New-York tribune., 1875-02-24

amount being carried az fund invested In improve
eating according oI the last report, tsa lAiso n
the system OF accounts OF the Baltimore and ONO Rai
road we're the same as the New-York Central for In
stance, its statement for 1874 would bendebtedness
t6,Gii133; net earnings, s506ll9-an exhibit by no
favorable that Of the Pennsylvania Railroad
Company. A writer In u NewYork paper in comment
Ing upon this account, SAYS AS compared win the
NewYork Central any other OF the great trunk lines
the position OF the siockhOlder Of the Baltimore and
Olio is simply this: that while stocshoder IN the
former claims not only dividends upon ms Original IN
vestment but also the investment OF his earnings,
the stockhoder OF the latter Is content with good reg
ular dividend An original stakeholder OF the YORK
Central Pennsylvania Road has received more money
from his Investment than an original sOckhoder in the
Baltimore and Ohio"
In further exempHcation OF the financial policy Of
the Baltimore and OHIO Railroad COMPANY, and as ex-
hibng fitting with that OF the Pennsylvania
Railroad Company IN It's dealings with its stockholders
tue annexed extracts from the last report made Ny
President Thomson have peculiar significance The
Baltimore and OliO Railroad Company, from the necrs-
Sy OF applying their whole net revenues TO the con-
srnctlon OF their railway and not from choice pursued
for many years conservative policy, having
paid the shareholders OF its line dividends
aging only hreeenths OF one per cent per annum or IN
tue aggregate only amounting TO SIX per cent Tor ae
first 20 years or It's exstencean amount just equal 10
tue payments by this Company In dividends during the
first year or It's organization.
For The folio wing years the Baltimore and Ohio
Railroad Company paid 20 tae shareholders OF It's main
line dividends averaging OF one per cent per annum
amounting IN the aggregate 10 but Al per cent ror the
ehre period SIX years. wnIe tue Vi cne
Pennsylvania Railroad Company received for the same
competition Of the railroad to Pittsburgh, with single
track there left from the net profits OF the railroad
credited 20 the cost OF construction thus
reducing to that extent the capital Of the Company.
to ls3-twenty years-the dividends OF the Pennsy-
yania Railroad Company have averaged 9O per cent
per annum. the total dividends Of the Company from
It's orgaDz on to the lst OF January Of this year hay
ing been "a per cent"
THE BALTIMORE AND OHIO RESERVE FUND.
The composing boasted fund OF the
Baltimore and ONO not altogether OF the most sub
stantal and satisfactory character. For instance.
among these assets liabilities OF the Parkersburg
Branch Road aggregatng, according TO the last re-
por; or the Company ,9i96T 81 while the same report
shows that the branch operated during the year
covered by tue report at loss VI s40s6 A. and showed
falling of from the business OF 1873 OF s26253 76
In these assets included stock Of the Washing
ton Branch 10 the amount OF sl,OGysOO, while that
s67l52 23 of slO7 32l 49, This Washington
Branch sock be good, buC II cannot be hypoIhe
Gated without carrying with 1t the control OF the road
It may justly DO classed as unavailable assets n an
emergency. The Pittsburgh, Washington and Baltl-
Railroad. in which," according 10 VernOn's Man
ual, the BItimore and OHIO are largely Interested,
contributes u these assets IN stock and bonds 49,
operated annual loss during the last fiscal
OF which return Is at hand OF s3OI g. IL would
probably be DOCl unnecessary aud unklnd TO pursue
anAyzIii0u OF this vauned reserve fund further.
Even this nasty glance is not calculated to impress the
tne autocrat OF the Baltimore and OAio and all
the Items composing subjected To the test OF ihves
CATION as To oasis aud cash value the result would un
uOuDtedy be q reduction In aggregate that would
PRISE many who have been satisfied tO accept the stere
Otyptd reports which explain nothing all-suiccnC
50 far local traffic goes, the Baltimore and Ohio
Iroad Company Is far behind its great competitor.
West OF Cumberland, lts three branehes-tne main stem
Wheeling, tho branch to ParkersDurs and the Con
nellsvllle Iue 10 Pitts0urgh-pass through compar
lively wild and uDprOducye country, destitute OF arRe
towns, limited IN population, containing lew manuIdc
turing Industries and poor IN mineral resources These
lines OBlY single Track roads, and cannot any
sense be considered up to the standard or hrsclass
American railways.
