American street railway investments, Volume 10 online

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1— Safety to passengers and employees.
2— Reliability of service.
3— Comfort to passengers.

4 — Economy of power.

5 — Low cost of maintenance.

6— Simplicity.

The following^ Electric Railway Gmipanies are operating: or have ordered type ^M^
control equipments.

Manhattan Elevated Railway Company^ New
York City.

Aurora, Elgfin & Chicagfo Railway.

Housfhton County Railway Company, Hancock,

Boston & Maine Railway (Concord & Man-
chester Division).

Chicas:o^ Burlingfton & Quincy Railway (Dead-
wood & I^ C Division).

Canton & Akron Railway.

Columbus, Buckeye Lake & Newark Railway.

Columbus, Delaware & Marion Railway*

Columbus, London & Springfield Railway.

Detroit & Chicago Railway.

Denver & Northwestern Railway.

International Railway Company, Buffalo, N. Y.

Central London Railway, London, England.

Great Northern & Qty Railway, London, Eng:*

Chemin de Per de POuest, France.

Mediterranean Railway Company (Gallarate

Lake Shore Electric Railway, Sandusky, O*

Northwestern Elevated Company, Chicago, III.

Seattle, Tacoma Interurban Railway.

Fonda, Johnstown & Gloversville Railway.

Schenectady Railway Company.

Prussian Government Railway (Anhalt Subur-
ban Division).



Schenectady, N. Y., 44 Broad Street, New Yorlc City, and 83 Cannon Street, London, E. C.

Qreit Britain and Irelaid : British Tliomsoi-Hofistoi Company, Rugby, and 83 Cannon Street, London, B. C.


Digitized by





himi Raiiwau invesiments


Street Railway Journal.


Corrected to April 15, igo3.


114 Liberty Street, New York.

pubushers of





Long Distancb Tblbphonb, " Nkw Yobk, 7605 Cobtlandt."
Cablc Addbbbs, ''Stbyjourn. New York."

Branch Offices:

Chicago. Monadnock Block.

Philadelphia 929 Chestnut Street.

Cleveland Cuyahoga Building.

London Hastings House. Norfolk St., Strand, W. C.


Street Railway Journal, I4.00 per year to United States, Canada
and Mexico ; f6.oo per year to other countries.

American Street Railway Investments, . . . 5.00 per copy.


TAe utmost care is taken to insure accuracy in the com-
pilation of all statistical matter in the STREET Railway
Journal and in American Street Railway Investments.
The publishers do not, however, hold themselves responsible
for errors, but it is earnestly requested that their attention
be called to mistakes of any kind in order that they may be
immediately corrected in subsequent issues of both publications.


The earnings of the street railway properties of the
United States during the year have been on the whole
satisfactory from the standpoint of the investor. The
gross receipts have increased not only with individual
companies, as a rule, but to a still greater degree in the
aggregate owing to the construction of new lines, particu-
larly interurban railways, and the capital invested in the
street railway industry in the country, using that term in
its broader sense to include the interurban railway indus-
try, is much larger than in any previous year. Interurban
lines, which were originated in the Middle West, were,
up to within a year or so ago, practically confined to
that region. This statement does not hold true to-day,
as interurban railways of from thirty to fifty miles in
length are no longer an exception in other sections of the
country, like New England and the Middle Atlantic States,
while several others have been completed and put in opera-
tion during the year in one or two of the Gulf States and
on the Pacific Coast.

The report of the Census Ofl5ce inquiry into the elec-
tric railways of the United States for the year ending
June 30, 1902, will probably be published before long, and
will give investors valuable information as to the status of
individual companies and aggregate financial statistics
which will be of the greatest interest and value. The

preliminary report of the Census OflSce was made public
May 5, and contains the following general statistics:

Number of companies 987

Length of line (first main track) miles *i6,647.83

Length of single track, miles *22,589.47

Total number of cars —

Passenger 60,290

All other 6,909 — 67,199

Steam engines —

Number 2,337

Total horse-power 1,298,133

Dynamos for generating power —

Number 3*257

Horse-power 1,200,138

Number of fare passengers carried 4,813,466,001

Number of transfer passengers carried 1,062,403,392

Total car mileage i ,097,806,884

Accidents —

Persons killed 1,216

Persons injured 47,428

* Includes 12.48 miles of duplicated track and 4.20 miles lying
outside of the United States, but does not include track under con-
struction and not operated.

