The times. [volume] (Richmond, Va.) 1890-1903, 1893-12-31
RICHMOND'S RAILROADS.
pryIgW or THE YEARS WORK
mr. HE YxRIOUs COMPANIES.
n view Of the Financial strinEeney
highly Gratifying Business Has Been
Donc--fDterestipg Statistics.

,,,,.,.,en for the Times by Mr.. Robert Ian
N.seter Williams. Of the firm OF John l..
yniams AID Sons. Bankers and BTok-
crs)
=, ,eviewing tho work OF our railroads
q, me close Of one OF the most disastrous
,ssrs which THIS country has been called
non 10 endure perhaps during its whole
history. we cannot expect TO make very
o..terinr showing. The year has been
. rey,arkable one in many ways. and we
,,vo been taught IN the school Of adver-
,lfy many things which we could not, or
IND not have learned in any other way
w. 4 country like ours where the body OF
.ha neoplo exert such potent influence
,,ron the policy Of the government. II
.l.,os impossible for us on economic
-,,,ostlons 10 steer wisely and safely ex-
eenf BIZ the light Of experience.
me people would not believe that the
f--rad states. as great as II IS, couln
I'D bv having a nomiLally double stand
.~1 give a fictitious value TO one OK the
,-o8rcis Of its mines.
rg, most Of US are now satisfied or this'
.ra see lesson has cost US a dear sum.
.rfis vicious policy which had been pur-
ga for some years, finally could MT con
.-va and by August and September Of
... year precipitated upon us pa'ic,
...,,..a In it's character but more disas-
,--rs an its effects than any ether We
nave ever gone through.
a.. che panic Of 1878 resembled n wild
hurricane breaking suddenly and with ter
,if. force upon the country, preceded. as
r was. by "a period Of wild speculation,
and false value. the panic Of 1893 followed
V.aHN hoo 20.
,.nhled low and malignant fever, steal
,,. gmetIv. and at first almost imper-
-aaHbly. upon the patient, by gradually
5ie4rraucing his system, and destroying
f.ae circulation. until finally the patient
is utterly Frustrated and the recovery has
RI, De Effected by careful and wise man
aremout The panic Of 1898 was preceded
~ "a long period of dizziness and stagna-
ZION and gradually developed from 1880.
with the exception Of occasional reactions
some Disastrous Causes.
There is Of course no form OF INDUSTRY
trqtis sooner affected by a disturbance OF
commercial and manufacturing conditions
cham our transportation lines, and IT IS
rat surprising TO md that our railroad
earnings have fallen off greatly. what
,r abnormal condition Of affairs we have
gone through in the last few months IS
shown bv some Of the following figures.
I1 the first part Of the year one or the
most disturbing factors was the eNpor-
faHon OF gOld. which by the end OF March
mounted % S34.9i3OOO. against only $l5.-
uarfl for the same period OF 1872. By
fhe first OF July 10 reached Si5,16wO' as
compared with $n.56S00O the previous year.
Thc shipments of silver for the same
usr0d amounted TO $l9.55l.W0 against
Nt1OO0. thus making total shipments
of both 90 July S93 10000, as against $ob-
$1,000. the previous year. while our OK
r0r,atlOn OF merchandise feh off from
E>0S7f.O00 On 1892 10 N62.j52.OO, IN 1893.
The surplus reserve held by tl4e New
York banks fel from S25.4;9925 on May
9Th. 10 a deficit of Si6.545.375 on August
leih.. which IS the largest deEcit for at
least ten years.
AWapt of Confidence.
Foreign capitalists showing their us
trust by dumping their securities back
on us. Withdrawing their money invested
in THIS country, and taking from the
channels of trade our medium OF exchange
created a want Of confidence among our
own people which resulted IN the hoard
ing Of and withdrawal of many millions Of
dollars the sacrifice of millions Of gilt
edge securities along with those Of less
Intrinsic value. closing up more banks,
state and National than for any other one
year. Number placed in hands Of receiver
20 November lists National Banks
against NJ for same period 1892.
Thus by September We had run into
fun grown panic, currency itself selling
as high as l-2 and A per cent. premium
and general Generalization reigning
The Turning Point.
The turning point came with the repeal
OF the sherman Silver bin. our exports
L.. AL
SOS 10000 less than imports for the next
three months changed, and for July.
August, and September were Sl6t9l,OD
greater than imports, resulting in the
importation of gold. which up TO December
tst. amounted TO N20i60o9, which is more
than four times as great as for same
period OF any year since 1857, except 1891,
which amounted 10 only 3S.95l,0 600.
The enormous amount Of money which
had been boarded in vaults, old boxes,
stockings. and other hiding places, was
once more released and confidence re-
stored. Money became plentiful. and
the surplus reserve Of the New York
banks has risen TO the enormous amount
of ST.g6U5. wich is the highest figure
ever reached
our institutions had. however received
a cruel blow, and the heturn Of easy money
and confidence once more came too late
To- help out the business of the country
This year and 10 viii probably be many
more months before we recover entirely
from the effects Of the storm.
Railroad Mileage.
During the early part of the year a
careful estimate was made of miles OF
road likely 10 be built during 1893. based
on miles OF road on which grading had
actually been begun. or was about TO be-
sln This put the mileage of the year at
40 miles Owing, however. 10 the events
Of the year, as q matter of fact only $3.50
miles have been built Cmaking mileage
Tor the United States 177S5S miles) which
s smaller than any year since 1871 the
average mileage for ten years ending 1892
being 600 miles per year, the mileage for
past years running up as high as 1850
il IND and ISIS in 1881 OF the mileage
r.f structed in 1893 Ire southern states
furnished 500 miles as follows.
Georgia, l13; West Virginia, "a; North |
Carolina, Is; Alabama, &C; Louisiana, %; |
kentucky, 20; Tennessee. 10; Virginia, II; !
south Carolina, ID; Mississippi, Q.
Retrenchment aud Economy.
From the foregoing It win be seen that |
ihe railroads Of the United States have |
been operated under about as unfavorabie |
conditions as we could possibly have had. /
Hardly could they have been worse had /
We been exposed TO the ravages Of war or i
pestlence. These conditions have forced /
upon our railroad managers a policy /
OF retrenchment and economy, which has |
borne good results and whereas very /
generally gross earnings 20 November LIST.
have shown decreases. yet I'm many cases /
net earnings have increased and the IA
'orable results Of economic management
Van De even more emphatically shown
in earnings for the balance Of the year.