Oae o the charges persSteny made by the Baltimore
and OnO maDagemenE against the Pennsylvania RAN
road H. That 1t IS monopoly using ls great power 10
OppFes tho public by eXJOrung high for traffic
ana travel To THIS charge winch comes with singular
Ill grace from corporation having such well-knOwn
history as ts competitor ana assailant the CIhcia hg-
ucs accessible 10 all are the 0es6 answer IN the last
sylvauia Railroad Company, submitted TO the stock
holders months before he died, he says: One OF
complaints against railway companies DY the advO
Gates Of c1eap Transportation that tue way capital
OF the country has been watered that is increased by
OF not represented by any expenditures
80 VI ~ai,',n nf ta P.nnsv1vnna rnaa T5mnony nm the
large amount Of Its net revenues have
applied TO construction account Notwithstanding
from time expense account, the cost or trans
pow MAYED ami tie improvements made In the railway
ana rolling OF the company mas been reduced from
aAd eight hundred ana seventy thousandths cents
per ton per mile 1864 eight hundred ann yseven
OF III 1873, from which IL Will be per
oeyed ,hat the cost OF movement Ia 1864 was lls per
1873. The tObOte 5enenf
his reduction has been Girsn to the public in reduced
upon transportation, which have likewise fallen
hundredta cents ton per mile TO one and fortyone
rhe most peculiar phase OF this contest is the claim
insisted upon Dy the Baltimore aud Ono man
u.e on their terms. OF the line of Pennsylyania
Railroad between Philadelphia and New-York. AS well
The terminal facilities owned and to great extent
created there by the Pennsyivinti Rtlroad Company.
They demand tDat New-YOrk snail be considered a
terminus road although they have foot or
within 1873 miles Of tnat city, and never contrib
utrd "A dollar Ia auy shape toward the buliiug rOad
way payment OF any facilities provided there
Wnen the Pennsyly RlilrOad Company found that
is business required outlet NewYOrk it honestly
acquired and paid for ana it has expended millions IN
improving first occurred II the Old ada2e, that
- man eIn do what he will with his own" Is worth
auVf No see
obligation, human divine, 20 bestOw trse advantages
upon a rival that rival never known to recip
r6cate n favor except under c0mpulsion extend a
courtesy except from necessity.
THE PUBLIC SAFE WHILE THE WAR Is wAGED.
In this contest railroad lines important
for the public know that, matter long it may
continue hoty it may be waged, their interests
or convenience cannot suffer The Pennsylvania Rail
roal Company is not, at any point dependent upon the
Baltimore and OHIO for facilities connections Its
lines connect, already been shown with Washing
ton City and all points in the South, and this connection
is in all respects superior TO the route owned and
operated by It's rival They also NewYork by
way Of Philadelphia, with every portion OF the West,
passengers over these lines can reach NewOreans
Galveston, any other South Western city as eXpedi
ousy and comfortably as no rival attempted to block
their way. perfect the system under the control OF
the Pennsy Railroad Company, and so careful has
It's management Oeeh no 10 nc1nvenlsnoe OF enparrdss
travelling public in tie slightest degree while com
batting aggressions aud bad faith Of Its antagonist
nat they placed on sale, at All principal Eastern
Offices tickets to the West, by way OF Baltimore aud
rates accommodation of those whose inclination
or business 70 visit those cities The arrange
mens freight transportation are equally perfect ex
Tending TO Baltimore, the Northern Central Rail
way il increasing It's terminal facilities at heavy cost,
thus giving business OF that city accommodations
equal the largest possible demands OF trade, relieving
tlat trade from many exactons, and unquestionaoly
benedug portion OF the local traffic Of Mary and
aud Virginia. By freeing 1t from excessive charges made
by the Baltimore aud ONO As the Pennsylvania Rail
road Company has connections 10 Frederick, Ha-
eersown and Cum berland IN Maryland; 10 MartnsDurg
aud Wheeling, in West Virginia, and to Conncsye IL
d., rflt.n mn inca m.
until recently, have been under the cOn-
troll OF the Baltimore and Ohio monopoly