The above statistics are complete for all of the 987 companies
except two, with 41 miles of track, from which no information was
obtained except the length of track and number of cars. The con-
densed financial statistics from all of the 987 companies except 19
with 739.79 miles of single track are as follows:

condensed income account, operating companies.

Earnings from operation $241,584,697

Operating expenses 139,012.004

Net earnings 102,572,693

Income from other sources 2,907,156

Gross income less operating expenses 105,479,849

Deductions from income, taxes, interest, rentals, mis-
cellaneous 74,524,616

Net income 30,955,233

Dividends 15,908,216

Surplus 15,047,017

Percentage of operating expenses to earnings 57-54

balance sheet, all companies.


Cost of construction and equipment $2,088,963,677

Other permanent investments 128,458,625

Cash on hand 27,342,313

Bills receivable 22,247,704

Supplies 10,340,448

Sundries 150,964,350

Total $2,428,317,117


Capital stock $1,216,277,989

Funded debt 929,328,656

Bills and accounts payable 94*858,371

Interest due 13.748,010

Dividends due 2,342,827

Sundries 130,589,472

Profit and loss 41,171,792

Total $2,428,317,117


Salaried officials 2,749

Salaries $4,625,015

Clerks 4,301

Salaries $2,573,936

All other employes 131,133

Wages $77»437,324

The final report will contain an analysis of the above totals and
present detail statistics for other phases of the industry. While the
statistics reported at the census of 1890 are not comparable in all
respects with those for 1902, the totals indicate that during the twelve
years the length of line has increased from 5,783.47 miles to 16,647.83
miles, or 187.85 per cent; the length of single track miles from
8,123.02 to 22,589.47, or 178.09 per cent; the number of passenger
cars from 32,505 to 60,290, or 85.48 per cent; the number of fare
passengers carried from 2,023,010,202 to 4,813,466,001, or 137.94
per cent.

The miles of single track operated by electric power increased
from 1,261.97 to 21,902.07, or 1,636.97 per cent; the miles operated
by animal power decreased from 5,661.44 to 259.10, or 95.42 per cent;
the miles operated by cable from 488.31 to 240.69, or 50.71 per cent,
and the miles operated by steam from 711.30 to 169.61, or 76.15
per cent.

The anthracite strike, which commenced early in the
summer of 1902 and lasted about five months, seriously
affected the earnings of the railways in the anthracite
region and, also indirectly, through the scarcity of fuel,
those of practically every railway company in the country.
The price of bituminous coal advanced with the scarcity

Digitized by




of anthracite, and the street railway companies were not
only obliged to pay large prices for fuel but experienced
considerable difficulty in securing it. This not only had
the effect of increasing the operating expenses of many
lines, but decreased the gross receipts on account of the
reduction in car service necessary to husband the supply
of fuel available.

Possibly the most striking single development of the
year has been the large number of consolidations of street
railway properties in the smaller cities, and in many of
these cases, consolidations have included the electric and
gas lighting properties as well. Most of the railways in
the large cities have been consolidated for several years,
but the cities in which important consolidations have
occurred during the past year include the following:
Augusta, Ga., Jersey City, N. J., Kingston, N.Y., Mobile,
Ala., New Orleans, La., Norfolk and Newport News, Va.,
Oakland, Cal.

At the request of a number of subscribers to this
annual, a change has been made in the arrangement of the
reports, and the companies have been grouped by states
instead of alphabetically under the names of the cities in
which they are located. This arrangement, it is thought,
will be of great convenience, as it will enable the investi-
gators of street railway values more readily to compare
the results secured on neighboring properties.

A summary of the earnings of 268 individual com-
panies as reported for American Street Railway
Investments is published below, together with a few
words of explanation and comment on the events of greater
interest which have occurred on a few of the larger systems
during the year.


