600 APPENDIX. 



The capital was divided as follows: — 



Stock $5,364,642,255 



Bonds 6,270,365,819 



Stock paying no dividends 3,761,092,277 



Bonds paying no interest. 867,950,840 



Total dividends paid on stock. 87,110,599 



Average dividend paid by dividend paying stocks . . 5.43 per cent 



Current (unfunded) liabilities $ 578,501,635 



Interest paid on funded debt 247,880,230 



No. passengers carried 489,445,198 



No. passengers carried one mile 12,256,939,647 



Tons freight carried 741,705,946 



Tons freight carried one mile 95,139,022,225 



Gross earnings $1,122,089,773 



f 251 135 927 

 Earnings from passenger service < fi'fi9q'q8n 



Earnings from freight service 4 ' 4'209'657 



Earnings from express 24,901,066 



Earnings from mail 33,754,466 



Other earnings 28.609,363 



Total operating expenses 752,524,764 



Divided as follows: — 



Maintenance of way and structures |159, 434,403 



Maintenance of equipment 122,762,358 



Conducting transportation 432,525,862 



General operating expenses 36,481,269 



Administration 508,598 



Interest on funded debt 247,880,230 



Taxes 43,137,844 



Permanent improvements 4,544,813 



Other general expenses 21,97'6,390 



The sums disbursed for interest on funded debt and for dividends represent 

 the net income of the roads. These were: — 



Dividends on stock $ 87,110,599 



Interest on bonds 247,880,230 



Total income divided $334,990,829 



This sum paid in dividends or interest represents: — 



At 6% a capital of. $5,575,160,482 



At 5% " " 6,699,816,580 



At 4% " " 8,374,770,725 



These sums may therefore be taken as the actual current value of the rail- 

 roads of the United States, regardless of their prospects for the future, the 

 larger or the smaller sum being taken, according as one may believe, four, five, 

 or six per cent to be the proper rate of interest. In this case, also, the net 

 income is spread over the whole mileage, although some roads were operated at 

 a loss. If we deduct from the total capitalization of the roads (stock and 

 bonds) the amount of stock which paid no dividends, and is, to a great extent, 

 doubtless, mostly " water," there remains the sum of $6,873,915,797, which is 



