. American railways as investments : a detailed and comparative analysis of all the leading railways, from the investor's point of view . 1905-6 Maintenance. Within this same period the traffic density has more thandoubled and the same is true of maintenance, the items comparingas follows: Year Traffic Density Maintenance per Mile Way Equipment 1900-1 1901-2 1902-3 1903-4 1904-5 1905-6 963,0941,317,3271,510,5341,456,6031,714,4232,191,627 $ 7581,1831,8091,5551,6561,793 $ 8891,2071,5131,6231,7281,972 $1,6472,3903,3323,1783,3843,765 Average 1,525,601 $ 1,459 8 1,488 $2,947 N. Y. C. & StLTol. St.
. American railways as investments : a detailed and comparative analysis of all the leading railways, from the investor's point of view . 1905-6 Maintenance. Within this same period the traffic density has more thandoubled and the same is true of maintenance, the items comparingas follows: Year Traffic Density Maintenance per Mile Way Equipment 1900-1 1901-2 1902-3 1903-4 1904-5 1905-6 963,0941,317,3271,510,5341,456,6031,714,4232,191,627 $ 7581,1831,8091,5551,6561,793 $ 8891,2071,5131,6231,7281,972 $1,6472,3903,3323,1783,3843,765 Average 1,525,601 $ 1,459 8 1,488 $2,947 N. Y. C. & StLTol. St. L. & . 2,599,9021,046,1492,193,454 $2,156 996 2,567 $2,059 959 3,680 $4,2151,9556,247 It will be seen that traffic density compared, its maintenancecharges were on about the same level as those of the Clover Leafand about the same as the Nickel Plate, but not much more thantwo-thirds of the Panhandle. Undoubtedly maintenance, especially for 1906, represented aconsiderable surcharge. Surplus Earnings. The nominal surplus shown after the charges indicated abovehave been as follows: WHEELING & LAKE ERIE 751. The Balance Sheet. As of June 30th, 1906, the balance sheet showed: Current Assets $3,701,967 Current Liabilities 3,589,630 Leaving a working balance of $112,337 The item of cash on hand was $2,544,364 and the balance tocredit of profit and loss was $406,796. In addition to the aboveassets noted there were advances for sundry extensions of $1,-355,137. Investment Value. As noted under the Wabash analysis, the Wabash Terminalcontract with the Carnegie Steel Company did not become operativeuntil the close of the fiscal year of 1906. Undoubtedly the operationsof this contract and the further completion of the connecting linkbetween the Wabash Terminal and the Western Maryland line willadd very heavily to the traffic of the Wheeling & Lake Erie; whilethe construction of the Oroville cut-off will reduce the maximumgradient of that part of the line from 53 feet to 21 fe
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