ANALYSES OF RAILROAD REPORTS. No. 16. HARTFORD AND NEW HAVEN RAILROAD. This is the middle link in the great inland route of travel between New York and Boston, connecting at New Haven with the New York and New Haven Railroad, and at Springfield with the Western Railroad. Its constituents are as follows: The Hartford and New Haven Railroad Company was chartered by the Legislature of Connecticut in May, 1833. and authorized to construct a railroad from Hartford to New Haven, 364 miles. About one-half this distance was completed and opened for public use in 1838, and the whole in the next year. The Massachusetts portion of the line (5.87 miles) was chartered April 5, 1839, under the title of the Hartford and Springfield Railroad, but the road was constructed under special agreement by the Connecticut Company; and in 1847 the two companies were consolidated. This portion of the existing line was finished early in December, 1844. The branch to Middletown, 9 miles, was chartered in 1844, and opened in March, 1850. The extension to the Connecticut River, about a mile in length, was made in 1860. The New Britain and Middletown Railroad was built by a separate organization, but chiefly with capital supplied by the H. and N. H. Company. Since the close of the last fiscal year, however, this road has been purchased by the trustees, who hold it temporarily for the H. and N. H. Company, to be transferred on the settlement of accounts between the two companies. BUSINESS OF THE ROAD. The returns relating to the business of the line are meagre. So far as they relate to the mileage of trains and the amount of passenger and freight traffic, the following is the best statement we can prepare : This statement shows that both passenger and freight traffic has nearly doubled during the past five years, and that since the close of the war the business of the road has increased at a more rapid rate than during its progress, when the conveyance of soldiers and war material was a leading element in its business. OPERATING ACCOUNTS--EARNINGS, EXPENSES, &c. The gross earnings, operating expenses and profits of transportation yearly for the ten years ending August 31, 1866, are shown in the annexed Taxes, State and National, are not included in the operating expenses as given above, but will be found noted in the income account. INCOME ACCOUNT-RECEIPTS, DISBURSEMENTS, &c. The following statement exhibits the total financial operations of the company yearly for the five years ending August 31, 1866: The new works in 1864-65 were the Connecticut Bridge and in 1865-66, on account of the New Britain & Middletown Railroad. Besides the cash dividend there was distributed in October, 1864, a stock dividend of 20 per centum. ABSTRACT OF GENERALl ledger. The financial condition of the Company at the close of each of the last ten years as given on the General Ledger is exhibited in the following Close of 1856-57.. 1857-58.. 1858-59.. 1859-60.. 1860-61 1861-62. 1862-63. 1863-64. 1864-65 1865-66.. Middle Ma Debts Bridges Cash on Main town Real Rolling terial & Stocks due & and 3,129,017 27,683 87,590 245,000 195,883 139.889 322,923 360,130 137,138 3,129,047 27,683 127,507 251,000 212,130 168,389 3 5,323 364,493 115,993 The capital stock of the Company previous to the pro rata distribution of stock to the shareholders in October, 1864, consisted of 23,500 shares at par equal to...... That distribution absorbed (29 shares in fractional rights having been paid or in cash) 4.671 shares $2,350,000 The original amount of bonds was $1,000,000 but only $964,000 were issued, and of these $37,000 were re-purchased in 1860-61, leaving the amount outstanding $927,000. These bonds are dated January 1, 1853, and payable January 1, 1883; interest semi-annually in February and August. The Contingent Fund amounts to $150,000; the reserved fund varies yearly according to its increase or decrease. GENERAL REVIEW-FROM 1838 тo 1866. In the following table we give the cost of the road at the close of each fiscal year since its first section was opened, in 1838; also the length of road operated, and the earnings, cost of operating, and the net earnings for each year, and the amount and rate paid in dividends: The operating expenses for the last four years include the State and national taxes, as follows: In 1862-63, $45,913; in 1863--64, $64,935; in 1864-65, $133,806, and in 1865-66 $121,805. PROPORTIONAL DEDUCTIONS. The following table shows the cost of the road per mile, the gross earnings, operating expenses, and profits (net earnings) per mile, the ratio of expenses to earnings, and of profits to cost of road, &c., for each of the ten years ending August 31, 1866: The Hartford and New Haven Railroad commenced paying dividends in 1840-41, and in the twenty-six years since elapsed has paid $5,477,899, or an average of 9.5 per cent. per annum on the current capital. Applying the same sum to the present stock ($3,000,000) it gives a little more than 7 per cent. per annum for the same term of years. This is a record probably unexampled in the history of railroad finance, and is certainly worthy of honorable mention. The lowest rate of net earnings to stock and bonds within the last ten years was in 1857-58 (the panic year), and then it was 9.82 per cent., which afforded, after paying 6 per cent. interest on bonds, to the amount of $927,000, a dividend of 10 per cent. (the lowest paid since 1850), with a liberal surplus to credit of company. These calculations do not include the stock distribution in October, 1864, when the stockholders received 20 per cent, on stock worth at that time at least double its par value. This stock is selling now on its increased capital at 175@180. It is so seldom, however, on the market that we find it impossible to give the table of monthly fluctuations usually attached to our analyses. VIRGINIA CENTRAL RAILROAD: The Virginia Central Railroad (including the Blue Ridge Railroad, 16.81 miles) extends from Richmond to Covington, 205 miles; but that portion beyond Jackson's River, 10 miles, has not been brought into use since the war. The earnings and expenses of operating this road for the year ending Sept. 30, 1866, are shown in the following statement: -net earnings, which were more than expended in extraordinary repairs, &c., viz., $260,337 13, making the total expenses $627,650 15, or $140,201 05 inore than the receipts. The following table compares the freight business of 1866 with that before the war, the latter being based on the average of the three years 1858-60: Included in the tonnage of 1858-60 are 5,777.74 tons of guano and 4,727.15 tons of plaster. The same commodities in 1866 amounted to only 1,122.14 and 1,492 tons respectively. The average amount of tobacco carried in the first period was 8,363 hogsheads against 1,359 in 1866. In 1858 the receipts per ton per mile were in 1858 6.4 cents, in 1859 6.63 cents, and in 1860 6.4 cents-average 6.36 cents. In 1866 the receipts were 6 cents per ton per mile. This shows a very small advance over the old specie charge of 1858-60. The number of passengers carried westward was 59,003, and eastward 60,033-total 119,036. The mileage made by these passengers was 6,769,756 miles, at an average of 4.17 cents per inile, against 4.29 cents in 1860. The mileage in 1860 was 5,769,464. The return for 1866 does not include passengers carried on government account. The locomotives and cars are reported as being generally in fair order. The addition to the motive power since last year has been three engines, acquired by purchase, and two engines which had been in use on other roads during the war. Four passenger and four baggage cars have also been added, and a large number have undergone extraordinary repairs. The present stock of cars consist of the following: 15 passenger, 2 mail and express, 3 mail and second class passenger, 6 baggage, 6 conductor's or bunk cars, 97 box freight cars, 14 stock cars, and 48 platform cars. The work done on the road during the year just passed is summed up |