The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-03-20

Albany to st. Louis; on the edge were printed
the initials of the various roads over which the
holder could pass. The conductor was obliged
TO punch from this ticket the name OF his r0hd
MS the holder passed over it. This style OF Ticket
called into being for the first. time the eondue-
tors punch, now used by every conductor. 1t
was also the first attempt at a combination
ticket from which has finally grown the present
haf-yard long coupon ticket It was also the
reason for the first gathering of general passen-
ger agents TO consult on methods for managing
their business more Mechanically, which meet
lnss finally grew into the National Association or
General Passenger Agents.
The ''bulTs" on Southern railway systems are
certainly making good showing, they pointing
with persisteney to the immense increase, con-
stantly being added to, in the mining and manu-
featuring interests OF the South, all of which are
EoarishiDE. I'm Alabama, for instance, at one
point, BirmiHgha,D, where SIX years ago there
WAS Only the outline of n small town. over T,ooo
artlsaHsaTe employed in the coal and iron indus
tries a4one, The monthly tonnage forwarded
Nashville railroad was l,420tons, whilethe aver
age monthly tonnage forwarded during the nrst
six months of thIs fiscal year is 6,s43 tons.
WONDERFUL CONVERSION.
The editor of the Wall-sueet News must have
been "seen," as the Indiana Legislators put it.
For months it has been bitter in it's attacks on
the Union Pacific and all parties connected
with il; suddenly it has been converted aud de-
votes nearly page in landing the merits Of the
property. The article in questlan concludes as
follows: "The company, as shown, earned over
IL per cent. on its stock in 1881, and over Is
per cent in 1882 It's surplus of 81 500, 1884 re-
naming from these two years, and also the sur
plus OF 50, $3.50 remaining from the year
1880, was expended in acquiring branches. The
$6 306, 759f of land grant con tracts and cash in
the hands of the trustees is sufficient for the
cancellations of all its land grant bonds remain
ing outstanding. Its funded debt has not been
increased. 1t has relaid over 1900 miles of new
track on its main line with steel rails, and in
creased Its equipment; and against all this 15 can
only be said that its floating debt has been in
creased by the comparatively email sum OF 49,
1879.
GENERAL DEvEREUX's STAR SHINING BRIGHTER.
President Gowen states that his leasing and
consolidating schemes are all moving along
highly satisfactory to him and friends of the
Philadelphia e. Reading road. An adjourned
meeting of the stockholders is to be held within
two months. At that time Mr.. Gowen will show
the excellent financial condition of the company,
the benefit to be derived from the new leases,
and, after stating that he has fulfilled his prom
1ses to the stockholders, will formally tender his
. resignation This may not he accepted, how
ever, but Mr. Gowen will insist upon its going
into effect after the present year has expired.
There are several names already mentioned Tor
Mr.. Governs successor, and among those is that
OF Mr.. George D B. Keim, the vice-president of
the company. The name of General George J.
Magee, president of the Corning, COwanesque ~
Antrim Railway Company, who is a warm per-
sonal friend of Mr.. GOwen, ia mentioned. Gem
eTai j. IL. Devereux, president OF the Cleveland,
Columbus, Cincinnati Il Indianapolis Railroad
Company, has also been spoken of. 1t is we'll
understood that from these three men Mr..
Governs successor will be chosen, and to which
ever OF these that gentleman's position falls, the
choice will meet with the entire approval of Mr..
Gowen.
ARE TRAFFIC CHARGES TOO Low.
Some weeks since an article was published in
the railway department of the Journal to the
down to the minimum and allow the railroad
companies to exist. This article was based on
remarks made by V. T. Malott, late general
manager of the Indianapolis, Peru g. Chicago
road, who has made economical railway opera
lions and the actual cost of moving freights a
study and who made information thus gained
of value in operating the l.. P & c. before it be-
came the prey of the Wabash Below is
reproduced an article sab-headed Are
Traffic Charges Too Low" and published in
the Indicator, the tone Of which is OF
the same character published in
the Journal. The Indicator says: The more the
subject of railway traffic rates is examined the
more apparent 1t Will become that COM
petition and the desire to meet the pub
lie demand for eheap Transportation has
resulted in bringing down freight rates on the
trunk lines to "a degree that does not leave a rea-
soDable profit TO the stockholders Dividends
may he paid at regular st4Jed periods on shares,
Yet there are but few OF these roads that are
not forced to increase their Indebtedness
every call Tor unusual expenditure TO the most
successful companies an end must come to this
continual enlargement OF capital account. This
canDot 30 on forever, and on many roads it
not be continued much longer, without resulting
in irreparable financial disaster. On the rail
roads of the United States and especially on
wbatare known as trunk roads, traffic is conduct
ed at a@ower price than on the railroads of any
other country where this means OF transporta-
ton is in use. IL is too low in proportion
TO the cost of conducting operations. On
the English always the average ratio of ex-
penses 10 earnings is about 50 per cent? and on
American roads the average Is about 90 per
cent, while the average earnings per ton per
mile are in favor of the English roads In but
very few cases do any European railroads carry
freight at the rate OF l cent per ton and mile.
In Holland, potatoes in open trucks are carried
$40 miles the rate of "a cent per ton and
in Ireland about A cent. Grain is carried from
Glasgow to New Castle, 169 miles, for about 1.6
cent per ton and mile. In the United States
grain Is carried from Chicago to New York for
about 81 centper ton and mile, and provisions
for about 80 cent per ton and mile This rate,
with an average amount of tonnage TO be moved,
is found the trunk roads to he sufficient to
pay working expenses, fixed charges and "a fair
dividend annually on shares but to fall short of
maintaining the road in complete efficiency, and
of paying for improvements and larger facilities
for increased traffic AS necessity, additional
capital must be sought for the enlargement of
the working capacity of the several roads.
Death of Mrs Holiday
The Methodist ministers meeting yesterday
afternoon adopted the following resolutions on