Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1882-12-22
O. s. Railroad Commissioners Report.

q. s. Railroad Commissioners REPORT
WASHINGTON, December 10
In the annual report of the Commissioner Of
Railroads for the fiscal year ended June ~.
1852 the Commissioner says:
The unprecedent construction OF railroads
the present year deserves very thougntfuL
consideration. The Pacific companies are
rapidly extending their lines to secure the
trade in rapidly-developng sections, 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" five per cent.
of the net earnings, and sinking fund and its
requirements, derived from transportation re-
ceipts, viii be Sic, S0A, 04& The total cash pay
ments to December 81, 1881, required from the
companies, in addition to the retention OF the
entire compensation for services. are: Cen
trai Pacific, 81, 2S2, 664; Central Branch Union
Pacific, $l.s5s; Union Pacific 1901. s37; total,
So, 1S5,454. The total Indebtedness OF the
several subsidized Pacific railroads to the
United States June 80, 1855, was: Union Pacific,
principal, $50, 539, 512; accrued interest, $780,
0S099S; total, $63 GIG, $40; Central Pacific prin-
cipal SGT S55 $50: accrued interest $24 2s5, 1873;
total. So, 140.Sl3; Sioux City & Pacific, princi-
PAL e2s $50; accrued interest 81 4l5 AT; total,
So. 043, .67; Central Branch Union Pacific, prin-
cipal 81 600 900; accrued interest, $15O1 s0S.2o;
performed and money paid into the Treasury:
Union Pacific, S12,36l.603; Central Pacific,
5000, 665: Sioux City s. Pacific, S95,27s; Gen.
trail Branch Union Pacific, S1S1, 566; total, SIS,
$50, TO-. Balance in favor of the United States,
but not due until maturity: Principal, 1895,
1899, Sl03,3l4ss6. The sinking-fund accounts
amount June 30, to S2,7l6,22i. The Commits
sioner says: Nsh,s
"This fund has evidently not accomplished
tho ut al CIV
may be regarded as having practically failed
for want of suitable investments In view of
the low rate of interest returned from the
Investments made by the Secretary of the
Treasury, I deem it my duty to recommend
that Sec. 8. act of May Z, 1878, be amended SO as
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
curities. AS many doubts have been expressed
as to the ability offhe companies to meet their
Indebtedness at maturity, and as to the eff
cheney of theprovisions for the sinking fund,
Ideem it proper to suggest whether it may
not be profitable and highly desirable, with
the consent of the companies, to change the
form of their Indebtedness from a running
book account into settlement and actual de-
livery of Understanding bonds for the
amount found to be due on a convenient day,
say July l, 1888, at which time one-haf of the
interest will have been paid blythe United
States; let the ascertained amount.be divided
into, say, one hundred semi-annual install
ments each to be represented by redemp-
ton bond, one payable each six months, with
interest upon the whole unpaid remainder of
the debt, the lien to remain as 1t is.''
The report says:
"The adjustment of railroad rates is one of
the most difficult and delicate questions of
modern mes, and it is specially complicated
runs through several States, each Independent
within its own jurisdiction, and jealous of all
interference by the General Govefnment. The
enormous extent of this interest and the ra-
pidlty of its growth, both in increase of mile
age and tonnage, demands that its relation to
| the public shall be under some judfcious legal
control Rates and Discrimination nre 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 adj
! vantageously located as to trade. with their
numerous far-reaching and widely-extended
navigable tributaries, carry water compe-
tiuou into saimost every 81 portion of
general rates that the e United States enjoys
the cheapest railroad transportation in the
| world. As yet no just basis of general appli-
cation for the adjustment Of rates and discrim-
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 Don-cOmpeting points.
There is a growing and clamorous demand
among the people that railroad management
shall be subjected to the restraints of law;
nor is railroad management adverse to rea-
sOnable control. 1t has become q necessity
! that wars of rates shall be controlled i'm tho
! interests of the people and the roads. Such
| wars unsettle, within their operation, COM
| mercial values, affording sudden and unrea-
| sonable profits 10 the few and entailing heavy
losses upon the others.
1.-The Railway Commissioners appointed in
| twenty one States" the report continues, lex
ercise healthful influence over railroad man.
| agement But railroad transportation strictly
confined within State jurisdiction is so limited
that it leaves the real difficulties unsolved and
I nearly unaffected. The power of Congress
over the whole subject can hardly be Ques-
! toned The Supreme Court OF Illinois con-
cedes 1t, and the decisions Of the Supreme
| Court OF the United States seem 20 render il
| indisputable. Accumulation is recommended
| TO take into consideration the whole question,
and report to Congress facts necessary for in
| telligent and efficient action upon the subject
The Commissioner speaks OF the unnecessa-
| nv and dangerous dissimlarity of railway sig
mails, and recommends the adoption of n uni-
| form system. A review in detailief the opera
tons of the Pacific roads mentioned closes the
! report. The estimate of the expenses of the