The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1892-04-07

crops OF 1877, as we'll as Tor the purpose of
having the line in proper working condi-
ton in time the Chicago exhibition in
1893, would BIO necessary to provide not
only the means for the completion of
the extension as rapidly as possible,
but also for increased transportation
facilities and rolling stock, without
which 1t would be impossible to trans
port the traffic which, upon the compile
ton of the extension, will be thrown
over the line.
Upon the completion of the Ohio ex-
tension, the main work of construction
will be finished, and the company will
have comprehensive system and the
direct ownership Of over 1900 miles of
railroad, with such connections with
other lines as will give the fullest OPP
portunity for the development of both
local and through traffic, and the ener-
gies of the management will be devoted
to that end.
The through traffic of the system for
1891 amounted to 707,55O tons of freight,
and 1851 passengers, and yielded a
revenue of$1, 1854, 1904, or 17.9 per cent
of the total earnings.
The traffic interchanged with the
East Tennessee, Virginia and Georgia
railway was affected by the general bus
mess depression, especially in iron and
other industrial enterprises. The ton
mage interchanged decreased from 794,-
225 tons in 1890 to Co.'S 1853 tons in 1891,
but the revenue therefrom increased
from S1,236,541.04 in 1890 TO Sl,252,-
26l.27 in 1891; the coke shipments to
points upon that line decreased from
lS5,02S tons in 1890 to 92,7O3 tons in
1891, decrease of 93,235 tons. The
number of passengers interchanged de-
creased from As, 497 in 1890 TO 40, O43 in
1891, decrease of 7,455, but the pas
senger earnings increased from S2O2,-
S22.33 in 1890 to S224,36 80 in 1891, an
increase of sci, 542.O5.
For the six months following the com.
pletion Of tho Clinch Valley division
with the Louisville and Nashville
at Norton the traffic interchanged
amounted to 167,294, and 1877 pas
sengers; tho gross earnings of the com
panY from tho freight traffic inter
changed with the Louisville and Nash
vile railroad being S253, 4S2. o. and from
passengers SIS, 47S.97.
An important connection was affected
during the year at Hagerstown through
the completion by tho Philadelphia and
Reading of its line to a connection with
the Western Maryland railroad.
The report shows the necessity for
improved arrangements for the trans
action OF passenger traffic with Wash
ington The number of passengers car
ried over the line to and from Washing
ton increased from 5000 in 1890 to IL
033 in 1891.
The recentdeals by which the Norfolk
and Western acquired control of the
Lynchburg and Durham and Roanoke
and Southern are recited. In speaking
of the Roanoke and Southern, the report
says:
Under the arrangement as effected
your company acquires the ownership
OF 1878 shares of capital stock out of
total issue of 90, 964 shares, and under
takes to operate tho road under lease,
your company paying over any balance
that remains from gross earnings after
paying operating expenses and taxes,
interest on bonded debt, and such i'm
provements and additions as may be
necessary. your company guaranteeing
the principal and interest of an issue of
81 0+1 900, per cent. mortgage bonds;
the former owners of the property de-
posting with your company an amount
estimated as being sufficient to put the
road in proper working condition, and
depositing with the trustee OF the mort
gage an amount of money sufficient to
pay the interest on the bonds for period
of one year"
Notwithstanding the fact that the
year 1891 was one of general depres sion,
the steady industrial growth was not
prevented and many new Industries
were established.
The past season of business depres-
sion has been beneficial in causing the
cessation of speculation, which had
tended to force prices of town lots and
mineral lands above their real values.
and also in making it necessary that
not only should the new enterprises be
provided with ample working capital,
but that their management should be
most efficient and economical.
The company, through the construc-
ton of branch lines and extensions, has
opened up an extensive territory eX-
ceedingly rich in mineral and agricul-
tural resources and capable of furnish
ing to the lines constantly increasing
volume of business. and to secure an
adequate return for tho expenditures in
Cured it is necessary that each and
every year large additions be made to
its equipment. The way having been
prepared. it no remains to provide the
means in the shape of cars and engines
The results of the operations OF the
company show that the earnings have
increased year by year in proportion to
the equipment provided, and that for
every 81, 100000 expended for cars and
engines, the company has earned an
nually an average of about 100000.
At present che system is disjointed,
the SciotO Valley division being sepa-
rated from the main line by the uncom-
pleted portion Of the Ohio extension,
consequently the traffic OF that division
is almost exclusively local. Even in its
present isolated condition it is a profit
able division of the line, contributing