 11 12 la II 15 16 ir 18 la 20 21 22 23 24 2.5 2(i 2V 28 29 28,973 25,435 54,397 3,455 2,188 28.2 8,563 19,636 1.110,143 1,193,328 1.397,583 2,612 898 7,751 14.2 4,599 59.34 3,153 254 979 964 85.1 43.8 2,136 534 34.5 1,320 15.7 668 June 30, 1902. 28,972 25,878 54,844 3,606 3,177 25.4 2,551 19,626 1,118,623 1,206,343 1,978,758 3,699 144 8,566 16.6 4,971 58.1 3,585 348 1,016 1,063 84.3 41.8 2,355 537 33.8 1,656 19.4 700 a Book value. b Does not include Insurance Fund, Surplus Dividend Fund, nor Pension Fund, all three amounting to $632 per mile in 1901 and $636 per mile in lti02. cFrom this, there were set apart for betterments $687 per mile in 1901 and $1,015 per mile in 1902. U There has since the fiscal year closed been an issue of additional stock amounting to $3,407 per mile. 88 ANALYSIS OF RAILROAD REPORTS. Statistics of — Maintenance — Passenger Traffic. Name of Railroad, Tear ending. MAINTENANCE EXPENSES. 1 Maintenaiice of Way and Structure, per Inn mile cents 8 Maintenance of Equipment, per ton mile cents 3 Maintenance of Passenger Cars, per car — '. 4 Maintenance of Freight Cars, per car B Maintenance of Locomotiyes, per locomotive 6 Maintenance of Passenger Cars, per car, per mile run cents 7 Maintenance of Freight Cars, per car, per mile run cents 8 Maintenance of Locomotives, per locomotive, per mile run — cents PASSENGER TRAFFIC. B Number of passengers carried, per mile 10 Passenger miles, per mile 11 Passenger train mileage, per mile 12 Passenger car mileage, per mile 13 Passenger car mileage, per car 14 Average number of cars, per passenger train 1.T Average number of passengers, per passenger train 10 Average number of passengers, per car 17 Average distance travelled, per passenger miles 16 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile travelled cents 30 Gross passenger earnings, per train mile cents 21 Gross passenger earnings, per car mile cents 22 Percentage of passenger expenses to earnings ILLINOIS CENTRAL. June 30, 1901. .146 .109 493 53 1,759 .69 .5 3.93 4,339 88,713 3,568 13,041 70,0O3 4.7 34.54 7.35 30.93 41.03 1.96 84.66 18.06 June 30, 1903. .127 1 .119 2 737 3 58 4 1,971 5 1.03 6 .61 7 5.39 8 4.445 9 93,847 10 3,564 11 13,195 1-3 71,837 13 4.8 14 36.6 15 T.63 16 31.11 17 43.3 18 1.999 19 91.34 20 18.03 21 9 22 CHICAGO, INDIANAPOLIS AND LOUISVILLE. June 30, 1901. June 30, 1903. .146 .144 790 38 3,364 1.100 .668 6.413 3,181 534: juME 30, vm. CLEVELAND, CINCINNATI, CHICAGO & ST. LOUIS. JUNB 30, 1901. 3,834 4,340 3,234 904 1,391 S06 67 to 100 lbs. per yd. .433 .404 10 35,339 36,316 11 19.39 31.78 13 59,80r 03,4.50 13 .383 .■ma 14 1,891 2,387 i,8yi 80 941 Juke 30, 1902. 1,891 3,287 1,891 103 983 67 to 80 Ills, per yd. 10 .307 .318 ANALYSIS OF RAILROAD REPORTS. Statistics of — Assets and Liabilities — Income and Expenses. 91 Xame of Railroad. Tear ending . ASSETS AND LIABILITIES. Stocks outstanding, per mile Bonds outstanding, per mile Total Sloc!is and Bonds, per mile Various Stocks and Bonds in Treasury, per mile Fixed Charges including Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings. Charges ahead of Common Stock, per mile Amount of Commou Stock outstanding, per mile Total Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile Reserve Funds, for Betterments, per mile BALTIMORE AND OHIO. Jtnsm 30,1901. 33,451 6 65,819 98,3T0 <;8,307 3,887 19.8 3,666 13,993 15.591,439 31,111,385 1,700,719 531 JusE 30, 1902. INCOHE AND EXPENSES. 14 Gross Earnings, per mile 15 Percentage of Gross Earnings to Capital 16 Expenses, per mile 17 Percentage of Expenses to Gross Earnings 18 Net Earnings, per mile 19 Additional Jli scellaneous Income, per mile 20 Expenses for Maintenance of Way and Structure, per mile 21 Expenses for Maintenance of Equipment, per mile 22 Percentage of CJross Earnings for Maintenance 23 Percentage of Expenses for Maintenance 24 Expenses for Conducting Transportation, per mile 25 General Expenses, per mile 20 Percentage of Gro.S8 for Conduct. Trans, and General Espeoees. 27 Surplus Earnings, per mile 28 Percentage of Gross Earnings for Surplus 29 Betterments charged to Reserve Funds, per mile a Includes discount and commission on securities sold, amounting to S321 per mile. b Includitig debenture 4 per cent, bonds, convertible into common stock amounting to c At book value. d After deducting SK.52 per mite for betterments in moi. and S8M per mile in 1902. e After deducting S300 per mile for betterments in 1901 and g317 per mile in 1902. /Since the close of the fiscal year, additional common stock has been issued— $13,142 per mile. /•41,864 6 73,088 113,943 <;7,773 3,493 33. 4,334 /33,499 ,538,363 ,633,689 ,635,332 813 CLEVELAND, CINCINNATI, CHICAGO AND ST. LOU S. June 30, 1901. 14,649 15,827 14.9 13.9 9,653 10,171 63.9 64.3 4,996 5,656 286 708 1,779 1.939 1,898 2,077 35 25.4 38.1 39.5 , 5,166 5,349 813 804 40.8 38.9 d 1,533 d 2,016 10.4 13.7 3 4 5 6 8 9 10 11 12 13 14 16 16 17 18 19 20 21 22 23 24 28 29 June 30, 1902. 30,313 31,033 51,335 3,043 1,880 19.9 2,144 14.803 3,760,357 3,467,079 1,407,708 763 37 9,454 18.4 6,408 67.8 3,046 67 1,197 1,369 27.1 40 3,665 176 40.6 «933 9.9 20,3 r 2 30,769 51,081 2,177 1,833 18.5 2,097 14,802 2,700,393 4,710,105 1,438,681 761 lO 9,898 19.4 6,917 69.9 2,981 41 1,329 1,496 28.6 40.8 3 916 176 41.3 c'873 8.8 ,582 per mile in 1901, and $2,023 per mile in 1902. 3 4 5 6 7 8 9 10 11 12 13 11 15 16 17 18 19 20 21 22 23 24 25 20 28 29 9Z ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance Expenses — Passenger Traffic. yanie of Hail road Year ending nAlNTENANCE EXPENSES. 1 Maintenance of Wav and Structure, per ton mile cents 2 JIaintonancc of Equipment, per ton mile cente 3 Maintenance of Passenger Cars, per car 4 Maintenance of Freight Cars, per car 5 Maintenance of Locomotives, per locomotive t) Maintenance of Passenger Cars, per car, per mile run cents 7 Maintenance of Freight Cars, per car,. per mile run cents 8 Maintenance of Locomotives, per locomotive, per mile run. . . .cents PASSENGER TRAFFIC. 9 Number of passengers carried, per mile 10 Passenger miles, per mile 11 Passenger train mileage, per mile 12 Passenger car mileage, per mile 13 Passenger car mileage, per car 14 Average number of cars, per passenger train 15 Average number of passengers, per passenger train 16 Average number of passengers, per car 17 Average distance travelled, per passenger miles 18 Gross earnings, per passenger cents 19 Gross earuiugs, per passenger, per mile travelled cents 20 Gross passenger earnings, per train mile cents 21 Gross passenger earnings, per car mile cents £2 Percentage of passenger expenses to earnings BALTIMORE AND OHIO. June 30, 19U1. .08 .086 647 38 1,T63 1.018 4.87 3,626 142,506 3, .528 17,957 03,556 6.1 40.4 ' 7.9 39.3 78 1.975 90.2 19.45 Jt^NE 30, 1903. .084 .09 637 38 2,043 .992 .485 5.59 3,727 152,256 3,595 18,373 64,241 5.1 42 8.2 40.86 82.35 3.016 107.36 81.05 CLEVELAND, CINCINNATI, CHICAGO AND ST. LOUIS. June 30, 1901. 10 11 12 13 14 15 16 17 18 19 20 21 22 .119 .136 1,049 47 2,176 2.173 .529 2,931 137,102 2,754 10,006 48,369 3.63 60 13.8 46.8 89.9 1.921 114.82 31.63 June 30, 1902. .135 .141 1.066 46 2,813 2.167 .532 3,007 154,599 2,908 10,745 49.200 3.7 53 14.3 61.4 96.5 1.878 118.7 32.08 ANALYSIS OF RAILROAD REPORTS. 93 Statistics of Freight Traffic. Name of Railroad Tear ending 1 Number of revenue tous carried^ per mil^ 2 Revenue ton mile?, per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile 5 Freight car mileage, per mile 6 Locomotive mileage, per locomotive 7 Freight car mileage, per car 8 Freight car mileage, per car, per day 9 Average number of all freight cars, per freight train 10 Average number of emi>ty freight cars, per freight train 1 1 Percentage of loaded car mileage to total car mileage 13 Average revenue tons, per freight train 13 Average revenue tons, per loaded car 14 Average revenue tons, per loaded and empty car 15 Average dittance of haul, per ton of freight miles 16 Gross earnings, per ton cents 17 Gross earnings, per ton, per mile hatiled cents 18 Gross freight earnings, per train mile cents 19 Gross freight earnings, per car mile cents 20 Percentage of freight expenses to earnings f 81 Prinoipalarticlesof freight and percentage of tonnage from each ' I I. a Report not clear on this point. BALTIMORE AND OHIO. June 30, 1901. 10,4^6 3,aaO,4J8 5,813 15,333 174,077 36,a08 a 8,979 a 34.6 39.8 10.16 65.9 381 19.4 13.9 313 106 .498 190.1 6.38 June 30, 1902. 11,973 3,318,083 5,703 14,765 173,631 36,547 a 7,936 a31.7 30.38 10.09 66.78 406.53 30.14 13.4 193.63 99.65 .515 309.33 6.91 50.3,Bitxmiinous Coal and Coke.53.5 i 15.9 Manufactures 17 I 7 Grain and Flour 4.4 I J CLEVELAND, CINCINNATI, CHICAGO AND ST. LOUIS. June 30, 1901. 10 11 12 13 14 1.5 16 17 18 19 20 5,869 1,009,.565 3,036 89,333 a 10,406 38.5 38.4 6.1 78.5 333 14.93 11.7 173 104.9 .61 303 7.148 June 30, 1903. 6,376 1,064,193 3,304 87,786 a 8,808 a 34.1 37.4 5.G 79.4 333 15.37 13.1 166.9 98.9 .593 197 7.19 21 94 ANALYSIS OF RAILROAD REPORTS. PENNSYLVANIA SYSTEM. Statistics are not fnrnished in enough detail to allow of a single analysis of tbe entire Pennsylvania system of 10,485 miles. The Pennsylvania Railroad proper includes all toe lines directly operated east of Pittsburgh and Eric, ^ „. . ,.„,.. j o* t • -o ■, j ., . , tm Tlie systeni, west of Pittsburgh and Erie is composed of the lines of the Pennsylvania Company, the Pittsburgh, Cincinnati, Chicago and St. Lonis Railway, and about 1,500 °" "^^ In "he^ foUowin" tables ai most representative of the whole svstem, the lines of the Pennsylvania Company, the Pittsburgh, Cincinnati, Chicago and St. Lonis Railway and the Pennsylvania Railroad are separately analyzed. The latter company does not publish full details for 1901— therefore the 1900 report alone is tlsed. ^ . . .v ™ x i. t. The Pennsylvania Railroad owns the entire capital stock of the Pennsylvania Company. The Pennsylvania Company, in turn, owns a controlling interest in the Pittsburgh, Cincinnati, Chicago, and St. lionis Railway. The Pennsylvania Railroad, therefore, receives, as miscellaneous income, rcTenue from the entire system. Statistics of Physical Condition. Same- of Railroad., Year ending . 1 Mileage owned » Mileage owned, leased and controlled by ownership of Stock. . S Average mileage operated 4 Mileage ballasted 6" Mileage of various kinds of liallast. 6 Mileage of second, third and fourth main tracks . 7 Mileage of yard and side tracks 8 Number of ties renewed in track, per mile 9 Mileage of various weight rails 10 Number of Locomotives owned, per mile 1 1 Average tractive power of Locomotives poundi 12 Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars pounds 14 Number of Passenger Cars owned, per mile PITTSBURGH. CINCINNATI, CHICAGO AND ST. LOUIS. December 31, 1900. 1,407 1,407 1,407 378 585 Deceiuber 31, 1901. 1,407 1,407 1,407 a78 585 60, 70 and 85 lbs. per yd. 9.889 .3oa PENNSYLVANIA COMPANY. December 31, 1000. Decemeer 31, 1901. 10 11 12 13 14 1,396 1,396 1,396 336 816 1,396 1,396 1,396 336 816 60 to 85 lbs. per yd. .391 33,157 37.13 73,874 .33 .394 33,981 37.8 74,331 .353 PENNSYLVANIA RAILROAD. DECE.1IBER 31, 1900. 539 4,098 e 3,959 p J 50 I' 1,516 1,930 J54T to 100 lbs. per d. J. 318 30,834 J 33.04 60,988 ».488 (t Lines directly operated only, excluding the Buffalo and .Mle^'lieny Valley division ( b Including the Buffalo and Allegheny Valley division. ) miles), which was operated for only sis months of the year. AjStalysis of railroad reports. 95 statistics of— Assets and Liabilities— Income and Expenses. Nante of Railroad. Tear ending. . ASSETS AND LIABILITIES. 1 Stocks outstandiiiL;, per mile 2 Bonds outstanding, per mile 3 Total Stocks and Bonds, per mile 4 Various Stocks and Bonds iu Treasury, per mile Fixed Charges, including Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings. Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile Total Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile 5 6 7 8 9 10 11 18 13 Reserve Funds, for Betterments, per mile INCOHE AND EXPENSES. 14 Gross Earnings, per mile 15^at 17,^64 14 15 Percentage of Gross Earnings to Capital 23.3 it5.9 15 16 Expenses, per mile 11,134 11,66§ 16 17 Percentage of Expenses to Gross Earnings 70.4 67.6 17 18 Net Earnings, per mile 4,690 5,596 18 19 Additional Miscellaneous Income, per mile 156 193 19 20 Expenses for Maintenance of Way and Structure, per mile ti,-i1t'i 2,197 20 21 Expenses lor Maintenance of Equipment, per mile 2,8 03 3,026 21 22 Percentage of Gross Earnings for Mainteoance 31.9 30.3 23 Percentage of Expenses for Maintenance 45.3 44.8 93 24 Expenses for Conducting Transportation, per mile 5,833 6,158 34 25 General Expenses, per mile 265 • 385 35 26 Percentage of Gross for Conduct. Trans, a'nd General Expenses 38.5 37.3 26 27 Surplus Earnings, per mile o 1,034 a 1,342 28 Percentage of Gross Earnings for Surplus 6.5 7.8 3S 29 Betterments charged to Reserve Funds, per mile , 29 a After deducting S6.'i9 per mile in IQOO and Sl,393 per mile in 1901, for betterments, etc. b After deducting $716 per mile in 1900 and $a-<7 per mUe in 1901, for betterments, etc. c Including securities of roads in this company. Report not clear enough to allow of their exclusion. d Cost to Company e Exclusive of sinking funds of $10,173,635. f Assets and Liabilities include Buffalo and Allegheny Valley division. PITTSBURGH, CINCINNATI, CHICAGO AlMD ST. LlUIS. DeCEMBEB3), 1900. DECE5IEER31,lfl01 34,052 33,a03 67,254 1,110 3,154 19.9 3,199 17,516 5,399,070 3,890,500 3,664,861 2,604 34,130 32,484 66,614 1,714 3,134 18.2 3,779 17,594 4,754,179 5,765,376 3,6 78,731 2,615 PENNSYLVANIA COMPANY. PENNSYLVANIA RAILROAD. DECE5LBEK 31, 1900. 