Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1895-02-14
THE NORFOLK q WESTERN.

Kimball and Henry Fink as receivers
of the Norfolk & Western Railroad
Company by Judge Golf at Richmond,
Va, as announced last week, does not
meet with universal favor. Mr.. Kim
ball was the president of the road, and
it was under his policy and manage
ment it was wrecked. 1t is therefore
not considered the part of wisdom to
continue at the head of the corporation
one whose inefiiciency has been so eff
fectively proven. Judge Taft, of the
United States Court, before whom aux
iliary proceedings were taken at Gin
cinnati on Thursday, holds this view,
and he absolutely refused to appoint
Mr.. Kimball. He concurred in the
appointment Of Mr.. Fink, who is re-
garded as an expert in railroad affairs.
The fact is, the Norfolk & Western
has not been properly managed during
It's recent lifetime There was never
a time when it could be honestly dem
onstrated that the road would pay un-
der the policy of its managers. An
English syndicate was hoodwinked out
of millions, which were spent in extern
sions and betterments. In the expen-
diture of these vast sums of course
some one has grown rich, but the syn
dictate will not see much of its money
again. In the reorganization there
will be still more fat pickings for some
body other than the syndicate.
The Norfolk & Western has been
spoken of as the "town builder" 1t
never deserved the name. In reality
it has crushed local business by indif-
ference and intolerance. Since the
very first, absurd attempts have been
made to cultivate an artificial through
business" for which the road was not
fitted. Large sums have
been spent in this vain endeavor and
high-priced officials engaged to con-
summate that which never was and
never could be accomplished. Little
regard was paid to local business, the
richest field for any railroad and the
only one for the N. & w. Had half
the care and expense and time been
given to cultivating local traffic that
was expended in trying to get an i'm
possible through business, the road
would not now be in the hands of a
receiver.
Another thing. Those who have
been in charge of the affairs of the
road itself have been incapable, appa-
rently, OF approaching the needs of the
territory through which it runs.
There are l 800 miles of road in Vir-
ginia, West Virginia, Maryland and
Ohio. Cast-iron rules and regulations
were made at a common center, and,
of the fact that conditions
were totally different in different
places, were made to apply to all cases.
What would be good policy for the
Ohio extension might be exactly what
was not wanted in the Shenandoah
Valley. Regulations all right for Nor
folk might not suit at Hagerstown,
If the road is to be prosperous its
policy must be changed. A change Of
policy requires a change of officers.
Those who have proven unequal to
their duties should be dispensed with.
There are some notable exceptions
who have showna thorough knowledge
of the railroad business and who have
always been an advantage to the road
by reason of their ability and courtesy.
Such men should be retained. The
fixed charges of the road are $780,
900 yearly, and to pay dividend of
3 per cent on the preferred stock
would require over 100000. The
mortgage debt represented by bonds
of various issues exceeds $45, 100000.
The net earnings for 1894 were ST.
649, SAT. 1t will be seen by these fig
ures that it will take rare good man
agement and remarkable 6nanciering
to get the road out of the hole. 1t is
stated that the policy of the receivers
will likely be waiting one that is,
they will prefer to allow conditions to
settle and new factors to develop be-
fore taking any steps looking to the
restoration Of the company to firm
financial basis.
Collector Gilkeson of West Virginia
gives out the following information
relative to the income tax law now in
force: Corporations are to be taxed