New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-08-31
RIyINING RAILWAY PROPERTY
FIGHTS OF THE REAL PRoPRIEToRS DIS
REGARDED.

REGARDED.
MAGNITUDE AND IMPORTANCE OF THE RAILROAD IN
TEREsTs OF THIS CoUNTRY-THE MANAGERS
CARRYING on THE LINES LARGELY TO SERVE
THEIR OWN PERSONAL ENDS-UNF0RTUNAIE Ef-
FEcTs OF THE RAILROAD wAR-CONDlrloN OF
THE LEADING CoMPANIEs-A REMEDY FOR EN-
IsTING EVILS.
TO the Editor Of The Tribune.
srp. ouestion that is forcing itself upon the
ottertioD of thoughtful men throughout the country
and demands consideration, is Will the proprletors
of the leading railroads allow the officials now NJ
eharqe TO ruin their property IN order to Serre me interests
offbese officers, or TO CRAFTY personal Spiesf There are
more than half million proprietOrs of our railroads
--bolders of stocks and bonds-many OF them own
ers of small amounts. These proprictors are SIX
times as numerous as the pOssessOrs of Government
bonds which in the main are held in Europe,
and by the banks and rich men OF
this country, who purchased them at 90 TO 10
per cent of their present value. Is 1t not time that
investors in incorporated property should look aiter
their interess employing competent and trustworthy
men as managersH They must insist on the aOol-
ton of the fast freight lines-the Red Lines, Blue
Lines, White Star Lines, Merchants Line, &c.-of
the Pullman Palace Car Line, the Wagner Drawing
room Car Line, of the express companies, ana Oh
railway interests in cattle yards The dividends Oh
all these organizations are paid out of the money OF
the stockholders of the corporations over whose
tracks the cars rum swelling the profits OF the men
interested in these parasitic companies, by means OF
contracts which abound in disadvantages TO the
railroads How long will the stockholders allow
the officers of their railroads to make contracts
with connecting lines in which the officials them
selves are largely concenedt 1t would be well ior
them to find out how it is that certain railroad mag
mates have become so enormously rich. Have they
made their money out Of their stockholders OF IN an
honest and legitimate mannerf
The total debt of the United States Government
on Jan. l. 1876 was So. 119 1892, 100 81. The total
amount of capital invested in railroads in this coun-
trv is S4674 756,9 1t is fully as momentous
that the interest and principal of this immense
amount. which is invested to develop the country,
shoud be promptly provided for as it is that prompt
and proper provision should be made for the iGdeb-
edness of the Government.
The extent and Importance of the American rail-
road system are shown also by the fact that the
length of main and branch lines of railway in the
United States is 74,53366lOO miles; of ali other
tracks, 1907 1900 making total length OF track
of 91,61O75iOo miles, The best investment prop
erty in the world is rstclaSs American railroad Sc
ourties This is true because of the almost incon-
ceivable amount of material wealth TO be developed
in this country and the fact that this develop
ment keeps pace with and depends upon
the extension and perfection of the great
network of railroads which covers the land
from the Atlantic to the Pacific. Rich as the
country appears now great has been its progress
the possibilities of the future dwarf the achieve
ments of the past, the triumphs of to-day. From
the countless farms which in years to come Will
cover the broad regions adapted to embarrassing
abundant crops will be borne by the railroads OF the
present and by lines yet to be built to cities upon
the Atlantic and Pacific seabOard far surprising III
population wealth, and prosperity the New-lork
and San Francisco of 1876, and these crops will feed
the people of all nations The future of American
agriculture and of American railroads is one OF
stupendous promise But the progress of the people
and the advancement of all enterprises are i'm
mensely retarded so long the railroads are allowed
TO enrich only favored few, and not the great body
of stockholders, and so long as the managers with
their eut-throat rinOus competition cause rates to
fuctuate in way destructive alike to the interests
of shippers and transpOrters. Al american railroad
property noe suffering from depreciation in consequence
Ofannatuydl and eroossUe rraly and not from lack OF
internal traffic.
The same unhappy but easily avoidabo condition
of affairs has REQUIRED with dIscOuraSng frequency
within the past 10 years and at every repetition us
continuance has been marked by an increased pro
norton of loss TO the owners of the railroads. while
snonding benefit The fact that the railroads are
doing the present transportation business OF the
country at very low rates is no argument In favor
either of the justice the feasibility Of maintain
ing these rates Business is reriring, and our me-
chants and other shippers afford to pay rates
equitable and reasonably profitable to the railroads
Such rates do not now prevail But whatever the
amount of business TO be done, whether large or
small the real owners of the railroads should have
their proportionate profit on the amount OF their
money invested, and bar should be put to the de-
sructon of valuable property for the personal bene-
fit of few directors, the president freight OF pas
senger agents OF receivers Of what in truth belongs
to other people.
Let US review briefly the condition of some OF the
principal railroads. The following table shows the
relative rates for passengers and freight received
per mile by nine of the most prominent railroads in
the United States whose securities are dealt in at
the Stock Exchanges of New-York, Philadelphia, and
Baltimore The figures are taken from Pool's Rail
road Manual for 1876: -,
Psssengers per Ton
per mle per mile
fiixvau nd
01 Rs9irosa Siii~auA Ae anu .oS09 oS1o