New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-07-22
THE VIRGINIA AND TENNESSEE 1TR LINE
and TIE COMMERCE or THE COUNTRY.

To the Editor Of The Tribune.
The great consolidated Virginia line, which
embraces three important railroads. to Wit The Virginia
md Tennessee the South side and the Norfolk and Pc
tersburg-is such magnitude, Of such capacity for
through as well as local business, aud is so impor'
ant in its manifold relations to the whole country as
TO challenge interested attention in all the centers OF
business and capital Therefore propose to take some
what extended and critical review OF the line and
Of the roads composing IT. noting such improve
mens occurred in their properties business and
finances since the policy Of consolidation was nauguraed
under President Malone.
THE VIRGINIA AND TENNESSEE RAILROAD.
THIS Road came into what Is known to the public as
che Great southsde Consolidation, about year and
hasf ago Remembering its dapidated condition IN re-
spec. not only to its property but 10 its hHances and
credit IL may not be ams uninstructve 10 contrast
the present bright and pleasing state Of its affairs with
the melancholy condition 1t presented when II came into
the Consolidation. Your correspondents desire to per
trouble TO examine into the affairs OF this corporation
personally and closely The fact is that is months ago
this link In the railway chain connecting the seaboard
at Norfolk with the Mississippi at Memphis was almost
hopeessy bankrupt It's credit had gone not beng sur
upon its bonded debt had allowed to accumulate TO
the extent Of $o0O0O or 100000 and foang dGDt OF
over S6O000 had been added 10 te burden. aus almay
track badly and suffering for new ras ana cross
It's rolling stock cars and engines altogether inadequate
TO business Of the road were at best limited and
dmripS the war were vet 10 be replaced and with all
this, its organization. cumbersome ana overgIo,Wn'
How stands the now In the brief period OF about
is monbs the credit OF the e9rpOfaoh mas cOi% 70
class paper is everywhere marketab.e ana accepaOe
&c the ruling and remarkable 70 say at no
contrary its bonds have steadily advanced IN the mar
ket under the dampeI ana dsadYantages OF sus
pension Of the payment OF interest until they are now
sooeht after at an rate oyer mat PERIOD o. %
d per cent new NE is observance III me NhoIe con
cern and marked and permanent Improvement in us
property is everywhere dscernble The railway track
has been put good condition. and for great part laid
anon webaasted bed q rocks; Is miles OF new rams
of new cr0sstes have been put in, and tlis
work is st bravely going on new bridges ana new De
ten class Mason engines have been added 10 the
rolling stock But further we see by the last seminar.
nua statement of the Company that there has feen
marvellous reduction IN its current expenses Anu mere
Set bear in mind that il is not what one makes or gains
out it is the difference between what he earns aud his
expenses having regard g the Improvement so eGnaus-
i've of his resources that determines ms real
This applies 10 railroads as 70 farming operations ana 70
other pursuits II is TO be observed mat teTe nes Deen
60 accommodate the traffic seeking facilities over IT, but
maps more Important and of still interest to its
6ohdholders. we discover by the Company's semi
OF the current fiscal year, there mas been earned
net revenue quite equaI 70 tnT nv titei ,
perceive that 1t has been de policy OF the company ana
from our observation IL "a WISE pOCy' ~ "IJ &c % ~
safe the principal q the bondhOlder ana 10 secure
rd Under circumstances, confess our surprise,
rot only what see has been accomplished IN den
once Of the stupendOus dmculues tHat nave Deen re-
ierred 10. but especially that at tins DAY, 80 much
earlier than could have been anticipated inc interest,"
on the bonds Of this company falling due on the hst OF
July has actually been paid. Inc 9oHdhOldeIs ana
Important work will lnd IA all tins great cause OF con
gr;,tuatlon, as well as abundant confidence for the
word and act by Indulgence and effective aid, effort
that has already. and IN 50 short une' aeheVed 80
Inuc in behalf OF their enterprise ana their interest
let bOBihOlder now hesitate TO grant TINS company
indulgences upon past dee interest; lMt every 6an
fls
hen I'M furtheranoe Of his fer
surely hesitate as TO the future OF ths
We mind that the net revenue OF TINS ROAD
Tor the past 81 months been $4,000 when the
est upon its entire funded dealt amounting to S24oON9
Tor tie same period amounts 20 but $1,000 Now then,
when we add the 100000 OF past due interest, we will
when the property cost about S2OOQ0OQ and when the
Income, even now. devastated as are the heds from
~ % @ IN ibe boating det OF this Company as 1t
now stands compared with It's assets, is nominal ana
AHA 0'' '''''"s rsy SOUTH SIDE RAILROAD.
We come now 20 the second and middle link in
this, Consolidation Line, and we Say az HRsIe that inc
conStion and thespectacie OF diIapdatOn Il exhibited
anti "a marked AZ that presented by the road rs CON
derod Never p9ghaps, was there railroad pretending
Sf such an undertaking unless we e9cept--as in
common fairness we think we ought-the Virginia and
Tennessee Railroad, as before mentioned. Here, as
there, every thing was out OF order-bad track woTnout
rails rOten crOssos dangerous bridges, no credit an
Secumuated floating debt amount Of pastdu in
tercst which, together with the general disorder OF the
organization, that 10 had challenge the nge-
nuty OF to regenerate the road And what do we
now sect living and prosperous cooperation
railroad in fact not only safe in all the elements OF
physical construction and in its conduct VI trale but
whose Operations markee by much regularity as Is
20 be found upon any railroad the State New cross.
ties have been put In this throughout the whole line
Fifteen miles OF new FlSh rail have beeu Lid and this
Improvement is still gazing ,on. New bridges aqd pew
depots have been erected lion bridges are taking the
places OF the Gos important wooden structures and
Taad has beer thoroughly equipped with locomotives
and cars the best description ample Tor the peII0r
anee of any account OF busnesS. The business OF the
Con pany has been greatly enlarged For the SIX months
of lie current aSca year las been marked by an ad
yanOc OF IS per cent upon its gross receipts ana ~ per
cent UpOn ITS net LIS securities nave advanced
40 per cent All OF ts past due interest has been FUNDED
and It's matured bands taken 10 abd new DOnds Issued
Interest on part u this CompaDys funded DEBT was re-
snmed January and the whole Eas resuheu on INC
EORFoLR AID PETERSBURG RAILROAD.
Nc come now 10 third se2b0ard INK III thls great
Consolidated Line and fortunately nave no OCCASION 10
stop 70 contrast the prasent with the past cOnduOn OF
th noad-foe II there isa finished railroad IN TINS coun
Try the Norfolk and Petersburg Railroad lnsy Pop5riy DO
chased In every physical relation u may DC charac
teZed r6kclass railroad III ~ ~ Inlts iOnR 10 OF
which Absolutely STRAIGHT. The little curvature upon
Is lRit and tie grades easy All the STRUCTURES OF
this road buildings water stations and bridges OF
permanent Character and tasefu In design. In every
respect II II most admirably appointed ana y fqHy
equipped With the best description OF cars and hIclass
Engines all az good new. TIC ran upon thlb 4l3d 10
~ pounds TO the yard Of the Fh JOINT pattern ana ne
good az new. The haancial cO4dluOn OF tDe Com,
pany lncOmparaby superior 70 utat OF any railroad
ia Virginia, perhaps In the South It's FUNDED debt
rs merely nominal, and 10 has no floating debt