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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 :

Miles. 61.38 10.75 0.87

Main line-New Haven, Ct., to Springfield, Mass.
Branch line-Berlin Junction to Midletown..
do do Junct on to Hartford City...

Total length of rond owned by Company.,
New Britain and Middletiwn Railroad (recently purchased).
Length of second track and sidings....

78.00

2.47 60. 2

The Hartford and New Haven Railroad Company was chartered by the Legislature of Connecticut in May, 1833. and authorized to construct a railroad froin 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 1814, 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 Rrilroad was built by a separate organization, but cbiefly with capital supplied by the H. and N. A. 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 inileage of trains and the amount of passenger and freight traffic, the following is the best statement we can prepare : Fiscal

-Mileage of engines hauling trains Pass'gers Tonnage Years.

Pass'ger. Freight. Other. Totil. carried. carried. 1856-57.

22),585 88,062 16,598 325, 235 545,837 1957-39...

217,166 90,796 15,188 32,150 462,534 1853-59.

2 19,500 92,563 12,700 314,763 486,772 1839-60.

218,314 100,841 6,285 325,950 : 44,975 1860-61..

231,614 86, 484

2,253 323,491 499,888 1 61-62.

200.0194 83,378 2,288 347,460 611,451 190,270 1862-63.

263,905 117,621 22,771 404,297 663.290 2-2,639 1853-64.

293, 102 123,787

458,245
856,365

280,607 1867-6.)

298,178 116,112 37,948

452, 233 921,501 238, 253 1865-66.

295,394 161,9:28 40,080 493,002 929,457 352,921

34, 406

This statement shows that both passenger and freight traffic has nearly doubleil 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 annered statement : Fiscal

Gross Earnings

Operating Earning years.

Pasenger. Freight. Other. Total. expenses. less op 1856-57..

$455,035 65 $274,662 94 $39,367 01 $769,065 60 $372,807 67 $3$ 1857-58.

371,906 62 215,537 06 40,781 57 628,815 35 306,854 91 21.398 1858-59.

397,567 76 283,713 09 42,179 44 723,460 29 342,193 45 81,2868 1859-60.

428,042 30 320,853 53 41,640 93 790,536 76 388,731 46401.8463 1860-61.

405,335 00 262, 169 00 45,372 00 712,876 00 358,740 00 854,138 * 1861-62.

412,452 18 2 2,596 54 42,252 08 747,300 80 857,001 92 4488 1862-63.

557,906 19 354,509 87 46,043 85 958, 450 41 451,143 % 50.,215 1863-64.

787,626 65 457, 110 09 47,570 21 1,292,306 95 719,708 36 572,153 1864-65.

944,627 39 456,742 62 58,341 30 1,459,711 81 912,377 07 547.34 : 1865-66.

909,352 21 630,911 69 51,640 23 1,591,804 13 958,321 52 m,&

Taxes, State and National, are not included in the operating expenses 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:

1861-62. 1862-63. 1863-64. 1864-65.

$

$ Bal. from prev. year..

123,241 13 157,444 27 187,440 38 69,23 66 187,133 Income from road..

747,300 80 958,459 41 1,292,306 95 1,459, T11 51 1,091,84 13 Dividend Tomlinson Bridge Co.. 8,850 00 Sale of stock.

291,150 00 Sales of property, &c..

395 00 275 00 5,958 33 659 00 Debts due Co. dec'd.

9,908 88 Total resources...

879,787 43 1,116,178 68 1,485,705 66 1,830,639 % 1,757, 74 Disbursements.

722, 343 16 928, 738 30 1,416,502 00 1,693,494 67 1,641,7896 Cash balance. ....

157,444 27 187,440 48 69,203 66 137,138 29115,983

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The disbursements were distributed as follows: Opera'g and repaire...

368,976 69 470,942 00 722,950 07 947,991 04 974,5888 Balance of interest

62,910 99 49,648 65 50,837 69 53,996 99 Dividends on stocks.

248,908 00 808, 48000 400,057 50 327,437 50 855.0 Real estate

11,849 72 New works.

6,852 39 13,567 88

9,458 59 Steamboat "Orient".

30,028 22

148,837 18 31 Sundries.

62, 158 15

8,241 96 Debts due Co. inc'd.

6,300 00

42,088 89 3,774 40 151,368 23 State and U.S. taxes.

45,918 85 64,985 12 183,846 55 121,6850 Total disbursem'ts...

722.343 16 928,738 80 1,416,602 00 1,693,494 67 2,641,758 47

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 GENERAL 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 statement :

Close of Capital Bonded Contingent & Profit& Dividends Debts Total

Year. Stock. Debt. Reserve Funds. Loss. unpaid. by Co. Amount. 1856-57..

$2,350,000 $944,000 $242, 364 $233,335 $4,494 $9,405 $3,773,598 1857-58

2,350,000 964,000 367,049 145,851 4,320 2,047 3,833,267 1858-59, 2,350,000 964,000 395,400 2065,569

5,382

11,081 3,932, 432 1859-60.

2,350,000 936,000 494, 69 229.202 5,119 8,820 4,013,510 1860-61.

2.350,000 927,000 582,037 87,439 14.354 13.356 3,975,087 1861-62

2,350,000 927,000 608,725 161,138 12, 196 4,156 4,063,215 1862-63..