9 10 11 13 13 15,043 17,534 33,577 <; 89,704 6,072 33.3 6,072 13,043 8,069,675 8,855,539 5,176,318 3,708 3,388 lS,iS88 56.1 12,261 68.8 6,027 1,659 3,883 2,765 30.7 45.3 6,306 309 36.3 6 802 4.4 December 31, IDOl 28,653 17,537 46,190 C 66,173 6,833 33.8 6,833 28,653 8,034,773 12,600,713 5,330,856 3,819 3,949 20,813 45.1 13,855 66.6 6,958 2,311 3,309 3,253 31.1 46.7 7,009 381 33.5 b 16,581 8 Decemeek 31, 1900L 41,530 29,937 71,487 d 46,121 5,388 22.5 5,388 yf 41,.530 30,065,934 28,399,345 « 22,485,304 6,164 822 J 38,497 33 18,659 65.23 9,838 1,779 3,599 4,384 as 43 10,339 437 37 4,736 30 96 ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance Expenses— Passenger Traffic. PITTSBURGH, CINCINNATI, CHICAGO AND ST. LOUIS. PENNSYLVANIA COMPANY. PENNSYLVANIA RAILROAD. Year enUitig Dece.meerSI, IOOO. Decesieek 31, 1001. December 31, 1900. Decemeee31, 1901 December 31, 1900. MAINTENANCE EXPENSES, 1 MaintenaDce of Way and. Structure, per ton mile 2 Maintenance of Equipment, per ton mile 3 Maintenance of Pas^jenf er Cars, per car . . .cents . . .centa .139 .163 .113 .136 1 2 3 4 5 6 8 9 10 11 13 13 14 15 10 17 18 19 20 21 22 .134 .119 791 33 3,391 1.454 .781 5.76 5,363 144,341 3,585 18,389 53,605 5.1 40 7.8 37.43 57.4 3.09 111.8 •V 31.93 94.7 .119 .13 843 56 3,060 1.431 .803 7.36 5,793 158,344 4,093 30,736 58,753 5.1 39 7.6 37.33 38 3.13 107.8 31.14 96.5 .09)4 .113 781 78 3,391 6 Maiuteuauce of Passenger Cars, per car, per mile run 7 Maintenance of Freight Cars, per car, per mile run 8 Maintenance of Locomotives, per locomotive, per mile run PASSENGER TRAFFIC. .. .cents ...cents ...cents 1.645 .711 5,839 173,531 4,099 5.81 .6,016 175,696 4,193 13,735 399,536 11 Passenger traiu milea"e, per mile 5,487 12 Passenger ciir mileage, per mile 38,345 47,478 14 Average number of cars, per passenger train 5.3 43 43 55 10.6 17 Average distance travelled, per passeDgcr 18 Gross earnings, per passenger 19 Gross earnings, per passenger, per mile travelled SO Gross passenger earnings, per train mile 21 Gross passenger earnings, per car mile . . .miles ...cents . . . cents ...cents ...cents 39.73 60.4 3.03 115.4 39.3 60.1 3.06 116.3 31.8 43.3 1.98 131.4 35.37 22 Percen tage of passenger expenses to earnings 89.3 88.8 73.4 ANALYSIS OF RAILROAD REPORTS. 97 Statistics of Freight Traffic. Name of Railroad Year ending 1 Number of revenue tons carried, per mile 2 Eevenne ton miles, per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile 5 Freight car mileage, per mile 6 Locomotive mileage, per locomotive 7 Freight car mileage, per car 8 Freight car mileage, per car, per day 9 Average number of all freight cars, per freight train 10 Average number of empty freight cars, per freight train 11 Percentage of loaded car mileage to total car mileage 12 Average revenue tons, per freight train 18 Average revenue tone, per loaded car 14 Average revenue tons, per loaded and empty car 15 Average distance of haul, per ton of freight miles 16 Grose earnings, per ton cents 17 Gross earnings, per ton, per mile hauled cents 18 Gross freight earnings, per train mile cents 19 Gross freight earnings, per car mile cents SO Percentage of freight expenses to earnings tl Principal articles of freight and percentage of tonnage from each PITTSBURGH, CINCINNATI, CHICAGO AND ST. LOUIS. Decemeeb 31, 1900. December 31, 1001 1,737,373 6,394 158,105 a 15,989 a 43.8 39.1% T.33 71.3 374.44 15.41 10.9 111.14 69.8 .63 170.9 6.8 77.4 18,538 l,938,fi77 6,455 173,543 36.73 7.93 70.3 300.36 15.97 11.3 104.G3 64.8 .63 186 6.96 73.9 39.5 6 Coal and Coke.... 37 37.4 Manufactures 37 PENNSYLVANIA COMPANY. Decembee 31, 1900. 10 11 Vi 13 14 1.1 16 17 18 19 20 39,895 3,330,306 6,388 14,899 177,545 38,093 a 6,547 17.9 36.85 7.34 70.3 364.75 18.7 13.6 77.95 45.7 .59 313.9 7.97 71.8 December 31, 1901. 36,054 3,706,034 6,843 16,483 189,801 41,836 a 6,837 a 18.7 37.74 7.87 78 395.49 19.9 14.3 75.05 43.G .58 330 8.39 70 36.8 ftCoal and Coke ....35.8 38.5.. Ores, Stone, Sand, etc.. 36.6 33 Manufactures 35.3 PENNSYLVANIA RAILROAD. December 31, 1900. 3.3,317 3,896,647 8,054 19,879 198,335 39,434 a 10,977 a 30 34.6 9.1 63.9 483.8 31.3 i9.r 110.69 59.7 .539 360.9 10.6 67 I 43.4. » Coal and I Coke. I 13.4. Anthracite. L a Report not clear on thia point. b Bitominotts coal. ANALYSIS OF RAILROAD REPORTS. Statistics of Physical Condition. y'ame of Railroad. Tear ending . 1 ' Mileage owned ■ •2 Mileage owned, leased and controlled by ownership of Stock. 3 Average mileage operated 4 Mileage ballasted 5 Mileage of various kinds of ballast. 6 Mileage of second, third and fourth main tracks. 7 Mileage of yard and side tracks 8 Nuni ber of ties renewed in track, per mile 9 Mileage of various weight rails. . I 10 Number of Locomotives owned, per mile 11 Average tractive power of Locomotives pounds 12 Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars pounds 14 Number of Passenger Cars owned, per mile LAKE SHORE AND MICHIGAN SOUTHERN. December .31, 19C0. Decemb4p. 31, 1901, 1,091 1,411 1.411 1,091 1,411 1,411 Whole system. All gr;ivel ballast. T99 487 I 60 to 80 lbs. per yd. .371 53a 838 536 .305 .413 10 21,000 11 15.38 1-3 60,000 13 .305 14 MICHIGAN CENTRAL (including Canada Southern). December 31, 1900. December 31, 1901 1,635 1,635 1,635 1,658 1,638 1,658 1,644 863 969 430 ..Gravel 1,014 ...Sand 441 .Cinders.... 166 308 1,034 407 56 to 80 lbs. per yd. .383 8.53 .331 J .378 17,933 8.37 51,300 .337 ANALYSIS OF RAILROAD REPORTS. 93 Statistics of — Assets and Liabilities — Income and Expense. Name of Railroad. Tear ending. ASSETS AND LIABILITIES. Stocte outbtanding, per mile Bonds outstanding, per mile Total Stocks and Bonds, per mile Various Stocks and Bonds in Treasury, per mile Fixe J Cburgep, including Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile Total Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile Reserve Funds, for Betterments, per mile INCOHE AND EXPENSES. Gross Earnings, per mile Percentage of Gross Earnings to Capital Expenses, per mile Percentage of Expenses to Gross Earnings Net Earnings, per mile Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses for Maintenance of Equipment, per mile Percentage of Gross Earnings for Maintenance Percentage of Expenses for Maintenance Expenses for Conducting Transportation, per mile General Espent^e-^, per mile Percentage of Groies for Conduct. Trans, and General Expenses. . . Surplus Earnings, per mile Percentage of Gross Earnings for Surplus Betterments charged to Reserve Funds, per mile LAKE SHORE AND MICHIGAN SOUTHERN. MICHIGAN CENTRAL (including Canada Southern). December 31, 1900. December 31, 1901. December 31, 1900. December 31, 1901. 35,436 35,436 1 20,635 20.349 1 35,930 35,971 2 35,080 35,538 2 1 = 71,386 71,407 3 46,315 45,877 3 a 19,031 a 30,899 4 4,145 4,324 4 3,303 3,894 5 (;J,940 c 3,014 5 13.3 11.1 6 19 18.1 6 £ 3,303 3,294 7 1,940 3,014 7 «l . 35,058 5,157,133 35,058 5,138,333 8 9 11,401 3,711,916 11,303 3,936,743 8 9 1^1 11,685,368 10,428,603 10 3,164,338 3,090,835 10 5,-S 11,348,633 14,794,067 11 7,351,841 7,377,690 11 -■i § 7,973 10,483 12 4,435 4,389 12 to — ^ .2 c « 13 14 49 10,333 179 11,153 13 14 18,753 30,744 PI 36.3 39.1 15 33.1 34.3 15 and I rcful 11,763 13,830 16 7,806 8,587 16 63.7 66 6 17 76.3 77 17 » S 2 6,991 6,934 18 3,436 3,566 18 631 943 19 38 43 19 < J= S 3,190 3,405 SO 1,617 2,076 20 ■S S2 J 3,875 ft 4,184 21 1,473 1,608 21 1^0 87 31.8 22 30.3 33.6 22 •I i'S 43.1 47.7 23 39.4 43.6 23 i §5 6,443 6,948 24 4,507 4,677 24 357 385 25 309 167 25 0) C3 S 35.7 34.9 26 46.1 43.4 26 4,719 5,071 27 514 593 27 u 35.3 34.4 28 5 5.3 28 29 49 29 a Book value. b Including cost of new equipment, $1,608 per mile in 1900 ; $2,544 per mile in 1901. c TncludiDg that portion of the net surplus belonging to Canada Southern, $184 per mile in 1900 and $226 per mile in 1901. This sum is applicable to dividends on Canada Soutfaeiu Stock. 100 ANALYSIS OP RAILROAD REPORTS. Statistics of — Maintenance — Passenger Traffic. Name of Railroad. Year ending. MAINTENANCE EXPENSES. 1 Maintenance of Way and Structure, per ton mile cents 2 Maintenance of Equipment, per ton mile cente 3 Maintenance of Passenger Cars, per car 4 Maintenance of Freiglit Cars, per car 5 Maintenance of Locomotives, per locomotive 6 Maintenance of Passenger Cars, per car, per mile run cents 7 Maintenance of Freight Cars, per car, per mile rnn cents 8 Maintenance of Locomotives, per locomotive, per mile run. . . .cents PASSENGER TRAFFIC. 9 Number of passengers curried, per mile 10 Passenger miles, per mile 11 Passenger train mileage, permUe 1? Passenger car mileage, per mile 13 Passenger car mileage, per car li Average number of cars, per passenger train 15 Average number of passengers, per passenger train IG Average number of passengers, per car 17 Average distance travelled, per passenger miles 18 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile travelled cents 20 Gross passenger earnings, per train mile cents 21 Gross passenger earnings, per car mile cents 22 Percentage of passenger expenses to earnings a Includes cost of new equipments, amounting to about LAKE SHORE AND MICHIGAN SOUTHERN. December 31, 1900. December 31, 1901 .086 .049 n783 a 90 a 3,503 1.009 a. 605 7.66 3,519 187,500 3,571 83,636 77,569 6.6 63 8.03 63 108 3.035 164.81 S3.466 65.9 two-tbirds of total. .083 .058 667 a 150 o 4,374 a. 749 a 1.06 9.08 4,318 866,537 3,908 37,303 89,057 6.9 68.3 9.6 63 114 1.809 168.76 34.457 66.8 MICHIGAN CENTRAL (including Canada Southern). December 31, 1900. December 31, 1901 9 10 11 VI 13 14 15 16 17 18 19 20 21 23 .133 .18 619 68 8,305 1,843 108,469 68.9 139.237 8.194 .166 .133 666 66 3,960 .874 .580 7.18 3,051 137,693 3,836 17,363 76,044 6.1 47.8 7.7 67.1 136.48 2.034 118.76 19.47 ANALYSIS OF RAILROAD REPORTS. 101 Statistics of Freight Traffic. Name of Railroad. Tear ending. Number of revenue tons carried, per mile Eevenae ton miles, per mile Freight train mileage, per mile Locomotive mileage, per mile Freight car mileage, per mile Locomotive mileage, per locomotive Freight car mileage, per car Freight car mileage, per car, per day ... Average number of all freight cars, per freight train Average number of empty freight cars, per freight train Percentage of loaded car mileage to total car mileage Average revenue tons, per freight train Average revenue tone, per loaded car Average revenue tons, per loaded and empty car Average distance of haul, per ton of freight miles Gross earnings, per ton cents Gross earnings, per ton, per mile hauled , cent> Gross freight earnings, per train mile cents Gross freight earnings, per car mile cents Percentage of freight expenses to earnings 21 Principal articles of freight and percentage of tonnage from each ; LAKE SHORE AND MICHIGAN SOUTHERN. December 31, 1900. | December 31, 1901 14,067 2,566,144 5,644 14,094 aio,a43 46,730 a 14,878 a 40.8 37.3 10.8 71.1 454.7 17.16 13.19 183.4 93.11 .606 230.01 6.17 65 MICHIGAN CENTRAL (including Canada Southern). December 31, 1900. 15,360 a,839,514 6,353 14,490 816,333 47,068 a,4riJ ,308,779 ,709,993 3,65S 563 aO,5Sl 31.3 13,314 G4.3 7,367 1,400 3,430 3,430 33.6 30.7 7,874 484 4 0.0 r/ 1,981 9.6 331 JONE 30, 190-2. 39,733 38,414 98,147 38,370 6,395 39.: 6,393 39,733 33,363,643 16,009,930 15,834,667 4,769 335 31,336 31.8 14.116 06.09 7,340 1,409 3..590 3,793 33.3 38.1 8,193 538 40.89 rt 1,888 8.9 331 NEW YORK, NEW HAVEN AND HARTFORD. June 30, 190L JiTNE 30, 1902. 9 10 11 12 13 U 15 16 ir 18 19 ao 31 22 23 24 25 20 27 2S 29 36,97 8 b 16.031 43,029 11.711 3,941 19.9 3,941 36,978 8,844,179 7,313,159 13,13,3,517 6,474 19,790 46 13,833 69.89 5,901 278 3,703 3,194 34.7 33.4 8,468 474 4 5.3 3,398 11.7 30,978 b 10,051 43,039 11,840 4,036 18.8 4,030 36,978 8,443,003 0,501,740 13,498,843 6,660 31,467 49.9 13,430 71.80 6,041 .303 .3,038 3,677 30.0 37 9,383 436 43.3 3,308 lO.ti 10 11 12 13 14 1.5 16 17 18 19 20 31 oo 23 2) 25 26 27 28 39 rt After deducting $465 per mile for betterments in 1901 and $637 per mile in b Including convertible bonds amounting to $8,089 per mile. 1902, 108 ANALYSIS OF RAILROAO REPORTS. Statistics oi Maintenance — Passenger Traffic. Name of Railroad Year ending MAINTENANCE EXPENSES. 1 Maintenauco of W^ay and Structure, per ton mile cents 2 Mainteuance of Equipment, per ton mile cents 3 Maintenance of Passenger Care, per car 4 Maintenance of Freight Cars, per car 5 Maintenance of Locomotives, per locomotive C Mainteuance of Passenger Cars, per car, per mile run cents 7 Maintenance uf Freight Care, per car, per mile run cents 8 Maintenance of Locomotives, per locomotive, per mile run. . .cents PASSENGER TRAFFIC. 9 N umber of passengers carried, per mile 10 Passenger miles, per mile H Passenger train mileage, per mile 12 Passenger car mileage, per mile 13 Passenger car mileage, per car 14 Average number of cars, per passenger train 15 Average number of passengers, per passenger train 16 Average number of passengers, per car 17 Average distance travelled, per passenger miles 18 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile travelled cents 20 Gross passenger earnings, per train mile cents 21 Gross passenger earnings, per car mile cents 22 Percentage of passenger expenses to earnings a Approximate. NEW YORK CENTRAL AND HUDSON RIVER. NEW YORK. NEW HAVEN AND HA.RTFORD. Junk 30, 1901. Juins 30, I'JOS. J UNE 30, 1901. June 30, 1902. .118 .134 1 .433 .436 1 .119 .145 2 .344 .376 2 788 709 3 714 558 3 33 43 4 77 130 4 1,958 a,087 5 1,493 1,848 5 i.soa 1.647 6 2.345 1.7 6 .309 .416 r .594 .88 7 5.198 5.584 8 5.414 6.366 8 1«,44(; li,917 9 36,173 39,037 9 355,7!J0 431,748 10 468,319 505,379 10 6,317 6,8ai U 6,857 7,346 11 34,373 37,149 13 38,639 30,335 12 43,741 43,068 13 31,798 .33,t36 13 5.4 5.4 14 4.11 4.1 14 56 59 15 07 69 15 10.4 10.9 16 16.3 16.8 16 as M 17 ir.89 17.41 17 50.96 56 18 31.548 30.365 18 i.sa 1.75 19 1.763 1.744 19 lao laa 20 140.434 143.141 20 aa.aa •A-i.rt'i 21 34.166 34.67 21 rtOO 22 22 ANALYSIS OF RAILROAD REPORTS. 