Middletown transcript., 1878-05-11

items are for ordinary repairs We give th
following showing:
Gross Earnings, ,....... 3O5, 43
CIR.
Mantainance Of Way, ay,................. $3.50, 00
Rolling Stock, 2G8, ,OO
transportation, ........,............"..ll6 60, ,00
Miscellaneous, 50, O0
Net Earnings........." ,655, 43
or l453 per cent. upon capital stock after al
ordinrry and usual expenses and extraordina
ry salaries are provided for.
This bonanza company do not keep al
their eggs in one basket. As cover for thr
inconveniently increasing spoil.
First, there is the surplus fund.- S545,
322.5O; second, renewal fund, S27O, 900
third equipments and improvements 1865,
83G.l3 fourth, stocks aud other securities
81, 200, ,o9l; fifth, there is stock of Del N
C. s. W, and N. C. & F. R. Rs, S743, 25I, Oh
total of So, 215, 500. 60 of earnings added tc
the property of the stakeholder and the
amount might fairly be much increased by
analysing from the reports the amount ex.
pended in previous years under the head ot
Renewal Fund and Equipment and Improve
ments "All renewals of track made with
steel rails
We have one more exhibit from the Rail.
road Manual
In 1876, there were tons moved one
mile on P. W. &B, ............. .38, ,094, 43G
" 1867, s'l5, ,457, ,48G
or, an increase in nine years making the bus.
mess done $50 per cent. greater
In 1876, operating expenses were. 81 ,65l, ,6Oa
+" 1867, j" 1,475. 545
Showing a decrease Of transportation ex-
penses of more than 60 per cent. In 1876 il
was l-5 cents per ton per mile, and in 1867,
81 cents, or a II per cent. gross increase in
expenses. where amount of business done is
more than double.
A corporation which so inverts the natur.
al and conscientious order as t6 ordain lis
season ofgreatest prosperity in the times ot
greatest hardship and suffering of its kin
dred interest," producing co-operator, needs
some high impartial regulator TO redress rea-
sonably its exaciions, rebuke its wrongs, and
warn of the severe consequences.
In further answer to the claims ofPresident
Hinckley, that reasonable reductions have
been made, let US state that the early charges
of the R. R. Co. were based upon an expert
ment. The business was in its infancy, and
ten cars per day were scarcely expected 1t
is much more fair to compare with the gener-
al cost of transportation on other roads MAX
ing all allowance for difference in the mode
of conducting business.
Nevertheless We will 90 back TO the carly
charges of the company. In 1867 their charge
was Sl32 per car, or computing in gold,
$4,000. In 1870 their charge was Sll9 per
car, il currency, or S1O1 in gold. In 1871
and 1872 their charge was S95.5O in curren-
cy, or $86 O0 in gold. In 1875 the charge
was $500 in currency, or $500 in gold.-
In 1878, if the same ratio is TO be preserved
as existed last year, apparently by the small
premium of the present, the real charge will
be $500 in gold, or an ddUGnce of $1,000
per car, over the year 1875.
In this reduction of 50 per car, comparing
1867 with the present, commensurate with the
vast increase of business since. Is a reduc-
ton ofless than ten per cent. acceptable when
expenses to the railroad have declined in a
much larger proportion, and that too when
early rates were experimental.
We challenge any different rendering of the
fac's in the above statement
A comparison of the corn with the peach
rates ofthis road. and also of the peach rates
of the Baltimore and Ohio, was had last year.
1t will suffice 10 repeat that the B. & 0. car
ry on trains, requiring from the difficulty of
their road bed, twice the locomotive power
used on our road, at the rate of $50 per car
for the same distance as is New York from
Middletown.
We must award to the B. & o., even at
these rates with small number of cars carried,
commentator for their greater promptness
in settling for any delays or damages.
Having partially sketched our wrongs, and
appealing for a change of treatment so un-
reasonably formed against our financial well
fare, let us open to the short chapter of rem
edies.
First. We have the business alternative of
shipping at least all plain fruit by water,
where hauling to boat landings is not more
than FIVE or six miles, with the certainty of
advantage from the experience of many en-
terprising shippers. We could so Gull our
fruit, sending the best by rail as to make it
feasible TO have but. light freight on the
residue which is so little able to bear it.
Those living considerably east or west of
the railroad are aware of the difference in
outlay between the cheap water carriage and
land carriage with its high rates and large
expense of carriage from want of terminal fa-
cilities. They have made arrangements
which are considered permanent while ex-
cessive charges continue, and with their coop
eratien every grower could ship, reasonably
large proportion of his crop.
From Philadelphia transportation is much
cheaper into the interior of Pennsylvania, and
to New York, than rates allowed the grower.
There need be little fear of unduly overload
ing Philadelphia market, as the difference in
shipping expense gives big margin over the
peaches shipped under President Hinckley's
schedule, from the orchards. His high
charges are but an introduction to the high
est rates over all connecting routes. Notion
ly does the P. W. & B strip US much as pos
sible, but in delivering to other roads there
is an invitation, or a compulsion, TO do like
wise or why do the Pennsylvania and Read
ing roads charge so much less to Philadel-
phia spectators, than to us for freightage to
the same points?
Second. The recent decision of the Su-
preme Court in the case of the Chicago,
Quincy Burlington Railroad completely es-
tablishes the right ofany Legislature 10 reg
ulate the charges of common carriers TO
reasonable compensation, whenever they are