2,350,000 927.00) 667,622 200 334 9,216 26,863 4,181,055 1863-64..

2,350 000 927,000 712,802 249,999 8,659 31,748 4,280,209 1864-65..

3,000,00) 927,000 418,901 211,410 8,092 88,930 4,654,333 1865-66..

3,000,000 927,000 540,311 194,757 13,000 119,497 4,794,505

Against the above are charged as follows:

Close of
Year.

Main
Line.

Middle

Ma

Debts Bridges Cash town Real Rolling terial & Stocks due & and on Extin. Estate. Stock. Tools. &b'nds, ady Steamb't.hand

1856-57. 1857-58. 1859-59. 1859-60. 1860-61 1861-62. 1862-63. 1863-64. 1861-65 1865-66..

3,074,742 62,728 254,000 129,793 102,889 56,969

92,478 3,105,016 62,728 254,000 113,550 102,889 74 022

121,032 3,108, 19 12,728 254,000 132,503 102,-89 115,102 157,192 8,118,446 62,728 254,000 121,305 102,889 149,804 204,338 3,119,378 25,590 62,428 254,000 123,702 109,889 163,858 123, 242 3,128,616 25,977 6:2,253 254,000 135,677 102,889 196, 359 157,444 3,158,615 27,6:4 73,787 254,000 155,476 102,889 221,154 187,440 3,159,615 27,683 74,681 254,000 158.719 139,889 397,38

69,204 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 previons to the pro rata distribution of stock io the shareholders in October, 1864, consisted of 23,500 shares at par equal to ....

$2,350,000 That distribution absorbed (29 shares in fractional rights having been paid or in cash) 4.671 shares ....

467,100 Which made the capital 28 171 shares, equal to

$2,817,100 Sold (at an average of 243@214) 337 shires, equal to

33,700 Sold to stockholders (at $150) 2,492 shares.

149,200 Pres-nt amount of Capital Stock, 30,000 shares

$3,000,000 The proceeds of the sales of Stock was

'305,810 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 Contingeni Fund amounts to $150,000; the reserved fund varies yearly according to its increase or decrease.

GENERAL REVIEW-FROM 1838 TO 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 :

Cost Miles Gross Operat'g Net Fiscal of road,

earn. -Dividends ings.

ings Am't. Rate. 1338-39

$729,606 18.13 $31,923 $11,500 $20,433 1834-40.

851,121

65,147 23,152 41,995 1840-41.

866,336 36.22 91,305 29,270 62,035 $24,000 960,963 86.32 90,760 80,429 60,831 82,000

earn

of road.

year.

&c.

expenses.

36.22

1841-42

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The operating expenses for the last four years include the State and pational taxes, as follows: In 1862–6:3, $45,913 ; in 1863-64, $64,935; in 1864-65, $133,806, and in 1865-66 $121,805.

PROPORTIONAL DEDUCTIONS.

road per mile,

Gross
earn-

of

p. c. 48.65 48.80

4.262

11.90
9.59

years. 1856-57. 1857-58. 1858-59. 1859-60. 1860-61.

12.09

9.82 11.63 12.26

10 10 10 10

11.91

46,198
46,561

47.91

11.45

11.91

1862-63.

10 12 16

62.69

15.49

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 :

Cost of Amount per mile. Exps. Profits Profits Rate

Oper'g Profits to earn. to cost to stock of diFiscal

expen- (net inge,

and vided inge. ses. earni'ge.

road. bonds.
$46,232 $10,681 $5,178 $5,503
46,653 8,734

4,472
46,694 10,018

4,752 5,296 47.80 11.34 10,829

6,325 5,504 49.17 9,765

4,914 4,851 50.25 10.42 10.81 1861-62.

46,693 10,237 4.890 5,3 7

47,127 13,129 6,809 6,820 51.86 13.41 14.08 1863-64. 47,1.8 17,703 9,379 8,324

14.76 1864-65.

4,716
19,996 14,831 5,665 71.67 12.12

10.53 1865-66.

46,716 21,805 14,796 7,019 67.85 15.01 13.03 19 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., wbich 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, wben the stockholders received 20 per cent, on stuck worth at that time at least double jis 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 :

EARNINGS.
Passenger.
Freight
Express.
U.S. Mail.
Miscellaneous...
Rent of eul est te.

Total.

EXPENSES.
$247,625 43 Transportation...
196,134 96 Repairs of engines & cars.
26.336 11

of shops and tools..
15,288 48

of road & buildings..
935 00 | Salaries...
1,129 12 | Taxes..

Insurance
$487,449 10 | Repairs on real estate.
367,313 02

Total..
$120,136 08

$149,415 65 53,235 97

2,500 00 127,343 70 12,016 68

52 80 2,071 50

177 82

- $367,313 09

Balance

-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:

Derrease. Tonnage carried westward.

52 per cent

21,399 89 Tonnage carried east and west..

64,270.03 36,887.97

1858-60. 82.053.09 32,216.94

1866. 15,468.08

eastward

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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 64 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-tetal 119,036. The mileage made by these passengers was 6,769,756 miles, at an average of 4.17 cents per mile, 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

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