. American railways as investments, a detailed and comparative analysis of all the leading railways, from the investor's point of view; with an introductory on The methods of estimating railway values . r. Coal. Mdse. Pass. 1905 .. 1904 .. 1903 . .. 1902 ... 1901 . .. 1900 ... 1899 . .. Inc. in 6 years. . .. * Inc. per cent. . ...7J4% 1/2% *6% *Decrease. The tonnage of merchandise has increased about equallywith that of coal, but it is the ton mileage figures on coal thatshow
. American railways as investments, a detailed and comparative analysis of all the leading railways, from the investor's point of view; with an introductory on The methods of estimating railway values . r. Coal. Mdse. Pass. 1905 .. 1904 .. 1903 . .. 1902 ... 1901 . .. 1900 ... 1899 . .. Inc. in 6 years. . .. * Inc. per cent. . ...7J4% 1/2% *6% *Decrease. The tonnage of merchandise has increased about equallywith that of coal, but it is the ton mileage figures on coal thatshow a large gain, offering some explanation of the larger gainin coal traffic receipts. The passenger traffic has shown a gam ofnearly 50%. Stability of Earnings. Despite the fact that the road is so closely dependent on asingle industry, its traffic earnings have been remarkably steady,though since the settlement of the coal strike by the Commis-sion of 1902 they have shown a very heavy increase, as will beseen from the following table; they averaged around $22,000,000per year from 1896 to 1903, and then jumped by almost half. Year GrossEarnings GrossEarningsPer Mile $21,403,50621,002,01722,168,34421,325,12220,887,76323,507,63421,398,76429,180,96428,701,991 31 ,951 ,063 32 ,962 ,880 $27 ,756 27 ,239 28 ,752 ]27 ,65927,09130,48127,75437 ,89737 ,275 41 ,496 42 ,888 It will be seen that the companys earnings are largely de-pendent upon the maintenance of the present amicable conditions,and the prosperity of the road therefore hangs very closely upon DELAWARE, LACKAWANNA & WESTERN 279 the ability of the management to maintain the present satisfac-tory arrangements with its operatives. A coal strike would affectits earnings profoundly. Maintenance. The traffic density of the road is very high, amounting for1906 to 3,868,000 ton miles per mile of road operated. The aver-age for seven years was 3,163,000 as compared with 4,130,000
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