The franchise question in Chicago remains unsettled
as this annual goes to press. The City Council made dur-
ing the latter half of 1902 an investigation into the physi-
cal condition of the street railways in this city as well as
into the practicability of certain changes which were con-
sidered desirable. These were thoroughly discussed in a
report rendered to the Council by its special expert, by
whom a subway in the center of the city and a system of
universal transfers between the companies were pro-
nounced feasible. The municipal election in the spring of
1903 indicated that public opinion was in harmony with
the municipal ownership policy advocated by Mayor Har-
rison, and an Enabling Act has passed the legislature, al-
though it is the general opinion that the city is not in a
position to take advantage of this Act and will not be for
a long time. In the meantime, the proposed plan of re-
organization of the Union Traction Company by the
stockholders having failed, the company itself on April 22,
1903, was placed in the hands of receivers, together with
the two principal sub-companies, the North Chicago Street
Railway Company and the, West Chicago Street Railway
Company. Being now in the hands of United States
Courts, the company is probably in a better position than
before to negotiate with the city authorities on the long
debated question of the extension of its franchises, and
the situation is much clearer as far as this question is
concerned than before the receivership.


The announcement of the Fidelity Trust Company, of
Newark, N. J., in regard to the consolidation of all of the
properties of the North Jersey Street Railway Company
and allied lines, the Jersey City, Hoboken & Paterson
Street Railway Company, Orange & Passaic Valley Rail-
way Company, Elizabeth, Plainfield & Central Jersey
Railway Company, and the United Electric Company, was
made public on April 13, 1903, and covers probably the
largest street railway consolidation during the year. The
new company will take the name of the Public Service
Corporation of New Jersey, indicating the possible future
operation of other public utilities than those of transporta-
tion. The new company wilt have a capital stock of


The proposed lease of the Metropolitan Street Rail-
way Company to the Interurban Street Railway Company
mentioned in the last issue of this annual, has been con-
summated and the Interurban Company now controls all
of the surface railway companies in Manhattan and the
Bronx, as well as a large part of the electric railway sys-
tem in Westchester County. The additional capital
secured through the lease has enabled the company to
introduce electricity on a number of additional down town
lines, and steps are being taken to install electric power
on all the longitudinal lines except the belt line, and all
of the important crosstown lines which have not been so
equipped. The increase in traflfic on the Metropolitan
lines, owing to the growth of the city, was the principal
cause of an investigation held during the first part of 1903
before the Railroad Commissioners to determine whether
the service given could be. improved. The principal point
brought out at the hearing was that the movement of the
cars was being seriously hindered by inadequte regulation
of the vehicular traffic in the streets. The Police Com-
missioner has already taken steps to improve the condition
of matters in this respect, an act which will result, if
properly consummated, according to Mr. Vreeland, in
increasing the transportation capacity of the Metropolitan
system by 25 per cent.

The Manhattan (Elevated) Railway is now operating
all of its lines by electricity, and the increase in traffic is
full justification of the wisdom of the managers in aban-
doning steam power for electricity. The completion of
the electric equipment of the lines was followed almost
immediately by the offer on the part of the Interborough
Rapid Transit Company to lease the lines, and its accept-
ance by the stockholders of the Manhattan Railway Com-
pans. The advantages to both properties from harmonious
operation are considerable, and will be- more evident upon
the completion of the Rapid Transit Subway. The physi-
cal union of the two properties has been recommended by
William Barclay Parsons, the engineer of the Rapid
Transit Commission, and, if carried out, will allow
trains to pass between the subway and present elevated
structure at several points.


The Union Traction Company, of Philadelphia, which
has been in control of the surface lines of that city since
1895, was leased oh July i, 1902, to the Philadelphia
Rapid Transit Company, which is making radical im-
provements to the property. These include an extensive
system, partly underground and partly elevated, with
connections to the surface lines; also the erection of a
large polyphase power station. The work on the subway
on Market Street has already been commenced and is
of a size to accommodate four .tracks.

