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ployes for the year to be 72,193, showing an increase since that time of about 43 per cent. The total compensation paid for the year ending June 30, 1901, was $41,856,462, or an increase since that time of about 68 per cent. It wil be observed that the percentage of increase in the compensation paid is much greater than the percentage of increase in the number of employes.

In the passenger service of this company there were carried 58,001,387 persons, an equivalent of carrying 1,389,897,107 passengers one mile. The average distance of the haul of passengers was 24 miles.

The total passenger revenue was $28,176,779; the average re. ceipts per passenger per mile 2.027 cents. Last year the averago receipts per passenger per mile were 2 cents, while five years ago the average receipts per passenger per mile were 1.992 cents.

This road carried during the year 5,167,074 tons of freight, the products of agriculture, 1,809,800 tons; the products of animals, 73,179,241 tons; the products of mines, 5,500,462 tons; the products of forests, 22,950,995 tons, products of manufactories, 683,635 tons of merchandise, and 3,570,978 tons of miscellaneous commodities not mentioned above, making the total number of tons of freight car ried during the year 112,862,185, an equivalent of having carried 17, 953,455,006 tons one mile. The average distance haul of one ton was 159 miles.

The total freight revenue was $105,594,764; the average receipis per ton per mile .581 of a cent and the receipts per mile of road $26,888. Last year the total number of tons carried was 100,187,052; the average receipts per ton per mile .604 of a cent, while five years ago the total number of tons of freight carried was 82,798,063 and the average receipts per ton per mile .562 of a cent.

This year the passenger revenue and passenger earnings amount to $34,973,501; the total freight earnings $105,594,764; other earnings from operation $1,184,356, making the total earnings from operation $141,752,621.

To this should be added income from other sources $12,635,449, making the grand total of earnings and income for the year $154, 388,070. Last year the total earnings and income were reported as $133,760,712, while for the year ending June 30, 1901, the total earnings and income were reported as $101,673,457, an increase of over 50 per cent. in six years.

This company has paid out during the year for maintenance of way and structures $15,979,287; for maintenance of equipment $24,723,376; for conducting transportation $52,843,939; for general ex. penses $3,397,781; making the total operating expenses $96,944,383. From these figures it is seen that the operating expenses of the

Pennsylvania Railroad Company for the year were 68.38 per cent. of the receipts from operation.

To the operating expenses should be added $34,821,622 paid by this company for other expenses such as deductions from income in the way of interest, rentals paid and taxes, making the grand total of expenditures $131,766,005. Last year the total expenditures were $114,718,951, while five years ago the company reported total expenditures amounting to $90,856,135.

This year the company has paid a six per cent. dividend on its capital stock amounting to $18,242,069, leaving a surplus from operation for the year ending June 30, 1906, of $4,379,996.

This year the company reported in the way of accidents 23 passengers killed and 876 injured; 341 employes killed and 7,990 injured; 612 other persons killed and 716 injured, or a total of 976 killed and 9,582 injured. Last year the total number of persons killed was 783 and injured 4,148 showing an increase of 193 in the fatal accidents and of 5,434 in the non-fatal.

Pennsylvania Company. The Pennsylvania Company is a separate corporation from the Pennsylvania Railroad, and while both companies are under the same general management, a separate corporate existence is maintained and separate operating accounts are kept. This company is the operating company of the lines west of Pittsburg with the exception of the Pittsburg, Cincinnati, Chicago and St. Louis, which is also a part of the Pennsylvania system, but whose operations are not included in the report of either the Pennsylvania Railroad Com . pany or the Pennsylvania Company. The operations of the balance of the Pennsylvania lines west of Pittsburg are embraced in the report of the Pennsylvania Company.

From the report filed for the year ending June 30, 1906, it ap. pears that this company has a capitalization of $272,634,223, divided as follows: Capital stock, $60,000,000; funded indebtedness $185,978,717; current and other forms of liabilities $26,655,505.

This company does not own any railroad, all its many lines being leased lines and under the head of assets it reports as follows: Cost of real estate $1,114,102; cost of equipment $8,377,599; stocks and bonds owned $117,565,280; cash and current assets $129,537,376; other assets $23,354,205, or a total amount of assets $279,978,562.

Under the head of mileage this company reports, total mileage operated 1,408.44, of which 287.13 miles are within the limits of Pennsylvania.

Under the head of equipment the company reports 877 locomotives; 549 cars in passenger service; 46,870 cars in freight service, and 591 cars in the company's service, or a total number of cars used in the operation of the system of 48,010. Not all of this equipment is owned by the Pennsylvania Company, a considerable portion of it being owned by companies whose roads are leased and operated, by this company.

To move the vast number of passengers and amount of freight transported by this company requires the employment of 29,918 persons to whom was paid the total yearly compensation of $18,591,123.

The total number of passengers carried during the year was 11,325,280, the equivalent of having carried 321,230,770 passengers one mile, or an average distance of 28 miles.

The total passenger revenue for the year was $6,443,465; the average receipts per passenger per mile 2.006 cents and the pas senger earnings per mile of road $6,000.

The tonnage of this road was divided as follows; Products of agriculture 2,858,613 tons; products of animals 725,850 tons, products of mines 54,157,665 tons; products of forests 1,626,684 tons; products of manufactories 17,433,246 tons; merchandise 274,295 tons, and miscellaneous shipments 2,251,584 tons, making the total number of tons carried 79,327,967, an equivalent of carrying 5,563,946,332 tons one mile, or an average distance haul of one ton of 70 miles.

