STATEMENT, showing the Share Capital and Debts of the principal Railroad Companies of the State of Pennsylvania, with the amount of the productive and unproductive capital of each, respectively: 304,118 -Share Capital. Funded & Float'g DebtTotal. Produc. Unprod. Total. Produc. Unprod $1,660,000 $.. $1,660,000 $400,000 $436,089 $436,089 $... 304,118 25,982 25.982 582,700 450,000 475,000 475,000 Funded 25,982 Beaver Meadow 1,410,900 1,410,900 Catawissa, Williamsport & Erie.. 1,700,000 Chester Valley Chestnut Hill.. Cumberland Valley. 871,900 Delaware, Lackawanna & Western 3,360,250 3,360,250 East Pennsylvania. 400 400 472,000 245,500 245,500 245,500 6,319,528 6,835,680 6,835,680 600,000 600,000 600,000 Erie & North East. East Mahonoy. 350.900 350,000 Erie & Pittsburg. Fayette County. Franklin Hempfield.. 1,809,563 1,809,563 466,603 712,424 Harrisburg and Lancaster. Huntingdon and Broad Top. Lackawanna & Bloomsburg. Lehigh Valley Lehigh Luzerne Lehigh Coal & Navigation.... Littlestown. Lykens Valley. Mill Creek & Mine Hill. Mine Hill & Schuylkill Haven. Mount Carbon.... North Lebanon..... North Western... North Pennsylvania Pennsylvania... Pennsylvania Coal.. Philadelphia & Baltimore Central. 666,752 666,752 500,000 500,000 466,603 661,678 980,924 115,727 865,197 712,424 1,000,569 1,185,819 1,185,819 1,417,000 1,609,910 1,609,910 93,000 160,000 160,000 160,000 3,619,254 3,985,077 3,985,077 953,000 1,057,835 1,057,835 2,256,100 45,000 22,000 33,446 33,446 400,000 33,500 33,500 1,673 1,673 149,550 149,550 166,763 83,382 83,381 800,000 3,155,820 2,787,000 3,164,817 3.164,817 16,153,650 16,922,517 16,922,517 600,000 961,758 961,758 178,899 202,100 285,953 285,953 2,817,000 1,408,500 1,408,500 981,300 981,300 931,300 Phila., Germantown & Norristown 1,223,500 1,223,500 374,800 374,800 374,800 Philadelphia & Reading.. Philadelphia & Trenton .11,548.929 990,200 990,00 Phila,, Wilmington & Baltimore.. 5,600,000 5,600,000 Pittsburg & Connellsville.. The above table, though very nearly, may not be entirely accurate, in the division of productive and unproductive capital. In two or three instances the funded debts of companies were put down as productive, although the earnings of the roads have not been sufficient to pay the interest on them. In such cases the roads have been recently opened, or the interest has been paid by other parties. The funded debt of the Pittsburgh, Fort Wayne and Chicago, is put down as productive, although the company is not at the present time paying the accruing interest, which appears to have been earned. As the table is a recapitulation of the statements of the several companies, a reference to them will give the necessary explanations and corrections. The whole amount of capital invested in the railroads of the State of Pennsylvania at the end of 1859 was $175,737,117. Of this sum $92,008,778 represented the amount of share-capital; $76,097,367 the amount of funded debt, and $7,630,970 the amount of floating debt. Of the share-capital $42,310,075 or 46 per cent. of the whole was productive, and $49,698,703 unproductive; and of the total debt ($83,728,339) the amount productive was $76,462,527 or 91 per cent. and the amount unproductive $7,265,814. The average cost per mile of the railroads of Pennsylvania has been $56,397. The cost per mile of the 2,350 miles represented in the following table for 1859 was $58,608. This cost for roads traversing so uneven a State as Pennsylvania and surmounting great natural obstacles, and which are generally substantially built, is very moderate. The most costly road of the State, and also of the United States, is the Philadelphia and Reading Railroad, which averages $140,000 per mile. The total gross earnings of the railroads of the State, including those of the Pittsburg, Fort Wayne and Chicago Railroad, which is essentially a Pennsylvania work, have amounted in the thirty years ending with 1859 to $159,989,901, of which amount $48,546,313 has resulted from passenger transportation; $100,709,251 from the transportation of coal and merchandize, and $10,734,337 from other sources, including mails, expresses, rents, etc. The current expenditures in the same time have been $88,439,362; and the earnings less such expenditures, but not including interest on debt, $71,550,539. The total amount divided on share-capital has been $32,817,300. Reducing these amounts to proportionate equivalents, it will