109 Statistics of Freight Traffic. Katne of Railroad. Xear ending . Number of revenwe tons carried, per mile Revenue ton miles, per mile Freight train mileage, per mile Locomotive mileage, per mile Freight car mileage, per mile Locomotive mileage, per locomotive Freight car mileage, per car Freight car mileage, per car, per day Average number of all freight cars, per freight train Average number of empty freight care, per freight train Percentage of loaded car mileage to total car mileage Average revenue tons, per freight train Average revenue tons, per loaded car Average revenue tons, per loaded and empty car Average distance of haul, per ton of freight milee Grose earnings, per ton cents Grof s earnings, per ton, per mile hauled cents Gross freight earnings, per train mile cents Gross freight earnings, per car mile cents Percentage of freight expenses to earnings , NEW YORK CENTRAL AND HUDSON RIVER. June 30, 1901. June 30, 1902. Ul Principal articles of freight and percentage of tonnage from each a Approximate. b Report not clear on this point. 11,303 ;i,049,T8e 5,898 17,903 203,730 37,673 10,507 39 34.5 11 68 351 14.9 10.3 181 108.6 .6 309 6.06 10,723 1,930,000 5,651 18,491 191,733 37,380 10,393 2S.3 33.9 342 10.1 180 113.4 .r.3 317 6.4 a 70 34.8 Coal 31.3 18 ...Manufactures 22.4 10.7... Grain and Flour 10.3 NEW YORK, NEW HAVEN AND HARTFORD. JusB 30, 1901. June 30, 1903. 3 4 5 15 8 9 10 11 13 1.3 14 ID 16 ir 18 10 30 7,616 637,582 3,063 1,493 84,435 27,579 J 12,973 i35.5 27.56 7.34 73.4 208.13 10.39 7.55 83.73 133.843 1.479 319.902 11.607 8,458 712,651 3,375 13,490 89,164 39,039 413,658 437.4 27.23 6.79 75 817.58 10.65 8 84.25 122.589 1.455 339.431 13.103 . .Manufacturers 32.2 .Anthracite Coal 13.9 .Bituminous Coal 9.8 Lumber 5.6 no ANALYSIS OF RAILKOAD REPORTS. Statistics of Physical Condition. Xantf of Itailroad. Tcitr entlinff . 1 Mileage owned 2 Mileage owned, leased and controlled by ownership of Stock. 3 Average mileage operated 4 Mileage balla^tcd 5 Mileage of various kinds of ballast.. G Mileage of second and additional main track. 7 Mileage of yards and sidings 8 Number of ties renewed in track, per mile ... 9 Mileage of various weight rails 10 Number of Locomotives owned, per mile 1 1 Average tractive power of Locomotives pounds 1-i Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars pounds 14 Number of Passenger Cars owned, per mile — a Approximate. BUFFALO. ROCHESTER AND PITTSBURGH. ji-NB 30, inoi. ■ir-i 18G Juke 30, 11102. at)* 47^ SI aoo no to 100 lbs. per yd. .375 .39a 10 36,255 37,580 11 31. JO 3a.7S li 58,040 61,880 13 .167 .167 14 BOSTON AND MAINE. June 3C, inoi. 618 3,365 a,357 513 1,187 500 June 30, 1003 GI9 3,306 3,366 533 i,inG 684 0.5 to 100 11)8. per yd. .433 .433 10 11 7.63 12 a 50,000 13 .691 14 ANALYSIS OP RAILROAD UKPORTS. Ill Statistics of — Assets and Liabilities — Income and Expenses. A'anie of Itaiiroad. Tear ending . ASSETS AND LIABILITIES. Slocks outstanding, per mile Bonds outstanding, per mile Total Stocks and Bonds, per mile Various Stocks and Bonds in Treasury, per mile Fixed Charges including Taxes, per mile Percentage of Fixed Charges and Taxes to Euniinge Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile Total Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile Reserve Funds, for Betterments, per mile INCOHE AND EXPENSES. Gross Earnings, per mile Percentage of Gross Earnings to Capital Expenses, per mile Percentage of Expenses to GrcBS Earnings Net Earnings, per mile Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses foi Maintenance of Efjuipinent, per mile Percentage of Gross Earnings for Maintenance Percentage of Expenses for Maintenance Expenses for Conducting Transportation, per mile General Expenses, per mile Percentage of Gross for Conduct. Trans, and General Expenses. Surplus Earnings, per mile Percentage of Gross Earnings for Surplus Betterments charged to Eesen-e Funds, per mile BUFFALO, ROCHESTER AND PITTSBURGH. JuuE 30,1001. SJ5,434 28,3.^4 3,130 3,835 33.'.! 3,598 i3,ri3 990,183 880,107 1,389,807 3,94.5 13,353 33 r.,943 50.3 5,410 1,309 1,471 31.7 38.0 3,977 385 34.3 a 1,453 11.8 June 30, 1903. 35,424 39,411 54,835 3.120 3,004 3,83'y 12,713 913,318 938,594 1,303,349 3,888 13,375 24.4 7,695 57.5 5,680 1,133 1,770 31.7 37.7 4.495 297 35.8 a 1,404 10.9 BOSTON AND MAINE. June 30, 1901. 9 10 11 12 13 U 15 10 IT IS 19 20 81 OO 33 S4 88 29 11,250 13,033 24,373 h 4,798 3,618 26.9 3,702 9,853 7,714,792 8,950,744 1,565,165 693 84 c 13,473 55.7 9,534 'iO.II 3,938 (■430 1,557 1,604 23.5 31.1 6.017 356 47.3 749 5.6 97 JtJNE 30, 1903. 11,334 13,334 24,648 b 4,004 3,623 358 3,706 9,938 8,052,414 8,713,301 1,565,165 691 58 c 14,055 57 9,903 711.4.- 4.15:! c 360 1.759 1,477 23 33.7 0,339 326 49.5 789 5.0 30 a After deducting $1,133 per mile for betterments In 1901 and $1,336 per mile in 1903. ft Book value. c A slight change in bookkeeping methods included in 1903 some of the niiscellaneous income in gross earnings : the original prcsintation of I9J1 earnings is here preserved. " 113 ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance Expenses — Passenger Traffic. Xatne of' Railroad. Year ending. HAINTENANCE EXPENSES. 1 Mainteiiancu of Way and Structure, per ton mile cents •J Maintenance of Equipment, per ton mile centp 3 Maintenance of Passenger Cars, per car 4 Maiutenancc of Freight Cars, per car 5 Maintenance of Locomotives, per locomotive Maintenance of Passenger Cars, per car, per mile run cents 7 Maintenance of Freight Cars, per car, per mile run cents 8 Maintenance of Locomotives, per locomotive, per mile run — cents PASSENGER TRAFFIC. 9 Number of passengers carried, per mile 10 Passenger miles, per mile 11 Passenger train mileage, per mile 12 Passenger car mileage, per mile 13 Passenger car mileage, per car 14 Average number of cars, per passenger train 15 Average number of passengers, per passenger train 10 Average number of i)assengers. per car 17 Average distance travelled, per passenger miles 18 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile travelled cents 20 Gross passenger earnings, per train mile cents 21 Gross passenger earnings, per car mile cents 22 Percentage of passenger expenses to earnings BUFFALO, ROCHESTER AND PITTSBURGH. Jdne 30, 1901. .065 .079 a, 134 73,797 3,039 7,093 43,378 3.5 35 10 34.3 70.93 2.07 80.89 33.11 96.9 JtNE 30, 1902. .063 .083 2,339 87,951 1,944 7,100 43,418 3.7 43 II. e 39.45 80.^8 3.035 100.32 37.11 83 BOSTON AND MAINE. June 30, 1901. 10 II Vi 13 14 15 16 17 18 19 .332 .181 406 40 1,150 1.3«9 .409 3.61 17,057 280,329 4,726 20,309 29,649 4.31 S9.3 13.8 16.4 28.913 1.763 117.43 27.25 June 30, 1902. .246 .306 431 1,173 1.451 .461 3.66 16,695 389,188 4,730 30,514 29,697 4.33 61.1 14.1 17.3 30.617 1.764 121.67 28.1 ANALYSIS OF RAILKOAD REPORTS. 113 Statistics of Freight Traffic. Nante of RaUrtHid , Tear eudiiuj 1 Number of revenue tons carried, per mile 2 Revenue ton miles, per mile 3 Freight train mileage, per raUe 4 Locomotive mileage, per mile 5 Freiglit car mileage, per mile 6 Locomotive mileage, per locomotive 7 Freight car mileage, per car 8 Freight car mileage, per car, per day 9 Average number of all freight cars, per freight train 10 Average number of empty freight cars, per freight train 11 Percentage of loaded car mileage to total car mileage Vi Average revenue tone, per freight train 13 Average revenue lone, per loaded car 14 Average revenue tons, per loaded and empty car 1.5 Average distance of haul, per ton of freight miles lU Gross earnings, per ton cents 17 Groes earnings, per ton, per mile hauled centa 18 Gross freight earnings, per train mile cents 19 Gross freight earnings, per car mile cents ■^0 Percentage of freight expenses to earning? — r 21 Principal articles of freight and percentage of tonnage from each \ [ a Report not clear on this point. BUFFALO. ROCHESTER AND PITTSBURGH. Jl-NE 30, VM\. 14,345 1,85.5,163 4,574 a 6,066 a 16.6 28.3 19.8 56.65 .345 31. (i 13.3 139.3 70.65 .546 331.89 8.33 51.3 June 30, 19Ci. 14,691 3,150,493 5,077 140,363 a6,158 nl6.9 37.0 11.9 56.9 353 33.5 13.8 146.4 73.9 .505 333.80 8.1 54.7 8. . . . Bitumiuoiis Coal . . . .67.1 Other tonnage divereitied. 9 It) 11 12 13 14 1.5 10 17 18 19 30 BOSTON AND MAINE June 30, IflOl. 7,761 I 081,576 3,367 11,563 70,334 31,848 a9,775 a 36.8 33.5 Junk 30, ItHM. 8.98 87.8 98.565 1.134 239.62 10.66 8,034 715,076 3,530 13.31G 71,209 32,134 » 9,336 «35.6 33.3 9 89.1 99.7 1.119 331.59 10.39 22.7 Coal 21.4 12 Lumber 12.3 Other tounaire divor.^ified. 114 ANALYSIS OF RAILROAD REPORTS. Statistics of Physical Condition. Name of Railroad. Tear ending. 1 Mileage owned 2 Mileage owned, leased and controlled by ownership of Stock — 3 Average mileage operated 4 Mileage ballasted 5 Mileage of various kinds of ballast. 6 Mileage of second, third and fourth main tracks . 7 Mileage of yard and side tracks 8 Number of ties renewed in track, per mile 9 Mileage of various weight rails. 10 Number of Locomotives owned, per mile 11 Average tractive power of Locomotives pounds 12 Number of Freight Cars owned, per mile 13 Average capacity of Freight Cars pounds 14 Number of Passenger Cars owned, per mile 15 Aggregate mileage of curved track IG Number of curves in track - 17 Mileage of ascending track 18 Average ascent per mile of ascending track feet DELAWARE AND HUDSON. December 31, 1000. December 31, 1901 003 06,5 GG5 661 601 661 306 387 44 to 80 lbs. per yd. ia.59 50,a80 .60^ 30.11 58,540 .014 311 1,387 538 35.7 DELAWARE,LACKAWANNA AND WESTERN. December 31, 1900. 10 11 12 13 II 13 10 17 18 194 947 771 517 735 641 December 31, 1901 194 948 771 504 739 750 CO to 80 lbs. per yd. ANALYSIS OF KAILROAD REPORTS. 115 Statistics of — Assets and Liabilities — Income and Expenses. Name of Jiailroad. Tear endinff . ASSETS AND LIABILITIES. Stocks oatptandiug, per mile. Bonds outgtanding, per mile Total Stocks and Bonds, per mile Various Stocks and Bonds in Treasury, per mile Fixed Cbari,'es, inclading TaKcs, per mile Percentage of Fixed Charges and Taxes to Earnings. 7 Charges ahead of Common Stock, per mile 8 Amount of Common Stock outstanding, per mile n Tutal Current Assets 10 Total Current Liabilities 11 Total Surplus 12 Total Surplus, per mile 13 Reserve Funds, for Betterments, per mile INCOME AND EXPENSES. 14 Gross Earnings, per mile 15 Peicentage of Gross Earnings to Capital IG Expenses, per mile IV Percentage of Expenses to Gross Earnings 18 Net Earnings, per mile 19 Additional Miscellaneous Income, per mile i3 Expenses for Maintenance of Way and Stracture, per mile ~l Expenses for Maintenance of Equipment, per mile 32 Percentage of Gross Earnings for Maintenance 23 Percentage of Expenses for Maintenance 21 Expenses for Conducting Transportation, per mile 25 General Expenses, per mile 2ri Percentage of Gross for Conduct. Trans, and General Expenses. 27 Surplus Earnings, per mile 28 Percentage of Gross Earnings for Surplus 29 Betterments charged to Reserve Funds, per mile DELAWARE AND HUDSON. DecembekSI, 19:^0, 53,3!J0 ll,a78 63.598 a 3,147 4,764 37.6 4,764 53,330 6,499,999 4,477,089 S,4S9,409 8,354 17,373 37 8,738 50.5 8,543 1,019 1,.J19 1,407 17.1 34.9 5,540 300 33.3 4,791 37.7 December 31, 1901 93,414 13.143 0.5,557 3,147 4,891 36.5 4,891 53,414 6,869,383 4,718,655 6,318,164 9,558 18,439 38 9,397 50.4 9,133 3,735 1,803 1,655 18.7 37.3 5,639 30.6 31.6 b 5,099 37.6 DELAWARE, LACKAWANNA AND WESTERN DecE5iber3I, inOO. DecembekSI, 1901. 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 33,983 3,978 37,960 7,830 8,101 a9.9 8,101 33,983 6,644,961 5,486,511 15,533,573 30,134 37.091 71.4 17,838 65.8 9,353 3,389 3,996 3,600 38 43.6 9,817 433 37.8 3,541 13 33,9S3 3,978 37,960 9,586 8,339 37.; 8,339 33,983 6,337,184 5,57 3,811 16,719,637 31,685 30,489 80.3 17,608 57.9 13,831 3,697 4,385 3,183 34.5 43.3 9,694 490 33.4 C 3,930 l',i.8 a Par value. b After deducting for sinking fund and depreciation, $1,806 per mile. c After (leducting $3,273 per mile for betterments. 116 ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance Expenses— Passenger Traffic. Name of Hailroad . Tear ending. MAINTENANCE EXPENSES. Maintenance of Way and Structure, per ton mile cents Maintenance of Equipment, per ton raile cents Maintenance of Paetenger Care, per car Maintenance of Freight Care, per car Maintenance of Locomotives, per locomotive Maintenance of Passenger Cars, per car, per mile run cents Maintenance of Freight Cars, per car, per mile run cents Maintenance of Locomotives, per locomotive, per mile run. . . cents PASSENGER TRAFFIC. Number of passengers carried, per mile '. 7,447 Passenger miles, per mile 130,931 Passenger train mileage, per mile 3,536 Passenger car mileage, per mile - 1.3«G10 Passenger car mileage, per car 27,043 Average number of cars, per passenger train 4.43 Average number of passengers, per passenger train 37.13 Average number of passengers, per car 8,4 Average distance travelled, per passenger miles 17.58 Gross earnings, per passenger cents 40.49 Gross earnings, per passenger, per mile travelled cents 2.31 Gross passenger earnings, per train mile cents 96.54 Gross pa>senger earnings, per car mile cents 31.81 Percentage of passenger expenses to earnings a Maintenance of ordinary freight cars was about $44 per car. Figures given DELAWARE AND HUDSON. December 31, 1900. .087 .084 180 a 31 1,070 .69 a. 45 DECEMBEE31, 1901. .093 .085 333 a 33 1,153 .88 0.47 8,639 145,033 3,581 10,978 35,953 4.74 40.49 8.5 16.80 37.88 3.36 103.77 31.67 include coal cars. DELAWARE, LACKAWANNA AND WESTERN. December 31, 1900. Deceiubeb 31, 1901. 10 11 12 13 11 15 IC IT 18 19 20 21 22 .110 .141 633 31 1,709 18,714 306,337 7,039 19.58 39 1.48 96 .151 .113 380 35 1,350 19,489 415,870 7,364 31.34 30 1.41 99 ANALYSIS OF RAILROAD REPORTS. 117 Statistics of Freight Traffic. Name of Railroad Tear ending 1 Number of revenue tons carried, per mile 2 Revenue ton miles, per mile 3 Freight train mileage, per mile 4 Locomoti ve mileage, per mile ; . . 