The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-06-24

ftieco company, reports that he wiz lot day. |
hs NJ 'nr1arn on the 9Th day Of July.
tne Coea9o Railway Review says Earnings
for May show an Increase Of u IL per cent
Fifty roads reporting earned so S24. 4S2 against
slS6I. S2 In May Of 1851. an increase Of 8 sos.
~. Ihis was earned in mileage increased
The restoration of the old rates between st
Louis and Chicago and Kansas City went into eff
feet last Tuesday. and the rebate business was
SPpsa nj xi,o Knight 81 "a louis sssn, q ,hs
on pile Of tickets sold In Chicago and Kansas
City the previous day.
A Chicago dispatch, Of date June ath says
i, i Is learned negotiation. are pending Seiysen
York, Chicago and IT. Louis and number of
heavy packers and shippers here, with view
to forming combination for handling and for
warding freight intended for export A meet
ing of all the underwriters Of the ,ity was held
to-day. atwhich resolution was passed that 1T
is desirable for Chicago underwriters to write In
one body upon some basis OF equity to all, and
cordance with it. This is believed to foreshadow
an amalagsmation OF the two Insurance bodies
known as the board and the exchange,
The Chicago Times publishes The following In
teryiew with Mr.. William II. Vanderbile II see
that Mr.. W II Wander bit has seen fit to attack
our road again." said Mr. c. r, Cummings, pres
ident of the New York, Chicago \ 81. Louis rail
way yesterday TO reporter Of the Times, who
had ca led to talk with him upon that subject
The president of the New York GENITAL had been
reported as saying that the New York Chicago
< St Louis, the new line paralleling the Lake
Shore Michigan Southern between Buffalo
and Chicago, was not overwhe m.d with capt.
tal that the road is built to sell, and is cheap in
construction, and that the fixed charges are SO
high that nobody will want TO buy it," Presi-
dent Cummings was asked ifhe had any reply to
make to the printed criticism quoted above
| Mr., Vanderbilt" said he, has seen fit on
several occasions-and notably when journeying
in the west-to attack the character and impor:
lance of the New York, Chicago Il ST. Louis. /
think this is very small business for aman of his
enormous riches and controlling such colossal
railroad monopolles. 1t Ill becomes the piesi-
dent of he Lake Shore railway to talk about the
fixed charges of a rival line. l undertake to
say that the fixed charges of our road, when II
shall be complete and equipped for business,
/ will be lower than those of any line OF similar
length traversing SO populous section OF coun-
| try. As to his statement that the road is being
cheaply built the character of the construction
will compare with that of any flrst-class railroad
| as the company has used the best steel rails and
constructed its yiaducts and bridges OF
heavier material than is ordinarily used
| for such purpose. The new road will
I possess facilities surprising those Of any
other road for getting freight through Cleye,,
land. The equipment of the new road, as VIII
be admitted by every one familiar with railroad
ing, being of the most approved construction,
will possess an advantage over equipment con-
structed after a pate II of thirty years ago.
Everything is in favor OF a more economical OPP,
/
DO you anticipate that the new road will be
able to cut into the earnings OF the Lake shore
railway?
| I'll will not be unreasonable to expect that its
earnings will approach TO something near those
| of the Lake Shore Unless they do, II will be u
sorry season for both properties Fortwo years We
| Lake Shore has earned about 81 90 per mile on
| the main stem of its line between Chicago and
buffalo. Ii is 10 be expected that the earnings
ofour road will from the opening amount to ut
least half that revenue per mile: Unless am
incorrect In my estimate, there Will be nom the
| outset
ALARGE SURPLUS
of net earnings which, after meeting liked
charges, will be applicable on stock dividends.
Now let US look at Mr.. Vanderbilrs Lake
Shore continued President Cummings, is 1t
! In good taste for Mr.. Vanderbilt in view of the
Lake Shores SAC, 100 900 Of bonds issued when
rates of interest were very high, and its $4,000
100 of stock on which per cent, must be paiu,
| to talk about the fixed charges of the New York,
Chicago & st, Louis or its probable impecu-
mostly In the matter of earnings? Don't look
reasonable that the securities Of these TWO roals,
running parallel ana tapping the same traihc
sources, should be expected to approach nearer
Il common value than Vt present, either by me
decline Of the Lake Shore securities or the ad-
vance OF the New York, Chicago& 81. Louis Sc
curities? Mr., Vanderbilt insinuates that we are
having difficulty in getting money win when
to complete the road. The money is already N
| the ill., and we are not dependent upon me
conversion of stock-yards assets into cash, nor
| the issue of new bonds, as the Lake shore IL
said TO be, for our dividends
| 1t was learned yesterday that scheme OF
some magnitude and importance is being
worked up in connection with the new
trunk line. The officers, however, when
questioned regarding the matter, seemed
| unwilling to talk upon the subject though II
was evident that they were
| WITHHOLDING INFORMATION
| for prudential reasons The scheme referred TO
embraces the organization Of II freight line for
handling and forwarding from Chicago freight
intended for export II is rumored that the
combination is joint arrangement between the
railroad company and number of packers and
grain operators, The plan is novel, and to some
extent experimental. There have been indica-
tons for some weeks past that u combination of
this sort has been under consideration 1t is
understood to be the proposal 10 admit the ship
pers 10 Joint ownership In the cars used for
transporting the export freight
IL was ascertained yesterday that the track Is
laid upon so miles Of the New York, Chicago x
81. Louis road, Only % miles remain to be laid
to complete the line between Chicago and Buff
falo. The greater part of the route is ballasted,
and the bridge and viaduct work is nearing COM
pletion. Reports from along the route are 10 the
effect that considerable freight is being held at
various stations In authorization OF an early open
ing of the line. II IL also learned that work on
the construction and repair shops ut stony is.
land, near Chicago, will be commenced imme-