The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-30
PANHANDLE'S CONDITION
ROAD Is PROSPEROUS, BUT NEEDS
MONEY FOR IMPROVEMENTS.
Recent Address Of Mr.. ingalls, Favor
ably Commented On-WaIter Mich
OILS, of c., III. & D., Promoted.

The continued Improvement in the traffic
of the Pittsburg, Cincinnati, Chicago & ST.
Louis road in recent months is reflected
in the earnings, and is taken by some of
the stockholders to presage the resumption
of dividends at no distant day on the pre-
ferred stock and some believe that the
common stock will share in the profits. The
United States Investor, in commenting on
the statement of the Panhandle lines for
October and for the ten months of 1897
says: The months gross increased 1871 per
cent. over 1896 figures and expenses "A per
cent, making the substantial increase in
net of ST. per cent. Charges also in
creased to the extent of S51 per cent, but
the surplus left still showed an increase of
S66,596 or 2SS12 per cent. Now let us look
at the ten months statement. 1t will be
noticed that gross increased only to a mod
crate extent. but by practicing economy
in operating expenses and effecting a re-
duction thereby of $515,6S2, or 81 per cent,
net was increased by $6O2,OS4 or nearly 10
per cent, and charges being slightly less
than in 1895, the surplus was increased
$s241S7, or 114.S per cent. Net earnings for
the year ending Dec 81, 1896 mot including
interesD, were So, 7S1, 1882 1t will be noticed
that this is 1867 less than the past ten
months net so that the net earnings of the
remaining two months Of the fiscal year of
the company will be clear gain over 1886
figures. The ten months surplus would
pay per cent dividend on the preferred,
and still leave balance of $685. 900. If the
surplus for November and December is but
equal to October, nearly ia per cent viii
be earned on the common shares.
ITO many, the October statement is
disappointment, as it was not expected that
the operating expenses would be anything
like $1,O 637, but nearer those of Septem-
Der, when they were $79l, 43O or August
when they were 1913, Sl8 and it was believed
that the surplus, after charges, would be
increased operating expenses is to be ac-
counted for in the fact that betterments are
being so charged, and that there is wisdom
In the step must be apparent. While the
earnings for the year are sure to show a
very fair amount over and above the re-
quirements for the preferred dividend, it is
not at all likely that such a distribution
OF profits is contemplated by the manage
ment at the present time 1t remains for
the pennsylvania directors to dictate the
pohcy IN regard to these matters, and the
conservatism Of that board is we'll known
They are not the men to authorize divi-
dend as soon as 1t is earned, and besides,
1t must be borne in mind that the Vandalia
suit has not yet been settled"
The Railway Age. in its current number,
publishes in full the address of NJ E. In
gals last week before the students of Per-
due University, speaking of it as a valuable
contribution to the current literature of the
railway problem. The Age says: with a
rapid but firm hand Mr.. ingalls, sketches in
the conditions of society at the time of the
birth of the railway system. Then with the
same mastery touch he shows in outline
how the first railways were built the
abuses in connection with that building,
and the prejudices and wrongs to which
these abuses gave rise. In contrast with
this he sets forth what the railways have
done for the world, for civilization, and
above ALL for America, and so passes to
the condition of the railways themselves
in this country to-day. He urges that there
can be no prosperous times ia this country
unless the railways prosper, and points
out GU, what he bell believes to be the steps rs by
must be reforms in the crude and crazy
patchwork of our railway laws; remodel
ing of the system of taxation; more per-
nlanence in the ownership of the properties
and an abolition of the evils of receiver
ships and foreclosures Passenger fares he
believes to be on an entirely wrong basis
and urges the grading or classifying of
charges in accordance with the character
and speed of the trains on which passengers
are carried. Above all, he sees the need
OF a better understanding with the en-
ployes, to be reached, he suggests, by hos
pitfalls, pensions and proft-sharing. The
population of the United States Mill soon
reach 100000 GOO souls. To serve this popula-
ton rightly, the country will need 25O000
miles of railway--an increase of 40 per
cent. on the present mileage. With the
present system of legislation and the pres
ent prejudices, it will not, Mr.. ingalls, says,
be possible to build all this new line that
will be needed"