J90I AND 1902*

In the following table there are presented the gross
receipts for 1901 and 1902 of 268 street railway companies,
arranged in five groups; the first contains 38 properties,
each having received in 1902 gross receipts amounting to
$1,000,000 or over; second, 19 properties, showing, in
1902 gross receipts of between $1,000,000 and $500,000 ;
third, 88 properties, showing in 1902 gross receipts of
between $500,000 and $100,000 ; fourth, 65 properties,
showing in 1902 gross receipts of between $100,000 and
$50,000; and fifth, 58 properties, showing in 1902 gross
receipts of between $50,000 and $25,000.

The average rate of increase of the receipts in 1902
over 1 901 is, in the first group, 8 per cent; in the second
group, 16.3 per cent ; in the third group, 14.2 per cent ;
in the fourth group, 10.4 per cent ; and in the fifth group,
17 per cent. The general average increase for 1902
over 1901 for the 268 companies compared is 9.0 per cent.

This list includes only those companies whose statis-
tics are available.

Digitized by






♦Interurban Street Ry. Co., New York $I4.720»767 $15,098,776

Union Traction Co.. Philadelphia, Pa i3.43i.68o 14.118,158

Brooklyn Rapid Transit Co., Brooklyn, N.Y. 12,135.559 12.788,168

Boston Elevated Ry. Co., Boston, Mass 10,869,495 11,321,030

Manhattan Ry. Co., New York io,253»27i 11,291,711

Pittsburg Rvs. Co., Pittsburg, Pa 6,995,923 8,024,510

Chicago Union Traction Co., Chicago, 111.. . . 8,158,810 7,942,470

St. Louis Transit Co., St. Louis, Mo 5,783.913 6,452,218

Chicago City R. R. Co., Chicago, III 5,900,271 6,413,182

Massachusetts Elec.Companies, Boston, Mass. 5.778,133 6,090,168

United Railways of San Francisco, Cal 5.143,113 5,565,216

North Jersey Street Ry. Co., Jersey City^ N. J. 4,172,647 4,437,310

International Ry. Co., Buflfalo. N. Y 3,129,094 4,426,675

Twin City R. T. Co., Minneapolis, Minn. . . 3,173.976 3,612,211

Detroit United Ry.. Detroit, Mich 2,942,238 3.50I.754

Third Ave. R. R. Co., The, New York 2.655,725 2,951.202

Milwaukee Elec.Ry.& Lt. Co.. Milwaukee. Wis. 2,442,342 2.776,294

Cleveland Electric Ry. Co., Cleveland. O 2.296.898 2.524.949

Washington Ry.& Elec. Co.,Washington,D.C. 2,178,575 2,345.419

Montreal Street Ry. Co.. Montreal, Que 1.900,680 2,046.209

Metropolitan West Side El. Ry .Co.. Chicago, i, 753.3^3 2,040.005
Jersey City, Hoboken & Paterson Ry. Co.,

Hoboken, N.J I.859.93I 1.975.525

Toronto Ry. Co., Toronto, Ont 1,661,118 1,834,908

Louisville Ry. Co., Louisville, Ky 1,617.059 1,771.887

Coney Island & Brooklyn R.R. Co., Brooklyn. 1,471.268 1,507.713

South Side Elevated R. R. Co., Chicago, 111. 1,362.231 1,483,841

United Traction Co., Albany, N. Y 1,340.208 1.479.608

Los Angeles Ry. Co.. Los Angeles. Cal 1,102,675 1,475,211

Toledo Railways & Light Co., Toledo. O 1,311,084 1.459.091

Northwestern Elevated R.R.Co.. Chicago. 111. 1.100,864 1,410,999

Capitol Traction Co., Washington, D. C 1.251,360 1,402,040

Connecticut Ry. & Ltg. Co., Bridgeport.Conn 1,140,323 1,274,820
Worcester Consolidated Street Ry. Co.,

Worcester, Mass 1,031,235 1,220.256

Cincinnati, Newport & Covington Ry. Co.,

Cincinnati, 819,206 1,103.995

Birmingham Ry. Lt. & Pr. Co., Birmingham.. 931.539 1.076.767

Rochester Ry. Co., Rochester. N. Y 1,000.259 1,068,222

Union Ry. Co. of New York City, N. Y 919.131 1,024,259

American Railways Co., The. Philadelphia, Pa 844,297 1,009,496

Total, 38 companies 1146.579,2" Ii59,336,273

♦These figures include the Metropolitan Street Ry. Co. from

July I, 1901 to Apr. 2. 1902. and the Interurban Street Ry. Co. from

Apr. I. to June 30. 1902.

