Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-11-18

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conditions. when no other American
railway could have obtained cent ex-
-cept at ruinous discount.
There is no doubt of Mr.. CARROTS |
intention to make Baltimore the great |
seaport of the Atlantic coast, so far as |
Western trans-shipments are concern
ed. The facilities Of this company as
carrier between the East and West,
and the splendid machinery by which
it transfers the grain and provisions Of
the West to foreign bound ship. at a
maximum of speed and a minimum Of
cost, enables it to do such tremendous
work while other railroad corporations
are actually borrowing money, and have
not cent to spare to extend their hold
upon trade and commerce.
The Baltimore and Ohio road reaches
the Mississippi at st. Louis, and the
commerce of the Northwest at Chicago.
1t controls steamship lines across the
Atlantic, scarcely inferior to those of
New York, and possesses terminal IA
cilities unequaled at any other seaport
in the United States. Among these
facilities are two immense grain eleva-.
tors at Baltimore, both newly built, of
the most approved pattern, and so stu
ated as to possess facilities superior to
any buildings of the kind on the At
lantic coast. The connection with the
Philadelphia, Wilmington and Bal6-
more road, forms continuous through
freight line from New York and the
East to the South and West. With the
present facilities one thousand cars can
be handled per day. exclusive of the
coal trade, which sometimes demands
500 cars. -.----
It is not strange, therefore, that the
grain traffic of the Baltimore and Ohio
road increased from 100000 bushels
in 1871 to 6, 049, 4S0 bushels in 1872, TO
7,51O, 657 bushels in 1873, and, with the
new. elevators and the completion of
the Chicago branch, will probably
nearly, if not quite, double the latter
amount in 1874. The advantage of
distance from st. Louis to Baltimore,
as compared with New York, is ten
cents per 100 pounds, or about six
cents bushel in favor of Baltimore.
From Chicago the difference in rates is
five cents per 100 pounds in favor of
Baltimore. The cost of handling in
the elevators is one and three-quarter
cents per bushel, as against seven to
ten cents per bushelin New York, for
storage and hghtersge, while the grain
graded according to the rules of the
Baltimore Corn and Flour Exchange
commands the preference in foreign
markets.
The facilities provided by the Balh-
more and Ohio road have had an i'm
portant effect upon the Baltimore ex-
port trade. In seven months of the
present year it increased nearly four
millions of dollars, as compared with
the same period of 1873. The compile
ton of the Chicago extension and the
construction of the pipe line to the oil
regions viii enormously swell even these
| figures.
Possessing superior economy In dis
lance, with no watered stock ON which
to pay dividends, and upon thorough
ly sound financial basis, the Baltimore
and Ohio road can carry freight profit
ably at rates which would be ruinous
to its competitors. Its capital stock
is but S16,7ll 800, and its funded debt
S19, $50, 732, or a total of SS6,578, 0S2,
against, on the part of ;. its COM
petitors for the trade of the
West: New York Central, s117,-
153,SS3; Erie, s126,456,O52; and
Pennsylvania, Sill, 29O,259. Its net
earnings lin. 1873 were S5,076,149, or
nearly one-seyenth of its total capital
and funded debt, while those of the
New York Central and Pennsylvania
roads respectively Sl0.741,4S0 and
SO, 999, 400 Were less than one-tenth.
During that year, while the New York
Central and Erie roads found it hard to
meet their current obligations, the
Baltimore and Ohio paid two dividends
of five per cent. each, and increased its
surplus fund by s2,S8O,S6l. The Penn
sylyania Road declared the same rate
of dividend, but was compelled to pay
its October dividend in scrip. The
New York Central paid two dividends
of four per cent, and the Erie divi-
dend of one per cent. for the six months
ending June 80, 1873.
1t has been officially announced that
the Baltimore and Ohio Railroad
Company proposes to the merchants
and shippers of Chicago to guarantee
for all shipments a full delivery of
goods consigned to it. Should this
proposition be accepted, it is evident
that an immense and profitable traffic
will be diverted from New York. Re-
Gently the railroad alliance has threat
ened the Baltimore and Ohio with va
rieus pains and penalties, unless it ac-
ceded to the terms of the compact
These threats, however. have been re-
garded with contempt, and it has been
retorted upon their authors that the en-
tire compact is illegal, and renders the
parties to it, under the laws of the
State of New York, liable to a criminal
indictment. Inview of the present at
titude of the railroads, it is useless to
speculate as to how the great problem
of cheap transportation is to be solved;
but certain it is that New York viii
have to do something, and that speedi-
ly, unless she is willing to see the scep-
ter of commercial supremacy wrested
from her grasp. ---..--