be found that the gross earnings have equalled about 12 per cent. on the whole liabilities, and 13 per cent. on the cost of construction; and that the net earnings have equalled 6 and 7 per cent. on the said liabilities and cost respectively. The proportion of the gross earnings expended in operating the roads has been 55 per cent. The dividends paid have averaged on the total share-capital about 3.9 per cent. per annum. The difference between the net earnings or earnings less current expenses and the amount of the dividend paid on the share-capital is $38,688,237. From this amount has been paid the interest on the gross debt, which funded and floating has amounted to $514,124,808. Assuming an average rate of 6 per cent. as the interest paid, this amount has received the gross sum of $30,847,482. The balance has lapsed to profit and loss. RAILROADS IN THE STATE OF PENNSYLVANIA. Share- ..... and including the year 1830: of & Repairs. Expenses. Dividend. Gross Earnings- 5,892-1831 61,342 61,342 7,950-1832 1833. 1,722,309 681,330 62,107 2,465,746 1,513,249 54.03 22,606 101.727 124,333 69,819 54,514 11,446.1833 1837- 10,424,209 2,683,125 226,019 72,461,518 30 y. 828,897,339 448,202,088 65,922,620 1,343,022,047 1,250,231,261 22,178.13 48,546,313 100,709,251 10,734,337 159,989,901 Cars-Passenger, 6; baggage and freight, 22; coal, 75.... 103 The Alleghany Valley Railroad Company was chartered on the 14th April, 1851, and authorized to construct a railroad from Pittsburg to the State line of New York, a distance of 176 miles. The Company was organized on the 12th February, 1852. On the 17th March, 1853, the work of construction was commenced. On the 23d April the city of Pittsburg subscribed 8,000 shares of the capital stock of the Company. In addition to the subscription of Pittsburg, Alleghany county subscribed 15,000 shares, Armstrong county 3,000 shares, and Jefferson county 1,800 shares-making in all 27,800 shares, or $1,390,000 subscribed by municipal bodies and counties. The division of the road from Pittsburg to Kittaning, 44 miles, was completed and opened for public use on the 23d January, 1856, at a cost of $1,500,000. An extension of the road from the depot in Mechanics street, Pittsburg, to the canal was completed in 1859. SHARE CAPITAL-Authorized, $3,250,000, in 65,000 $50 shares. Subscribed by Corporations. -$1,693,000 Paid in by- . $1,300,000 360,000 By an act approved 23d April, 1857, the Company is empowered to issue a preferred stock to the amount of $250,000; said stock to bear interest as may be agreed upon not exceeding 12 per cent. per annum, and to be applied exclusively to the extension of the work to the Pennsylvania Canal at Pittsburg, and to Mahoning, in Armstrong county-the stock to be at first offered to the present stockholders, and be at their refusal for such period as may be designated FUNDED DEBT $400,000: described as follows— 1st Mortgage, 7 per cent., coupon bonds -$400,000 -dated 1st July, 1855, and payable, principal in 20 years, and coupons semiannually, 1st Jan. and 1st July, at Pittsburg and Philadelphia. The municipal bonds, guaranteed by the Company, are as follows: Amount Where payable. payable. Nov. and May, 6 1853 1873 1853 1873 Nov. and May, New York City 1853 1873 Nov. and May, New York City. Amount Municipalities Rate Date of Date of Interest provided. Issued. by which issued. of int. issue. maturity. $750,000 $750,000 Alleghany County, 6 1853 1873 400,000 400,000 Pittsburg City, 150,000 not S 90,000 sold. Jefferson County, 6 The interest on the Company's bonds has been paid with the exception. of $12,880. The subscription bonds of Alleghany county and the city of Pittsburg have been repudiated, and the interest on them has remained. unpaid since and including 1857. Their validity has been established by the Supreme Court of Pennsylvania, but this tribunal has not up to the present time been able to compel the City Council to levy a tax for the purpose of paying the interest. FLOATING DEBT $36,089. COST OF ROAD AND EQUIPMENT $1,765,300: in detail as follows— Construction account. INCOME ACCOUNT FOR THE YEAR ENDING 31ST JANUARY, 1860. ReceiptsPassenger earnings... $65,300 Disbursements ... Not collected. 5,046 Salaries of officers. 3,614 Premium on silver..... ........ Balance overdrawn....... 12 338 Miscellaneous. 5,260 Total $82.419 Total.. $82,419 BALANCE SHEET OF ACCOUNT CURRENT, 1ST FEBRUARy, 1860. |