The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-07-27

duced amount of traffic is due mainly to
the operation of the Illinois railway law, is
not exactly apparent, in opposition to the
statements that light crops have reduced
the amount of corn transported "a per
cent. and that the strike of coal miners
Works reduced the coal freightage largely.
Nor is-it apparent from any other proof
furnished by the report,
But the true test of the sufferings and
hardships alleged to be endured by this
company from this law, is found in its e.
nancial balance sheet.
This same report, page 8. shows that
the grossreceipts from traffic for 1874, were
ST per cent less than in 1873. But what
are the net receipts after paying expenses,
or in other words, the profits upon the.
traffic? The net receipts were 488 per
cent more than in 1873, and nearly IL per
cent more than in 1879. '-s
That is, upon 81 per. cent less bushes
| they have made 4-S8 per cent more
money, than the previous year. And
this, notwithstanding the year 1874. was a
year of business stagnation, tie corn crop
was light, the coal traffic was demoralized,
and the newer eastern lines of competing
roads, intersecting at various points, were
attracting large line of business.
Ought it to be the provice of this COM
pany to continue to complain so bitterly
against the law, when it makes reports Of
Increased profits under its operation, and
also shows that the condition of its prop
erty is better than ever before"
1t is simply obvious to every one, that
the position, assertions aud arguments OF
the officers and attorneys of this company,
in regard to the railway Legislation of this
state, are untenable and that the road is
not suffering from the law, "a. L.. i
CHICAGO. BURLINGTON AND QUINCY
A similar examination Of the fnancinl
report Of the c.. B. so. railroad company
for the year 1874, reveals the fact that
the net receipts from traffic after paying
[expenses of operating were $5, 81 .8O5. i
against $4,97O,458.l for the previous
year, being an increase OF $l6l, BAT ,03.
Another calculation is made, showing
that the net surplus of this company after
paying operating expenses, interest on all
indebtedess, taxes, dividends, and all liza
bilities of every kind for the year ofl874,
Twas 1926, 1893. rs, against $3.50, 082 So, fol-
the previous year, being an increase o.
$l65, 3ll.17,
That is the way this company suffers
from the Illinois railway law. Itincrease:
its profits and makes more money. What
becomes of the allegation that unfriendly
legislation is running western railways?
CHICAGO. ROCK ISLAND AND PACIFIC.
| This road presents an example Of sub
stantial conformity to the railroad laws o
both states through which it runs, viz.
Illinois and Iowa The Iowa law has fxe(
the passenger tariff for roads of that elias.
at not exceeding three cents per mile, ant
the freight tariff about SO per cent lowe
/: rates than prevailed before. Thisconpany
! has made its rates conform to those fixet
by law in Iowa. In Illinois its rates Will
; not precisely those fixed by law, are We
/ substantially within it's provisions, and 81
nearly, that its patrons and customer
have found no cause to institute complaint
. for extJrtiOn or unjust Discrimination
The annual report of this company, mad
April LIST, 1875, when both the Iowa Law
and the Illinois schedule rates had been i
force, and operated under for nine month
1 Of the time, makes the following showing
y Gross earninrs, 1874. $7.sSs 6s4 4
Operating expenses, taxes, etc, 3S16,S2J
Net earnings, S35s2,.O5,l
i Gross earnings 1873, $7l33,573.!
r Operating expenses, taxes. 3,SI6,So9
J. Ne: earnings $s,s56,6s3'
Increase of net earnings in 1874 over
: 1873 5 2T5,12l,
e Here there is company operating neal
d ly 1000 miles of track, acting substantial
in compliance with the law, which report
7 to its stock holders an increased profit
n the years business of over quarter mil
e ion dollars
y Speaking Of their policy in giving tt
re Iowa law fair trial by actual observant
II of its provisions, the managers of this roa
n say:
he "A recent decision of the federal cour
he affirming the constitutionality of the la,
g. would seem to confirm the wisdom of Il
Y, policy adopted by this company.
10 Thus it will readily be seen from the r
e. ported experience of these three leadil
r. roads, that there is really nothing in Il
80 Illinois laws repugnant to the SUGGEST
Is management Of those railroad compani
us which have been organized upon healtl
Id basis and controlled by honest manager
~ BANKRUPT COMPANIES.
he But it is often said that the law h
sh ruined several railroad corporations alre
.st dy, and forced them into bankruptcy,
70 into the hands of receivers, a result viii
III would have been avoided had it not be
~ for adverse railway legislation.
gu Were this allegation founded upon a
y truthful basis, it would deserve great &C
=. sideration, but SO far as at present a
10 pears, there is no foundation in fact for a
=, such assertion. 1t is true that to. day
~ number of roads in this state are operat
"a. by receivers, under the direction of sol
a., a. court for the benefit of their creditors.
~ But why was the control taken from t
~ hands of companies and confded to
~ agent of the court? The reason is fou
n ~. in the fact either that the road was foo
!. ishly built where there was not suffice
ar tConfin,1ed on third mage