, 1877-03-05
THE RAILWAYS.
RAILROAD Con1B1SAT1oN.

RAILROAD COMBINATION.
Special Correspondence a] The Tribune.
BURLINGTON, Ia, March Am important
railroad combination has recently been effected,
which promises tn exert marked influence on
the freight and passenger business Of the Mis-
sissippl Valley in Illinois, Iowa, and Missouri.
On the 18th Of February Mr. A. L. Hopkins,
Receiver and General Manager Of the Toledo,
Peoria d. Warsaw Railway, was appointed Cen
cral Manager of the Toledo, Wabash ds Western
Railway, and accepted the position, and has en-
tered upon the discharge OF its duties. He has
not resigned the position OF General Manager Of
the Toledo, Pcoria s, Warsaw, and the two lines
which were before active competitors are now
operated under one management The Toledo,
Wabash d Western Company, By change Of
name, has become The Wabash Railway Com
pany. The two roads run practically parallel
Through Illinois, and not more than fifty miles
apart The Wabash Road running branches
from Decatur to ST. Louis, Quincy, Hannibal,
kcokulS, and Pcain, and branch from Lafay-
ettc to Bloomington. and the Toledo, Peoria d
Warsaw Road running from Burlington, with
branch from La Harpc to keokuk, aud having
i'll the Peoria & Rock Island practically branch
t. Rock Islaud, the union Of the two interests
cannot tail to be Of unusual Significance Both
these roads arc LOW in lost excellent condition,
and the Toledo, Peoria d WARSAW claim that
they can and will during the summer run
Through coa4h from Burlington to. New York in
thirty six hours. Much new steel rail was laid
By this Coupa:y last season, and the roadbcd
was carefully ballasted until 1t is as easy aud
comfortable to ride upon as any road in the
country Reaching, Us the combined roads do,
such wide extent Of territory, and having ut
Toledo the choice Of two Eastern outlets, the
combination produces power in tho railroad
world that commands respect and wields pew
crful influence The prospects arc now very
favorable that before the summer ,.of
ls17 shall close Burlington will be the
aarrow-=auge railroads. The Burlington d
Northwestern has more than paid its operating
expenses during the winter, although only thur
ty-two miles in length. Its extension Is fixed
TACT, md it now seems probable that at Winfield,
its present terminus, it will branch into two
lines, one running northwest through Craw-
icrtlsy1lle and Washington, and on through
Iowa County, and the other going almost drcetly
west through Marshall and Brighton and keo-
<xul County. Tho success Ut this enterprise
has stimulated two others, the Burlington, kco-
saugua & Western, project originated late
last fall, and which is now receiving considerable
attention, and the Burlington, Monmouth d.
Illinois River Railroad II Pckin or Peoria take
hold Of the latter project with any energy it will
undoubtedly succeed speedily and will probably
he built without their aid The Burlington,
Neosauqua & Western will be built bv taxation
along its line. ]. ". BURDErrE. =
THE ROCK ISLAND & SOUTHWEST
ERN RAILROAD.
Ntsc FORK San, Aurch I.
The Chicago, Rock Island s. Pacific Railroad
Company has issued circular inviting bids Tor
q new issue Of mortgage bonds, which it pro-
poses to make shortly. OF course, investors
must use their own judgment as to the value OF
the security which the Company offers; but
there is one conspicllous absence of truth in its
circular to which NC would call attention.
In the details OF The Company's resources and
liabilities, presented as an inducement to take
the new bonds, not one word is said Of its obli-
gations on account of the Chicago d. Southwest
crn Railroad. 4 like silence is observed in the
official rep ports OF the Company. The state
ne,ts Of net earnings in these reports is made
up without reference to the amount lost in
operating the Southwestern, this amount
being carried along as an asset forming
part Of The Rock Islands SURPLUS. Up
to April !, 1S73. the loss was s2,356, ,552.
and BY April !, $50. it had grown to be ss,ss5'-
out Of pocket nearly 81 .000, 90 a year by opcr-
ating the Southwestern Road, aud it is not hon.
est in its officers to conceal the fact from the
public When asking tor new loan.
4 like conceallncnt has been practiced BY the
officers Of the New Jersey Central Railroad
Company il respect OF the bonds Of the Lchigh
s. Wilkcsbar1c Coal Company, which we're is
sued aud sold with the guarantee Of the New
Jersey Central. These bonds we're represented
as first mortgage bonds, and are still called go.
but the fact IS that they arc subject to general
liens of over s. 0D, 600, which have not yet been
Cancelled, and a number Of separate purchase
money mortgages, amounting to over 81, ,Co0,0O0,
making altogether more than s., ,000, ,000, which
must DC pad in full before the holders Of the
guaranteed bonds arc entitled to anything.