5 Freight car mileage, per mile 6 Locomotive mileage, per locomotive 7 Freight car mileage, per car 8 Freiglit car mileage, per car, per day 9 Average number of all freight cars, per freight train 10 Average number of empty freight cars, per freight train 11 Percentage of loaded car mileage to total car mileage 12 Average revenue tone, per freight train 13 Average revenue tons, per loaded car „ 14 Average revenue tons, per loaded and empty car 15 Average distance of haul, per ton of freight miles 16 Gross earnings, per ton cents 17 Gross earnings, per ton, per mile hauled cents 18 Gross freight earnings, per train mile cents 10 Gross freight earnings, per car mile cents 20 Percentage of freight expenses to earnings r 21 Principal articles of freiglit and percentage of tonnage from eacb (I Keport not clear on this point. b Approximate. DELAWARE AND HUDSON. December 31, 1900. 1,733,687 5,455 133,iil8 a 6,890 a 19 34.* 7. 96 66.4 317.58 19.33 13. 94.46 74.57 .789 350.69 10.38 December 31, 1901, 19,753 1,938,65'i 5,419 139,539 a 6,937 «19 35.71 8.63 67.5 355.36 30.8 13.83 97.6 73.65 ,755 368.16 10.43 r>4.3...Anlliiacite Coal.. .57.9 Other tonnui^c diversified. DELAWARE, LACKAWANNA AND WESTERN. December 31, 1900. 10 11 \-i 13 n 15 16 ir 18 19 20 a 16,176 a 3,445,033 7,950 151 6 133.8 b .833 S48 December 31, 1901. a 18,104 a 3,831,463 8,108 136 6138.5 b .831 379 48.8... Anthracite Coal... 53. 7 | 13.6. Agricultural Products.11.1 Other tonnage diverfcified. 118 ANALYSIS OF RAILROAB REPORTS. Statistics of Physical Condition. ONTARIO AND WESTERN. ERIE. June 30, 1901. June 30, 1902. June 30, 1901. June 30, 1902. 3111 319 1 1,000 1,04.> 1 2 Mileage owneil, leased and controlled by ownership of Stock 480 4S0 3,318 3,318 3 3 Average mileage operated 480 1 4«0 3 3,156 3,154 3 1 J 3,883 . Gravel 3,993 4 1 f 1,310 1 1 5 -1 Cinder I,1U3 1 358 *■ 333 J 5 *■ J i Slag. Stone 6 Mileage of eecond, third and fourth main tracks (J 734 737 6 7 Mileage of yard and side tracks 193 303 440 439 9O....S0to 63 lbs. perj-d.... 90 ', 1,354 538 1,3.54 447 7 3 63 67 lbs. per yd 63 1 339 16 lbs. per yd 339 1 1 9 -, 1 C8 to 90 Ibf .per yd. 37 9.5 lbs. per yd 37 j i .393 .3 10 .514 .536 10 11 Average tractive power of Locomotives pound 30,344 37,014 11 34,0.34 30,393 11 12 Ntimber of Freight Cars owned, per mile 13.7 13.03 la 33.51 34.63 12 IS Average capacity of Freight Cars pound 58,300 58,530 13 51,839 53,939 13 14 Number of Passenger Cars owned, per mile .3 1^377 16,534 .3 1 3.54 14 ]5 .444 .441 14 15 IG Aggregate length of wooden trestles fee 10,330 ii; 10 ANALYSIS OF RAILROAD REPORTS. 119 Statistics of — Assets and Liabilities— Income and Expenses. Xaine of Railroad . Year cudiiitf.. ASSETS AND LIABILITIES. Stocks oiitfctaiiding, per mile Bonds outstaudiug, per mile Total Slocks and iJonde, per mile Various Stocks and Bonds in Treasury, per mile Fixed Charges, including Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings Charges ahead of Common Stock, per mile Amount of Common Stock out standing, per mile Total Current .\ssets Total Current Liabilities Total Surplus Total Surplus, per mile Reserve Funds, for Betterments, per mile INCOnE AND EXPENSES. Grose Earnings, per mile Percentage of Gross Earnings to Capital Expenses, per mile Percentage of Expenses to Gross Earnings Net Earnings, per mile ... Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses for Maintenance ot Equipment, per mile Percentage of Gross Earnings for Maintenance Percentage of Expenses for Maintenance :, Expenses for Conducting Transportation, per mile General Expenses, per mile Percentage of Gross for Conduct. Trans, and General Expenses Surplus Earnings, per mile Percentage of Gross Kami ngs for Surplus Bettemieuts charged to Reserve Funds, per mile ONTARIO AND WESTERN. • Jtnra 30, 190L 131,081 a 35,285 156,366 37,384 3,545 32.9 2,545 131,071 1,899,395 > 1,377,367 5,069,400 10,553 11,089 7.1 7,570 68.35 3,510 869 1,583 1,431 37.18 40 4,363 303 41.17 1,830 10 June 30, 1902. 131,079 ((35,285 156,364 36,737 2,400 31.1 2,400 131,071 3,303,333 ^(1,160,633 5,763,237 13,007 11,357 7 8,359 73.6 3,998 1,067 1,803 1,656 30.18 40.9 4,643 305 43.53 1,373 13.1 ERIE. June 30, 1901. s 9 10 II 12 13 14 15 16 17 IS in SO 21 22 S3 24 25 SC 2T 2» 2'J 81,758 84,879 166,607 5,571 4,837 36.8 6,022 53,134 7,765,996 6,947,365 6,278,030 a, 913 18,139 10 9 12,679 69.9 6,460 094 1,989 3,809 36.4 37.9 7,486 395 43.4 1,309 7.3 June 30, 1902. 81,834 84,677 166,511 3,676 5,249 27,6 6,435 52,172 7,497,548 7,077,019 8,419,615 3,939 18,988 11.4 13,604 66.39 6,384 903 1,848 2,603 33.4 35.3 7,089 464 42.9 3,036 10.7 oin addition, Ontario and Western has borrowed $5,825,000 ($12,135 per mile), secured by bonds owned as investments. The amiKint iu 1908 was $5,523,000 ($11,510 per mile). 4 Including liability to Manhattan Trust Company for rolling stock under lease, $482,000 in 1901 and $456,000 in 1(02. 130 ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance— Passenger Traffic. yame of SaUroad, Year ending. MAINTENANCE EXPENSES. Maintenance of Way and Structure, per ton mile centB Maintenance of Equipment, per ton mile cents Maintenance of Passenger Cars, per car Maintenance of Freight Cars, per car Maintenance of Locomotives, per locomotive Maintenance of Passenger Care, per car, per mile ran cents Maintenance of Freight Cars, per car, per mile run cents Maintenance of Locomotives, per locomotive, per mile run — cents PASSENGER TRAFFIC. Number of passengers carried, per mile Pa.^senger miles, per mile Passenger train mileage, per mile Passenger car mileage, per mile Passenger car mileage, per car Average number of cars, per passenger train Average number of passengers, per passenger train Average number of passengers, per car Average distance travelled, per passenger miles Gross earnings, per passenger cents Gross earnings, per passenger, per mile travelled cents Gross passenger earnings, per train mile cents Gross passenger earnings, per car mile cents Percentage of passenger expenses to earnings ONTARIO AND WESTERN. June 30, 1901. .147 .133 491 60 1,640 1.81 .85 5.41 3,734 97,855 1,845 8,144 27,047 4.4 52.7 11.9 35.57 .65.16 1.83 91.16 36.08 74 June 30, 1902. .165 .138 5G1 59 1,774 3.022 .895 6.35 3,888 103,573 1,876 8,380 37,743 4.5 55 12.2 35.87 64.37 1.795 93.66 30.81 76.4 ERIE. June 30, 1901. 10 11 12 13 14 13 16 17. 18 19 30 21 .086 .131 636 48 2,154. 1.47 .556 7.61 7,982 317,843 3 822 18,931 42,604 4 95 56.99 11.66 37.39 43.3 1.55 104.48 31.1 June 30, 190J. .084 .118 436 32 2,318 .962 .417 8.77 8,634 243,584 3,953 r40,000 45,295 5.06 61.63 12.3 38.2 43.4 1.539 111.68 32.1 ANALYSIS OF RAILROAD REPORTS. 121 5tatistics of Freight Traffic. Kame of Railroad . Tear ending.. Number of revenue tous carried, per mile Revenue ton miles, per mile Freiglit train mileage, per mile Locomotive mileage, per mile Freight car mileage, per mile Locomotive mileage, per locomotive Freight car mileage, per car Freight car mileage, per car, per day Average number of all freight cars, per freight train Average number of empty freight cars, per freight train .■ Percentage of loaded car mileage to total car mileage Average revenue tous, per freight train Average revenue tony, per loaded car Average revenue tons, per loaded and empty car Average distance of haul, per ton of freight miles Gross earnings, per ton. cents Gross earnings, per ton, per mile hauled cents Gross freight earnings, per train mile cents Gross freight earnings, per car mile cents Percentage of freight expenses to earnings 21 Principal articles of freight anrl percenta.^e of tonnage from each ONTARIO & WESTERN. JuKB 30, 1901. 7,310 1,07.5,383 4 4,375 8,4G9 87,S60 31,430 a 7,086 a 19.1 33.7 8.39 65 390 33 13.34 147.11 131.08 .837 313.49 8.9 68 JUNB 30, 1902. 7,536 1,138,738 b 4,834 9,048 89,865 30,159 a 6,594 0l8 33.7 8.94 60.6 385 30.r 13.56 149.98 130.64 .804 304.87 9.03 74.3 ERIE. JuHB 30, 1901. June 30, 190S. 8 9 10 11 la 1.3 u 15 10 ir 18 19 20 31 -I 13,059 3,314,377 c6,169 14,045 303,865 38,307 a 8,637 a 33 33.89 10.68 67.54 373.16 16.89 11.4 191.9 113.64 .587 330.19 6.696 13,858 3,308,143 C 5,865 14,168 189,038 36,433 ci 7,675 31 33. 10. 68. 376. 17. 11, 171, 109. 338, 7, ,j3 .05 .7 .73 05 ,635 .993 .41 3 4 5 6 7 8 9 10 11 13 13 14 15 16 11 18 19 •20 34 .\ntliracite Coal 31.7 16.8 Bituminous Coal .... 1 8. 1 17.1 Other Minerals 16.9 a Report not clear on this jjoint. b Helping engine mileage is probably iiiclujed here, but not in the statistics dependent upon freight train mileage. c Exclusive of helping engine mileage which amounted to 812 in 1901 and 858 in 1902, 122 ANALYSIS OF RAILROAD REPORTS. Statistics of Physical Condition. ^\tttiii' iif Jittii rofitt Tear ending. 1 Mileage owned . . 3 Mileage owned, leased and controlled by ownership of Stock. 3 Average mileage operated 4 Mileage ballasted 5 Mileage of various kinds of ballast. fi Mileage of second, third and fourth main tracks . 7 Mileage of yard and side tracks 8 Number of ties renewed in track, per mile 9 Jlileage of various weight rails. 10 Number of Locomotives owned, per mile 11 Average tractive power of Locomotives pounds 12 Number of Freight Cars owned, per mile. . . - J3 Average capacity of Freight Cars pounds 11 Number of Passenger Cars owned, per mile » READING. June 30, 1901. 366 i,4.5.-; 1,000 43a 933 June 30, 190S. 366 a, 145 1,003 438 956 5li to 90 lbs. per yd. .srs 17,4K0 34. a 54,740 .S03 .889 »0,769 37.77 58,950 .811 CENTRAL OF NEW JERSEY. December 31, 1900. 5 -! 10 n 13 11 154 677 C4SS 337 409 Decemeeb.31.I901. 1.j4 677 039 337 485 497 56 to i^ lbs. per yd. .64 17,313 35.86 50,969 .734 18,540 36.! ."■.6,800 .JO'.t a It is difficult to analyze the Readinj^ report on the .'■ame basis as llie others. The mileage, eiiriiings, tic, of the Philadelphia and Heading lix. are used. Net income of other properties is tieated as" Mi.scellaneous Income'', ANALYSIS OF RAILROAD REPORTS. 123 Statistics of — Assets and Liabilities — Income and Expenses. 3'«»ie of ISatlroad. Tear endxng . ASSETS AND LIABILITIES. Stocks outstandiii;,', per mile Bonds outetandin;^, per mile Total Stocks and Bonds, per mile Various Slocks and Bonds in Treasury, per mile Fixed Charges, including Taxes, per mile Percentage of Fixed Charges and Taxes to Earniogs. Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile Tul al Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile Reserve Funds, for Betterments, per mile INCOME AND EXPENSES. Gross Earnings, per mile Percentage of Uross Eaniings to Capital Kspens^s, per mile Percentage of Expenses to Gross Earnings Net Earnings, per mile Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses for Maintenance of Equipment, per mile Perceutiige of Gross Earnings for Maintenance Percentage of Expenses for Maintenance Expenses for Conducting Transportation, per mile General Expenses, per mile Percentage of Gross for Conduct. Trans, anrl General Expenses. . Surplus Earnings, per mile Percentage of Gross Earnings for Surplus Betterments charged to Reserve Funds, per mile READING. June ?.0, 1901. Jitot; ,30, 1902, 140,000 •J'4,91i a 1.51,104 4 10,0U'i 30.3 liJ,89a 70,000 'jro,a83 .579,896 l,*<;j,901 1,468 !«7,6ir 11.9 15,743 57 11,874 3,104 $i,60ii 3,476 33 38.6 8,647 1,019 35 (;!4,397 8.3 139,570 98,680 338,230 a 130,433 611,305 38.5 14,005 69,785 733,864 893,916 1,339,913 1,336 39,083 13.3 16,467 56.6 13.610 3,530 3,970 3,333 33.4 39.5 9,107 857 34.3 c 1,939 0.0 CENTRAL OF NEW JERSEY. December .31, IGOO. , December 31, 1901. s 9 HI 11 Vi 13 II 15 16 ir 18 19 20 21 22 23 24 25 30 27 28 29 43,398 7 3,364 1 1 4,953 41,370 8,155 37.3 8,155 43,38(5 6,085,874 4,958,338 7,716,936 13,030 31,756 1 8.9 1 3,364 36.4 9,493 3,738 3,058 3,705 31.9 38.8 6,536 980 34.5 4,080 18.8 43,898 7 4, (■.97 117,595 40,913 8,009 30 8,609 43,898 6,603,783 5,397,111 9,309,893 14,663 548 33,935 30..J ia,347 51.1 11,678 3,t.78 3,130 3,589 19.7 38.5 0,575 951 31.5 3,045 31.1 28 fl Par value. Sinking Fund charges and insurance payments are here included in fixed charges, although not so included in the annual report. c After deducting $2,589 per mile for betterments in 1901 and $2,001 per mile in 1!I02. 124 ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance— Passenger Traffic, Xante of Railroad . Year ending. MAINTENANCE EXPENSES. 3 Maintenance of Way and Structure, per ton mile. cents 2 Maintenance of Equipment, per ton mile cents 3 Maintenance of Pa&seuger Cars, per car 4 Maintenance of Freight Care, per car 5 Maintenance of Locomotives, per locomotive *. . 6 Maintenance of Passenger Care, per car, per mile run cents 7 Maintenance of Freight Cars, per car, per mile run cents 8 Maintenance of Locomotives, per locomotive, per mile run. . . cents PASSENGER TRAFFIC. 9 Number of passengers carried, per mile 10 Passenger milcH, per mile 11 Passenger train mileage, per mile. 12 Passenger car mileage, per mile 13 Passenger car mileage, per car 14 Average number of cars, per passenger train 15 Average number of passengers, per passenger train 16 Average number of passengers, per car 17 Average distance travelled, per passenger miles 18 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile travelled cents 20 Gross passenger earnings, per train mile cents 21 Gro-'js passenger earnings, per car mile cents 22 Percentage of passenger expenses to earnings READING. June 30, 1901. June 30, 1902. .093 .103 1 .137 .135 'i 400 345 3 48 38 4 1,459 1,633 5 1.318 1.137 C .697 .649 7 4.98 3.84 8 aa,697 34,913 H 384,387 303,393 10 6,131 6,149 11 34,363 34,811 J 3 30,339 30,609 13 4 4.03 14 46.4 49.73 15 11.6 13 16 13.333 13.358 17 30.06 19.33 18 1.003 1.393 19 84.08 89.65 iO 31.03 33.33 21 23 CENTRAL OF NEW JERSEY. Decehbeb 81, 1900. .104 .137 335 48 1,395 1.177 .814 5.41 31,668 371,941 5,464 30,653 38,513 3.78 49.7T 13.17 13.55 18 .469 1.473 81.334 31.531 December 31, 19(11. .098 .119 463 37 1,334 1.646 .633 5.81 33,330 374,661 5,135 19,876 38,037 3.85 53.48 13.89 13.36 18.331 1.483 88.376 33.806 ANALYSIS OF RAILROAD REPORTS. 