The Washington times., 1895-03-06

! 4112 The amount received during 1894
was 1866, ,01 and the balance in the Fund.
ut the close ofthe year, was 81 ,354, ,69 IS.
| or this amount 81, 900 900 have been
securely inytsted in four per cent. bonds.
The Cresson and Clearfeld County and
New York Short Route Railroad Com
| pany, having large floating debt, and
being unable to earn the interest upon its
| obligations. was forecloscd and feorganized
| as the Cresson and Iryona Railroad Com
pany, and. it is believed, VIII be able to
earn a fair interest upon its present capi-
| tai, while supplying reasonable amount
of traffic to your Main Line.
| The Brownsville and State Line Railroad.
| the MfcKeesport and Bessemer and the Mo
nongahcla River and Streets Run Rail
roads. all closely allied with the interests
| OF the Pittsburgh, Virginia and Charleston
| Railway, have been merged into and con
soldated with that Company, and steps
taken to increase both the stock and bond
capital of the consolidated company to
| 5000 900. This viii enable IT TO make
necessary extensions and improvements
and provide for the increasing traffic OF
| the territory which it traverSes.
| For the purpose of enabling the Mer-
| chants Warehouse Company to furnish ad-
ditional facilities for the traffic brought
| by your lines to Philadelphia, further
| contract has been made with that company
under the general arrangement already eX-
! isting through which an additional ware
| house for the storage Of flour and merchan-
disc has been erected at Laurel and Beach
/ Streets, and another hay warehouse at
Front and Borks streets.
Believing that the time had come when
| your interests as well as those of the pubic
would be promoted by the construction OF
1 a bridge over the Delaware River, connect
ing your lines in the states ofPennsylvania
and New jersey, al n point as close TO the
northern limits of Philadelphia as prudent
/ regard to economy would permit, ana Win
| out substantial interference with the nayi-
cation OF the river. your Company oDteined
from the states of Pennsylyana and New
! Jersey and from the United States Govern
ment the requisite authority for its construc-
ton Tire right OF way has practically
! been secured; and its constr fctiGn, which is
! rapidly progressing, VIII, 1T is hoped Le
| completed during the present year This
| bridge VIII greatly facilitate net only the
movement of passengers to and from sea
shore points, hut also hat of coal end other
heavy traffic to Southern New Jersey. end
! ofagricuIt raj and other products from that
State to the city of Philadelphia.
The work of clevating the roadway OF the
United New Jersey Division through the
city of Eliza bet h has beenso far completed as
| to permit trains TO be transferred to the ele-
| waited traek thus eliminating the dangerous
| grade crossing OF the Central Railroad OF
| New Jersey and also of all the streets IN the
| built-1p portion OF that city. Further large
| outlay VIII be required in connection with
| this work in providing new sta on ana
finishing the embankment. The elevation
OF the tracks on the New York Division be-
| tween Frankford ard Holmesburg juno
ton Philadelphia, was also continued, and
| several grade crossings We're Gbotished
| under the satisfactory end equit3hle con-
| tract made with the city OF Philadelphia
| Under this contract work is Still IN progress,
and VIII finally result In eliminating all
| grade crossings on this portion OF your line
| nthat city Considerable progress has been
made toward removing The dangerous cross
ing of the North Pennsylvania Railroad
and your Connecting Railway, and this
work, through the LIBERAL appropriations
made by your Company and the city OF Phil
adelpha, VIII be completed during the pres
ent year.
Your management believes, however,
that il is wise, foI the present at least. TO
suspend iuTtheT large expenditures Of this
character until definite legislation is had
to prevent The increase OF highway crossings
at grade 1t certainly does not seem to te
equitable that Cutlays OF this character
should be made by the Company when the
object had in view is pTaC tjcally defeated
by the continued opening OF new highways
and by the privileges granted to electric
lines to use the same al grade. Not only
is this the case in cities, hut also on other
public roads. and the peril resulting there
from has already teen made apparent by
the numerous accidents that have occurred
at such crossings.
Your attention is called to the present
| condition OF the Pennsylvania Canal Conn
pany, the share capital OF which is largely
owned and the interest upon its bonds guar
! antecd by your Company. Owing TO the
destruction by freshots of the SusqHehanna
and Tidewater Canal and its unfortunate
financial condition, the Canm is now cut
off from any connection with tdewater,
and remains as an isolated waterway in
the central part Of the State, earning little
revenue and barely able to maintain IL
self 1t would seem that this property has
reached point where the interests Of the
public would be as well served ii II were
abandoned.
Your system shared in common with the
entire railway interests of the United States
in the great depression that continued
throughout the past year. The lines wes
of Pittsburgh show an even greater proper
tionate reduction in their gross earnings
than those east of Pittsburgh, and while th'
most rigid economies Were enforced in theil
, management, the net results are nearly 81,
600 900 less than for 1898. The aggregate
decrease in the gross revenues O yoJir entire
system is over SIG 600 900, and with {
saving, in expenses of over S13 100000
there is a loss III ret results of about So
600 900 This large decrease in gross earn
, ings fully represents the average reduction
in the revenue of the railroads of the entire
country.
The two facts strongly emphasized b,
, these figures are: first, the continued de
preston in the commercial, manufactur
| ing and mining industries; and second, tn
| constant reductions in rates that have beel
, | forced upon the transportation interests.
| In the former we may naturally eXpcc
! an Improvement with the return of CONNER
cial prosperity, but there seems to be littl
{ ground to hope for relief as to the latte
{ until the general public awakens to the fac
that the prosperity of the transportatio
I interests of the country depends upon thei
receiving proper compensation for the SCI
vice rendered, and that upon their prosperit
depends to a large extent that of the who'll
f country The capital invested in transpoT
. tation lines must receive a fair return t
enable them to perform the duties for whic
they were Incorporated, but this resul
will not be reached until it is realized thd
e unrestricted competition between rail
e ways is often attended with serious dis
e advantage to the public interest. TIL
e States from which they have obtained thei
d franchises. as well as the National Coy
2 ernrnent, have thought it wise to brin
t them under restrictions in the transaction {
s their business with the public of a di
4 ferent character from those regulatin
It other interests, and they cannot, therefor,
Il with Justice either to those who own an
t manage railways, or to the public for who's
8 benefit they are really constructed, decline t
G protect the transportation lines in tn
e performance of their duties or to sanctio
& the enforcement of proper agreement
1t for the conduct OF their Joint business.
9 1t was hoped that those entrusted wit
: this duty would have appreciated the nece