1078 A1\’IERICAN- RAILROAD JOURNAL. gomery-—-b11t all three are under one management, so that there is no competition. There are large deposits of iron, slate, lime and marble along the line of this road, that will be opened up as soon as these 26 miles are completed, besides a heavy coal business may be reasonably expected from the Selma, Rome and Dalton. 8 Erie Railway. It is stated that the efforts of Mr. Jewett to obtain a reorganization of the Erie Railway Com- pany have been brought to a successful termina- tion. The scheme proposed is as "follows : All of the mortgage bondholders down to the first consolidated are to receive interest regularly. The first consolidated mortgage bondholders are to fund alternate coupons for six years.’ The second consolidated to fund all of their coupons for that period. The holders of common stock are to pay six dollars per share into the treasury of the road, and the preferred stockholders three dollars per share. It is claimed that the parties in interest on the other side have assented to the proposition, and that the board of directors have sanctioned the agreement. It is believed that the company can be organized by the first of January, and the property taken out of the bands of the receiver. Chicago and No)-tlxwestern-‘Railway. The earnings of this road for the years ending May 31, 1875 and 1876, were as follows: ‘ 1874-"75. 1875-'76. From passengers .. 83,205,059 68 $3,145,749 63 “ freight 8,837,828 49 9,001,177 95 “ express . . . . .. 268,284 46 262,253 83 “ mails . .... .. 264,459 33 289,182 98 132,094 55 75,346 96 " miscellaneous 812,707,726 51 $12,773,711 35 Expenses viz :- Repairs ofengines . $581,693 46 $533,747 21 “ cars . .. 926.054, 64 636,934 83 “ buildings 125,608 84 132,918 09 “ fences,etc 47,540 86 61,753 73 “ bridges . 118,601 99 150,286 76 -‘ track..._.. 1,670,412 16 1,412,579 61 ' “ tools, etc 96,972 58 101,712 76 Fuel used by loco- motives . - 856,632 90 911,833 54 Fuel .and lights ,nsed in cars and at stations._... . 122,877 94 122,047 19 Oil and waste used. 90,133 09 94,538 69 Office and station ' furniture dz. exp. 54,877 10 46,814 33 Furniture and fix- tures for cars.. . 15,691 69 12,019 71' Foreign agents.... 45,325 00 57.788 47 Advertising .... .. 19,611 26 18,092 16 Stationery, el.c.. . . 51,816 86 43 098 65 , Enginemen, etc. .. 677.089 91 667,076 25 Condnctors,'etc... 413,077 65 413,032 31 Laborers and < switchmen..... . 662,021 97 658,524 61 Agents andclerks . atstations .... .. 612,875 28 615,154 09 Superintendence .. 109,262 38 102,788 83 Rents 24,081 31 23,967 78 Loss and damage, 70,764 46 47,473 34 Injury to persons.. 50,872 29 2 71,486 78 Teamingfreigh1,etc 5,835 70 6,003 53 Miscellaneous exp. 56,222 11 68,273 06 Car hire paid over amountreceived. 51,740’ 72 65,671 67 Operating exp.. 87,557,693 14 $7,074,617 95 Taxes.... .. . . . . .. A 408,737 14 327,546-90 Losses (Sr. renewals - acc’t Chicago_fire 18,264 27 6,693 14 Total expenses. .. $7,984,694 55 $7,408,857 99 Net earnings.. s4,723,‘6s1 96 $5,364,853 36 From which deduct- Interest on bonds. $2,164,142 13 Sinking fund 40,120 00 Premium on gold cou- pons . . . . . . . . . . . . . 170,413 84 Interest and exchange 31.917. 46 U. S. Revenue. Pay’tS. 17,319 97 Rent of Chicago, Iowa and Nebraska R. R. Rent of Cedar Rapids 6 and Missouri River Railroad . ..., .... . Payments in adjust- ment of old Galena and Chicago Union R. R. stock .. . . . . .. 521,092 12 621,553 41 743 74 _——....-.._._.. 3,567,302 67 —.._._.._.—.. Leaving a balance of.... .s1,797,550 69 To which add receipts of—— Winona and St. Peter Railroad ....l};626,965 83 Winona, Mnnkato and‘ New Ulm Branch . . .. La Crosse, T1-empeleau and Prescott R. R . . . . North Western Union Railway.... 268,534 03 Iowa Midland Railway 108,366 63 .—.—__........ 1,240,020 62 4,187 18 231,966 95 " _ ss,o37'571 31 And deduct their charges, viz : Interest on bonds and premium on gold . . $1,146,024 53 Less to credit of N. W. Union Railway Co . 153,602 02 $992,422 51 820,062 72 45,369 19 Operating expenses... Taxes .... .. 1,857,854 42 Leaving as net income for the year.$1,l79,716 89 Add balance to credit of income May 31, 1875.... .... .... .. 