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There are thirty-seven roads that report to the commissioners a mileage of 26,877.19.

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The roads failing to pay interest on indebtedness were the Chicago, Iowa & Dakota, Chicago, St. Paul & Kansas City, Chicago, Santa Fé & California, Mason City & Fort Dodge, Minneapolis & St. Louis, Sioux City & Pacific, Tabor & Northern, Burlington & Northwestern, and Burlington & Western.

The amount of interest paid is 4.61 per cent on the entire debt. It is proper in this connection to state that the Chicago, St. Paul & Kansas City Railway Company paid the interest on miscellaneous obligations amounting to $248,745.92, and funded the interest on mortgage bonds amounting to $941,050, so that it is not in default. The Chicago, Santa Fé & California road reports accrued interest not paid as $901,480; from the statement of the operations of the road there is an income sufficient to pay the interest on funded debt, taxes, etc., and leave a net income of $320,430.49. A note in the report states that the road is leased to the Atchison, Topeka & Santa Fé Company, which is entitled to all revenues and assumes the payment of all charges. These roads should not, we think, have been reported as delinquent in payment of interest charges.

The total Stock, Debt and Liabilities are as follows:

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COST OF ROAD, EQUIPMENT AND PERMANENT STRUCTURES CHARGED TO PROPERTY ACCOUNTS.

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TOTAL COST OF CONSTRUCTION DURING THE YEAR CHARGED TO PROPERTY ACCOUNTS.

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Total cost of construction to June 30, 1892......

Total cost of equipment to June 30, 1892.......

Amounts where construction and equipment are not separated...........

Total cost of construction and equipment to June 30, 1892.

$ 7,613,803.18 4,404,742.00

$30 440,744.48

$350,833,167.54

54,052,597.74

489,680,864.42

8894,566,629.70

Amount of stock and bonds, and other indebtedness is $1,134,610,322.95, which would leave the capital in excess of cost $240,043,693,25 on the entire lines, 26,877 miles, an excess of $8,926.94 per mile. This may be due to a certain extent to depreciation of securities during the construction of the roads and other causes that can not now be fully ascertained.

INCOME ACCOUNT.

EARNINGS, EXPENSES, INTEREST, RENTAL, TAXES AND DIVIDENDS.

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There is one fact in the above statement that will attract attention and perhaps comment. The dividends paid on stock amounting to $472,151,299.03 $11,867,294.67. The taxes paid on the property amount to $5,214,825.62 or nearly forty-five per cent of the dividends. It will not be claimed that the taxes on railways are higher than on other properties of equal value; at the same time the percentage to dividends seems excessive.

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Average loaded freight cars in trains, highest average, 20; lowest, 7.

Average number of tons freight in trains, highest average, 229 tons; lowest, 63 tons.
Average number of tons freight in a car, highest average, 18.9; lowest, 7 tons.

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