New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-01-31
MASSACHUSETTS, RAILVAYU.

MASSACHUSETTS, RAILWAYU.
The annual report of the Massachusetts Rail
way. Commission always deserves attention,
NOT only because of its statistical information,
which is full and thorough, but because 1t en-
bodies the mature thought. upon the various
problems of transportation, of men who are
well able to think for themselves. The sug-
gestions of Mr.. Adams and his associates have
not always been followed, and it is still an
open question, with men of the first intelli-
gence as we'll as with Massachusetts legis-
lators, whether his remedy for the tendency
toward consolidation and concentration is en-
tirely sound. His rcasOnings look to the estab-
lishmcnt one competing line under State dr.
rection, which. he holds, will more eflectualy
check the tendency to consolidation and mo-
nopOly by It's competition than any other ar
rangement consistent with our form OF gov
eminent. To this theory strong objections
have been urged, which need not now be re-
viewed But the annual reports present so
clear and correct a survey of the latest facts
in the railway problem that they are always
awaited with interest.
The gross yearly earnings of the Massachu
sets railways were s31, O07, 44S 80, decrease
of 4.SS per cent from the preceding year. The
average ia $12,50S per mile. The cost of
operation was $3.50 40 on each mile of road
in use, or 90 per cent of gross earnings. The
net income reported is $9,546,S2O so, or Sc
per cent on 4" the value of the property as it
stands on the books of the corporations"
The aggregate value of the property thus rep
resented is $169 799, 9s9 30, of which $11S,-
179, G15 O3 is in the shape of stock, and the bal
nf IND. ha
60 corporations, had no net income, "a had
GIG per cent OF less, II had 3i2 to Sig per
cent, had Sig to Zig per cent, and only
larger income. Thus the satisfactory average
is secured only by the very handsome earnings
of few of the roads, while in Massachusetts,,
as IN other States, comparatively large pro-
portion yields no adequate profit Attention
is again called to the comparative uselessnesS
of reports not based upon any uniform system
of bookkeeping. In the examination OF the
finances of railways in this and other States, we
have seen how easily construction" is made
to cover regular renewals and requirements
how frequently nice returns are made by
eliminating taxes, leases, and rentals from ex-
pcnses, and how adrotly, in any case Of emer-
gency, any deficiency in profits may he covered
by sales of securities included under the head
of "niscellancous earnings.N That there SHOULD
be some uniform method of keeping railway
accounts and of making the reports upon which
investors and the public are obliged 80 depend
for information, viii! not be denied by any
whose interests are not i'll the bulllng or
clearing" OF particular stocks.
Much space ia naturally devoted to an
elaborate examination of the results of the
railway war in 1876. This is the more to be
expected because the obvious tendency of such
violent competition is to bring about that alb
sorption of the weaker by the stronger COM
panies which Mr. Adams considers inevitable.
However, the remarkable severity and dura-
ton of this struggle have dawn especial at
tcntion to il, and its effects upon the condition
of the companies and upon the movement of
important products, and particularly OF grain,
have been closely watched. The report reviews
at length the changes in grain transportation,
which have been fully set forth in this paper,
and the pregnant suggestion Is made that,
while the interests of those who control the
trunk lines are to combine. the vast army of
agents and retaiDers. especially in the fast
freight and dispatch lines, are constantly
interested in bringing about those railway
wars which lead to brisk BUSINESS for
traI.sporters IL is probably true that very
large proportion of these struggles are caused
in this way; but the commission certainly Mis-
takes if it supposes that tle tremendous strlg-
gle of 1876 was due To that cause. There the
controlling cause was the fact that greater
number of tracks between the East and the
West had been provided than could find re-
muncratvc employment under ordinary condi
tOps. Hence IA desperate effort was made 90
secure larger business by reduction of rates,
and in this struggle the managers of the rail
way lines found themselves essentially hostile
in interest. II does not appear that this radi-
cal antagonism of interest can be removed 50
long as there il not traffic enough fully 10 en-
ploy all the tracks in existence, and the con
cluson OF the commission, therefore, seems
justifcii-that the struggle will be periodically
renewed until the weaker corporations suCcumb
and are absorbed
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COOP BOOf or REFEREN"F
We repeat this morning the experiment
which we tried Last year of publishing an
| annual Index to vuE DAILY VpINrNr Tho