The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-02
MAY MEET THE CUTS
local ROADS LIKELY TO SLASH AS
WELL As CHICAGO LINES.
East-Bound Grain Rates sadly De-
moralized mt the Windy City
{ Waite's Annual Report.

In local freight circles yesterday, there
was considerable excitement over reports
from Chicago Of the great decentralization
IN east-bound rates, and inquiry was made
TO the situation at Peoria and ST. Louis,
but kilograms from those points indicated
that rates had not broken, as yet, to
the extent reported at Chicago but
should the reports prove correct, unques-
tionably at Peoria. st. Louis and Indianapo-
lis rates will be reduced to NEE. the cuts
at Chicago. Thus far the Grand Trunk and
the Michigan Central are the lines which
have secured large contracts at the cut. A
general freight agent of one of the Chicago
roads is quoted as saying that 4the Central
Traffic Association and the east-bound
freight pool are failures, as far as maintain
Ing rates is concerned. In fact, the pool
itself is mainly responsible for the coll
lapse. For instance, my road has been be-
hind in it's allotment of tonnage and have
secured permission from Commissioner
Blanchard to quote rate of 20 per cent.
below tariff in order to even up. This per-
mission Is Immediately made known to
Michigan Central always, and the other
lines generally, quote the. same rate Sc
under the agreement, the Michigan Central
will cut below us. The demonstration is
cutting provision rates Here again l want
to emphasize the failure of the association
nave cut a rate we were behind our share
of tonnage, and made the cut to even up.
under the pool agreement gree to make the 0e cut.
lines which We're ahead Of their
sed wset ns y 70 per our cent
better The whole thing Is a farce and
people have adoped the pocy a meeting
cut rate wherever found, as is evidenced
Truns edt last Of oss n
12-cent rate. On Friday, the Michigan Gem
tral IL dropped to q 1o-cent rate and secured
the Erie, the Wabash. in fact, all other
competing lines were alarmed at the turn
dispatch from Chicago last night says:
All grain rates from Chicago to the At
the basis OF u ceuts The Grand Trunk,
which mace that rate first of all, was. re-
ported during the day as having given
notice o. an advance within ten days. The
next thing was the announcement that the
Michigan Central would make. a 12-cent
igan Central office but it sufficed to do the
business for the e, proposed advance by the
had no intention of advancing rates and
would say nothing as to whether 1t had in
navigation opens, but these roads cannot
much under the present figures None of
the roads, with the exception of the Grand
rate hut all are ,.olng 1t and there is no
question but that the Michigan Central will
put out tariff sheet on that basis to-
East-bound shipments from Chicago last
week amounted to so.55s tons, against 57,l2s
for the preceding week, and IS, 1888 for the
carried, tonnage as follows; Michigan Cen
Fort Wayne 5.so4 Panhandle, s.s72; B sifi,
more & Ohio. 2oss: Grand Trunk, 5,si2;
1.52l. The tonnage was made up of the
following articles: Flour. 400; grain, 100:
dressed Beef Suter hides ys
lumber. 5,44s: miscellaneous, 1856. 49,
Annual Report or the c., Ii. ". & IT.
c. G. Waite. president of the Columbus,
Hooking Valley & Toledo. yesterday sent
out his fourteenth annual report for the
company's last fiscal year. The report
shows that the gross earnings were $751;
1921 less than those of the preceding
year, and the expenses We're 1855, 96l 10 less
resulting in decrease of $215, Ta1 II in net
earnings. While earnings declined 1878 per
cent, operating expenses were reduced
20.23 per cent, and the ratio of operating
expenses to earning was lowered from 55.37
per cent. in 1893 to $685. per cent. in 1894
Freight earnings declined s453. 336.SO, or 40
per cent, and passenger revenue suffered
q loss of $109 1921 or 2O.45 per cent, while
then the. mileage balance. earnings a,g Of cars with
per cent The reduction In tons of freight
moved was more than compensated for by
reduced average rate was less than the re-
duction In average haul resulting in an in
crease OF earnings per ton per mile, and of
earnings and profit per train mile. The re-
duction IN tonnage and of freight earnings
decrease of coal. cement. brick and lumber
moved. which is partially compensated for
IN the increased tonnage of upper, class
freights, oils, live stock, coke and ore
The decrease In the number of passengers
carried, and consequently in revenue. was
due to the continued general depression of
business throughout the country, and the
fact that the comparisons of this year were
with the worlds fair traffic of 1893 The
failure to maintain the established price of
mining by the operators in competing fields
loss Of business and traffic o IN the eaTs
spring. This disturbed condition was fol- J
lowell by the general strike of all miners. in
resulting in a total cessation of mining
from April p to June 49, Succeeding this
was the American Railway Union strike
of-employes upon nearly all of the Western
roads, reducing traffic and producing a
from June 2S to July 49,. ailectng earnings
and expenses to an unusual extent. To
this was added the continued Industrial de-
preston throughout the country for the
entire year. and consequent shrinkage of
aha the ose all peroa F.
their history since the year 1873. 1t is a
matter of eongratulation that under these
circumstances, the condition of your prop
erty has been fully maintained, and during
this period earned its operating expenses.
ali fixed charges and rentals, and after
paying per cent. dividend on the preferred
stock, has surplus remaining leaving en-
courageTnent for future improvements under
the lettering conditions anticipated
Traffic Manager Leeds Resigns.
t. $. Leeds. traffic manager of the Traffic
Association of California. has rendered his
resignation and at a special meeting of the
board of directors in San Francisco. yes
terday, the resignation was accepted In
long letter to the association Mr.. Leeds
states that he believed the shipping inter-
estss of California no longer have any need
OF his services. inasmuch the Transcon-
Ttinental Association has been broken up
by the Pacific Mail monopoly and competi-
ton In freights to and from interior State
points assured through the building of the
san Joaquin Valley road. Mr.. Leeds has re-
turned TO his home near Cincinnati. Before
he went to California, three years ago. Mr.
Leeds was identified with Eastern transport
tation interests, notably the Santa Fe and
the Gould system of roads. He had also
filled the position of chairman of the Trans
continental Association.
&. a. A. Annual Rating.
Stockholders OF the Chicago & Alton Rail-
road Company held their annual meeting in
Chicago yesterday. and elected the follow
f,v ~ rp n