2,637,612 64 Balance ofincome account May 31, 1876 ....83,817,829 53 The number of miles of railroad is as follows : The Consolidated Chicago and Northwestern Rail- way and branches, 1,059.30 miles; Chicago and Milwaukee Railway, owned but not consolidated, 85 miles; Chicago, Iowa and Nebraska Railroad, and Cedar Rapids and Missouri River Railroad in Iowa, under perpetual lease, 356.60 mi1es—to'.al 1,500.90 miles. The Proprietary Lines are : Win- ona and St. Peter Railroad and Mankato Branch, 330.75 miles ; La Crosse, Trempeleau and Pres cott Railroad, 29 miles ; Northwestern Union Railroad, 62.63 miles; Iowa Midland Railroad, 68.80 miles-total, 491.18 miles. There has been nochange in thenumbor of miles of railroad since the last report, but a correction in the dis- tance of the old line between Belvidere and Mad- ison increases the total by 1.30 miles, making the whole number of miles 1,992.08. Comparing the operating of the 1,500.90 miles of the Chicago and Northwestern Railway and branches with those of the previous year shows an increase in the gross earnings of 865,984 84, with a. decrease in expenses of $575,836 56, mak- ing the increase in net earnings $641,821 40. The percentage of expenses to earnings, exclusive of taxes, in 1875—’76, was 55.38 ; same for preceding year, 59.47. Per cent inclusive of taxes, 58 ; same for preceding, year, 62.83. The gross receipts of the Chicago and North- western Railway proper, and of tl1 ,.y lines—-1,992.08 miles———for the year ending May 31,1876, were $14,013,731 97, against $13,736”, 303 08 for the year ending May 31, 1875, an in. crease of $227,428 89. Of this increase, 29 per cent came from the Chicago and Northwestem Railway, and 71 per cent from the Proprietary roads. The President in his report says: The gross earnings of the fiscal year; furnish no adequate indication of the amount of traffic as compared with the previous year. They rather show the constant progress and increasing dam}- opment of the country tributary to our lines. Ad- ditional business has come in to more than make 11p for any deficiencies occasioned by the prevail- ing low rates of i.1’11nS[)0l‘t'1i.l0D. The descendinur scale in prices during the year was met by an as: cending volume of trafiic, and by greatly reduced operating expenses, prmlucirig results which have added to the not profits of the company, and are encouraging for the future of the property, ' Had the prices of the year previous been ob- tnined on the busi11e1~s of the last year, the gross earnings would have been $942,048 88 greater than they were, of which earnings, $209,248 08 would have accrued from passengers and $732,- 800 80 from freight. A gratifying feature is the improvement which has taken place in the business of the newer lines. The proprietary roads, as a class, have increased their trallic in much more rapid rati.) than the parent road, althongli a steady and healthy growth has continued with the latter. The increase in tonnage carried one mile on the Chicago and North Western Railway was 10.08 per cent.; on the Winona and St Peter, 1888 per cent.; on the La Crosse, Trempoleau and Pres- cott, 18.67 per cent. ; on the North Western Union, 24.55 per oent.; and on the Iowa Midland Rail- way, 26.95 per cent. The aggregate number of tons carried during the year was . . . . . . . . . .. 3,471,927 And for the previous year. .... .. .... 3,153,315 Increase, 10.10 per cent. The earnings per ton of freight were... 82 83 And for the previous year . . . . . . . . . . .. _3 03 Decrease, 6.60, per cent. . The total tons carried one mile were.503,1-32,389 And for the previous year .. .. . . .. . . .454,546,468 Increase, 10.69 per cent. The earnings per ton per mile were. ..1.95 cents. And for the previous year ....2.10 “ Decrease, 7.14 per cent. The whole number of passengers on all the lines was 3,527,143, against 3,497,620 in- the previous year, an increase of 3.51 per cent. The number carried one mile was ....122,_281,308 And for the previous year . . . . . . .. . . .. 116,775,354 Increase, 4.71 per cent. The earnings per passenger were... 98.77 cents. And the earnings for previous yes.r.1.03.48 “ Decrease, 4.55 per cent. . "’ The earnings per passenger ‘per mile were . . . . . . . . . . . . . . . . . . . . . . . . .. And for the previous year. . . . . . . .. . Decrease, 5.63 per cent. The operating expenses and taxes of the whole road, (1,992.08 miles,) compared with same items in the preceding year, were as follows : For year ending May 31, 1875. ....$8,781,267 13 “ “ “ 31, 1876..... 8,274,289 90 Decrease.... .... .... . . . . . . .. $506,977 23 The saving, thus effected, has not been made at the expense of the property, but is the result of carelul efforts extending through every depart- mant of operating, and is the lruit of better facil- ities afforded by the completion of the new shops, by steel track, and important improvements in permanent way. The road and rolling. stock have been fully maintained, and. are in good condition at the close of the year. Besides the renewals with steel rails, extensive repairs and improvements have 2.85 can ts. 3.02 “