The times. [volume] (Richmond, Va.) 1890-1903, 1895-01-01
RICHMOND'S RAILROADS.
DESPITE TIE BUSINESS TROUBLES
THEY 1AKE coon SHO WINGS.
y ,et. and Figures setting Forth tho finan-
eial Condition Of tho Several Lines
Earnings and Expenses.

4 wear ago. In reviewing the opera,
tions OF our railroads, We were sutroui'
ON All sides by receiverships and ianu','
ana earnings exhibited an array Oh ~
crcases dishcartcning IN the eNuen' e,
Now. however. we seem TO have q. 49, 'a
arrived on vantage ground rom ~,
we can view the approaching Jaw" -
era OF great prosperity. nam.
rho year lust closed viii Ions be a 'i ,','.
orable one in the history Oh 'a,'' go,
for probably never before nav o,
exhibited such powerful l"c'o'S ~
ycrAtc against the ed'""s
railroad systems. ... ,,,,,oe IN dif-
fcront sections Hoods forest HicS'
d,a,,,.h, welcomes. and crop failures ~
-, ,,encncce. Al Of these, addt" -
80, general depression OF business -
is,,ne, throughout the world lh gem" a.
intensified 800 the United states 10y ~
fra.ied tariff legislation. have seeincu W
st~,fn The transportation lines "h!ch a.
t,,,r'a.nf upon business activity ana
r,osrerity for their earnings. 10 their Ut
~, endurance. Even the illness ana
s,,heoounui death OF the car OF Russia
threatening the peace Of Europe ana the
,plnc-,-Iapanesc war have had Ger
tain influence i'm delaying a return 10
confidence and NE. ,.,s,.
As an Indication OF depression existing
d, might bc well 20 note the phenomenal
s,,o,,nt TO which the surplus reserve OF
tbe Now York city banks has reached
Going up as high a. ill.623,co and grad
uallv declining with the restoration OF
confidence and Improvement ia genera
coodit lous. Tho rate for call loans IN
New York c.ty has averaged the greater
part Of the year at per cent.
Tho nearest approach 10 this condition
before MAS I'm 1854. when during several
months rates ranged from per cent. TO
est ON call loans. That Is, parties were
willing TO loan money, az times. free or
interest on collateral 10 enable them to
distribute their fisk.
SONY SIGNIFICANT FIGURrs,
The number of miles OF railroad con-
eiructcd during the year ending Deccm-
Der g. 1885, is 1919. the smallest num-
Der with on exception since 1866. RAN
road construction has been steadily de-
,reasiny since 1887. when tho number Of
miles built WIS 12,S7S The indications
are that large mileage will tie recorded
for the present year.
The railroad interests Of the United
states are so enormous and are so
thoroughly Identified with the various de-
partments OF industry, that there can Dc
no general prosperity when the rallroaus
are not prosperous. The following hgures
will amply Justify this assertion.
miles of railroads. representing capital
ization and other liabilities Of upwards
OF Sll.500.ppoCoo.
During the fiscal year ending June 80,
1897 - Is interesting 10 note that pas
scnger train mileage was $40 &2,2ll miles,
carving 62S 965 .973 passengers. Freight
train mileage for the same period b3l,-
3p75f moving 1915. $50 tons OF freight.
Since OctOber.S 1898. the country has
been making gallant efforts for a return
10 normal conditions. and the progress
has been made in spite OF many and
great Vicissitudes.
The iron trade being considered baro-
meter OF general conditions, and being
especially interesting on account of its
great importance to our transportation
lines. Il Is well 10 note the following:
In October 1895 the number of furnaces
in blast was III. with weekly capacity
of -. S95 tons which was the lowest point
after the panic Of 1873 There was then a
slow recovery, increasing in strength. in
February and March. and by April the
number OF furnaces In blast was lit
TROUBLE EVERYWHERE.
Then when there seen I'd a hope OF gen
eral improVem nj and renewal of bust
ness came the strike of the coal miners,
on April Dist. followed by the great rail
road strikes and lockouts. ana all the
-
and by June LIST the number OF furnaces
i'm blast was .eduCed to -, with weekly
capaCity of 67.5l7 tors after which tim.
there was an expansion, and by September
the number was increased to III.
The lowest point I'm the depression OF
railroad earnings Was reached IN the
month OF May. when all The disturbing
factors possible seemed TO have gathered
10 DO their worst.
.Nftl fF.nilr a q
dratcry action &C CONGRESS on tarifi
LEGISLATION. was strengthened by the coal
strike. almost the only important mines
which we're Kept open being those along
the line Of the Norfolk AZ Western. TINS
WAS followed closely by the great rail
road strike md lockout. dGi I'm the latter
part Of May came The destructive Hoods
which did so much damage in Pennsyl-
wanna. Colorado, Montana Washii sior
and oregon.
Another factor was the low price at
which wheat was selling. which was
about half the price OF the previous year.
causing the farmer To hold back his
crop. as il dd not pay to send Il &c
market This caused the receipts in the
urinary markets To- June "a TO fall of
about a per cent. All of THESE influences
had direct effect on the railroad earn
ings in May. Since that time there has
THE eoUTHEBN ROADS AHEAD.
During the first six months OF the pres
cnt year the gross earnings Of the rail
roads i'm the United states showed a de
crease Of Sl00.C0f0W. the only roads of
any Importance showing any increase al
all being two Southern roads.
The southern group makes much the
hest showing Of all. its decrease in gross
earnings being only per cent while the
decrease iu gross earnings of the north
western group was y pcr cent.
There seem to Rave been some ospc-
cially aegravating factors in 'he differ
ent sections Of the country. as. for III
stance. the coal and railroad strikes
throughout the middle. western and
northern States crop failures and forest
fires in the west and northwest. and
strikes TN New England. while in the
South such troubles have not been icli
TO any degree.
We In the South have had no great
strikes: our coal mines have at times sup
piled the country; our crops have bcci
phenomcnally large, for instance q corn
crop OF JOOOo.OOO bushels and a cotton
crop OF 100000 bales. and indications oil
a renewal Of business are felt everywhere
BY examining the earnings OF railroad.
in various sections OF the country IN
croups IL will be found that the gros,
earnings for the first eleven months OF
the southern roads snow decrease o.
only 80 per cen>., while the second small
est are eastern roads, which show q
con hA la sfg