$1,000,000 AND $500,000.


Fair Haven &Westville R.R. Co., New Haven. I644.528 $986,334

Union Traction Co. of Indiana, Anderson, Ind. 752,524 962,266

Springfield St. Ry. Co.. Springfield, Mass . . . 753.8io 844,665
Forty-Second Street, Manhattanville & St.

Nicholas Ave. Ry. Co. New York. N. Y 701,177 839.144

Lake Street Elevated R. R. Co., Chicago. 111. 786,462 815,284

Hartford Street Ry. Co., Hartford, Conn 745.173 785.587

Northern Ohio Traction & Light Co., Akron.O. 617,011 745.043

Lehigh Valley Traction Co., AUentown. Pa. 547.178 740.017

United Power & Transportation Co.. Phila.. 632.475 720,560

Syracuse Rapid Transit Ry. Co.. Syracuse. N.Y 621.299 693,284

Washington Water Power Co., Spokane, Wash. 556.998 638,967
Wilkesbarre & Wyoming Valley Traction Co.,

Wilkesbarre. Pa 606.226 634.216

Charleston Consolidated Ry.. Gas & Electric

Co.. Charleston. S. C 549.520 608.470

Portland R. R. Co., Portland, Me 477.598 605,802

Dry Dock, East Broadway & Battery R. R.

Co.. New York, N. Y 588,540 585.975

New York & Queens County Ry. Co., Long

Island City, N. Y 494.301 548.464

Duluth Superior Traction Co., Duluth, Minn. 453.704 538.030

United Traction Co., Reading, Pa 421.558 509.212

Central Crosstown R.R. Co.. New York, N.Y. 482,471 500,252

Total, 19 companies,

...$11,432,553 $13,303,572

$500,000 AND $100,000.


Camden & Suburban Ry. Co.. Camden. N. J.
Des Moines City Ry. Co., Des Moines, la...

Harrisburg Traction Co., Harrisburg, Pa

Savannah Electric Co., Savannah, Ga

Thirty-Fourth St. Crosstown Ry. Co., N. Y..
Lake Shore Electric Ry. Co.. Cleveland, O...

Scranton Ry. Co., Scranton, Pa

Sacramento Elec, Gas& Ry. Co., Sacramento
Fonda, Johnstown & Gloversville R. R. Co.

Gloversville, N.Y

Elgin, Aurora & Southern Traction Co.,

Aurora, 111
























Trenton Street Ry. Co.. Trenton. N. J 337.217 3^6,459

Houston Electric Co., Houston, Tex 241.371 360.018

Schenectady Ry. Co., Schenectady. N. Y. . . . 215.962 350,907

Conestoga Traction Co., Lancaster, Pa 270,533 344,227

Holyoke Street Ry. Co., Holyoke, Mass 303,666 336.853

Union Street Ry. Co., New Bedford. Mass. . . 272,895 326,125

Halifax Elec. Tra'y Co., Ltd., Halifax, N. S. 251,644 314,161

Ottawa Electric Ry. Co., Ottawa, The. Ont.. 313.171 310,192

Terre Haute Electric Co., Terre Haute. Ind . 293.930 307,824

Chester Traction Co.. Chester, Pa 295,915 305,048

Cleveland, Elyria& West, Ry. Co.. Cleveland. 249.260 ^ 300.846

Niagara Gorge R. R. Co.. Niagara Falls.N.Y. 82.160 279.436

Johnstown Passenger Ry.Co.. Johnstown. Pa. 204.286 274.168
Elizabeth, Plainfield & Central jersey Ry..