The total freight revenue was $33,562,449; the average receipts per ton per mile .603 of a cent; the freight earnings per mile of road $23,971.

The toal amount received by this company for transportation of passengers, mail, express and other items was $8,404,588; the total amount received for the transportation of freight $33,575,095; total amount received from other earnings from operation $507,360, making the total gross earnings from operation $42,487,043. To this amount should be added income from other sources amounting to $9,035,251, making the grand total of earnings and income from all sources $51,522,294.

This company paid out for maintenance of way and structures $5,604,385; for maintenance of equipment $6,911,430; for conducting transportation $16,013,024; for general expenses $762,776, making the total operating expenses $29,291,616, showing the percentage of operating expenses to earnings to be 68.94.

There should also be added to the operating expenses other expenses amounting to $16,176,211, making the grand total of expenses $45,467,827.

Three million eight hundred thousand dollars was also paid in the way of dividends leaving a surplus from operations of $2,254,466.

The company reports 10 passengers killed and 180 injured; 88 employes killed and 1,719 injured; 145 other persons killed and 231 injured, or a total of 243 fatal and 2,130 non-fatal accidents.

Philadelphia and Reading. Referring to the annual report of the Philadelphia and Reading Railway Company for the year ending June 30, 1906, we find its total capitalization to be $99,793,404, divided as follows: Capital stock $20,000,000; funded debt $67,683,952; other forms of indebtedness including current liabilities $12,109,453.

Under head of assets we find the total to be $109,565,406, divided as follows: Cost of road $82,244,850; stocks and bonds owned $2,495,053; cash and current assets $8,801,324; other assets $16, 024,179.

Under the head of mileage the report shows that this company operates 999.61 miles, of which 941.76 miles are within the limits of Pennsylvania.

Under head of equipment, we find that the Philadelphia and Reading Railway Company does not own any equipment. At the foreclosure sale of the Philadelphia and Reading Company's property the rolling stock was purchased by the Reading Company, a corporation of Pennsylvania, by whom it is leased to the Philadelphia and Reading Railway Company. This equipment is as follows: Locomotives 1,015; passenger cars 896; freight cars 40,708; cars in company's service 819, or a total number of cars in service of 42,423.

Under the head of employes and salaries we find that this company had upon its pay roll last year 24,474 persons, to whom was paid a total yearly compensation amounting to $15,217,328.

The company carried during the year covered by this report 29,650,153 passengers, from whom it received a total of $6,216,316 in the way of passenger revenue. The average receipts per passenger per mile are reported at 1.597 cents and the passenger earnings per mile of road $6,949.

The freight carried was as follows: Products of agriculture 1,910,082 tons; products of animals 480,130 tons; products of mines 28,651,178; products of forests 1,653,313 tons; products of manufactories 7,058,078 tons; merchandise 3,168,124 tons, and miscellaneous commodities 1,777,410 tons, making the total number ví tons of freight carried 44,698,315.

The total amount of freight revenue received was $32,418,688; average receipts per ton per mile .790 of a cent, and the freight earnings per mile of road $32,649.

Assembling the figures showing the receipts from passenger, freight and other sources, we find the total earnings from operation to be $39,579,811, divided as follows: Passenger earnings $6,899, 962; freight earnings $32,418,688; other earnings from operation $261,161. To these items should be added the income received from all other sources amounting to $1,028,338, showing the total earn ings and income of the Philadelphia and Reading Railway Company to be $40,608,149.

For the maintenance of way and structures this company expended during the year $3,195,152; for maintenance of equipment $6,272,937; for conducting transportation $11,954,315; for other expenses $714, 768, making the total expense from operation $22,137,172, showing the percentage of operating expenses to earnings to be 55.93.

Other expenses, such as interest, rentals, taxes, etc., amounting to $13,085,422 were paid by this company making the grand total of expenditures $35,222,594.

Dividends amounting to $6,000,000 were paid during the year covered by this report, leaving a deficit from operations of $614,445.

The report shows that as a result of the operation of this company 3 passengers were killed and 211 injured; 98 employes were killed and 1,595 injured; 149 other persons lost their lives, mostly

result of trespassing, and 237 were injured, making a total of 250 fatal accidents and 2,043 non-fatai.

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Pittsburg, Cincinnati, Chicago and St. Louis. This road also belongs to the Pennsylvania system, although its report is made independent of either the Pennsylvania Company or the Pennsylvania Railroad Company. It has a capitalization of $130,339,002, divided as follows: Capital stock $52,790,691; funded debt $65,531,342; current liabilities $12.016,969.

It has assets amounting to $135,339,125, divided as follows: Cost of road $94,389,587; cost of equipment $11,850,958; stocks and bonds owned $5,571,930; cash and current assets $4,639,798; other assets $18,886,852.

The report of this company shows its equipment to be 640 loco motives; 479 passenger cars, 21,865 freight cars, 437 cars in the company's service, or a total of 22,781 cars.

This company operates 1,427.17 miles of railroad, of which 92.93 miles are within the limits of Pennsylvania.

This year this company employed 23,359 persons, to whom it paid in the way of compensation $14,540,231. Five years ago this company employed 14,857 persons and paid in compensation $8,667,761, while for the year ending June 30, 1905, 21,630 persons were employed to whom was paid a compensation of $12,856,013, showing a decided increase in both the number of persons employed and the compensation paid,

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