New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-03-21
NOT SELLING EASTERN PROPERTIES.
@. P. HUNTINGTON IN TExAs-oPPosEp TO fAIL"
ROAD LEGISLATION

ROAD LEGISLATION
Fl Paso, Tex, March 90 tspeciaD.-C. p. Hunting
ton and party arrived here yesterday from tho CITY OF
Mexico and started for California IN the evening.
Mr. Huntington said;
al Will have the best transcondnental limo, and
will make all needed improvements this year Large
cxpendItures will be made II I can get moderate
American prices. will use iron Ties for my entire
system Legislative interference is the cause Of rail-
road staruaon aud depression Of bonds and stocks.
IL the state has the right 10 fix rates. II has the right
to conlsoate the property and tx the rental Of every
square foot OF property. Governor STANFORD Mr.
Crocker and / carried the Southern Pacific RAILWAY
bonds amounting 10 sIo,0oo,0oo, for two years DO
fore We over sold dollars worth. II Is the through
traffic that pays, and not tho local freights OF Ari'
EonA, New-Me1ieo, Texas and louisiana My Ban
Francisco friends not interested with me east OF
the Mississippi River. / can sell my Eastern prop
critics for $40 900. I satisfied with The IN
vestments, and do not care TO part with them l
sold one small Eastern railroad because got my
price"
Colonel Towne, speaking Of the operating e1-
penses, said: "If we had cbeap coal, We could show
60 600 900 profit our last years statemenI
II the Hew.Yorh Central had 70 pay as much for coal
as wo pay IL would bankrupt the company. Tho
Southern Pacific obtains b coal from San Pedro aud
San Francisco at cost Of about s8 ton, and dis
tributes II over 5000 miles Of rsoR, on which hers
| Is not = pound Of native eoalH
A delegation OF leading citizens, headed by @, +.
Morehead president OF the State National Bank con-
terrCd with Mr.. Huntington hero to-day 10 reference
| to budlni The proposed Trunk Line Railroad IN a
northeast direction across EewMsxeo. IL Is thought
som5letsd portion Of The line and resume operations.
The coal fields arc among tho most extensive on the
| Continent
| FINANCES OF THE BALTIMORE AND OHIO.
Baltimore, March colt may be noted In connection
4 IN Il. N.anFN ~
for twenty years. wheRever there was largo loan 10
De made OF When had just been BSde, such Tho
new 100000 per cent equipment loan, which
was brought out IN Philadelphs, the stock OF the
| company rose in value. To-day nno shares OF Bait
more and Ohio stock sold for OF. broker had been
instructed yesterday to buy on the rum6r that =
scrip dividend would DO declared In April, and the
| purchaser failed to-day TO 6ountermand the order
| n Is not intimaied anywhere that the company can
| pay a cash dividend, but there arc nnAneeH who
favor the idea Of scrip dividends. This, they say,
would increase the capital stock, which Is TOO small
for the value OF the property Tho sale Of the scrip
! would relieve tho needs Of the Johns Hopkins Unit
yersity and reduce city taxes and the stock In this
way would DO distributed among investors. The. al
vOcateS Of this plan say All increase Of the capital
stock TO tho exton OF a. 900 would make the total
only about s20,o0G,0OO. Up TO this time $4,000
has been subscribed The hnd for tho relief of the
university, and this will he increased to at least
! 100000. The proposition fsvoring u'o ISSUE OF
scrip dividends TO Baltimore and Ohio stockholders
does not meet with favor among tho hnancor Of tho
company. They say that any false step now In the
management of It's affairs would be specially damsg
! Ing. II the stockholders had been deprived OF al
earned dividend then q scrip dividend would be poll
tics; but until q dividend has been earned none VIII
DO declared. Mr.. Mayer told tho Associated Press
representative that Issue Of scrip s In oontempla
ton.
The finance committee to-day reported that the
earnings and expenses for the five months OF tho rs
cal year 1850, compared with the same months Of
tho fiscal year 1878 show earnings on all limos east
Of the Ohio River 1880, s6,27s, $50 1883, sS206,oA
decrease, sieAl5, expenses, 1880, sS,3sI7io
1883, S4,32I ,os4 increase, S66,42e; net decrease
| Ss2, s4l. On all lines west OF the Ohio River tC
earnings were: 1889, sool0,o2s; 1888, sc,o67 ,4o7
decrease, s4e,l79 expenses 1885, u 900 ,7e0 1858
s,7ol 37s; decrease, 81 Goa net decrease s46,67o
| The summary Of the entire system east and west o
the Ohio River shows the earnings for the same months
to have BEEN 1880, 1907 ,96I; 1889 Ss.362, 46l
decrease, $84 594 expenses 1880, S6OoI 47O 1883
S0,027e 47 increase S04 s22 net decrease, Sl2o4l6