The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-01-25
on Raj. AND CRossr1E
Local and General Gossip in Railway
Circles


The lease OF the Knoxville and Ohio for
ninaty-nine years 70 the East Tennessee
Virginia and Georgia. BY which the latter
company guarantees the Knoxville and
Ohio first mortgage siI per cent bonds. has
been ratified by the stockholders Of the les
scr company at 4 special meeting in Knox
Z vile, Tenn
Ten pairs If trucks for passenger cars for
Z the Jacksonville, ST Augustine and Halifax
River railroad, which came by steamer
I from the Delaware Car Works, were being
[ loaded On fat cars yesterday at the Ocean
Steamship whArvsS for reshipment to Jack
sonvllls Several duplicate axles and cars
90 with the shipment.
Chief Justice Bleck,ey Of the supreme
court in the decision banded down Monday
in the Georgia Midland railroad case, affirm
ing the Judgment Of Judge B0yntoa Of
Spalding county, declaring that subscribers
20 the railroad must pay their subscriptions,
says: Notes given by subscriber for CAPT
tai stock in a railroad corporation, each
note beng given for an instalment OF his
subscription, and each being payable on
completion Of z twsnty-mile section Of the
road. ready for the cross ties, trestles and
bridges, Of which completion publication in
a newspaper by the board Of directors was
70 Be conclusive notice, were mature and
payable 50 soon as such publication was
made, although the notes described tle rail
road as one which was TO have g certain
privilege. and although such privilege has
not been secured The securing OF sucl
privilege was not q condition precedent TO
payment for the stock. The specitca ton Of
the privilege was Part Of the description OF
the railroad IS it was to be ultimately, but
not as it was 70 be at maturity and pay
ment Of the subscriptions to the capital
stock
The Raarrav Age publishes a carefully
prepared statement OF railway earnings in
1SSa Il saws:
Although only comparatively a small
number Of the railway companies in the
United States MAKE public statements Of
the result Of their operations for the calsn-
dar ysar, yet sufficient figures are already
ct hand % prove what was already under
stood, that the year 1888 was a very unsat-
isfactOry one for the railways OF tie United
States as a whole Notwithstanding that
the mileage of the country has been in
creased 1909 miles the preceding year, and
that over : 900 miles were added last year
thus bringing an enormous increase Of
business, still the gross earnings
show very little gain, and the
net earn ngs, when they are figured no.
may show even a loss compared with 1881,
in spite Of the increase of mileage TIE
fierce and widely extended rate wars-the
natural result OF the building of so many
competitive lInes-had the effect OF forcing
rates down to lower average than ever
before known, much traffic having been
carried on at even less than the cost" The
4ge then gives a list Of ninety-seven rail
way lines, with their earnings, and con
tinues: From this it appears that ninety
seven lines, with about 5 |. 100 miles of road
earned in 1855 s343, 029, 800, a gain Of $40
III, 5<2, or scarcely 3 Per cent. over 1897
upon a considerably increased mileage. The
list includes only one Of the Eastern trunk
lines and only few of the chief Western
roads. The number Of companies in the
list which show an increase is So while u
show a decrease. The greatest gains were
made by two Of the Pacific roads, the
Southern Pacific Company reporting the
enormous increase Of 81, 30, 000-its earn
ings reaching the extraordinary amount OF
SO, 900, 000-and the Northern Pacific, on
earnings Of SIS 900, 900, Showing an increase
Of 4, lS6, 1872. The unfavorable result Of last
years work was not due to lack of business.
The amount of traffic carried exceeded that
Of any previous year. and if fair rates had
been received the road would have pros
perei. The new year starts out with much
greater encouragement in this resp ct than
its predecessor, and earnings thus far have
generally shown Improvement. 1t rests
with the railway managers and with the
law makers to say whether 1889 shall prove
to be year Of prosperity or Of disaster to
our railway interests