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This company has in its service 765 locomotives; 513 passenger cars, 32,548 freight cars, and 1,514 cars devoted to the company's service, making a total number of cars in service of 34,575.

Twenty-four thousand eighty-one persons were employed and the amount paid them for compensation was $15,558,492.

The number of passengers carried during the year was 7,323,872, an equivalent of having carried 396,401,581 persons one mile. The average distance carried was 54 miles. The total passenger rev. enue was $7,998,692; the average receipts per passenger per mile 2.018 cents, and the passenger earnings per mile of road $7,559.84.

The report classifies the tonnage of the road as follows: Products of agriculture 3,371,983; products of animals 1,042,651; products of mines 20,309,700; products of forests 991,863; products of manufac. tories 7,560,618; miscellaneous shipments 1,238,870. The total amount of tonnage was 34,515,685, an equivalent of having carried 5,511,669,096 tons one mile. The average distance haul of a ton of freight was 160 miles.

For the transportation of these commodities the company has received $28,457,245. The average receipts per ton per mile were .516 of a cent and the freight earnings per mile of road $19,025.

The passenger revenue and earnings were $11,493,598; the freight revenue and earnings $28,924,334; other earnings from operation $708,246, or total earnings from operation $41,126,178.

To this should be added income derived from other sources $4. 208,663, making the total earnings and income for the year covered by this report $45,334,841. Last year the total earnings and in come amounted to $38,783,542 and five years ago the earnings and income of this company were reported as $28,552,061.

From the receipts of the company there have been paid for maintenance of way and structures $4,865,208; for maintenance of equipment $5,503,980; for conducting transportation $14,866,570; for gen eral expenses $647,704, or a total of operating expenses of $25,883,461, from which it appears that the operating expenses are 62.94 per cent. of receipts from operation.

Other expenses such as deductions from income, etc. amount to $14,699,587, bringing the grand total of expenses up to $40,583,048. Last year the grand total of expenditures was $34,251,311, while for the year ending June 30, 1901, the total expenditures were $21,410,589.

Dividends were paid by this company during the year covered by this report amounting to $4,010,670, leaving a surplus for the year of $741,123.

The accidents reported for the year are as follows: sengers killed, 232 injured; 67 employes killed and 2,144 injured; 145

Two pas

other persons killed and 207 injured, making the total number of persons killed 214 and injured 2,584. Last year this company reported 226 killed and 2,013 injured.

Lehigh Valley. The total railway capitalization of this corporation is $131,515,090, classified as follows: Capital stock outstanding $40,441,100; funded indebtedness $80,541,000; current liabilities $10,532,990.

In the way of assets the amounts reported are, cost of road $18,639,292; cost of equipment $29,770,870; stocks and bonds owned $62,017,775; cash and current assets $15,279,880; other assets $17,188,189, making a grand total of $142,896,005.

The Lehigh Valley Railway Company owns and operates 1,444.96 miles of road, of which 678.50 are within the limits of Pennsylvania.

In conducting the business of the road for the year the company has had in use 812 locomotives; 496 passenger cars, 37,185 freight cars and 1,271 cars in the company's service, or a total of 38,952 cars.

This company has given employment during the year to 21,196 persons, to whom has been paid in the way of compensation $12,118,329.

The total number of passengers carried was 4,989,989, an equivalent of having carried 227,357,209 passengers one mile. The average haul per passenger was 46 miles. For conducting this passenger traffic the company has received during the year $3,971,392. The average receipts per passenger were 79.587 cents; the average re. ceipts per passenger per mile were 1.747 cents; the passenger earnings per mile of road were $3,236.

The number of tons of freight carried during the year was divided as follows: Products of agriculture 2,535,345 tons; products of ani. mals 782,954 tons; products of mines 14,891,441 tons; products of forests 674,491 tons; products of manufactories 3,490,386 tons; merchandise 2,207,661 tons, and miscellaneous commodities 985,973 tons This makes the total tonnage during the year 25,568,251. Reduced to a single mile basis it is found that these figures are equivalent to 4,342,877,365 tons carried one mile, or an average distance haul of one ton 170 miles.

The total freight revenue for the year was $27,182,693; the aver age amount received for each ton of freight $1.06; the average receipts per ton per mile .626 of a cent, and the freight earnings per mile of road $19,020.

This company reports for the year a total passenger earnings and revenue of $4,624,513; total freight earnings and revenue $27,182,693; other earnings from operation $982,650, making the total gross earnings from operation $32,789,857. This company has also received

from other sources $808,851, or a total earnings and income amount. ing to $33,598,708. Last year the total earnings and income amount. ed to $31,728,853.

From the receipts this year the company has disbursed for maintenance of way and structures $3,153,245; for maintenance of equipment $5,485,794; for conducting transportation $10,851,954; for general expenses $621,218, or a total of $20,112,211 for operating ex penses. From these figures it appears that the expense of operation for the year was 61.34 per cent. of receipts from operation.

In addition to the expense of operation the company has paid out during the year other expenses amounting to $8,034,914, making the grand total of expenses of this company $28,147,125. Last year the total of operating and other expenses was $26,355,964.

This company paid out in the way of dividends $1,624,022, after which there remained a surplus from operations for the year ending June 30, 1906, of $3,827,562.

The company reports the following accidents: Two passengers killed, 77 injured; 42 employes killed, 2,216 injured; 58 other persons killed, 116 injured, or a total of 102 killed and 2,409 injured. Last year there were 85 killed and 1,153 injured.