123 Statistics of Freight Traffic. yaine of Railroad, Year ending. Number of revenue tons carried, per mile Revenue Ion miles, per mile Freight train mileage, per mile Locomotive mileage, per mile Freight car mileage, per mile 6 Locomotive mileage, per locomotive 7 Freight car mileage, per car 8 Freight car mileage, per car, per day 9 Average number of all freight care, per freight train 10 Average number of empty freight cars, per freight train 11 Percentage of loaded car mileage to total car mileage lit Average revenue tons, per freight train — 13 Average revenue tons, per loaded car ". 14 Average revenue tons, per loaded and empty car 15 Average distance of haul, per ton of freight miles 16 Grose earnings, per ton cents i; Gross earnings, per ton, per mile hauled cents 18 Gross freight earnings, per train mile cents 19 Gross freight earnings, per car mile ceuts 30 Percentage of freight expenses to earnings 21 Principal articles of freight and percentage of tonnage from each ■ READING. Jtrm 30, 1901. June 30, 1902. 30,077 3,739,971 10,863 2.>,697 83.5,523 39,368 a 6,886 a 19 31.7 351.3 11.6 91 74.71 .83 206.77 9.53 31,871 2,835,303 10,050 35,157 333,394 38,388 a 5,889 ((16.1 83.1 382.1 18.8 89 73.97 .83 334.53 10.61 35 ... .Anthracite Coal. 16.7 Biluuiin.ius Coal 39.6 19 CENTRAL OF NEW JERSEY. Decembei. 31, 1900. 3 4 j^ ti 7 8 9 10 11 13 13 14 15 :c 17 18 19 20 35,38S 1,973,139 6 4,790 15,336 153,359 33,940 a5,891 a 16.1 31.8 13.5 60.6 411.7 31.4 13.9 7 7.9 67.834 .871 358.6 11.874 Decbmeek 31, 1901. 87,638 2,183,59* 6 4,637 15,059 160,219 32,800 (15,962 a 16.3 34.5 13.6 60.6 470.9 33.5 13.6 79.3 69.918 .882 415.2 13.018 (/ Report not clear on this point. b Kxclusive of helping engine mileage amounting to 36.5 in 1900 and 314 in IfiOl. Also exclusive of light and should be so included according lo the Interstate Commerce Commission's methods, amounting mileage, which is usually included in freight train nn'leage to 6.50 in 1900 and 024 in 1901. 126 ANALYSIS OF IJAILKOAD REPORTS. Statistics of Physical Condition. Na^ne of ItaHroad. . Year ending . 1 Mileage owned 2 Mileage owned, leased and controlled by ownership of Stock, 3 Average mileage operated 4 Jlileage ballasted 5 Mileayic of various kinds of buUast. 6 Mileage of eecond, thiid and fourth main tracks. 7 Mileage of yard and side tracks 8 Number of tica renewed in track, per mile 9 Mileage of various weight rails 10 Number of Locomotives owned, per mile .418 11 Average tractive power of Locomotives pounds 14,579 12 Number of Freight Cars owned, per mile 3.074 13 Average capacity of Freight Cars pounds 47,4l-*» !4 Wnmber of Passenger Cars owned, per mile 1.41 a Lehigh Valley's fiscal year now ends on June "(> ; the first annual report under the new arrangement is here analyz:"!. LONG ISLAND. June 30, Will. June30, 1U03. 384 •.Vii 3S0 39-4 !S35 Cinders. 137 Gravel.. aao 3;i6 396 390 110 144 4S4 110 144 .50 to 100 lbs. per yd. J .447 10,547 ■J.91 47,4-i8 1.7 LEHIGH VALLEY. NOVE.-UEER 30, 1900. \ 10 11 12 13 II 980 1,398 1,38a 591 918 November 30, 1901, 980 1,399 1,38a 39a 938 ft June 30, 1902. .58 to 100 lbs. per yd .535 aa.aei a.5.393 57,70a .34 !43,39.3 a5.1!47 57,799 .399 980 1,400 i,:js7 5!)a 94a J ..■joa a3,!iii a4.9S 58,353 .341 ANALYSIS OF RAILROAD REPORTS. 127 Statistics of — Assets and Liabilities — Income and Expenses. yame of Jiailroad. Year ending. ASSETS AND LIABILITIES. Stocks oulbtamling, per mile Bonds outstandiQg, per mile Total Stocks ana Bonda, per mile Various Stocks and Bonds in Treasury, per mile Fixed Charges^, including Tasee, per mile Percentage of Fixed Charges and Taxes to Earnings Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile Total Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile Reserve Funds, for Bcttcrmeuts. per mile INCOHE AND EXPENSES. Gross Earnings, per mile Percentage of Gross Earnings to Capital Expenses, per mile Ptrcentage of Expenses to Gross Earnings Net Ear»iings, per mile Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses for Maintenance of Equipment, per mile Percentage of Gross Earnings for Maintenance. Percentage of Expenses for Maintenance Expenses for Conducting Transportation, per mile General Expenses, per mile percentage of Gross for Conduct. Trans, and General Expenses. . Surplus Earnings, per mile percentage of Gross Earnings for Surplus Betterments charged to Reserve Funds, per mile LONG ISLAND. June 30, 1901. June 30, 1003. .•J1.508 a 69,578 a 101,086 7,896 3,778 S9.6 3,778 31.508 1,099,636 1,585,759 4907,450 e. 3.388 533 13,796 14.5 9,355 73.3 3,541 753 1,634 1,330 31 6,049 341 50 c515 4 356 30,303 rt«8.958 a 99,301 8,133 3,941 36.5 3,941 30,303 1,413,949 3,441,651 4918,315 4 3.319 1,489 14,858 15 10,383 09.88 4,475 840 1,793 1,353 31.3 30.3 6,881 356 48.7 (1,374 9.3 396 LEHIGH VALLEY. November 30, 1900. 1 13 14 1.5 10 17 18 19 30 31 33 33 34 28 29 1 39,363 2 35,854 3 63,117 4 (i 11,704 5 5,033 6 31 7 5,033 8 39,363 9 5,004,534 7,334,335 1 41,910,585 2 4 1.383 16,678 38 13,933 83.5 8,755 764 3,794 3,439 37.3 46.4 7,171 530 46.3 41,503 49 November 30, 1901. June 30, 1002. 39,363 39,157 38.909 38.818 68.173 67,975 f? 13,045 (? 13,203 5,170 5,070 30.8 39 3,170 5,070 39,363 39,157 6,333,378 4,943,353 0.118,380 5,937,348 41,357.334 43,373.147 4 910 4 3,431 19,310 17,497 36 35.8 14,533 14,166 75.21 80.97 4,787 3,330 800 778 3,350 3,340 3,478 3,713 34.8 40.31 44.7 49.8 7,369 6,583 519 533 40.3 40.GC 416 4 901 o 4 5.5 aTncludes outstanding securities of leasehold estates, amounting to $13,021 per mile in I'JOI and $13,495 per mile in 1902. 6 Deficit. cTransferreil to reserve fund for bi-tterments. (2 Book value. 128 ANALYSIS OP RAILROAD REPORTS. Statistics of Maintenance — Passenger Traffic, Xante of Jioilroad . Year ending. MAINTENANCE EXPENSES. 1 Maintenance of Way and Structure, per ton mile cents 2 Maintenance of Equipment, per ton mile cents 3 Maintenance of Passenger Cars, per car 4 Maintenance of Freight Cars, per car 5 Maintenance of Locomolives, per locomotive fi Maintenance of Passenger Cars, per car, per mile run cents 7 JIaintenance of Freight Cars, per car, per mile run cents H Maintenance of Locomotives, per locomotive, per raile run cents PASSENGER TRAFFIC. 9 Numher of passengers carried, per mile 10 Passenger miles, per mile 1 1 Passenger train mileage, per mile 12 Passenger car mileage, per mile 13 Passenger car mileage, per car 14 Average number of cars, per passenger train 15 Average number of passengers, per passenger train IG Average number of passengers, per car 17 Average distance travelled, per passenger miles 18 Grose earnings, per passenger cents 19 Gross earnings, per passenger, per mile travelled , cents 30 Gross passenger earnings, per train mile cents 21 Grogs passenger earnings, per car mile cents 52 Percentage of passenger expenses to earnings LONG ISLAND. June 30, 1901. JlWE 30, 190J. « 1.46d 1.39T 1.105 1.053 836 S39 71 74 1,ID0 1,316 l.OOS 1.31 4.3S4 38,184 523,770 8,103 87,331 83,550 3.37 64.53 19.1 13.69 18.3 1.339 110.6 33.8 41,949 607,818 9,004 67.00 14.49 80.5 1.413 11G.9 LEHIGH VALLEY. NOTEMEEK 30, woo. NOTEMBEB30, 1001. JnNE 30, 190?. 10 11 12 13 14 15 10 17 IS l!l ao 21 . .118 .145 631 67 3,509 1.515 .879 7.4 3,414 115,595 3,134 14,155 38,573 4.51 39.9 8.8 33.86 68.73 1.852 77.545 17.178 .118 .130 790 61 8,834 1.767 .741 8.53 3,307 150,403 3,333 15,596 39,716 4.88 49.8 10.03 46.9 88.03 1.749 91.055 18.873 .135 .151 769 03 3,589 3,106 150,343 3,093 l.'-.,089 38,365 4.88 53 10.7 48.4 85.06 1.757 97.38 19.93 I ANALYSIS OF RAILROAD REPORTS. 129 Statistics of Freight Traffic. Xante of Railroad. Tear ending.. 1 Number of revenue Ions carried, per mile 2 Revenue ton miles, per mile Freight train mileage, per mile Locomotive mileage, per mile Freight car mileage, per mile Locomotive mileage, per locomotive Freight car mileage, per car .^ 8 Freight car mileage, per car, per day Average number of all freight cars, per freight train 10 Average number of empty freight cars, per freight train 11 Percentage of loaded car mileage to total car mileage 13 Average revenue tons, per freight train 13 Average revenue tons, per loaded car 14 Average revenue tons, per loaded and empty car 15 Average distance of haul, per ton of freight miles 16 Gross earnings, per ton . cents 17 Gross earnings, per ton, per mile haoled cents 19 Gross freight earnings, per train mile cents ID Gross freight earnings, per car mile cents 20 Percentage of freight expenses to earnings 31 Principal articles of freight and percentage of tonnage from each a Report not clear on this point. 1/ Average of all cars used on system, including foreign cars. c Exclusive of helping engine mileage, which amouDted to 9til in 1900, 600 in 1901 and 495 in 1902. LONG SLAND. LEHIGH VALLEY. June 30, 1901. June 30, 1902. November 30, 1900. November 30, 1901. J ONE 30, 1902. 4,330 4,914 1 13,613 14,331 13,104 111,308 138,440 ■i 3,373,096 3,753,883 3,464,533 986 1,067 3 C 5,549 <; 5,889 C 5,380 11,777 4 13,635 13,654 13,031 I7,i9i; 17,900 5 193,390 307,763 188,339 38,175 33,900 3.1,341 31,480 6 8,753 a 5,594 a 6,151 7 b 8,639 & 9,511 015.3 a 16.9 rt J 83.04 !> 36.00 b 33.08 17.44 16.87 it 34.94 35.4 35.G7 5.73 5.48 10 11.97 11.75 11.63 66.1 67.5 11 65.7 66.8 07.4 113.78 130.38 I-.' 438 467.03 466.83 9.63 10.57 13 18.61 19.77 19.43 6.46 7.14 U 13 13.3 13.1 35.74 ii6.14 15 188 193.10 188.11 84.1 83.5 10 101.S7 104.33 104.3 3.367 3.158 17 .543 .543 .554 368.4 380 18 331.563 353.613 358.83 3i.ia 83.53 19 6.645 7.189 7.359 34.8 35.4 20 34.7 Coa 18.3 Manufac 39.1 turea 39.3 ■ diversified J f 1 21 < [ 44.5 Anthracite Coal 48.3. 13.6 .Grain and Flour 13.1 . 10.8 Manufactures 11.4. 43.1 10.6 13.3 i . . . Other tonnage 6.4 Bituminous Coal 5.5. 7 J 130 ANALYSIS OF RAILROA.D KEP0UT8. Statistics of Physical Condition. NORFOLK AND WESTERN. CHESAPEAKE AND OHIO. June 30, KOI. June .30, 1902. J UNE 30, ISOI. June 30. iniH. 1,563 1,685 1 2 3 4 1 5 ; c 7 f i i 10 11 u 13 11 878 1,563 1.607 1,331 936 1,637 1,018 1.419 1 -2 Milc:igc owned, leasod and controlled by ownerehip of Stock 1,507 a 1,500 1,685 1.677 3 4 Milca"c ballasted 1,289 1,393 ■j 535 iFull ballast 573 i 764 Parti:il Iwllnst 830 83 105 498 334 563 463 4 926 Stone and slaj 997 1 208 Cinder 2.'i7 I t 128 Gravel 131 j 129 1 14!) I'l (' Mileage uf yard and side tracks 651 531 509 r, 1 .1 1) Mileage of various weight rails r ■{ i 434 56 lbs. 420 C71bs. 150 75 lbs. 385 S51bs. .303 per yd 479] per yd 361 per yd 169 i per yd 471 J .209 209 G3 lbs. per yd 2001 115 TO lbs. per .yd 133 830 75 lbs. per yd 869 | •iOl inolbs. per yd 383 1 .207 .365 34,089 24.305 9 10 34,385 13.63 59,497 .153 24,667 13.71 60,800 .148 11 13.43 01,800 .153 18.1 04,000 .149 12 13 Average capacity of Freight Cars 14 Number of Passenger Cars cwned. per mile pounds 13 11 ain the 1002 report the 1901 figures are, for comparison, altered to inchule mileage of 1'.103. The statistics here i^iven aie not thus changi. 15 11 13..'i 15 Expenses, per mile 5,794 5,774 IG 6,348 6,437 16 Percentage of Expenses to Gross Earnings 57.35 55.3 17 63. 3 63.9 ir Net Earnings, per mile ; 4,335 4,693 18 i 3,853 ' 3,786 IS Additional Miscellaneous Income, per mile •*4 45 19 I 99 84 19 Expenses for Maintenance of Way and Structure, per mile 1,366 1,371 30 I 1,473 1.345 20 Expenses for Slaintenance of Equipment, per mile 1,490 1,393 21 1 1,495 i 1.703 31 Percentage of Gross Earnings for Maintenance 37.3 35.4 32 39 39.9 Percentage cf Expenses for Maintenance 47.6 46.1 'Iti 46.7 47,4 23 Expenses for Conducting Transportation, per mile 3,833 3,894 24 3,315 3,300 21 General Expenses, per mile 306 318 35 166 159 Percentage of Gross for Conduct. Trans, and General Expenses 30 39.7 2G 33 33 26 Surplus Earnings, per mile S 1,533 i 1,430 2T cr i-eni. Ijomls, but the ilcM if to lie ]iaid by the latter company, and appears on its balance sheet. 4 After deducting for bettermcnis, gl,U2 per mile in 1901 and $1,635 pcrmile in 1902. C Cost to company. d After deducting S925 per mile for bettermenls in 1901 and $890 per mile in 1902. e Chesapeake and Ohio is also liable for additional guaranteed bonds anionn'.ing to $4,232 per mile. CHESAPEAKE AND OHIO. June 80, 1901. 9 10 11 13 13 40,174 53,740 93,914 c 11,383 3,634 35.7 3,634 40,165 1,907,760 3,897,051 1,083,335 705 74 Jdne 30, 1902. 37,417 e 44,383 81,700 c 13,773 3,597 35.4 3,597 37,410 3,013,873 3,349,100 1,063,335 657 354 132 ANALYSIS OF RAILROAD REPORTS. Statistics of Maintenance Expenses — Passenger Traffic. Naine of Jiaitroad Year endinff, HAINTENANCE EXPENSES. 1 Maintenance of Way and Structure, per ton mile cents 2 Maintenance of Equipment, per ton mile cents 3 Maintenance of Passenger Cars, per car 4 Maintenance of Freight Care, per car 5 Maintenance of Locomotives, per locomotive G Maintenance of Passenger Care, per car, per mile run cents 7 Maintenance of Freiglit Cars, per car, per mile run cents 8 Maintenance of Locomotives, per locomotive, per mile run .... cents PASSENGER TRAFFIC. 9 Number of passengers carried, i)er mile 10 Passenger miles, per mile 11 Passenger train mileage, per mile 13 Passenger car mileage, per mile 13 Passenger car mileage, per car 14 Average number of cars, per passenger train 15 Average number of passengers, per passenger train 16 Average number of passengers, per car 17 Average distance traveled, per passenger miles 18 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile traveled cents •JO Gross passenger earnings, per train mile cents •21 Gross passenger earnings, per car mile cents 32 Percentage of passenger expenses to earnings NORFOLK AND WESTERN. June 80, laoi. .009 .081 38 1,G45 1.137 .367 0.