New-York tribune., 1877-01-02
THE MONEY MARKET.

| ard condition." This is the formula which hes no.
come almost universal in railroad reports ItistLe
exact language used in the partial report Of the Lake
| Shore and Michigan Southern Railway Conpanv
which was issued on Friday last. Yet almost before
the copy was in type, Of it's BRIDGES supposed to
| be the best one in the cOuntryD-breaks under tbe
weight Of an ordinary passenger train, hurnq a
| hundred lives into eternity. Ii has been said that
the accident was impossible for human foresight
| to provide against-an act Of Providence
We incline to think Providence takes eepe-
| cial care of the bridges which are subjected to
the greatest care Snd, scrutiny from those
whose duty it is to provide against disasters.
| But short time since an accident occurred on an
other road through the neglect Of roadnan. When
called upon TO testify, he stated that having been
| Oh dnty 23 hours, with the thermometer ranging
| about zero, lie bcnumbcd, exhausted and nm
able 10 stand any longer hence his neglect aud the
consequent accident With him It wa, q case of life
or death, and being Of just much service to the
| Central and Hudson Railroad away from his post
alive as at it dead, he chose the former. In this
ease the accident did no. happen-we have heard
nothing said about Proyidence-to be very serious,
costing the company probably not more than
| $4,000 $50, 900, which quite likely Will be
made good by charging the sum to capital instead
of salary or labor account. But the incident fur
Operating expenses" have been so heavily
reduced 1t is not our province to discuss
the causes which led to the calamity at
AshtabuIa. further than they relate to the financial
branch of the subject. For two years 1nE TRTBUNE
has steadily maintained by logic and facls that the
reported large reductions III the cost of keeping IN
good repair railroads aud their equipments i'll
compatible with the prOfessed maintenance Of
"rOadways &c, up 10 their high standard"
To us il seems that the suboipcd compare
tive table throws flood Of light upon
the recent terrible disaster which cost
hundred lives, and the Lake snose Railroad
Company, sum probably far exceeding the estimate,
hnade only ten hours earlier Of the remaining net
earnings for the year, which il voted should a be
distributed to the stockhoder7, save the patFy
OF about 81, 600. The following are the Lake Shore
Compauy's reported principal items Of expense
exclusive OF ra.ls-rciatIyc to the cost for
SAiSTESAscE OF ROADWAY AND EQCIrHEsr
Remain. 0. crr,pcs and car.s $50 scsitaq .Ez,is
RepaTs Of Toads'y ana III ILSst1 4''92 ;! l'lL-t!
Inclusive ' above iteIs 1860 llL5237I Io3is0o
Tho statement just issued not being regular an
nual report does not furnish the items for 1876. but
it gives the operating exp"ns's estimated on b."
2Jj ut S9,GU2 900, 1929 500 les than Tor lo7l
$l,550.37l less than 1879, and Sal fs,.50. less
thin - as. IL VIII b' seen lhc chhEt' ia 100 LOT
repairs to equipment were reported S322 10 ies,
than IoF 1873; roadways and tracks, $780, 7O2 less,
and bridges, 81, ,357 less. 1t is not doabtcd but %
large proportion of the total reduction Of Si29j0D
in operating expenses from 1875 reported for 1876
will be found to be due to the three items before
mentioned.
Some time since Chicago journal, in speaking Of
the blockade of freight the trunk lines, thus
accounted for it,
The locomotives suffered on al me lines during tie
raf. 70 the extra Imposed upon Ir machinery nv
Increased speed and longer hau to onset lAr loss 'c-
casuncd rs rHousy low rates. In Ctitr Words, lhn
companies IIe To make up for TIE dihrrh'r lu ;d'''
bJ getting Eoe work cat Of The locomotives ana i"f
e,giur"ts anu. - a cOH-rQurHes, tIey nave crpp'I
thcr I r,lu,ry 1, Is suspected, too, tna' the 'n-
guec.r. N!O are opposed 10 l"u% hor', nave 30. Iih
the ~ their locomotives that thcy would nui"r
les ariuOu> rcquit emeAts.
Here IS confirmation ef THE TRIBUNEs theoy-so
far as il relates to the maintenance OF equipment.
We have reason 10 believe that The story recently
told by Western Journal Of the Ccntro. AMI llud-
son CorI ny having 100 locomotives Land "p in
hospital ro. j. mdcr,tated the trut Hunh.
Railroad " add" 10 their equipucn,, and charge the
cos, to capital account when the new ones scarcely
make good those which during the saue period have
become unscrvIceablc. Yet so long tnc O.d Ones
oro not actually wrecked Or burAed the 'puulbtr IS
gool ON the list The cau,, for this kind of maulr-
ulatiou is not, rs some suppose, the extreme 10"
rates for transvo. ton which have prevailed Ton the
past year. 1t began when tne rates ~cre three and
four times what they now, and had It's "rign IN
va.cfel capta. The TRIBUNE does rot bc!l.rc the
railroads can afford 10 do business at the present
rates. but il their own reports arc to b. relied upon,
they cau and the public should not submit 70 any ad-
vance, Take fyrinsancc, thu last report OF the Laho
shore Company. 1t represents net earnings Of
Si3Gl,I77 but deduct from this sun 81 0UJ'ocO
for what has not, but which We think should nave
been spent for a proper maintenance OIL I""l' "''-
not iBc,nding the extraordinary cost arSil1 from
ttc recent accident-lcGvcs net earnings Hf,Wol'"
or a sum equal to per cent on upward oi FtZ,oo"-
OOO Does any one imagine that the entire property
Of tie Lake Shore Company ever cost such Il sum-
or that it could not now be replaced i"f hu'"
smaller sunni Railroad companies arc not IKE lhd-
,duals. entitled to Tx cxorbItant charges FOR their
services and say TO the public use us or noi' ~
Won please; they are chartered corporations
for the good Of the public, and not specially
for the benefit of the capital invested, and
certainly not for thrice or qnadrupe that sum ot
capital Certain privileges granted them whc.1
are inconsistent with Individual ulhts IL Their
construction the individual owner Of land cannot ic-
fuse to sell or fix price 80 exorbtaut to amount
10 the same thing. In case ol disagreement ~ 20
value the property is condemned, though 10 De- mo
family ,uansoiI eudearcd by the legends - 4 con-
turN aud tie value - assessed hy tit court
individual hGg TO yield 90 tic common "ea' '''
however, that the corporation may Altei"b ".
,orur machine for CNtuT.IOu. lL'hc i'N lH''
and others oi Ike lmpC!, lSlt wei pc rom '' -
by those who ~ highly respect me llslISV' ''''~
cdpl;.l-iu railroads.
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THE MARKETS.