Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-12-12
PACIFIC RAILROADS.
Annual Report OF the Comnaissfener of
Railroads Tor the PAsf Fiscal
Year.
A General Improvement I'm Consfrue.
ton and Equipment all oees tie
Ceenssk.

sA"- $3.50 "NeN me
Cscnsrt.
WASHING TON, December lin the an
nual report of the corsrsiss,onet of all
roads for the fiscal year ended June 30
1sss. The eepmissionef sEfs2 AsarnIe the
accounts OF the ROADS are kept in a thor.
oughiy Comprehensive and ,bu.ine,s-I;Es
manner. The members efthe bureau made
extensive trips tbio year to inspect the prop
ertIes Of the numerous bonded and land
grant railroads coming within its iurisdic.
ton. A decidedly healthy improvement In
construction, operation and beslness is mani
fest. Steel rsiis are Substituted for iron as
rapidly as pfacticahle there are la,ae.re ties 10
the mile, AND OF superior quality, better
fastening and good ballast being used. The
bridges and buildings are not only beino re-
paired and renewed, but generally improved
or replaced by better ones. Emhantments
| and cuts are being widened, grades ana
ticurvatures are being reduced, and general
improvements are made 81 Tar as practica.
Fble: The BEST locomotives earbeing used,
and improved passenger and freight cars
purchased or built. The Unprecedented
construction ,ofrai,roads the present year de.
serves very thoughtful consideration. The
Pacific companies are rapidly extending
their lines TO secure the trade of rap
Idly developing sections, or making
through connections with important
distributing points, which will ultimately be
of great value to the main lines. The money
applicable to repayment interestn-6ve rer
cent. OF the net earnings and sinking-fuhd
requirements derived from Transportation
receipts-win be S16,804,O44. The total
each payments to December 81, 1881. re-
CURED from the companies, in addition 10
the retention OF the entire compensation for
services, are: Central Pacific, $I,Zs2,264;
Central branch, Uuion Pacific, 1888; Union
Pacific, S90l .s37; fetal, S2,lS8,054. The to-
Pacific railroads to The United states on june
80. 1882, was: Union Pacific principal
$50, $50 sic, accrued interest 30OSO 99S. to-
tai sos, $40 $40; Central PAclfic-psihcipsl
s27, S55 $50, accrued Interest S24, 2S5, 1888, to-
tai S52 1885; Sioux City and Pacific
principal 81 ,628 800, accrued interest 81
4l5,447, total $3,04S,767; Central branch,
Union Paciic-prlncipal 81 SOC, 600, accrued
interest 81 sol sos 20, total So 16l sos 26.
paid into the treasnryi DRion Pacific, S12,-
36o,6o3s Central Pacific, S6,004,665 Sioux
City and Pacific, SOS, 27S; Central branch,
Union Pacific, $lSl, $3.50. RalauSs in favor
OF the United States, But not due until m aturi-
ty OF principal, 1S95-1S99, sos, 3l4,07 The
Blinking fund accounts amount June 30tb, to
81, 756, 221. The commissioner says this fund
has evidently not accomplished The result
anticipated, and sihoe April. 1881, may be
regarded as having practically failed for
want OF suitable investment. In view OF the
low rate of interest returned from invest
ments made by the Secretary Of the Treas
ury deem it nay duty 10 recommend that
section 8 OF the act of May z, 1873, be
amended so as 10 authorize the Secretary of
the Treasury 10 invest the sinking fund in
first mortgage bonds OF companies, or such
bonds as have been isstied to them by the
United States, or other good and sufficient
securities, and convert the bonds nov held
by the treasurer Of the United States into
money at the market rate, and reinvest the
same in like securities. AS many doubts have
bsen expressed to the ability of the COM
panies to meet their Indebtedness at matu-
rity, and as to the efficiency of the provisions
for the sinking fund, deem il proper to sue-
gest whether it may not be practicable and
highly desirable, with the consent of the
companies, 10 change from their indebted.
ness from the running book account into set
Element and actual delivery OF interest. bear
ing bonds Tor the amount fonnd to be due
on any convenient day, say July /, 1888, at
which time oue-half of the interest will have
been paid by the United States Let the
ascertained amount be divided into, say 100 |
semi-annual instalment-, each to be pre-. |
scented by the redemption of bonds pay able |
each six months, together with interest upon |
the WnOle unpaid, Inc REMAINDER OIL the debt |
a lien 10 remain as 1t is.
The report says the adjust ment of railroad |
rates is one of the most difficult and delicate |
questions OF modern times, and il is speci- |
ally complicated in the United States, where |
every trunk line runs through several States, |
each independent within its own iurisdics |
ton and jealous Of all interference |
by the general government. The enor- |
mons extent Of this interest," and the |
r L.
mileage and tonnage, demands its relations
to the public shall be under some judicious
legal control. Rates aod DETERMINATIONS are |
not entirely within arbitrary determination |
Of railroad companies They are subject TO
which they cannot control |
upon the ocean, upon lakes and upon rivers.
The great lakes and rivers, SO peculiarly |
located as 10 trade with /
heir numerous far-reaching and widely-ex-
tended navigable tributaries, carry water CON-
petition into almost portion Of the county
With effect, SO reducing general rates. The
United States enjoy the chespest railroad
transportation in the world. AS yet no Just
basis of general application for the adjust
nent OF rates and Determinations has been
ound, and it is undeniablc that there are
lardships, neither few nor small, arising
rom the existing discrimination, often srti-
rarily imposed, which affect aisastrously
ocal trade al nOn-comPetlng points. There
> growing and clamorous demand among
he people that railroad management should
,e subjected 10 the restraint ef law, nor
$ railroad management adverse to reason
ible control. Ii has become a necessity
hat "wars" of rates shall be controlled in
he interests of the people and the roads.
such "wars" nneettle within their operation
values, afording sudden and
unreasonable profits to few and entailing
leavy losses upon others.
The railway commissioners appointed in
weniy-one States, tire report continues, eter-
Use healtbful iohuence over railroad man.
cement, but railroad transportation, strictly
onhned within State jurisdiction, is 50
United that ii leaves the real difficulties un-
olved and nearly unaffected. The power of
congress over the whole subject can hardly |
e questioned. The Supreme Court of Hi
OILS comedies il, and decisions of the So
RENE Court of the United States seem to
ender it uudisputabIe. A commission is
to take into consideration the
hole question and report 10 Congress facts
for intelligent and efficient action
pom the subject.
The commissioner speaks of unnecessary ,
nd dangerous dissimilari,y in railway sig :
ais, and recommends the adoption of a .
Diform system. :
review in detail of the operations OF the .
acitic roads mentioned closes the report. 7
he estimate for the expenses of the rail- :