(188 1,443 55,103 1,391 7,-i-iS 4(»,10l r,.i 39.r. 7.0 .38. a 90.0 3.3MI lia.93 ai.73'.t 58.G June SO, 1902. .U(>8 1 .074 2 411 3 38 4 1,46» 5 .8!J5 6 .315 7 5.09 8 1,509 9 00,391 10 1,4.56 11 7,36.'-. 12 49,805 13 5.1 14 41.47 l.^ 8.1 Ifi 38.5 IT 90.49 18 3.35 10 115.4 20 !ja.63 21 50.05 22 CHESAPEAKE AND OHIO. June SO, 1901. .073 .074 743 53 1,441 1.1S7 .464 3.89 1,746 94,580 1,854 9,55.5 03,607 5.15 51 54 107 1.984 130 33.440 June 30, 1902. .068 .086 744 70 1,636 1.313 .673 3.76 1,664 90,343 1,904 9,313 01,346 4.84 47 9.9 54.33 110 3.033 115 33.70 ANALYSIS OF RAILROAD REPORTS. 133 Statistics of Freight Traffic. Natne of Railroad Year ending 1 Number of revenue tone carried, per mile 2 Revenue ton miles, per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile 5 Freight car mileage, per mile G Locomotive mileage, per locomotive. 7 Freight car mileage, per car 8 Freight car mileage, per car, per day 9 Average number of all freight cars, per freight train 10 Average number of empty freight cars, per freight train 11 Percentage of loaded car mileage to total car mileage 18 Average revenue tons, per freight train 13 Average revenue tons, per loaded car 14 Average revenue tons, per loaded and empty car 15 Average distance of haul, per ton of freight miles 16 Gross earnings, per ton cents 17 Gross earnings, per ton. per mile hauled cents 18 Gross freight earnings, per train mile cents 19 Gross freight earnings, per car mile , cents 20 Percentage of freight expenses to earnings r 21 Principal urticleB of freight and percentage of tonnage from earh | I a Report not cJear ou this point. NORFOLK AND WESTERN. J0NE 30, 1901. r>,940 1,S36,135 3,985 137,395 34,597 13,483 34.3 34.46 13.03 63.3 461 fii.S 13.4 364.31 131.94 .461 313.58 6.ir 60 JuHB 30, 1902. 7,316 1,879,494 3,951 8,433 131,539 38,167 13,063 33.5 33.39 13.11 63.6 476 33.5 14.3 356.93 118.96 .463 330.38 6.63 58.8 58.BtlumiiionsCoaI and Coke. 57. .3 Other tonuage diversified. CHESAPEAKE AND OHIO. June 30, 1901. 3 4 .') G 9 10 11 13 IS 14 15 16 17 13 19 SO 6,730 3.035,306 3,963 8,.59» 137,553 41,530 aH,198 030.7 34.7 11.9 65.5 511 33.5 14.7 301 117 .388 108.4 5.713 JCNE 30, 1902. 6,738 1,973,763 3,875 8,430 135,445 43,336 al 0,398 a38.5 33.4 10.9 66.4 509 33.7 15.7 393 117.7 .403 304.6 6.31 53,6 Bituminous Coal and Col " '• nl64 J .118 30,357 3.36 54,018 .098 .113 3.23 «0u June 30, 1P02, there were also 81 miles of track laid with 76-pound rails. ANALYSIS OF RAILROAD REPORTS. KW Statistics of— Assets and Liabilities— Income and Expenses. JVame of Railroad. Tear ending. . ASSETS AND LIABILITIES. Stocks outstaoding, per mile Bonds outstanding, per mile Total Stocks and Bonds, per mile Various Stocks and Bonds in Treasury, per mile Fixed Charges, including Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings. Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile Total Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile 1.S Reserve Funds, for Betterments, per mile. INCOHE AND EXPENSES. Gross Earnings, per mile Percentage of Gross Earnings to Capital Expenses, per mile Percentage of Expenses to Gross Earnings , Net Earnings, per mile .\dditional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses for Maintenance of Equipment, per mile Percentage of Gross Earnings for Mamtenancc Percentage of Expenses for Maintenance Expenses for Conducting Transportation, per mile General Expenses, per mile Percentage of Gross for Conduct. Trans, and General Expenses. Surplus Earnings, per mile percentage of Gross Earnings for Surplus Betternienls charged to Reserve Funds, per mile CENTRAL OF GEURGIA. June 30. ISO]. 3,980 a 38,933 31,913 73 1,369 30.8 1,716 3,980 1,987,301: 1,338,38.'} 300,47 3 131 349 4,13-1 13.9 3.848 69 1,376 113 740 496 30 43.4 1,456 155 39 130 3.9 .June .30, IflOj. 3,710 a 36,734 39,444 363 1,346 89.7 1,653 3,710 1,311, KI6 1,139,504 133,893 67 339 4,303 14.3 3,998 71.4 1,304 109 781 554 31.8 44.5 ],.-.06 150 39.6 07 1.6 SEABOARD AIR LINE. j Jl-NE 30, 1901. .IlNE 30, 1003. K 10 II VI 13 14 1.5 111 17 18 ISI W ai '22 23 24 as 2!) 18,673 31.341 39,914 1,008 1,07 7 36.8 1,370 11,188 4,946,651 5,937,373 353,076 97 4,033 10.1 3,855 70.98 1,167 8 539 476 35.3 35.5 1,684 150 45.7 97 8.4 18,587 31,169 .39,756 1,136 1,165 37.4 1,463 11,137 1,959,061 3,678,931 897,056 344 76 4,351 10.7 3,815 66.33 1,436 33 493 419 31.43 33.4 1,734 170 44.79 394 6.9 IncludiTig Income honds amiuniting to $H,fi8I jkt mile in 1901 and $8,130 per mile in 1003. 140 ANALYSIS OF RAILKOAD REPORTS. Statistics of Maintenance — Passenger Traffic. Name of Railroad "Fear ending nAINTENANCE EXPENSES. I Maintenance of Way and Structure, per ton mile cents 'i Maintenance of Equijmient, per ton mile cents 3 Maintenance of Passenger Care, per car 4 Maintenance of Freight Cars, per car 5 Maintenance of Locomotives, per locomotive fi Maintenance of Passenger Cars, per car, per mile run cents 7 Maintenance of Freight Cars, per car, per mile run cents 8 Maintenance of Locomotives, per locomotive, per mile run . . .cents PASSENGER TRAFFIC. 9 Number of passengers carried, per mile 10 Passenger miles, per mile 11 Passenger train mileage, per mile 12 Passenger car mileage, per mile 13 Passenger car mileage, per car 14 Average number of cars, per passenger train l.T Average number of passengers, per passenger train Ill Average number of passengers, per car , 17 Average distance travelled, per passenger miles 18 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile travelled cents 30 Gross passenger earnings, per train mile cents 21 Gross passenger earnings, per car mile cents 22 Percentage of passenger expenses to earnings CENTRAL OF GEORGIA. JtruE 30, 1901. June 30, 1902. .»84 .19 74 970 .973 .783 3.331 1,380 43,006 1,3.36 5,731 43,.''.06 3.81 37.95 7.34 33.83 76.49 3.33 86.16 33.63 ,305 .317 503 38 1.318 .997 .433 3.838 1,343 43,737 1,433 5,785 50,333 3.73 38.1 7.55 33.57 73.50 3.336 80.14 31.54 SEABOARD AIR LINE. June 30, 1901. 9 10 11 12 1.1 II 1.5 IK 17 18 19 30 21 22 .338 .301 1,654 3.95 639 30,464 1,316 6,179 61,839 4.93 31 4.34 48.44 130.133 3.48 70.06 14.15 June 30, 1902. .173 .147 704 33,638 1,399 6,009 67,336 4.33 33 5.33 47.76 113.563 3.357 73.r,5 16.34 ANALYSIS OF KAILKOAD UEPOKTS. 141 Statistics of Freight Traffic. yame of Railroad. . Tear ending. CENTRAL OF GEORGIA. Jone30, 1901. 1 Number of revenue tons carried, per mile 2 Revenue ton miles, per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile 5 Freight car mileage, per mile 6 Locomotive mileage, per locomotive 7 Freight car mileage, per car H Freight car mileage, per car, per day 9 Average number of all freight cars, per freight traiu 10 Average number of empty freight cars, per freight train 11 Percentage of loaded car mileage to total car mileage 12 Average revenue tone, per freight train 13 Average revenue ton^. per loaded car 14 Average revenue tons, per loaded and empty car 15 Average distance of haul, per ton of freight miles IG Gross earnings, per ton cents 17 Gross earnings, per ton, per mile hauled cente 18 Gross freight earnings, per train mile cents 19 Groes freight earnings, per car mile cents !}0 Percentage of freight expenses to earnings 31 Principal articles of freight and percentage of tonnage from eacli 1,619 ^^60,4:93 1,5^6 a,69l 3I,91» 39,317 a 9,455 «35.9 18.81 6.49 GT.S 163.34 13.08 8.ir 161.34 171. r 1.U64 181.58 9.049 June 30, 1903. 1,766 3,55,594 1,5 13 3,760 39,517 33,416 ft 9,001 ,(34.7 30 5.77 69 163.80 13.49 8.14 144.7 163.3 1.139 190.7 9.53 34.6. . . .Prod, of Agriculture.. . .31.31 31.1 Lumber 33 i 30.5 Manufactures 17 13.9 Fertilizers H.l. 9.4 Bituminous Coal.... 15.7J I SEABOARD AIR LINE. June 30, 1901. June 30, 1903. 10 11 13 13 14 15 10 17 18 19 20 1,543 336,465 1,570 3,053 36,943 41,893 ffl 8,378 «33 17.18 9.34 69.5 190.63 13.63 8.77 153.33 183.148 1.188 183.018 10.653 1,734 284,385 1,674 3,589 39,539 38,417 « 9,061 « 37, 17 5 69 175 13, 9, 163, 175 1 187 10 .8 ,65 ,45 .1 .37 93 93 85 ,044 ,068 .199 ,6G3 .33.51 .30.1 33.4 Manufactures . . . 33.7 Lumber and Logs, 13.4.. ..Prod. of Agriculture.... 10.7 \ 11 Products of Mines 14.9 J ft Report uttt clear on this point. 142 ANALYSIS OF HAILROA]) REPORTS. Statistics of Physical Condition. NASHVILLE, CHATTANOOGA AND ST. LOUIS. MEXICAN CENTRAL. Year etidinff June 30, 1901. June 30, 1903. December 31, 1900. December 31, inoi. 805 l.lilO l,lit5 805 J,19C 1,195 f I 1 J 1 3 4 r 1 5 ' 6 8 1 1 " 1 1 1 10 11 I-.' 13 14 l.> 3.134 3,311 3,134 •>,333 2 Mileage owned, leased :md controlled by owucrship of Stock 2 4 Mileage ballasted 513 1 405] tie 31'. 4 5 Mileage of viirioiis kind;- of ballast 1 KocV Tezon Partial b 5 i illast 01 I J U Mileiige of second, third and ftmrth main tracks . . 388 330 31)8 338 331 347 1 333 .jO, 60 and r-i lbs. per yd. [ .133 -11« s 9 Mileage of various weight rails 1 38 to 80 lb.'*, per yd. \ 1 1 .1G3 i<;<; 9 ID 11 Average tractive power of Locomolives pounds 3.513 33,(185 3.13 51.740 .068 50,538 11 12 Number of Freight Cars owned, per mile 5,514 33,314 .178 3.14, 50,340 .06S 31,933 12 13 Average capacity of Freight Cars pounds 13 14 Number of Passenger Cars owned, per mile .163 14 15 Aggregate length wooden bridges and trestles feet 13 ANALYSIS OF RAILKOAD REPORTS. 143 Statistics of — Assets and Liabilities — Income and Expenses. Name of Hailroad. Tear ending. . ASSETS AND LIABILITIES. .Stocks outptandinjr, per mile Bonde outstanding, per mile Total Stocks and Bonde, per mile Various Stocks and Bonds in Treasury, per mile Fixed Charges, including Taxes, per mile Percentage of Fixed Charges and Taxes to Earnings Charges ahead of Common Stock, per mile Amount of Common Stock outstanding, per mile Total Current Assets Total Current Liabilities Total Surplus Total Surplus, per mile Reserve Funds, fur Betterments, per mile INCOnE AND EXPENSES. Gross Earnings, per mile Percentage of Gross Earnings to Capital Expenses, per mile Percentage of Expenses to Gross Earnings Net Earnings, per mile Additional Miscellaneous Income, per mile Expenses for Maintenance of Way and Structure, per mile Expenses for Maintenance of Equipment, per mile Percentage of Gross Earnings for Maintenance Percentage of Expenses for Maintenance Expenses for Conducting Transportation, per mile General Expenses, per mile Percentage of Gross for Conduct. Trans, and General Expenses. Surplus Earnings, per mile Percentage of Gross Earnings for Surplus Betterments charged to Reserve Funds, per mile NASHVILLE, CHATTANOOGA AND ST. H;UIS. June 30, 1901. §,368 13,4U7 31,775 a 8*7 1,554 1,551 8,368 1,035,081 3,191,745 3.368,434: 1,898 6,377 39.7 4,377 67.1 3,100 19 1,061 567 35.6 38.1 3,48J 163 41.5 518 8.1 J UNE 30, 190^. 8,368 13,407 31,775 a 835 1,560 33.3 1,560 8,368 1,340,433 1,889,334 :J,7SS,335 3,343 6,688 30.7 4,705 70.3 1,983 15 1,159 865 30.3 43 3,515 166 40 439 6.6 MEXICAN CENTRAL. December 31, 1900. 8 111 II 12 13 14 1.5 Hi 17 18 IS iO ■^i 22 23 24 28 29 33,347 49,841 73,188 983 1,333 15.9 1,757 33,347 3,348,538 4,148,778 6,093 3 60 Ij 8,384 11.3 b 5,768 68.8 b 3,616 b 1,055 b 1,099 33.6 37.3 b 3,156 ft 459 43.1 Cl07 DecehbesSI, 1901 33,461 49,874 73,335 959 1,369 16.7 1,833 33,461 3,450,885 10,467,801 180,933 85 73 b 8,193 11.6 J 5,857 71.5 ft 3,335 3.er passenger train 10 Average number of passengers, per car 1" Average distance travelled, per passenger miles 18 Gross earnings, per passenger cents 19 Gross earnings, per passenger, per mile travelled cents 80 Gross passenger earnings, per train mile cents 81 Gross passenger earnings, per car mile cents 22 Percentage of passenger expenses to earnings a Mexican currency. NASHVILLE. CHATTANOOGA AND ST. LOUIS. June 30, 1901. .•4 .lor ar .956 .443 a.M 1,237 49,310 l,43e 7,. '5 S3 46,340 5.3 34.5 G.5 40 103 3.5G ]0» 19.33 June 30, 1902. .31 .1.-.7 606 50 1,971 1.34. J .303 4.93 1,398 53,800 1,008 8,391 48,6.50 5.3 33.8 0.3 41 101 3.49 95 18.37 MEXICAN CENTRAL. December .31, ISOO. 9 10 11 13 13 14 15 ii; IT 18 19 20 21 a 875 a 330 « 4,160 December 31, 1901 a 1,080 a 337 a 4,793 ANALYSIS OF UAILHOAI) ItKPoUTS. 145 Statistics of Freight Traffic. Naitie of Railroad Year ending 1 Number of revenue tous carried, per mile a Revenue ton miles, per mile 3 Freight train mileage, per mile 4 Locomotive mileage, per mile ."i Freight car mileage, per mile 6 Locomotive mileage, per locomotive 7 Freight car mileage, per car 8 Freight car mileage, per car, per day H Average numher of nil freight cars, per freight train 10 Average number of empty freight cariSj per freight train 11 Percentage of loaded car mileage to total car mileage 13 Average revenue tons, per freight train 13 Average revenue tone, per loaded car , 14 Average revenue torn?, per loaded and empty car 15 Average distance of haul, per ton of freight miles 36 Grose earnings, per ton. cents 17 Gross earnings, per ton. per mile hauled cents 18 Gross freight earnings, per train mile cents 19 Grot^s freight earnings, per car mile cents 20 Percentage of freight expenses to cainingn f I 21 Principal aiticle;; of freight and percentage of tonnage from each J I L a Report not dear on this point. NASHVILLE, CHATTANOOGA AND ST. LOUIS. June 30. 1901. June 30, 1902. 3,410 .530,91 i 3,1 7 r 6,4:6^ 61,005 40,01» a 8,461 19.3 8.r 1.55 137 .as 151 7.86.5 3,59a 531,703 3,037 6,543 57,317 39,435 a 8,84a a 34.3 18.9 183 9.6 154 137 .89 167 8.836 19.8 Graiu and Flour 17.8 1 10.9 CoalandCuke 19 j 16.1 Protl. of Foreete ....17.3 f 15.9 Manufactures 17.3 J MEXICAN CENTRAL. DecEHBEB 31, 1900. 8 !) 10 11 IJ 13 U l.