New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-06-11
RAILWAY POLICY.
THE REVENUES OF THE BALTIMORE AND
OHIO ROAD.

THE REVENUES OF THE BALTIMORE AND
OHIO ROAD.
PRESIDENT GARRETT's ADDRESS TO THE BOARD OF
DIRECToRs-INCREAsED REVENUES NoTwITH-
STANDING THE RAILROAD wAR-sKETCH OF THE
FINANCIAL POLICY OF THE ROAD-NoNE OF IT'S
PAPER SEEKING FOR PURCHASERS.
BALTIMORE, June 1O.-The following por
lions Of the address Of President Garrett at the regular
monthly meeting Of the directors Of the Baltimore and
Ohio Railroad yesterday treat Of the revenues ard
policy Of the road:
There Ia subject gentlemen Of more interest 10 this
Board under circumstances than the earnings OF
the road The President has the satisfaction Of stating
preceding month been snguary satisfactory The earn
ings in 1874 for that month 81 226 009 q; the
aggregate increase OF $9i4s4 49, and deducting the
increase derived from the Chicago division Of $s9o56 49,
enne beyond that gain. Perhaps the most remark
ington branch. You are aware that during the month
the Baltimore and Potomac Road reduced its rate to 30
and IS for the round trip. The Baltimore and
Ohio Company decided not TO change its rates. which are
shown that the reduction Of revenue from passengers
the Washington branch for the month is only Sj6s as
sc@ OF % the S s Of Ts Us % siE
Of the Baltimore and Ohio Road and Its greater safety,
with Its double track and freedom from accden's
to change that action those rates will be maintained
ton Of those charges is shown by the charge made by
the Pennsy vana Company where 1t exercises monoI
the immense travel BET ween Philadelphia and NewYork,
VIZ, for 30 miles, - % per passenger This rate pre-
SCENTS striking contrast to the charge OF 90 cents for AZ
miles over their Baltimore and Pc ON &c Road. since
the last meeting OF the Board the pr sldent accompa
MED by number OF officers has made a full inspection
OF lines and works from Baltimore TO Chicago and
the Company has not ceased to make extensive prepare
lions Tor an increased business.
The address then notices the vast improvements al
ready constructed and being made on the variou, III
visions of the road third and fourth tracks where de-
srable at the Piedmont Division; engine houses
shops and other Improvements on the Lake Erie Central
Ohio and Chicago divisions necessary for the immense
business expected from the Chicago extension and co
warehouses and wharves Locust Point suggested
by NcwYOrk and Baltimore merchants to accommodate
the Rio trade to he rapidly augmented by the new line or
steamships between Rio and Baltimore, established by
English capitalists Mr.. Garrett continues:
Our revenues show that, notwithstanding the general
rates at which portion of the trade has been tran
spOrtcd tonnage is larger than ever heretofore The
PEELED To accept unrcmuncrave rates for portion Of lis
through business TO be able to continue meeting the Is
forced upon it, and keep in it, service its large NUM-
her of employees, whose pay Is, OF course To large eN
tent, expended in purchases for their supplies. etc. aud
thus these large and regular disbursements have main
ained upon lines eXceponable degree Of activity
and prosperity II proper TO call attention TO the
a very varied nature building materials and timber OF
many descriptions found not only on our lines be-
tween the Chesapeake and Ohio In great ABUNDANCE but
upon oar trasOho lines in Ohio Indiana, and Illinois
The mineral the large Interchange of business
between points on our Eastern ana western INES the
oil trade increased Development OF agriculture
throughout the country traycrsed. have caused not
witistandng the extraordinary prostratlon q" business
generally these wonderful results in revenue In view
especially OF the hos,cs which the Company has been
compelled To meet, and the unrcmuneratng prices AT
which portion of its work has been DONE il affords the
President great pleasure TO state that The management OF
the Company appears to have attracted the good feeling
and appreciation of the numerous communities upon our
lines Intercourse with leading citizens at various points
,srf,.
will and an appreciation OF the efforts OF the
TO add the prosperity Of The regions through which IL,
also in The great Western cities which visited
Very extraordinary statements have been made re-
upOn the Company remarkable and intense degree OF
interest has been suddenly manifested by unknown
friends in other cities to the financial condition OF the
Baltimore and Onto Company. lt may be "A question,
both to taste and Judgment whether those who GER
tauly represent capital and responsibilities which, com
pared with the Baltimore and Ohio Company, may to
the most gentle form Of expression, be called ex-
aggeratcd, should attract attention 10 the relative
financial strength OF The Baltimore and Ohio Company,
and those competitors For week past large part OF
the press Of NeWIor and other cities has tccIcd win
statements that the Baltimore and Ohio Company has
been seeking large loans OF money in Ncwlork pticu-
100000 offered at tme aud that no purchaser
could be found VERY m must be the cGndop
rss a prs. react d n Sf by
parties important subjects, the truth
i elected and justice ultimately won. AS the affairs OF
the Baltimore and Ohio Company are subjects Of much
comment sketch OF its financial policy may not be uh-
interesting:
Baltimore and Ohio RairOad-thc subject OF 40 nnci
tender solicludc the part OF representatives. OF rival
commencement of the panic that the Marietta and Gin
cinnati and Pittsburg and Connesve roads had large
floating debts. These roads very important conncc-
tios OF Baltimore and Ohio road, and in which the
City Of Baltimore has especially deep interest because
own citizens, to great centcrs of trade.
The Baltimore and Ohio Company found the Marietta
and Cincinnati road needed aid, go that 1t deemed 1t
proper loan its ds and securities to that Company
Ia aid ii IN meeting It's obligations and promote MS I'M
burgh and Connellsvillc road loan OF S3O0OOOO
in bonds and securities made 10 enable them to pay
ments. The large sums that were due by these com
panc- in Cincinnati, Chlllcothe Baltimore Pittsburgh,
interest paid in those cities by the COMPANIES
no l9nger pail ne Baltimore ana ono h TTnPy
floating debts; and what Is That credit TINS uay,
not III Baliors but n every mGnsyed eaP a oI
saus Of rival corporations, dcseryedly the Baltimore
reliable and trustworthy corporations III tis country
II has advanced It's money and II has used us cr.t pc
gentlemen, than oncaI the amount advanced III cash to
those two connecting roads.
TO return to the statement in the NcvYork press. IL
il not true that the Baltimore aud ONO oinlany offered
it, paper directly indirectly, at the period these
million Of paper being offered By the Baltimore ana ONO
Company stated the only occurrence connected with
the entire period to which auson made was that
one the most successful and leading banking houses IN
NewYork offered by telegraph and by mall SJpoooo 10
the Baltimore ana ONO 'onpdny HS HoteS
al a low rate Of interest, and, although that
lo,c expressed particular desire for the paper TO oblge
n friend who wished to make the investment the Bait
more and ONO Company, having surplus funds on hand,
declined to accept the Offer Strangely enough, this Is
the only basis for these statements known To this Com
pany. When II alleged that high rates were being
paid for discount ITS notes, the Baltimore and ONO
its paper was on the market, and the
reply was that possibly small amount
might be obtained at three per cent and this state Of
things was found exist without the slightest interse
ton Of this Company. The Marietta aud Cincinnati
Pittsburgh and COnnclsville and Baltimore and ohio
Companies all purchased their supplies for cash. alike In
Baltimore, New-YOrk Boston, Cincinnati. and Pitts
LurVh. and 10 our knowledge no commercial bank OF