The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-11-24
RAIL AND CROSSTIE.

In reference to the failure of the Bankers
of Philadelphia the Philadelphia Times
gives an account Of their connection with
the Three C's. One of their most unfortu-
nate investments is the Charleston, Cincin-
natl and Chicago railroad. The firm is very
heavily interested in it, Wharton Barker
being one Of the directors. The road is
familiarly known on the street as the Three
"C's." 1t runs from Charleston, 8. c., to
Marion, a station on the Western North
Carolina division of the Richmond and
Danville system. The road runs through
South Carolina and North Carolina.
There is a break in the road in,
North Carolina, and it does not
begin again until the survey lines are
reached in Tennessee. Here it runs for quite
long distance to a point in Kentucky,
where 1t Is now IN course of construction.
The roadbed has been graded for some dis
tance into Ohio. The road has never been
viewed with much favor by railroad men,
for the reason that if it is ever completed it
will not be able to earn its running ex-
penses. When first projected it was thought
the country through which it was to run
was filled with valuable deposits of
coal. This has proven to be a dis
appointment. The only places where the
mines have yielded the return anticipated
has been In Tennessee. but as the road
has not been completed through that state
the shipments have been few. So much of
the road as has beon completed has not
earned enough to pay it's hands. 1t said
that some time ago the Bankers endeavored
to negotiate enough bonds to complete the
entire road with a German syndicate. The
deal was about completed when the Ger
mans backed out. This placed the RESPONSE
bility Of the road upon the Bankers. and it
is understood that they have been drained
not only to operate the road, but to aid in
its completion to prevent further dsprecia-
ton.
The October statement of gross earnings,
prepared by the Financial Chronicle, re-
fleets only moderate degree of improve
ment, with the results quite irregular as
between different roads, there being rather
large sprinkling of roads with decreases
some for rather heavy amounts. Returns
from 1853 roads show gain of 81, 912, 2O3, or
3S7 per cent. In amount the gain is heavier
than that Of August, but in ratio it is the
smallest IL crease OF any month of the year.
1t is significant that the course Of earnings
this year is Just the reverse of that
Of year ago-that is to say, while the
returns this year are growing less
favorable as the year proceeds, last
year they kept steadily growing better
month by month Sat the one follows
| from the other. In reviewing the October
statement in 1889 the Chronicle referred to
| it as one of the most noteworthy ever pub
lished, the gain in amount having gone
| above s., 000. 900 and in ratio reaching fully
II 1-3 Ger cent. For the past eleven years
the October earnings have shown successive
| increases, with the single exception of 1884.
While some forty-fve Of the 156 roads re-
port a decrease, only in a few cases
are the losses large, the principal
beng; Grand Truik, $3.50, 1877; New
York Central, $l57 1877; Wabash.
$780, 31; ST. Paul, 41,S40. and
Rock Island, SS5,574. The principal gains
are: Atchison, $3.50, 1921; Northern Pacific,
$500, 1872; Missouri, Kansas and Texas,
sl17.600; East Tennessee, Virginia and
Georgia, $50, 40, and Chesapeake and OHIO,
SS1, 693. For the ten months ended Oct.
81, 146 roads report aggregate earnings of
S415, ,015, against S379. S72 800 last year,
an increase of s35, 173, OPS. or nearly 10 per
cent. Only twelve roads of the entire
number report decrease, and they alto
gether of only 1928, S52.