-i Hi ir 18 la 20 December 31, 1901 GEORGE W. YOUNG, President. WILLIAM C. SHERWOOD, Vice-President. EDMUND W. WAKELEE, Treasurer. OSCAR L. GUBELMAN, Vice-Presicent. CHARLES L. YOUNG, Secretary. IRe^ietiar nnb ^ran6fev dompan^, 15 EXCHANGE PLACE, JERSEY CITY, N. J. EXECUTIVE OFFICE: ^^TJTU^^Ij LXIFE; BTJIXjXJUSTG-, ISTE^W" itotii^ ctt-h". Furnishes all facilities for Organization of Corporations in New Jersey and New York ; provides Principal Offices, with Agents in Charge, and Private Meeting Rooms, and offers generally every facility for Compliance with the Corporation Laws. Acts as Transfer Agent and Registrar of Stocks and Bonds. Executes Trusts. Maintains the Most Thoroaf/hh/ Equipi}ed Transfer Department in New York for Cor- porations of all States. — ^^ DIRECTORS : ==^— C. C. CUYLER, WILLIAM C. SHERWOOD, Cuyler, Morgan & Co. Vue-Preiidenl of ihe Company. OSCAR L. GUBELMAN, EDMUND \V. WAKELEE, Secrelarv and Trcasuier Comnunial Trust Company of Xew fiisiy. Treasvnr of the Comfaiiy. JOHN W. HARDENBERGH, GEORGE W. YOUNG, President Commercial Trust Company of .\'ew Jersey. President United .States .1/ori^'age and Trust Company. ROBERT S. ROSS, JAMES C. YOUNG, Vice-President Commercial Trust Company of Xeic Jersey. President National Really Company. ANALYSIS OF KAILHUAD KEPOKTS. 147 APPENDIX. (Arranged Alphabetically.) It is not desired to recover a tield already well covered by scores of boolis. Tire following list is tlierefore brief and is added merel.y for ready reference. Il presents, usually without deducting treasury holdings, the total amount of stocks and bonds outstanding on each of the rail- roads analyzed in the preceding pages ; also the dividend record for the last few years. Where dividends on common stocks are recorded, it i.s to be understood, of course, that the full preferred dividends were also paid. The surplus of each road is given for the latest fiscal year : this surplus is the amount of net income remaining after fixed charges have been satisfied, but before any appropriations for extraordinary improve- ments. ANN ARBOli RAILROAD— Common stock outetandinj; $3,250,000 Preferred stock (5;S) outstanding 4,000,000 Bonds outstanding 7,000,000 Surplus for dividends, 1901-1903, $187,85ti. ATCHISON, TOPEKA AND SANTA FE EAILWAY- Common slock outstanding $10-3,000,000 Preferred stock :5%) outstanding 1I4,!99,530 Bonds outstanding 3C3,923,500 Dividends on Common, 1901. sy,% ; 1902, 4i. Surplus for dividends, I901-1S02, $1.5,564,527. BALTIMORE AND OHIO RAILROAD— Common stock outstanding $118,496,200 Preferred stock (4^) outstanding 59,361,267 Bonds outstanding 234,013,745 Including 4^ Debentures, amounting to $708,000, convertible into Common stock at par, on any interest day, on 30 days' notice, and redeemable at par on any interest day. Dividends on Common stock, 1900, 'i% ; 1901, 4% \ 1902, 4^. Surplus for dividends, 1901-1902, $9,020,945. BOSTON AND MAINE RAILROAD— Common stock outstanding $23,634,794 —of which $1,128,200 is in the treasury of the Company. Pi-eferred srock {ti^} outstanding 3,149,800 Portland, Saco & Portsmouth R. R. stock outstanding 3,200 Portsmouth and Dover R. R. stock outstanding 77 ^ —convertible into Boston & Maine Common stock. lionds outstanding 80,192,342 Dividends, 1891 to 1899, 8^ per vear : 1900 to 1902, 7f, per year. Surplus for dividends, 1901-1902, $1.786,?25. BUFFALO, ROCHESTER AND PITTSBURGH RAILWAY— Common stock outstanding Preferred stock outstanding Bonds outstanding Preferred stock entitled to 6f, dividends, then the Common to 6-^, then both share pro rata. Dividend.- on Common stock, 1901, 4% ; 1902, 4%. Surplus for dividends, 1901-1902, $1,274,365. BURLINGTON, CEDAR RAPIDS AND NORTHERN RAILWAY— Stock outstanding Bonds outstanding , Dividends, 1896 to 1898, i% per year ; 1899, 8;< ; 1900, S;i ; ISIOl. 6% ; 1902, 0«. Surplus for dividends, 1901, $1,163,101. CANADIAN PACIFIC RAILWAY'— Common stock outstanding Preferred stock (4^) outstanding Consolidated Debenture stock t4,'i;) outstanding Bonds outstanding Dividends on Common stock, 1899, 4? ; 1900,4)^^; 1901 and lii02, .5^ per year. Surplus for dividends on Common stock, 1901-1902, $7,709,914. CANADA SOUTHERN RAILWAY'— (See Michigan Central Railroad.) CENTRAL OF GEORGIA RAILWAY'— Stock outstanding First Preference Income bonds (5,'S) outstanding Second Preference Income bonds (5^) outstanding Third Preference Income bonds {v>%) outstanding Fixed Interest bonds outstanding Interest payments. First Income bonds, 1898, 2%; 1899, 2,'£ ; 190O, 3J4* ; 1901. 5;5 ; 1902, Z%. Surplus for interest on Income bonds, 1901-1902, $122,911. CENTR.\L RAILRO.\D OF NEW JERSEY— Stock outstanding Bonds outstanding Dividends, 1899, 4^ : 1900. :yf. : 1901, h% ; 1902, »%■ Surplus for dividends, 1901, $3,22.5,(83. CHESAPEAKE AND OHIO RAILWAY'- Common stock outstanding First Preferred stock (.5;') outstanding Second Preferred stock i^yfA outstanding Bonds outstanding Dividends, 1899. W ; 1900, K ; 190], \% ; 1902, K. Surplus for dividends on Common slock. 1901-1902, $3,060,409. $7,000,000 6,000,000 ]2,682,000- $7,121,740 15,763,000 $72,624,162 31,171,000 63,532,416 63,668,086 $5,000,000 4,000,000 7,000,000 4,000,000 34,146,000 $27,411,800 47,731,292 $60,529,500 10,800 SOO 71,050,354 148 ANALYSIS OF RAILKOAD KEPOKTS. CHICAGO AND ALTON RAILWAY— Common stock outstanding $19,542,800 Prefen-cU slock (4J) ouletanding J?'5i*'592 Bonds 54,000,000 Dividends on Preferred stock, 1901. 4% ; 1902, 4f. Surplus for dividends, 1901-1902, J825,341. CHICAGO, BURLINGTON AND QUINCY RAILROAD— Stock outstanding *U*!'^'''^ Bonds outstanding ■ • • 152,0. J,400 —includes bonds held in sinkin;; fund, but not yet canceled, amounting to $13,202,500. Dividends, 1898, 5Uv ; 1899 to 1901. 6:,' per year ; 1903, 7%. Surplus for dividends, 1S01-:903, $10,08.3,111. CHICAGO AND EASTERN ILLINOIS RAILROAD— Common stock outstanding $7,197,800 Preferred stock (Gr^) outstanding . '''*^'''Io2 Bonds outstanding 24,650,392 Dividends on Common stock, 1898, 2l4f ; 1899, 3J^!< ; 1900, 4!-^ ; 1901, 5)^ ; 1902, 6f,. Surplus tor dividends, 1901-1903, $1,448,882. CHICAGO GREAT WESTERN RAILWAY— Common stock outstanding $33,383,395 Debenture stock (4,'Si outstanding 24,337,089 Preferred A. stock (5j:i outstanding ^'' 'li!n Preferred B stock (4J) outstanding ?'^-5MSi Loans outstanding 3,642,000 Dividends on Preferred A stock, 1893, 4%: 1900, 5f ; 1901, 5"8 ; 1902. 5r,. Surplus for dividends on A stock, 1901-1902, $589,645. CHICAGO, INDL\NAPOLIS AND LOUISVILLE RAILWAY— Common stock outstanding $10,-500,000 Preferred .nock i4S) outstanding ' lo'oio'nnS Bonds outstanding 13,813,000 Dividends on Preferred, 1899, W ; 4900, -.H ; 1901-1903, 4% pel year. Dividends on Common, 1903, 1^. Surplus for dividends. 1901-1903, $886,175. CHICAGO, MILWAUKEE AND ST. PAIL RAILWAY— Common stock outstanding $58,183,900 Pref erreti stock outstanding 46,683,400 Bonds outstanding 124,796,500 Preferred stock entitled to 7% dividends ; then the Common to 7=; ; then both share ^co rafa. Dividends on Common stock, 1397 to 19i!0, 5:.' per year ; 1901, B;; ; 1903, 7 J. Surplus for dividends, 1901-1902, $12,115,458. CHICAGO AND NORTH WESTERN RAILWAY— Common stock outstanding Preferred stock outstanding. Bonds outstanding Preferred stock is entitled to 7^ dividends ; then the Common to 7;; ; then the Preferred to Si more ; then the Common to S% more ; after V)% thev share ;;/'o ra/f^. Dividends on Preferred stock, 1886 to 1901, 7^ per year ; 1902, 7% and \% extra. Dividends on Common stock, 1896 to 1899, 5f, per year ; 1900, 6K ; 1901, 6< ; 1903, 6'. and 1-i extra. Surplus for dividends, 1901-1902, S10,.574,S26. CHICAGO, ROCK ISLAND AND PACIFIC RAILWAY— Stock outstanding Bonds outstanding Dividends on stock, 18.-18. 4;i % ; 1899 to 1903. 6% per year. Surplus for dividends, 1901-1902, $7,230,941. CHICAGO, ST. PAUL, MINNEAPOLIS AND OMAHA RAILWAY- Common stock outstanding Preferred stock outstanding Bonds outstanding Preferred stock is entitled to 7% per dividends ; then the Common to 7"^ ; then both share ;»o rata. Dividends on Common stock, 1897 and 1898, 2i per year; 1899, 3K-S ; 1900, 5;i ; 1901, f>% ; 1902, February, 5$ (regular annual 'dividend), August, S% (beginning semi-annual payments). Surplus for dividends, 1901, $2,739,251. CLEVELAND, CINCINNATI, CHICAGO AND ST. LOUIS KAILWAY- Comroon stock outstanding Preferred stock (.i;?) outstanding ■ • •.■ Cincinnati, Sandusky and Cleveland PreteiTed stock assumed in purchase of road, outstanding Bonds outstanding Dividends on Common stock, 1900, 3i ; 1901, SJi-s,' ; 1903, if. Surplus for dividends, 1901-1902, $2,350,861. CLEVELAND, LORAIN AND WHEELING RAILWAY- Common stock outstanding Preferred stock outstanding Bonds outstanding -■ Preferred slock is entitled to Sf, dividends ; then the Common to b'i ; then both share jt/o rata. Dividends on Preferred stock. 1896, 3% ; none since. Surplus for dividends, 1901-1902, $753,001. COLORADO AND SOUTHERN RAILWAY— Common stock outstanding First Preferred stock (4%) outstanding Second Preferred stock {4)5) outstanding Bonds outstanding „■ ■ ",*." Y Dividends ou First Preferred, lEOO. 2.;; 1901, 3>s«, of which ly^'i marked the beginning of semi-annual payments m April and October ; 1903. 3«. Surplus for dividends. 1901-1902, $636,759. $39,114,678 22,395,130 145,6110,000 $59,961,960 71,081,000 $18,558,953 11,259,912 25,831,324 $27,989,310 10,000,000 438,997 .58,188,730 $8,000,000 5.000,000 6,966,228 $31,000,000 8,500,000 8,500,000 19,041,368 ANALYSIS OF RAILROAD REPORTS. 149 DELAWARE AND HUDSON— Stock ontstanding Bonds outstanding Dividends, 1889 to 1896, 7% per year ; 189T to 1900. 5% per year ; 1901. 7% : 1902, 7?. Surplnisfor dividends. 1901, $4,370,707. DELAWARE, L.\CKA WANNA AND WESTERN RAILROAD— Stock outstanding Bonds outstanding Dividends since 1886, 7% per year. Surplus for dividends, 1901, $5,ti72,361. DENVER AND RIO GRANDE RAILROAD— Common stock outstanding Preferred stock {^%) outstanding Bonds outstanding Dividends on Preferred stock, 1899, i% : 1900, 4% ; 1901, 5%; 1903, S-i. Surplus for dividends, 1901-1903, $3,303,03.';. ERIE RAILROAD— Common stock outstanding Hrst Preferred stock H%) outstanding Second Preferred stock (4^) outstanding Bonds outstanding ; Dividends on First Preferred stock, 1901, H4^ ; 1S02, 3)S. Surplus for dividends, lSOl-1902, $4,.3S4,677. EVANSVILLE AND TERRA HAUTE RAILROAD— Common stock outstanding Preferred stock i5^) outstanding Bonds outstanding Dividends on Common stock, 1899, 2^ ; 1900, 3^ ; 1901, 1)4* ; 1903. no dividend. Surplus for dividends. 1901-1902, $364,033. FORT WORTH AND DENVER CITY RAILWAY— Common stock outstanding Preferred stock {i%) outstanding Bonds outstanding Dividends on Preferred stock, 1698. 2,-S ; 1899. 2f ; 1903, 3'S out of surplus for 1899-1901. Surplus for diridends, 1901. $39,980. (iREAT NORTHERN RAILW.\Y— Stock outstanding St. Paul, Minneapolis and Manitoba (6;^; guaranteed stockj Bonds outstanding Dividends on stock, 1899, 7^; 1900,7^; 1901, 7i< and J^t extra: 1902, 7%. Surplus for dividends, 1901-1902, $1.5,460,236. HOCKING VALLEY' RAILWAY— Common stock outstanding Preferred stock outstanding Bonds outstanding Preferred stock is entitled to 4;^ dividends ; tlien tlie Common to 4;^ ; then both slmre pro rata, but the Preferred stock may be retired at par. Dividends on Common stock, 1901, l\4i ; 1902, 'V- Surplus for dividends. 1901-1903, $1,603,373. $34,645,700 8,700,000 $26,200,000 3,067,000 $38,000,000 44.400,000 73,096,100 $113,378,900 47,893,400 16,000,000 187,534,380 $3,987,383 1,282,417 8,578,000 $6,885,008 3,539,993 8,228,000 $123,853,000 453,600 205,670,150 $10,431,600 14,000,000 20,068,711 ILLINOIS CENTHAL RAILROAD— Stock outstanding $93,040,000 Leased line stock (guaranteed 4?), outstanding 10.000,000 Bonds outstanding 139,19.5,925 Dividends on stock, 1891 to 1899, 5% per year ; 190O, 5>^ ; 1901, 6^ : 1902, H- Surplus for dividends, 1901-1902, $9,790,462. IOWA CENTRAL RAILWAY- Common stock outstanding $8,519,688 Preferred stock outstanding 5,674,2.36 Bonds outstanding 9,649,545 Preferred stock is entitled to SiCdividends ; then the Comuion to 5j5 ; tiien both share pro rata. Dividends on Preferred stock, 1899, 'ii \ 1900, 1}^% ; none since. Surplus for dividends, 1901-1903, $304,.538. LAKE ERIE AND WESTERN RAILROAD- Common stock outstanding $11,810,000 Preferred slock (6;S) outstanding 11,840,000 Bonds outt'tanding 10,875,000 Dividends on Preferred stock, 1900, ii ; 1901, 4% ; 1902, 4%. Surplus for dividends, 1901, $474,653. LAKE SHORE AND MICHIGAN SOUTHERN— Common stock outstanding $49,4C6,.500 Guaranteed 10"S stock outstanding 538,500 Bonds outstanding .'i0,75.5.000 Dividends on Common, 1893 to 1897, 6,"41 Outstanding securities of leasehold estates 4,948,000 Surplus for dividends, 1901-1902, $544,256, LOUISVILLE AND NASHVILLE RAILROAD— Stock outstanding $60,000,000 Bonds outstanding 89,605,660 Dividends, 1899, %}^i ; 1900, 4% : 1901, i% ; 1902, 5^. Surplus for dividends, 1901-1903, $4,725,307. MEXICAN CENTRAL RAILWAY'— Stock outstanding $47,955,100 Fiist Consolidated Income bonds (3,'S) outstanding ■ 30,.563,100 Second Consolidated Income bonds (.3^) outstanding 1 1,656,200 Fixed Interest bonds outstanding 84,261,752 Surplus for interest on Income bonds, 1901, $174,839. 150 ANALYSIS OF RAILROAD REPORTS. MICHIGAN CENTRiL RAILROAD— (IncludiDS Canada Southern Railway-). 0,0 ~oo nn,i Micliiaan Central stock outslanding ''i=nm'nm Canada Southern stock outstanding ,:,'o„.'mn Bonds outstanding :, \- ■ : ■i-i-i-!>>.'^ Canada Southern receives 40^ of the net surplus after all taxed charges are paid. The amount by which either road may reduce its flsed charges, is first allowed to that road, before said division is made. Dividends, Canada Southern, 189Tto]001. as; per year ; 190-3, 3-;. Dividends, Michii;an Central, 1895 to 1902. 4-; per year. Surplus for dividend?, 1901, Canada Southern, $37r.0rl. Surplus for dividends, 1901, Michigan Central, $983,39(j. MINNE.^POLIS AND ST. LOUIS RAILEO.