New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-07
PENNSYLvANIA'S ANNUAL REPORT.

fOuYleQ, after u iohS SVSoioA' ""'iA S"s"'~"S'
pENNSYLNANIA'S ANNUAL REPORT.
GOOD SHOWING OF THE GREAT SYSTEM IN SPITE
OF ADVERSE CIRCUMSTANCES.
The forty.sixth annual report CT the Pennsylvania
Raroad Company is printed in full in the advcr-
Using columns Of The Tribune this morning. II
shounds in facts and figures OF much interest to all
Students Of railway affairs. Here few brief
extracts
aThere was a material increase in the gross rev.
enues Of the company, there was a greater Increase
h the expenses; and the net revenue was further
diminished BY the fact that the tax levied upon your
capital stock by the commonwealth Of Pennsylvania
was almost doubled in the past year Notwithstanding
this reduction in the net revenues, the company was
able to continue the improvement OF its lines, and,
after paying a dividend Of per cent. carry to the
credit Of profit and account the sum OF S2127,
$3.50.
aThe statements contained I'M the report show
that while the percentage OF operating expenses was
increased, it was DUE not TO the cost OF moving
the traffic but to the fact that the rates prevailing
during the year 1852 were. owing TO the severe
competition among the transportation lines OF the
country materially lower than those In force In
1901 With proper compensation for the movement
d the traffic the volume offered would nave maue
te year 1892 one Of great prosperity to the eh're
nlESy system. -
sThe year 1892 presented the anomalous coDdition
Ma larger amount OF traffic being rendered 10 tne
railways than they able to properly hande' wie
at the same time the competition between the Trans
pOrtation lines Of the country was more active ana
the traffic carried at lower rates than at any other
period In their history. The is reflected in the de-
creased net earnings Of nearly all the larger companies
ct least in the portion OF the United States
where this destructive competition stimulated methods
Of securing traffic that. II possible were attended with
more Injurious results to the public than to the rail
way companies.
ain an effort to remedy this unnatural condition
Of affairs the chief officers of the principal railways OF
the country after a very full discussion OF the sub
ject at the suggestion of the Interstate Commerce
Commission. deemed 1t proper 10 appear before Con-
ress and suggest such amendments to the interstate
Commerce law would, while increasing the eihc1ency
Of the commission In detecting and Furnishing violations
Of its provisions also enable the railways TO enter Into
proper traffic relations with each other, on basis 10
be supervised and approved by the commission These
matters were fofclbly presented before committees OF
both Houses OF Congress- and 1t was fully explained
that the object sought not an Increase OF rates or
the prevention Of competition but simply 10 secure
alike TO all shippers the rates filed with the commits
don but the effort to obtain any satisfactory mo1lnca
ton thereof unsuccessful. AS result, the great
tndus,ral interest Of the country, and the one Win
which Its prosperity is the most Intimately connected,
apparently left In such a position that II is unable
10 enter into any legal arrangements that will enable
to meet the anomalous conditions already referred
%. or to manage its affairs as TO either properly
oerve the public make fair return to its owners
Is TO be hoped that a careful consideration OF the
infect will convince Congress that the protection OF
REQUIRES at their hands legislation that will authorize
As making Of such contracts under proper super
CENTRALNORTIIERN DEAL NOT YET CLOSED.
As The Tribune announced Oh Sunday, plan has
ben nearly matured for the absorption Of the New
York and Northern road by the New-iork Central
and Hudson River Railroad Company. A conference
On the subject held yesterday at the Grand
Central Station between Cornelius Vanderbilt Chauncey
u. Depew, J. PieIpont Morgan and IL. Walter Webb
and later In the day at another meeting between
Aessrs. Vanderbilt Dcpcw and Morgan, at the atters
enoe the subject was again taken up. Mr.. Depcw
u'er~ards said that hc rbi vet prepared TO make
ny statement. lie said that the Central wanted the
sostnern road because 1t coaid be made useful In
sepns tho former handle the local traffic III West
saesef. In answer 10 question as TO whether the
.sn'nl was also after the NcwYork and New-Ens-
me, In order TO through line to Boston,
NJ Depew said that they would not take 1t as gift.
MOUNT MGREGOR RAILWAY SOLD.
s.uston n. y. March 6.-John Person. referee at
seaock this forenoon sold at the Court House the
s AcGregor Railway Companys property, H.
~ tue railway from saratoga opfhgs W ""'A'
Vg, depots locomotives, cars, the Hotel Bal
- etc.. but excluding the Grant and Arkeil
s1es on the mountain. The sale was to satisfy
~ss0sure on a second mortgage bond held by George
SsS. The property was bought BY Douglass W;
- on behalf Of the first mortgage bCndhoders at
snount Of judgment.
THE READINGS NEW STATION READY.
snhadelphia March 6.-The Official announcement
mae by the Philadelphia and Reading Railroad
~ .pony that and after sunday next, March IL.
Ne New-Yofk express trains. and also the express
x As Of the Reading division now arriving at ana
.r~'mg from Ninth and Green sts.. will be run In
NM. OF the Market Street Terminal Station.
49, Is reached by the elevated road recently con-
SSa' After March 20 all trains Of the entire Read
Sie fi{ ~ now centring in Philadelphia will run
GRADE CROSSINGS AT CHICAGO.
~oeo, March 6.-PreAdent T. b. Blackstone, OF
AAgo and Alton has addressed n letter TO
~S~ WaShblirne If this az relative IN the Ordi-