New York Central and Hudson River.

The total liabilities or railway capitalization of this corporation amount to $410,995,000, divided as follows: Capital stock $149,197,800; funded debt $230,414,845; other liabilities $31,382,355.

This company reports as assets $426,167,622, divided as follows: Cost of road $149,389,852; cost of equipment $51,792,271; stocks and bonds owned $143,619,387; cash and current assets $31,346,833; other assets $50,019,280.

This corporation owns and operates 3,580.20 miles of road, of which 627.13 miles are within the limits of Pennsylvania.

Its equipment consists of 1,974 locomotives; 2,137 passenger cars, 66,180 freight cars, and 4,016 cars devoted to the company's service, making the total number of cars in service 72,333.

The number of employes reported this year was 54,723 and the total compensation paid them $37,996,114. Five years ago this corporation reported 35,670 employes and $22,204,049 paid in the way of compensation.

This year the total number of passengers carried earning revenue was 46,413,958, an equivalent of carrying 1,523,579,759 passengers one mile.

The average distance carried was 33 miles; the total passenger revenue for the year was $26,624,370; the average re

D-9-1906

ceipts per passenger per mile 1.747 cents, and the passenger rerenue per mile of road $10,079.

This company carried during the year 6,325,149 tons, products of agriculture; 2,424,426 tons, products of animals; 18,057,486 tons, products of mines; 3,215,377 tons, products of forests; 11,335,989 tons, products of manufactories; 1,910,304 tons of miscellaneous commodities, making the total tonnage for the year 43,268,731, an equivalent of having carried 8,542,831,756 tons one mile. The average distance haul of one ton was 197 miles; the total freight revenue $53,397,229; the average receipts per ton per mile ,625 of a cent, and the average receipts per mile of road $15,021.

This road received from its passenger traffic $33,071,549; for the transportation of freight $86,622,671; other earnings from opera tion $2,615,494, or a total of $89,238,165 as the result of the operation of the road.

The company also received as income from other sources $6,705,901, making the total receipts and income during the year $95,944,066. Last year the total earnings and income were reported to be $87,300,935, while five years ago the company reported the total amount of earnings and income from all sources as $60,934,618, showing an increase this year over the year ending June 30, 1901, of about 50 per cent.

This corporation has paid out for maintenance of way and structures $12,006,265; for maintenance of equipment $13,991,333; for conducting transportation $35,169,131;.for general expenses $2,492,425, making the total operating expenses $63,659,154.

From these figures it appears that the expenses of operation of this corporation during the year were 71.34 per cent. of its receipts from operation.

In addition to the expenses from operation the company paid other expenses such as deductions from income, etc., amounting to $22,295,713, making the total expenditures for the year $85,954,867. Last year the total expenditures were $79,197,242, while for the year ending June 30, 1901, the total expenditures were $53,398,737.

As the result of the operation of this system during the year the company was enabled to pay dividends amounting to $7,036,195 and still retain a surplus from operations of the year amounting to $2,953,005.

In the way of accidents the company reports 10 passengers killed, 532 injured; 151 employes killed, 1,397 injured; 302 other persous killed, 153 injured, or a total of 463 killed and 2,082 injured. Las! year the company reported 471 persons killed and 1,866 persons injured, while five years ago the company reported as a result of operations for the year ending June 30, 1901, 408 persons killed and 970 injured.

Pennsylvania. In considering the details of the operation of this company during the year it should be remembered that the figures here given do not cover any of the lines of the Pennsylvania system west of Pittsburg; that separate operating reports are made for the Pittsburg, Cincinnati, Chicago and St. Louis and the Pennsylvania Company, and that this report also excludes the results of operation of the Northern Central, the Cumberland Valley and the Philadelphia, Balti. more and Washington lines, which also make separate operating reports.

This report only covers the lines east of Pittsburg and Erie and does not include the lines above mentioned.

The capitalization of the Pennsylvania Railroad Company for the year covered by this report was $664,544,202, divided as follows: Capital stock $305,748,350; funded indebtedness $188,907,430; other liabilities $169,888,422.

A comparison of the liabilities as shown by this year's report with those of the Pennsylvania Railroad Company five years ago shows that the capitalization has been increased from $206,163,995, the funded indebtedness has been increased from $83,537,840, and Other forms of indebtedness have been increased from $65,014,339, or an increase in the total capitalization from $354,716,174, nearly 100 per cent.

The assets of the Pennsylvania Railroad Company for the year covered by this report amounted to $689,021,608, divided as follows: Cost of road $172,974,854; cost of equipment $57,657,295; stocks and bonds owned $242,205,115; cash and current assets $168,273,016; other assets $47,911,319. Five years ago the total assets reported amounted to $381,527,836, classified as follows: Cost of road $78,186,904; equipment $42,978,824; stocks and bonds owned $185,774,304; cash and current assets $45,827,103; other assets $28,760,701.

From these figures it can readily be seen how the vast increase in the capitalization of the Pennsylvania Railroad Company has been used.

The total mileage reported for the year covered by this report is 3,927.016. of which 3,106.69 miles are within the limits of Pennsylvania, 19.53 miles being new line constructed during the year.

The equipment of this road is classified as follows: Locomotives 3,395; passenger cars 2,214, freight cars 121,076, cars in company's service 3,407; total number of cars in service 126,697.

The number of employes for the year was 103,796, and the amount paid them in the way of compensation $70,562,324. In the way of comparison it is interesting to note that the report of this company for the year ending June 30, 1901, shows the number of em

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