Co., Elizabeth. N. J 236.082 250,711

Manchester Street Ry.Co., Manchester. N. H. 212,138 235,172 ,
Lewiston, Brunswick & Bath Street Ry. Co..

Lewiston. Me 221,532 230,957

Exeter. Hampton & Amesbury Street Ry.

Co.. Exeter. N. H 105.298 227,496

Westchester Electric R.R.Co.. New York.N.Y. 185.285 222,596

Sioux City Traction Co., Sioux City. la 199.183 222,045

Yonkers R. R. Co., Yonkers, The, N. Y 189,503 221,781

Richmond Light & R. R. Co., S. I., N. Y... 214.063 219,118

Binghamton Ry. Co., Binghamton, N.Y 206,447 217,661

Erie Electric Motor Co.. Erie, Pa 185,847 214,172

Lincoln Traction Co., Lincoln, Neb 188.255 213.926

Atlantic Coast Elec. R. R. Co., Asbury Park. 220.661 209.124

Southwest Missouri Elec. Ry. Co., Webb City. 203,630 206,799

Tampa Electric Co., Tampa, Fla 176,055 203,146

Fitchburg & Leominster Streer Ry. Co,.

Fitch burg. Mass 196,544 201,247

Schuylkill Valley Traction Co., Norristown, Pa. 84,720 197,279
Cleveland. Painesville & Eastern R. R. Co..

Cleveland. 164.971 189,187

Albany & Hudson R. R. Co.. Hudson. N. Y. 122,386 187,882
Wilkinsburg & E. Pitts. Ry. Co*, Braddock, 35.962 183.787
Twenty-Eighth & Twenty-Ninth Sts. Cross-
town R. R. Co. . New York 177.370 180,927

Middlesex & Somerset Traction Co.. New

Brunswick, N. J 162,819 180,681

People's Gas & Electric Co., Burlin|jton, la.. 169,940 178.744

Jacksonville Electric Co., Jacksonville, Fla. . 169,803 173,209

Newport & Fall River St. Ry.Co., Newport, R.I. 213,129 170,076
New Jersey & Hudson River Ry. & Ferry

Co., Hackensack, N. J 103.589 166,442

Elmira Water, Light & R. R. Co..Elmira. N.Y. 92.121 162,232

Pottsville Union Traction Co.. Pottsville, Pa. 173,209 161,649

Beaver Valley Traction Co.. Beaver Falls, Pa. 147,992 161,604

Altoona& Logan Valley E.R. Co.,Altoona,Pa. 127.263 155,462

London Street Ry. Co.. London, Ont 141,846 154.704

Interstate Consolidated Street Ry. Co., North

Attleborough. Mass 174.701 148,299

Rockland, Thomaston & Camden St. Ry. Co. .

Rockland, Me 90.193 145,786

Lexington & Boston St. Ry. Co.. Boston, Mass. 119.535 145.093

Northampton St. Ry.Co.. Northampton, Mass. 133,429 14.^,846
Camden, Gloucester & Woodbury, Ry. Co.,

Camden, N. J 125,365 142.410

Milford& UxbridgeSt.Ry. Co., Milford,Mass. 118,029 142. 3S0

Alton Ry.. Gas & Electric Co., Alton. Ill 128,894 142.021

New Castle Traction Co., New Castle, Pa. . . . 122,180 139.629

Meriden Electric R. R. Co., Meriden, Conn. . 133,154 139,283

Staten Island Midland R. R. Co.. S. I., N. Y. 144,814 137,914

Newton St. Ry. Co., Newton, Mass 129,750 134,300

Dartmouth&WestportS.R. Co., New Bedford, 119,545 132,991
Hartford, Manchester & Rockville Tramway

Co., Hartford, Conn 126,811 131,465

Schuylkill Traction Co.. Girardville. Pa 128,359 130,757

Montreal Park & Island Ry. Co., Montreal.. . 128,678 130.160

Online LibraryPortugalAmerican street railway investments, Volume 10 → online text (page 3 of 99)