The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-11-10
AN ITEM OF INTEREST
PENNSYLVANIA RA,LaCAO CREDITED
WIZ = DISCOVERY.

v
Ohio, Indiana and Ilinot. Likely to Turn
the scale Il Favor If the White Metal.
Sweeping Greer - Ecorol.'ze Wherever
Ftacti@shIr.
Tho Pennsylvania RMl"oad company
Is credited with Il discovery If Interest
on TIE subject e thr national money
standard 1t Is III Substance that tie
states of ONO. Indiana and Illinois are
likely 10 vote 90 free silver and turn
the scale IN favor Of the white metal *
the next election.
Heads If departments Of the Pcnnsyl-
vanla system were served with an order
Yesterday 20 undertake no new on.
struction work, stop improvements al
ready begun wherever practicable, cCn.
fine the cost of m~alntcnunCC 10 I'll" low
est amount consistent with safety, and
reduce expenses wherever possible. Ne
such sweeping order has been issued lay
the company since the beginning OF
1898, when it was the first among the
railroads to anticipate and ACt on the
prospect Of the panic.
The order, it is said, Is the outcome
Of Al investigation recently made by
officials Of the road Oh the lines Of the
system from Plttsburg west 70 Chicago
and st. Louis. These lines touch at the
political ccntcrs Of Ohio, Indiana and
Illinois. What was discovered was not.
for obvious reasons, made public by the
The order of rctrenChment.
however, was Immediately issued. 70
take effect as o as filed in the differ
ent department Offices.
That much is known The rest is
speculation, rife among the men who
have studied the policy and motives Of
the company.
Complaining Of a decrease Of $l6,
900, 600 III the gross revenues OF the
system III 1894, the company referred
IL last years annual statement to adj
verse railroad legislation and the buSl.
ness depression as the main causes.
Economics were introduced IL the Opcr.
ating department and restrictions were
placed on the management such as the
company had never before enforced.
This policy was maintained until the
beginning of the present year, when its
rigor was relaxed enough TO admit of
new plans for building and improve,
ment.
Construction work has been active al.
over the Pennsylvania system recently
The company, 1t Is said, had extensive
plans for the Improvement Of its road
way and equipment and the increase
of its facilities for handling business "a,
the terminals. Supply houses dealing
with the various companies comprising
the system have done a rushing bust
ness. A great many meE have been EN-.
ployed IL construction work. Oh! the
New York division there has been great
activity. The order calls a halt n AZ,
enterprises not absolutely necessary to
be finished The new ferry station OF
North river at T~wenty-thlrd street
New York. is about the only one tina
escapes the prohibition.
In the absence of any dlrcc; tinancia
reason. motives kindred to those which
prompted the retrenchmcnt order O.
1899 are assigned for the new order
The finances Of the company are IN thel'
usual condition There is no apparen
danger that the earnings Of the system
will diminish-at least enough to affec
MISUNDERSTANDING the present year
That being the case. the order has beef
interpreted 70 mean that the cOmpan,
expects developments adverse to its III
tcrcsts to result from the ,lmpendln;
campaign, and Is hedging against then
with its usual foresight.
Success fer the white metal means
premium on gold. This would mean
loss equaling the amount If the pre-
MUM on every railroad bOnd issued tina
is payable in gold. The gold bond issue
Of the railroads comprising the system
of the Pennsylvania company amour
i'll round numbers to $l66. 600. 900. TIL
direct bonded Indebtedness. payable i
gold, of the Pennsylvania company an
the Pennsylvania system is but $9l
GOO, 900. The remaining amount Is mad
up of the bonds of leased and cOntrOlle
lines, on which the company Is guar
antOr.
Another theory evoked by the ordt
is that it is intended by the cOmpan
as ar object lesson TO its employee
given at the beginning Of the campaign
to impress them with the effects Of
silver victory. At the division Offices
the company in Jersey City, it was sal
that no wholesale discharge of the me
was contemplated and that nothing W
known of the motive for the order. =
New York Journal.
A Thru Countiea, XoddinR.