714 



KAILROADS OF THE UNITED STATES. 



NET EAENINGS. The disposition of net earn- 

 ings is shown by the following statement: 



Net earnings . . . . ; $229,078,055 



Less expenses over earnings 1,427,581 



Net earnings of whole system $227,650,474 



Paid: 

 Fixed charges, less income from 



other sources than earnings $187,270,827 



80,844,797 



$106,426,030 



General expenses of lessor companies 1,879,843 



Total $108,305,878 



Dividends declared 70,550,342 



Total expended $178,856,220 



Balance held, whole system 48,794,254 



Total $227,650,474 



Actual balance reported bv some companies as 



surplus $64,038,730 



Deficits reported by others 15,244,476 



Net balance for system $43,794,254 



Of the 1,016 companies which report an in- 

 come (whether operating, lessor, or otherwise), 

 666 obtained a net income aggregating $134,- 

 059,098, and 350 report none whatever. 



There are 1,165 companies which report an 

 aggregate capital stock (paid in) amounting to 

 $2,613,606,264, of which 623 have earned a net 



income or a profit upon their stock. The bal- 

 ance of 542 companies earned no profit what- 

 ever ; 373 of the latter created deficits or had 

 their income balanced by expenditures, and 169 

 companies had not yet commenced operations, 

 their roads being under construction. 



The net income or profit available for divi- 

 dends upon stock of these 623 companies ($2,- 

 103,068,246, or 80 per cent of the aggregate for 

 the United States) amounts to $132,989,336, 

 and is an average per cent of profit upon such 

 stock of 6-32. 



The balance of stock is that which bears no 

 profit, and amounts to $510,538,018, or nearly 

 20 per cent of the aggregate report for the 

 country. Of this amount $449,905,903 is stock 

 of companies having deficits, or having their 

 income balanced by expenses, and $60,632,115 

 is stock of companies whose roads are yet un- 

 der construction. 



PEOFIT PER CENT. The average per cent 

 profit, upon both capital stock paid in and fund- 

 ed debt, was : 



Capital stock and funded debt $5,004,521,666 



Total income 661,295,391 



Total expenditures, less interest on funded debt. 415.50-.-K> 

 Net income or profit 245,780,906 



The above shows the income to be 13'21 per 



