The following table shows the cost of property per mile of road; the gross earnings, expenses, and profits per mile; the ratio of expenses to earnings per cent, and the The following table gives the lowest and highest prices of the company's stocks at New York for each month of the past three years: March April.. May. June. July Aug.. Sept Oct Nov... Dec Jan. Feb Year.. --Common. 1863-64. 944@109 1863-64. 1861-65. 1865-66. 140 @143% 125 @130% 73%@ 89% 80%@ 94% 62 68 111 (117 53%@113 57 @118% 49%4@84% 94%@156 1254@165 125 @143% The history of the Michigan Southern and Northern Indiana Railroads appears in the November (1855) number of the MAGAZINE, and to this the reader is referred for other matters relating to the company. ERIE RAILWAY. The Erie Railway (successors to the New York and Erie Railroad) Company commenced business operations on the 1st January, 1862. The following tabula tions present an analysis of the company's affairs annually from that date. ROAD AND EQUIPMENT. The several lines owned by the company are as follows: The branch roads leased and operated by the Erie Company in each year have been as shown below: The Warwick Valley Railroad, 10 miles from Ches er to Warwick, is also operated, but not leased. This road is operated in connection with the Newburg Branch Railroad the Company receiving payment in a fixed sum per mile run. The average length of track operated in the several years (the Buffalo and Rochester Divisions having been taken into possession May 1, 1863) was as follows; The equipment of the company's roads at the close of each fiscal year is shown in The equipment of the Buffalo Division is not included in the returns for 1863. It consisted of 28 locomotives and 459 cars, and made the total equipment 271 locomotives and 4,415 cars. In estimating the freight capacity of the road, it should be borne in mind that the freight cars, on account of its wide guage, are of greater capacity than those on narrow guage roads. BUSINESS OF THE ROAD. The following table shows the miles run by engines, etc.; and the movement of passengers and freight over the road since the commencement of operations by the existing company in Jan. 1862, covering the years 1862, 63, 64, and '65; Miles run by engines, and cost of renewals and repairs The report is deficient in not giving the mileage of passengers and freight, and consequently it is not possible to deduce the rates at which the business of the road has been done. Nor are there any data given from which we can learn the rates of cost to the company. The reports for the last three years are especially incomplete in these respects. REVENUE ACCOUNTS. The following is a statement of the receipts and expenses of operating the road for the four years since re-organization: Passengers 1862. 1863. 1864. Freight... Mails 7,065,363 8,476,810 10,242,897 1865. $4,031,680 11,268,761 101,352 $2,982 From the surplus of Jan. 1, 1966, there was paid the usual dividend of 4 per cent on the common stock, amounting to $656,004, which reduces the balance of surplus income to next account to $859,346. FINANCIAL CONDITION. The financial condition of the company, as exhibited on the General Balance Sheet made up at the close of each of the last four years, is presented in the following statement: Grading The following table shows the amounts paid on account of construction in each year since the reorganization of the company in Jan., 1862 : Superstructure 202,486 Land for road 3,455 Machine and workshops. Machinery in shops.. Depots 31,998 73,539 Water stations... Locomotives and tenders. Passenger and baggage cars. 16,615 Coal cars.. 106,590 348,343 Telegraph Pavonia Ferry Hawley Branch. Long Dock improvements. 215,520 215,520 Discount on 4th m. bonds do Total... $38,843 $999,204 $3,085,492 $4,941,293 $9,332,532 PROGRESS FOR SEVEN YEARS. The following gives the length and cost of the railroads owned by the company, the miles operated, the gross earnings, expenses, and net earnings on account of operations and dividends, yearly, for the seven years ending December 31, 1865: Taking the next preceding table as a basis the following deductions are drawn' showing the cost of the roads owned by the company per mile, the earnings, expenses and profits per mile expended, the ratio of expenses to earnings, the rate of profits to cost of road, and the rate of dividends paid ; Fiscal Years. 1859... 1860. 1861. 1862. 1863.. 1864. 70,056 13,376 7,740 70,744 14,363 8,161 6,202 1865. 56.82 11.49 316 76,451 16,850 11,144 5,706 16.13 10.69 S 85.115 19,336 13,009 6,327 67.28 10.68 8 The above dividend is on the common stock; the rate on the preferred stock was 5 per cent in 1862, and after that year 7 per cent per annum. The profits would be materially reduced (say a third) by subtracting from them the rents of leased roads, taxes, &c., which are payable before interest and dividends on the proper capital of the company. PRICE OF STOCKS AT NEW YORK. The tables which follow show the range of prices paid for the stock of the company monthly and for the years 1862-64, both inclusive: |