New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-03-06

mac railroad. which, with its great COZ
Meeting tunnels under the Monuments
City, cost Sc, 900, 600. Including this tn
Pennsylvania Railroad Company owns
operates or controls 1898 miles of road
way, or about eight and one-half per cen
OF the total mileage of railroads in tn
United States This mileage represents
capital of 1898, 267, 675. The direct line
OF the company have termini at New York
| Philadelphia, Baltimore and Washington
In the East, and Erie, Cleveland, Chicago
st. Louis, Cincinnati and Louisville il
the West. It has paid regular dividends
OF ten per cent to its stockholders fol
many years, including the last two years
OF business depression, and was able al
the commencement of the present year tc
anticipate by three months the payment
at par, principal and interest, of its sec.
ond mortgage bonds maturing in 1875.
In addition to its widely extended field
OF operations, reaching all the principal
cities in the Union, its main line between
New York and Pittsburg passes through
probably the most profitable region for
railroad traffic on the continent. Its
construction is second to none for excel
lence and permanency; its equipment is
full and complete, and its terminal facili-
ties are as perfect for the economical and
prompt transaction of business as they
could we'll be made.
The Baltimore and Ohio Railroad, at
the lowest estimate, controls $685. miles
of roadway, of which 233 miles are in the
State of Maryland. 1t has terminal IA
cilities at Baltimore, Washington, Pitts
burgh and Chicago-the line connecting
with the last named city having been
completed last year. 1t also pays regu-
lar dividends of ten per cent, but its fnan-
cial policy and method of account are
different from other roads. Its dividends
IRE on a capital stock of SIG, I'll, 800.
All its surplus over the original capital of
his amount being carried as a fund in
rested in improvements, rolling stock,
lew works and connections, aggregating,
ccording to the last report, S32, IA, 16O.
f the system of accounts of the Balti-
more and Ohio Railroad were the same as
he New York Central, for instance, its
tatement for 1874 would be-indebted-
ess, S56, III, 1873; net earnings, $5,O76,-
40.
A New York paper says:
As compared with the New York Central,
r any other of the great trunk lines. the
osition of the stakeholder of the Balti-
lore and Ohio is simply this: that while
tOckhOlder in the former claims not only
ividends upon his original investment, but
lsO on the invertment of his earnings, the
tockhOlder of the latter is content with a
God regular dividend. An original stock
older OF the New York Central or Pennsyl-
ania road has received more money from
is investment than an original stakeholder
/ the Baltimore and Ohio.
The "reserve fund" is supposed to be
he main reliance of the Baltimore and
hio road, but a portion Of it, Parkers-
urg road, having been operated at loss
$40, 1856 45, the stock of the Washing
N branch, is unavailable.
So far as local traffic goes, the Baltimore
I'd Ohio Railroad Company is far behind
great competitor. West Of Cumberland
g, the branch to Parkersburg. and the
'nnellsville line to Pittsburg-pass
rough comparatively wild and unpro-
lctive country, destitute Of large towns,
nlted in population, containing few manu-
curing industries, and poor in mineral
sources. These lines are only single track
ads, and can not III any sense be con-
lored up to the standard of first class |
nerican Railways.
The advantage to the public is that in
dition to the gain by immense reduction
tariffs on freights and tolls on travel,
~ are assured against any inconveni-
ce. This subjects to the exception on
, part of the Baltimore and Ohio that 9
til its connection with New York is a
npleted, as promised, it will be COM a
led to use the water route already
ablished. The guarantee of the Penn t.
vania road is that it is not, atany point, il
pendent upon the Baltimore and Ohio o
facilities or connections. It's lines con- "
It with Washington City and all points il
the South, and this connection is, in o
respects, superior to the route owned
operated by it's rival. They also con-
It New York, by way of Philadelphia, P
b every portion of the West, and r
sengers over these lines can reach New
cans and Galveston, or any other q,
lthwestern city, as expeditiously and Fl
as if no rival attempted to N
ok the way. 70,
he local tariff on the Baltimore and m
o road having been much higher than tt
of any similarly situated road in OF
erica, and the war promising perma- "
tly to reduce it, the public will gene
y echo the words of writer in the
' York Tribune:t f.
ct the battle, then, go on until the peo-
are satisfied and sound common sense
7alls IN the management of all great
ways, at the bottom of which must
avs be found reasonable and fair prOtec- ia
to local trade. Jo
DE TOCQUEVILLE AGAIN. 81
omo Frnnchnan- cpo Of +bo ! ,