The Washington critic. [volume] (Washington, D.C.) 1889-1889, 1889-03-04

ance Of 1861 ,l42.b3. After deductinp there
frcm the amount Of outstanding unndiusted
cleims, and setting aside proper reserve
fuld TO meet liabilities growing out Of the
increasing age Of the members, there re-
mairod n net surplus Of $40 583.0G. The
number OF persons receiving death benefits
was $50, making an average In each case Of
sI28.2G There were 1892 members of the
Fund at the close Of the year.
The Employees Saving Fund referred to
In the last annual report is now IN SUCCESS
full operation, and during the year ,S01 Of
your employees availed themselves Of the
opportunity TO become deposltors therein.
The amount Of deposits received during the
year was 1921 1871, and the balance remain
ing at the close Of the year was 1864, 39OG
OF this amount $500, 600 have been invested
in the four per cent. bonds of the Philadel-
phia and Erie Railroad Company.
The rates received for freight traffic show
q continued annual decrease even more
mark ed In 1883 than In previous years; the
partial failure Of the crops In the West,
having affected the volume of through
traffic, and stimulated an active compctl-
lion among the western roads for that bust
ness at unremuncratiye rates This disas
trous composition finally extended 10 the
eastern trunk lines, and found expression
In an open and severe reduction In the west
bound tariff by one OF the principal Rail
way Companies, to meet what II believed TO
be the secret rates Of some OF its com
petitors. Your management, not unmlnd
full Of the advantages that have accrued to
your properties from the conservative
policy uniformly adopted by 1t, endeavored
TO maintain rates at n just and remunera-
tive standard; but were reluctantly com
PEELED TO meet the tariffs made by other
responsible lines, In order to protect the
commercial and manufacturing Industries
situated upon your roads, and prevent
severe depletion Of the volume Of your
traffic
The continuance of this unfortunate con
dition Of affairs induced widespread feel
ing of unoasincss not only IN financial but
In general business circles, and has called
forth u renewed cudeavOr on the part Of
those-entrusted with the management OF
railways to arrive at some method, IN har
inony with the Interstate Commerce Law,
that Will regulate such competition. That
law having now been in operation for
nearly two years, an opportunity has been
afforded TO Judge, In some measure, of its
effect upon the interests Of the public and
the railways. While IN many respects II
has been beneficial, yet II has tended to
complicatc and render more difficult the
management Of the transportation interests
Of the country since II has undertaken to
regulate and prescribe the manner In which
pOrtation companies, but has failed to pro
vide any method which would ensure the
maintenance Of Just and uniform rates, and
properly protect the railway interests.
The difficulties attending the profitable
management of railways have been further
aggravated by the reckless construction of
competitive lines not necessary for the
accommodation of the public, but built
largely for speculative proGt. The capitol
for these enterprises has been frequently
furnished by shareholders I'm the existing
railways, and by financial agencies that IN
promoting their construction were unmipd-
iul of the fact that they were destroyinp
the properties In which they were already
Interested Until the different states censc
To authorize the building of such lines. or
the evils resulting therefrom prevent the
furnishing of capital for their construction,
the responsibility for the present complica-
ton must Justly rest elsewhere than upon
the managers of RAILWAYS,
The enactment of hasty and unjust laws
in many of the Western States Is Seriously
affecting the value of railway property in
that section. and seems plairly TO Indicate
that no further Investments should be made
by your companv In those states. eyceut
10 protect canitai already Invested until n
more liberal and inst noIicy Is pursued
toward the existing roads.
Your COMPANY lost. nv resignation. on
June 30, the services of Mr. Edmund
Smith. your first yice-presjdent. who had
been connected with vonr company for over
forty-one wears, and had In that time filed
many responsible positions Mr.. Smiths
familiarity with YOUR system and thorough
| devotion TO YOUR Interests had earned for