Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1882-12-21
d. s. Railroad Commissioners Report.

n. S. Railroad Commissioners Report
i WASHINGTON. December 10.
In the annual report of the Commissioner of
i Railroads for the fiscal year endeI June 30,
1882. the Commissioner says:
The unprecelenc construction OF railroads
i the present year deserves very thoughtful
i consideration. The Pacific companies are
rapidly extending their lines TO secure the
| trade in rapidly-developing sec. ions. or make
| through connections with important distribute
| ing points, which will ultimately be OF great
/ value TO the main lines. The money applicable
| to the Repayment of INTEREST," sire PCT cent.
of the net earnings, and sinking fundaud its
| requirements. derived from transportation re-
ceipts, will be SIS So4,ei.s Che total cash pay
ments to December 81, 1881. reAuaeds fEom the
| companies, in addition to the retention OF the
entire compen sation for services. are: Gen.
tral Pacific, 81 ,sSae6i; Central Rranch Union
Pacific, sl.a5'; Union Pacific, se0lS57: total,
S2,IS5,4I. The total; Indebtedness of the
| several subsidized pacific railroads TO the
United States June 30, 1872 was: Union Pacific,
principal. SD, 539,5i2; accrued interest, $780,
Csc, 93s; total, S6S GO $40; Central Pacific prin-
cipaL $50: accrued interest, 81 1873;
total, So sl3: Sioux City, s. Pacific, princi-
pal, t2Ss2o; accrued interest 81 Ala 5s total,
s., 04S, .61; Central Branch Union Pacific, prin-
cipal, SLIGO 900: accrued interest," Sl,5o1.S0S.2d;
total, sa10l. Sos26. Transportation services
performed and money paid into the Treasury:
Union Pacific, S12, COB; Central Pacific.
So 00f, 6e5: Sioux City s. Pacific, S95,27S Gen.
trail Branch Union Pacific, S131, 5se; total, S1s,-
592.l To-. Balance in favorof the United States,
but not due until maturity: Principal, 1895.
1899, Sl0},5A,. o6. The s.nzing-fund accounts.
amount, June go 10 so,716.22si. The Commits
sioner says: e.
This fund has evidently not accomplished
the result anticipated. and since April, 1881,
may be regarded as having practically failed
for want of suitable investment. In view Of
the low rate of interest returned from the
investments 1nade by the Secretary of the
Treasury, deem it my duty to recommend
that Sec. 8, act of May Z, 1878, be amended so rs
to authorize the Secretary of the Treasury to
invest the sinking funds in firSt-mortgage
bonds of the companies, or such bonds as have
been issued to them by the United States, or
in other good and sufficient securities, and
convert the bonds now held by the United
States in said sinking funds into money at
market rates. and invest the Same, in like Sc
curites. As many doubts have been expressed
to the ability ofthe companies to meet their
Indebtedness at maturity, and as to the eff.
ciency.of the provisions for the sinking fund,
l deem it proper to suggest whether it may
not be profitable and highly desirable, with
form of their Indebtedness from q running
book account into settlement and actual de-
amount found to be due on convenient day.
say July !, 1888, at which time ene-half of the
interest will have been paid by the United
into, say, one hundred semi-annual INSTALL
ments. each to be represented by q redemp-
interest upon the whole unpaid remainder Of
the debt, the lien to remain as it is.'
The report says:
ssThe adjustment of railroad rates is one Of
the most difficult and delicate questions of
modern times, and it is specially complicated
in the United States, where every trunk line
runs through several States, each independent
within its own jurisdiction, and jealous of all
interference by the General Government. The
pidlty of its growth, both in increase of mile
age and tonnage, demands that its relation to
the public shall be under some judicious legal
control Rates and Determinations are not en-
tirely within the arbitrary determination Of
the railroad companies. They are subject to-
the ocean, upon the lakes and upon the rivers.
The great lakes and rivers, SO peculiarly ad-
numerous far-reaching and widely-extended
navjgable tributaries, carry water comps.
tition into almost every portion of
the country. with the effect of SO reducing
general rates that the United States enjoys
the cheapest railroad transportation in the
cation for TIE adjustment of rates and discriRm-
nations has been found, and it is undeniable
that there are hardships. neither few nor
small, arising from existing determinations,
often arbitrarily imposed, which affect disas-
trously local trade at pon-competng points.
among the people that railroad management
shall be subjected toF the restraints of law;
nor is railroad management adverse to rea-
sonable control. 1t has become necessity
that wars OF rates shall be controlled in the
interests OF the people and the roads. Such
wars unsettle, within their Dperation, COM
mercal values, affording sudden and unrea-
sonable profits to the few and entailing heavy
losses upon the other rs. l.5sfs
The Railway Commissioners appointed in
twenty one States," the report continues. lex
ercise q haalthful iptluenos over railroad man.
asement. But railroad trans portation strictly
confined within State jurisdiction is so limited
that it leaves thelreal difficulties unsolved and
nearly unaffected. The spowersof Congress
over the whole subject can hardly be ques-
toned. The Supreme Court of Illinois con-
ceGes it, and the decisions of the supreme
Court of the United states seem to render it
indisputable. commission is recommended
to take into consideration the whole question,
and report to Congress facts necessary for in
telligent aud efficient action upon the subject
The Commissioner speaks of the unnecessa.
ry and dangerous dissimilarityof railway Sig
mails. and recommends the adoption of a uni
form system. A review in detail of the opera
lions Of the Pacific roads mentioned closes the
report. The estimste of the expenses of the
railroad Office the next fiscal year is $4,000.