The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-06-04
their rates on whatever the prevailing rates were
from Chicago, which means he will meet any
To- do
Takes a Dark View of the Situation.

Takes Dark View Of the Situation.
e. B. Thomas. general manager of the Bee
line system, who was In the city yesterday,
takes rather gloomy view OF the situation with
railroads, and says he sees no relief near at
hand. The shrewdest railroad men are at sea as
to what steps can be taken to put the brakes
upon the general decentralization on rates that is
sweeping over the country. The Nickle plate
had slapped the life blood from the Lake Shore,
the West Shore was slaughtering rates at the
expense of the New York Central, and soon the
Pennsylvania Railroad Company would,
through the South Pennsylvania road, now
building, have the same class of railroads
to deal with. and paralleling railways was being
carried on to such an extent that the oldest and
best roads, financially, in the country could not
long stand up under it. The Pennsylvania road
might, with its immense system OF feeders ana
large surplus of money, withstand such un-
healthy competition, but there were widows and
orphans owning stocks and bonds OF other roads
in this country who must suffer. de then men
toned case right in point Last summer ne
spent few weeks on Cape Cod he fell IN with
an old sea captain who retired from a seaman 8
life come fifteen years ago, with some $40, OOO
most of which he invested in stocks and bonds
of Western roads. The stock has long since
been wiped out by the Western railroad
wreckers and the bonds, most of them. were in
fair way to be wiped out of existence, and had
paid no dividends for several years. and now he,
the captain, was preparing for seafaring life, to
endeayor to make up some of the losses he had
made in railroad investments West Said Mr..
Thomas, the country is full of persons who are
suffering for the interest on their bonds and
dividends on their stock. Meantime, rates are SO
log that the revenue derived from both passen-
ger and freight business barely furnished money
| enough to pay operating expenses and keep
road-bed and equipments in condition
to move the traffic. Said Mr.. Thomas,
were the old roads in the country to make
the improvements needed it woudset every
rolling MILL bridge and heavy structural iron
works, locomotive works and car works in full
operation, and with this every manufacturing
interest in the country would be benefited; but
the present rates yield no revenue which enabled
them to enter into contracts. Railroad mana
ayers were all keeping close to the shore Bust
ness was light, rates low, and he could see no
bright spot for railroads for many months to
which will insure better rates and their main
tenance. He favored making rates public by
posting them in business marts, and the paying
which directly or indirectly cut
a rate, and no advance in rates should be made
until shippers had been notified reasonable
time of such change. Then there should be a
stop put to this paraleling railroads to destroy
good railroad properties. A county road was
never built unless it was shown that such a road
was really needed. Neither should railroad be
built unless it was really necessary for the trans
portation interests of the country. 1t would be
much better for the travelling public and the
shippers had the money put into buying parallel
lines or fighting them been put into improving
road and equi pments of the old lines, put
ting on additional trains, ETC.