The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1871-08-19
THE RAILROAD QUESTION.

We published few weeks ago q letter
from Hon. C. s. LEWIS, of Harrison
county, reciting the history Of the ef-
forts that have been made to compel the
Baltimore and Ohio Railroad Company
to comply with the provisions Of the
Act of lS47, and showing that that
company has at least formally &C
knowledged its subsection to the pro-
visions of that Act and declared its in
tention to be governed hereafter by its
requirements. Recent events have I'M
parted an additional interest to the fol
lowing portion Of Mr.. LEWIS letter, TO
which we again invite the attention OF
all concerned. 1t is to be hoped tina,
the proper steps will be at once taken
to compel full compliance with the pro-
visions OF the law. Mr.. LEWIS says:
But the resolutions Of last winter
were merely preliminary. The more
important question remains to be set
tied. This company having recognized
their subsection to the act Of lS47, by
the terms of the sixth section OF that
act, the company is made subject to the
general railroad law OF Virginia, passed
March II, 1887. BY the twenty-sixth
section Of that act, it is provided that a
company subject to the provisions OF
this act shall semi.annually declare and
make such dividend on the net profits
from these tolls as they may deem ad
visable; and when the net profits
shall amount to a sum equal to the
capital stock expended as aforesaid,
with six per centum per annum interest
thereon, then the tolls which the Presi'
Dental directors shall he entitled and
receive on their railroad, shall be fixed
and regulated, from time to time, by the
Board OF Public Works, or by such
agent or agents as may be appointed by
the Legislature for that purpose. so as
TO make them sufficient in their or his
estimate, to yield net profit equal 10
six per centum per annum on the CAPT
tai stock expended in making and COM
pleting the railroad over and above what
may be necessary for the repairs and
renewal OF the same"
And to enable the Board Of Public
Works and the Legislature to determine
when the time should arrive that they
might thus take charge of and arrange
the tariff of charges OF a railroad com.
pany constructed under this Act, the
9th section is as follows:
AT the end of one year from the
completion of the railroad, the Presi'
dent and Directors shall report to the
Board OF Public Works a statement, in
such form as the said Board shall re.
ouire, showing the whole amount Of the
capital stock expended in the construc-
ton of the railroad, with the several
heads of expenditure, the amount OF tolls
received during each preceding year,
aud the net loss or profit on the capital
expended; and at the expiration of ev-
cry period OF three years after the
said one year from the completion Of
the railroad, they shall return to the
said Board similar statement, in like
form, showing the amount and kinds Of
expenditures and receipts and the net
profits Of each year OF such period, and
tor each failure to make the said re-
turns, the company shall be liable to
penalty of one thousand dollars, recov
cradle on ten days notice, in any court
having jurisdiction"
And to prevent confusion or eva
sion as to the true financial condition Of
a company subject to this Act, the sd
section provides:
Tine company shall not employ
its pital or be engaged in any trans
action or business but such as may be
necessary to the construction oil their
railroad and works and their manage
ment and preservation; nor shall they
subscribe to the stock of any incorpora-
ted company except for the temporary
investment ofsurplus funds
Such are the provisions Of the act
of 1887 referred to in the Baltimore
and Ohio railroad charter OF lS47.
1t is confidently believed by many
that the net earnings Of this COM
pauy have long since equaled the
cost Of the construction OF their
road. If This shall be so the Board
of Public Works of our State, unless
the Legislature shall appoint some other
agency to do so, should now fix and ar
range the tariff of charges of this com.
pany. This is a subject of interest to
our people and should be investigated.
Ny understanding is that this company
has not made the returns required by
the twenty-seventh section, and my i'm
preston is that their excuse for their
failure to do so during fifteen or twenty
years was that the Board of Public
Works mad prescribed no form in which
these returns should be made. We have
now an able and efficient Board of Pub
lie Works, who, it is hoped, will pre-
scribe the necessary forms and call on
the company for these returns. And if
it shall not be done before the meeting
OF the next Legislature, the people
should require at the hands OF their
representatives in that body full and
thorough investigation OF this subject,
From the Morgantown POST
wpst yirpfnia ITntyerSify-The New