\D- Common stock outstanding *, 'XXX'nm Preferred stuck outstanding i-i-i'Sm Bonis ontstanding •••,■■■■ L' • -.v ' ;^- i< ,Si i,uuu Preferred stock is entitled to 5;; dividends ; then the Common to 5"* ; then both share nro rata. Dividends on Common stock, 1000, 1!^; i 1901, 4-.' ; 1902, X. Surplus for dividends. 1901-1902, 8096,7-24. MINNEAPOLIS, ST. PAUL AND SAULT STE. MARIE RAILWAY- .,,„„„.„„ Common stock outstanding * --nS^'m Preferred stock 1 7;*) outstanding ..Vo^ -^ Bonds outstandin? .)4,t>4.i,oou Surplus for dividends, 1901-1903, $1,508,501. MISSOURI. KANSAS AND TEXAS RAILWAY- Common stock outstanding '?S'JifK nnn Preferred stock (4;;i outstanding ....-.• o'l^'oon Stock of Missouri, Kansas and Texas, of Texas, outstanding :',^n''Sn Stock of Boonville Railroad Bridge Co., outstanding orSrsS Bonds outstanding 81,UH5,»08 Surplus for dividends, 1901-190-2, $908,910. MISSOURI PACIFIC SYSTEM- Stock outstanding ?.i-. 1 oq'?.'- Bonds outstanding ldi,iad,i.i Dividends, 1901, 2J4'? ; 19na. R1. Surplus Jor dividends, 1901, $7,478,5-23. NASHVILLE, CHATTANOOGA AND ST. LOUIS RAH. WAY- cnnonnnn Stock ontstandino ; *„Wmn Bonds outstanding •• ;.".-,---v 10,021,000 Dividends, ISO.t to 1898, 4* per year ; 1899 to 1902, no dividend. Surplus for dividends, 1901-1903. $.534,711. NEW YORK CENTRAL AND HUDSON RIVER EAILEOAD- ^ Stock ontstanding *Voo'nk'iii Bonds outstanding •• 193,9«,d5() Dividends, 1896 to 1899, 4« peryear ; 1900 to 1902, S% per year. Surplus for dividends, 1901-1903, $8,016,718. NEW YORK. CHICAGO AND ST. LOUIS RAILROAD- n,in nno Common stock outstanding * J'mnnnn First Preferred stock (5^.) outstanding , ,'Snn'fvin Second Preferred stock (5S1 outstanding Ji-Vs^'nlv! Bonds outstanding W-;;^\;; 19,4.o,000 Dividends on Second Preferred stock, 1901, •2'. : 1903. .*.. Surplus for dividends, 1901, $1,374,933. NEW YORK, NEW HAVEN AND HARTFORD RAILROAD— Stock outstanding $.54,6^-1,400 Bonds outstanding 32,536,200 —including $10,397,200,4% bonds convertible into stock at par, on April 1, 1903, or within 60 davs thereafter. Dividends, 1873 to 1893, 10^ per year; 1894,9^; 1895 to 1903, 8:^ per year. Surplus for dividends, 1901-190-2, $4,678,859. NEW YORK. ONTARIO & WESTERN RAILWAY— Common stock outstanding $.58,113,983 Preferred st ck outstanding 4,000 Bonds outstandina 16,9.37,000 Surplu.s for dividends. 1901-1903, $658,959. NORTHERN PACIFIC RAILWAY— Stock outstanding $155,000,000 Bonds outstanding 286,096,433 Dividends, 1899, 2:r; 1900,4:3; 1901, 4? ; 1902, BJ^-; (at rate of 0'- per vearl. Surplus for dividends, 1901-1903, $13,047,332. NORFOLK AND WESTERN R.\ILWAY— Common stock outstanding $64,469,200 Preferred stock i4-. ) ontstanding 22.763,800 Bonds outstanding 58,151,750 Dividends on Common stock, 1901, 2% ; 1903, -JWit. Surplus for dividends, 1901-1902, $5,133,095. PENNSYLVANIA COMPANY— Stock outstanding $40,000,000 Bonds ontstanding 50,477,000 Dividends, 1893 to 1894. 4-;; 1901, 3-;. Surplus for dividends, 1901, $3,081,261. PENNSYLVANIA RAILROAD— Stock outstanding $204,573,350 Bonds outstanding 90,775,894 Dividends, 1893 to 1899,.5! per year; 1900,6;; ; 1901,6;; ; 1902, O*. Surplus for dividends, 1901, $32,194,380. PITTSBURGH. CINCINNATI, CHICAGO AND ST. LOUIS RAILWAY— Common stock outstanding $-24,754,607 Preferred stock outstanding -'^•*??"S,'' Bonds ontstanding 45,70.1,000 Preferred stock is entitled to 4 ; dividends ; then the Common to 8;^ ; tlien the Preferred to an additional I'., making 5'. : then, after the Common receives S'., both share jiro rata. Dividends on Common stock, IHOI. K ; 1903. 3'.. Surplus for dividends, 1901, $3,696,991. READING COMPANY- t-o nno noii Common stock outstanding *>o'rJvi'nnn First Preferred stock (4;*) outstanding 'iS'llli'/wi Second Preferred stock (4^) outstanding '^mi'^ Bonds outstanding • ■•■■ 9K,JTt),l»l Dividendsou First Preferred stock, 1900. S*; 1901,4',"; 190-3, S^'. Surplus for dividends, 1901-1903, $3,913,3.50. ANALYSIS OF KAILROAD REPORTS. 151 RIO CfRANDE WESTEKN KAlLWAY-(mergal iu 190J with Ibi- Deuvcr and Rio Grande). C'ommou stocli outstanding Preferred stoclv outstanding Boijds outstanding Preferred stocli is entitled to n,'^ dividends ; then the Com- mon to 5% ; then both share pro rata. Dividends on Preferred stocli, 1900, 5^ ; 1901, i%%. Surplus for dividends, i;iOO-1901, $761,951. ST. .JOSEPH .\ND GRAND ISLAND RAILWAY— Common stocli outstanding First Preferred stocli (.5,'?! outstanding Second Preferred stocli i4,'{) outstanding Bonds outstanding Dividends on First Preferred stock, 1900, 3j(; 1901, S.'S; 1903, 5^. Surplus for dividends, 1901-190^, $293,602. ST. LOUIS AND SAN FRANCISCO RAILROAU- Common stock outstanding First Preferred stock (-1,^) outstanding Second Preferred stock 'i%) outstanding Stock of auxiliary companies outstanding Stock of leasehold estate — Kansas City, Fort Scott and Memphis Preferred (guar. IS) out- standing Kansas City, Fort Scott and Memphis Common outstanding. . . Bonds outstanding Dividends on Second Pieferred stock, 1901, Z\^'i ; 1903, i%. Surplus for dividends, 1901-1902, $3,377,479. ST. LOUIS SOUTHWESTERN RAILWAY- Common stock outstanding Preferred stock (5^) outstanding Bonds outstanding Surplus for dividends, 1901-1903, $738,189. SEABOARD AIR LIN^E RAILWAY- Common stock outstanding Preferred stock outstanding Bonds outstanding Preferred st >ck is entitled to ifc dividends ; then the Common to 4:? ; then the Preferred to 3% more, making 6^ ; the Common to the balance. Surplus for dividends, 1901-1003, $765,833, SOUTHERN PACIFIC COMPANY— .Stock outstanding Bonds outstanding —including guaranteed bonds of other companies. Surplus for dividends, 1901-1903, $10,511,471. $10,000,000 7,.500,000 27,476,600 $4,600,000 5,499,500 3,500,000 3,500,000 $29,000,000 16,000,000 5,000,000 12,084,100 13.510,000 15,000,000 110,638,455 $16,500,000 20,000,000 37,402,688 $39,000,000 19,400,000 35,133,313 $197,849,227 373,434,170 SOUTHERN RAILWAY- Common stock outstanding $130,000,000 Preferred stock (a%' outstanding 60,000,000 Bonds outstanding 166,802,3.38 Dividends on Preferred stock, 1897, 1% \ 1898, \% ; 1899, 'i%, 1900, -6% : 1901, U ; 1902, Sf. Surplus for dividends, 1901-1903, $3,600,897. TEXAS AND P.^CIFIC RAILWAY— Stock outstanding $38,760,000 Second Mortgage Income bonds (5i<) outstanding 24,980.194 — of which Company holds in its treasury, *1,762,000. Fi.'ied Interest bonds outstanding 30,499,259 Interest paid on Income bonds, 1900, IJ^iS ; 1901, 45! ; 1902, 5i. Surplus for dividends, 1901, $1,164,318. TOLEDO, ST. LOUIS AND WESTERN RAILROAD— Common stock outstanding $10,000,000 Preferred stock (4*) outstanding 10,000,000 Bonds outstanding 15,500,000 Surplus for dividends, 1901-1903, $55,691. UNION PACIFIC RAILROAD— Common stock outstanding $104,057,900 Prefen-ed stock (4.;) outstanding 99,501,900 Oiegou Short Line Railroad stock outstanding 10,000 Oregon Railroadaud Navigation Common stock outstanding 38,310 Oregon Railroad and Navigation Preferred stock (4^) outstanding. 16,955 Bonds outstanding 248,098,000 —including 4;; bonds amounting to $91,952,000, convertible into Common stock at par before May 1, 1906. Dividends on Union Paciflc Common, 1900, .3!^« ; 1901, 4;< ; 1902, 4%. Sm'plus for dividends on Union Pacific Common and Pre- ferred stocks, 1900-1901, $U,503,219. WABASH RAILROAD— Common stock oiitslandiug $28,000,000 Preferred stock outstanding 34,000,000 aDebenture "A" bonds (6*) outstanding 3,.'i00,000 Debenture " B " bonds (6;S) outstanding 36,500,000 Fixed interest bonds outstanding 92,110,000 Preferred stock is entitled to 7% dividends ; then the Common to 7^ ; then both share pro rata. Surplus for interest on " B " bonds, 1901-1903, $781,960. f' Debenture '' A '' bonds are redeemable at par. WHEELING AND LAKE ERIE RAILROAD— Common stock outstanding $30,000,000 First Preferred stock (4^) outstanding 4,986,900 Second Preferred stock (4,*) outstanding 11,993,500 Bonds outstanding 15,836,897 Surplus for dividends, 1900-1901, $72,123. WISCONSIN CE.NTRAL RAILWAY— Common stock outstanding $16,147,876 Preferred stock H%) outstaudiug 11,267,104 Bonds outstanding 26,997,969 Surplus for dividends, 1901-1902, $480,106. • The Safety Car Heating and Lighting: Company. General Office— 160 Broadway, New York. 1017 Monadnock Building, Chicago, 111., Branch Offices— 1015 Union Trust Building, 5t. Louis, flo. Pintsch System Car and Buoy Lighting. This Company controls in the United States and Canada the Celebrated PINTSCH SYSTEM OF CAR AND BUOY LIGHTING. It is economical, safe, efficient, and approved by railway managers and the Light House Board of the United States, and has received the Highest Awards for Excellence at the World's Expositions at Moscow, Vienna, St. Petersburg, London, Berlin, Paris, Chicago, Atlanta and Buffalo. 116,000 cars, 5,000 locomotives and 1,400 buoys are equipped with this light. 170 Railroads in the United States, Canada and Mexico have adopted this system of lighting. Applied on over 20,000 cars. Car Heating. By Steam Jacket System of Hot Water Circulation, Regulating Direct Steam System, Return and Single Train I'ipe Systems. 130 Railroads in the United States are using these systems of heating. Applied on over 10,000 cars. AUTOHATIC STEAM TRAPS. STRAIGHT PORT COUPLERS. Pintsch Plants are now in Operation in the Following Cities in the United States, Canada and Mexico ; ALBANY, N. Y. ATLANTA, GA. BALTIMORE. MD. BARSTOW, CAL. BOSTON, MASS. (2) BUFFALO, N. Y. CAMDEN, N. J. CHATTANOOGA, TENN. CHICAGO, ILL. CINCINNATI, O. CLEVELAND, O. COLUMBUS, O. COUNCIL BLUFFS, lA. DENVER, COL. DETROIT, MiCH. EL PASO. TEX. FORT WORTH, TEX. HAMLET, N. C. HOUSTON. TEXAS. INDIANAPOLIS, IND. JACKSONVILLE, FLA. JERSEY CITY, N. J. (4) KANSAS CITY, MO. LONG ISLAND CITY, L. I. LOS ANGELES, CAL. (2) LUDLOW, KY. MARION, O. MEMPHIS, TENN. MEXICO, CITY OF. MINNEAPOLIS. .MI.VN. .MOBILE, ALA. MONCTON, N. B. MONTREAL, QUE. NASHVILLE, TENN. NEW HAVEN, CONN. NEW YORK, N. Y. (2) OAKLAND, CAL. OGDEN, UTAH. PHILADELPHIA, PA. PHILLIPSBURG, N. J. PITTSBURG, PA. PORTLAND, ORE. ROANOKE, VA. ST. AUGUSTINE, FLA. ST. LOUIS, MO. ST. PAUL, MINN. SAN ANTONIO, TEX SAVANNAH, GA. SHREVEPORT, LA. SYRACUSE, N. Y. TEXARKANA, ARK. TOLEDO, O. WASHINGTON, D. C. WEEHAWKEN, N. J. SpeneerTrask & Co. BANKERS 27 & 29 Pine Street, New York. Transact a general banking business ; act as Fiscal Agents for corporations, and negotiate security issues of railroads and other companies. Execute commission orders and deal in INVESTMENT SECURITIES. Members New York Stock Exchange. Branch Office: 67 State St., Albany. CHARLES I. HUDSON PERCY K. HUDSON GEORGE R. DYER Member of New V'ork Member of New "^'ork Stock Exchange Member New \'ark Cotton Exchanga an.t Chicasjo Stock Excliansfes and Cbicatro Board of Trade Member New York Coffee Exchango C. I. HUDSON cS CO. 34=36 Wall Street, New York ^5^ ^^' t^^ SPECIALISTS IN Unlisted, Uncurrent and Inactive Gas, Traction, Water and Industrial Securities ^ ^ ^ PRIVATE LEASED WIRES TO, AND SPECIALISTS IN THE LOCAL SECURITIES OF Buffalo Cincinnati Louisville Pittsburg Wilmington Boston Cleveland Milwaukee Rochester Washington Baltimore Columbus Norfolk St. Louis Wilkesbarre Chicago Detroit Philadelphia Toronto Wheeling THB Manufacturers Trust Co. 198 Montague Street, BROOKLYN, N. Y. OFFICERS. WILLIAM J. COOMBS, -------- President. WILLIAM H. NICHOLS, -------- Vice-President. WILLIAM J. MATHESON, ------- 2D Vice-President. FRANK L. SNIFFEN, - _ - - - 30 Vice-President and Sec'Y. WILLIAM C. NESMITH, ------- ass'T Secretary. BOARD OF DIRECTORS. WILLIAM H. NICHOLS JAMES H. OLIPHANT E. DWIGHT CHURCH EDWARD HIN.MAN WILLIAM J. MATHESON SILAS TUTTLE HENRY BATTERMAN E. T. BEDFORD WILLIAM J. COOMBS WILLIAM A. N.\SH J. ADOLPH MOLLENHAUER CHAS. O. GATES SANFORD II. STEELE H. B. HAIGH JOHN C. ORR DANIEL P. MORSE JOHN n. HANAN FRANK BAILEY ROYAL C. PEABODY H. V. V. liRAMAN JOHN H. SCHUMANN FRANK S. JONES JOHN H. IRELAND JAMES L. MORGAN EXECUTIVE COmmiTTEE. WILLIAM H. NICHOLS, Chahma,,. WILLIAM J. MATHESON SANFORD H. STEELE JAMES H. OLIPHANT E. T. BEDFORD JOHN H. SCHUMANN FRANK BAILEY THE PRESIDENT' A.i Officiv. ft*** Capital, Surplus and Undivided Profits, $1,450,879.49. COUflSELi. STEELE & OTIS, 25 BROAD ST., N. Y. CITY. C0M2VIERCIAL Trust Cojvlpany or New Jersey 15, 17, 19 and 31 Exchange Place, Jersey City, N. J. Capital, Surplus and ProG ts, $2,700,000. SAFE DEPOSIT VAULTS OF THE BEST MODERN CONSTRUCTION AT MOST ACCESSIBLE POINT TO NEW YORK John AV. Hardenberg:h, George TV. Young, Vice' WALTER E. AMMON, AUGUST BELMONT, C. LEDYAED BLAIR, FREDERICK G. BOURNE, WnLLIAJI BEINKERHOFF, JOHN D. CARSOALLEN. FREDEKIC C. CEOMfl'ELL, C. C. CUTLER, JACOB J. DETWILLER, CHARLES D. DICKEY. OFFICERS : President. Robert S ■President. Oscar L, DIRECTORS : JOHN W. HARDENBERGH, GEORGE G. HAVEN, JAMES N. JARVLE, ROBERT M. JARVIS, WILLIAM B. JENKINS, C. H. KELSEY, GUSTAV E. KISSEL, HENRY LEMBECK, JAMES A. MAC UONALD, RICHARD A. McCURDV, ROBERT H. McCURDY, Ro8t4, Vice-President, Gubeluian, Sec. and Treas. ALLAN L. McDERMOTT, JAMES Q. MORGAN, ROBERT S. ROSS, EDWIN A. STEVENS, EBEN B. THOMAS, MYLES TIERNEY, JAMES TIMPSON. COKNELU'S VANDERBILT, JOHN J. VOORHEES, GEORGE W. YOUNG. J. NEVIN ROBERTS, WALKER P. HALL, Members Cincinnati Stock Exchange, Chicago BOAao of Trade. HUGH F. CRISS, Member N. Y. Stock Exchanoe. THOMAS B. CRISS, Member N. Y. Cotton Exchange. Roberts, Hall & Criss, BROKERS, New York and Cincinnati. Telephohe, 2737 Broad, N. Y. Private Wire to Cincinnati. 45 Broadway, NEW YORK. 33 East Third Street. CrNCTNNATl. OHIO. H. B. Sl.AVEN, Fresidfttt nnd Trrasurfr W. H. Mackkv. Vice- Preside n t . R. E. Slavkn. K. t \ HlNCKLKY. (•^ui-ra/ Manager. THE CHASE GRANITE CO LIGHT GRAY, PINK AND WHITE GRANITE. Thorough equipment. Large capital. Quarries, B L u F. Hill, M a i n n New York Office, 5-11 BROADWAY. WHITE FIRE-PROOF CONSTRUCTION CO. 162-164 West 27th Street, New York complete system Fire-proof construction (PATENTED) Fireproof Floors ai7