Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-03-04
in the four per cent. bonds of the Philadel-

in the four per cent. bonds of the Philadel-
| phia and Erie Railroad Company.
The rates received for freight traffic show
continued annual decrease, even more
marked in 1888 than in previous years; the
partial failure of the crops in the West
having affected the volume of through traf-
| ic, and stimulated an active competition
among the western roads for that business
! at unremunerative rates. This disastrous
| competition finally extended to the eastern
trunk lines, and found expression in an
| open and severe reduction in the west-bound
tariff by one of the principal Railway Com
panies, to meet what it believed to be the
secret rates of some of its competitors. Your
! management not unmindful of the ad-
vantages that have accrued to your proper
ties from the conservative policy uniformly
adopted by it, endeavored to maintain rates
at just and remunerative standard; but
were reluctantly compelled to meetthe tariffs
made by other responsible lines, in order to
protect the commercial and manufacturing
industries situated upon your roads, and
| prevent a severe depletion of the volume of
your traffic.
The continuance of this unfortunate con-
dition of affairs induced widespread feel
ing of uneasiness, not only in financial but
in general business circles; and has called
forth q renewed endeavor on. the part of
those entrusted with the management of
railways to arrive at some method, in har-
mony 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
tine interests of the public and the railways
While in many respects it has been bene-
ticial, yet it has tended to complicate and
render more difficult the management of
the transportation interests Of the country,
since 1t has undertaken to regulate and pre-
scribe the manner in which the public
should be served by the transportation COM
panies, but has failed to provide any method
which would ensure the maintenance of
just and uniform rates, and properly pro-
tect 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 ac-
commodation of the public, but built large
ly for speculative profit. The capital for
these enterprises has been frequently turn-
ished by shareholders in the existing rail-
ways, and by financial agencies that in pro-
noting their construction were unmindful of
the fact that they were destroying the prop
critics in which they were already interested.
Until the different States cease to authorize
the building of such lines, or the evils re
sulting therefrom prevent the furnishing of
capital for their construction, the response
bility for the present complication must
justly rest elsewhere than upon the mana
gers 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 plainly to indicate
that no further investments should be made
by your Company in those States. except to
protect capital already invested, until
more liberal and just policy is pursued to-
ward the existing roads.
Your Company lost, by resignation, ON
June 30th, the services of Mr.. Edmund
Smith, your First Vice President, who had
been connected with your Company for over
forty-one years, and had in that time filled
many responsible positions. Mr.. Smiths
familiarity with your system and thorough
devotion to your interests had earned for
him the confidence and high esteem of his
associates, and made the severance of his
official relations with your Company an oc-
currence to be deeply regretted.
Mr.. Frank Thompson, formerly Second
Vice-President, was promoted to fill the
vacancy thus caused, Mr.. J. N Du Barry
promoted to be Second-Vice President, and
Mr.. John P. Green to be Third Vice-Presi-
dent.
Mr.. John s. Wilson, your General
Freight Traffic Agent, having resigned that
position October 1st, Mr.. William II. Joyce
was promoted to fill the vacancy thus
caused, and Mr.. John Whitaker appointed
Assistant General Freight Agent.
1t is with great regret that your Board
have to record the death, on September 18th,
1888, of Mr.. John Price Wetherill, who
had been one Of your Directors for over ten
years. His ability. and devotion to your
interests made him trusted and valued ad-
wiser, and in his death his colleagues lost a
warm personal friend. Mr. Amos R. Little,
of philadelphia, gentleman long identified
with the mercantile interests Of the city,
was elected to fill the vacancy thus created.
Your Board desire to acknowledge the
efficiency and fidelity with which the duties
entrusted to the officers and employees have
been discharged during the past year.
By order of the Board
G. B. ROBERTS,
President