The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-06
ROADS run AT A Loss.
Penny Fares Knock Out the Street
Railway Profits.

The annual meeting Of the City and SUI
burban railway was held yesterday at the
offices Of the company. ON Bolton street
The old officers and directors were re-
elected for the coming year, as follows:
President-James H. Johnston.
Vice President-Henry Parsons.
Secretary-E. J. Thomas.
Treasurer-E. Schmitt.
Dlrectors-J. II. Johnston, Henry Par
sons, E. ]. Thomas. J. y. Hartman, Luke
Carson, c. 5. Hardee
The annual report OF President Johnston
showed that the earnings of the company
last year were less than the average of
the two previous years; in fact, that there
had been a serious falling of in the earn
inss, and that the property had been oper-
ated at loss. He attributed this to the
bad times financially, and the rate war
with the rival company, the Electric Rail-
way Company. In speaking of this sub
Ject, President Johnston concluded his re-
port as follows:
To sum up what is to be the outcome
Of present couditions2 Your company is
not responsible for them. We occupied
all the old and we'll selected territory
All that the public convenience required
The land spectators came along and
built the superfuous roads, thereby Sc
riously inJurying our lines, and, as it has
turned out, not benefiung themselves.
@ets A6lAA oPGNuAdloAS DEEdlSE MI. EtNGdT,
their bondholder who has forced them
into receivers hands, swears that their
roads are run for the benefit of land COM
panies.
The distance between East and West
Broad streets is about 1900 feet and nine
parallel lines of road are operated within
that limited space No company could
operate such lines, no matter what the
fare, and remain solvent The policy of
your directors has been one of defense
and not aggression. They have made
vigorous efforts to defend your lines from
the attacks Of reckless and irresponsible
competitors. Repeated attempts have
been made to compel US TO amalgamate on
an unjust and ruinous basis for US. All
of which we have firmly resisted. Your
directors recommend continuance Of
the present policy. and, in fact, see no
other course to pursue while present con-
ditions prevail.
The annual meeting of the Savannah,
Thunderbolt and Isle of Hope railway
was held Immediately afterward. and the
old officers and directors were reelected
as follows:
Presldent-J. H. Johnston.
Vice President-Henry Parsons.
Directors-J. II. Johnston, e. J. Thomas
c. S. Hardee, J. n Hartman, Henry Par
sons, Z. J. Squires.
Mr.. Hartman said last night that the
report that Mr. Parsons had demanded
that the Electric Railway Company re-
move its line on Barnard street as pre-
iiminary to restoring the old rates Of fare
was nonsensicaL
Mr.. Parsons has conferred with no
one on the subject" he said, land has
made no such demand. / have had some
informal conferences with Mr. Young one
of the receivers of the Electric railway. on
the subject OF increasing the rates of fare,
but no demands have been made nor any
propositions for that matter from our
side. We prefer to wait a while and see
what the result of the hearing in the
United States court win be. If the reports
that the Electric railway people have ar
ranged their affairs satisfactorily and the
receivership be dismissed within a few
days are correct, then we prefer to wait
and deal with the new management"
Receiver Young of the Electric railway
said, when spoken to about the matter
that he had approached the other people
on the subject OF an increase in rates. but
without any satisfactory result. Il took
hold of the property" he said with the
sole desire of conducting it in the interest
of all concerned, the bondholders. the
creditors and the public. 1 found it being
operated at a rate for fares simply I'M
heard of in the history of street railroads.
felt it to be due to the security holders
and the creditors of the company that a
more reasonable rate of fare should be OBJ
tained and to do this it was necessary
to obtain the consent of the rival com
pany. Without any desire to Cypress the
public, think that higher rate of fare
should prevail. If the lines can earn oper-
ating expenses and pay interest on their
Indebtedness at a cent rate, then let
that be the rate. have not hesitated to
go directly to the representatives of tho
rival line to press these views but so far
without result"
Mr.. Young said he could not say whether
there was any plan agreed upon to take
the property out of the hands of the
court Il am not concerned in that.
am simply an officer of the court ap-
pointed for the purpose of conserving the
interests of all concerned so long as I
remain in charge"
Mr.. H. E. w. Palmer, counsel for Mr.
Pevear, the bondholder of the Electric
railway, who brought the suit to put the
property in the hands of a receiver. was IN
the city last week, and had several con-
ferences with the attorneys of the Elec-
trio railway. AS Mr.. Palmer has returned
to Atlanta, there is reason to believe that
compromise has been arranged be-
tween his client and the other bondholders
of the Electric railway and that the re-
organization may be allowed to proceed