The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-10
r. 4 O.'s GREAT NEED.
.,,,,l,. TAIN With Mr. cowen Abons
t..u,,d-what The i,odd 10 Most ~

.l.a j
~.,Joi now IL Freight Cars.
p,,lmore News: Mr.. John X. Cowen
,.lt.1 10 News reporter to-day or
,1re copies which are uppern,ost In ,ht
rinJs Of those who are Interested In The
n,,,,,,re & Ohio railroad. Mr.. Cowon
.n,t. iIrs. OF the ramors regarding plans
~ III. reorganization Of the road, then
.,,S. value OF the Washington branch
s,,t and the likelihood Of Its sale as
~, =, the crl.lcirnis IN the last Ham
, Wy circular on this subject and final.
,rShe most pressing need OF the Baltl.
,,Nrn < Ohio at present.
hW NJ Cowcn denied, and this Is the first
.aSiIc denial made by him on the sub
md, no was even considering plan
t,,Sn reorganization Of the road. "rhc
.yAo,o nirnor, so far as | am able to
t,Ir." sud Mr.. Cowen. comes from
~. erect SO far US know and so far
Inm'abs to Judge the reorganization
s,hs baltimore & Ohio Is not Imminent
WI ia not being more than tentatively
ss. "u by anyone. OF course. I sup
wa, Mr., Morgan, the Browns and
s,,rrr & Co, have always had more or
~, NJ an idea as To the lines on which
nav would like 10 sec the Baltimore e
oSi, renrranizcd, but as ! say This Is
ss,y tentative and | do not believe that
SST one OF them has ever gone so far as
~ formulate these plans. I think that
snsyrr & Co. would be very glad to have
,ba fob OF underwriting n plan FOR reor-
r,p,a.lon II the Morgan interests would
NV them for Il Handsomely. II Is a tre-
,,nsrjously smart firm, but ] have not
,pen any Indications that Mr.. Morgan
IL contemplating any such plan. "a
IT MIGHT COME AT ANY TIME.
~ can speak for myself. however. and
say that have not even a tentative
MAN FOR reorganization. l do not con-
,emplate any. but still have seen the
northcrn Pacific renrganlzed in ten days
a,t,r the final plan was first discussed.
and | do not deny that reorganization
mlch. not come at any time, / do not
think, however, and on this part of the
subject | am very positive, that any plan
for reorganization which does not In
rluie consideration and consultation
with the stockholders interests will be
effective. am aware that Mr.. Ham
bleton differs with me In this, but never,
,aeeSs It Is my opinion. ~ y
AS far as my statement goes THAI
The street Is responsible for the many
urors about reorganization which are
fylng about, believe that the recent
h;e In prices Of the Baltimore & Ohio
stock bears this out. l am glad that II
has gone up TO the point that It reached
On Saturday, and do not believe that It
will fall below Is again. The stock has
been consistently .beared' everywhere,
and am glad that It Is on the upward
path once more The men on the street
zee more value In railroad properties
sometimes than we do. Yes, really
mean that they frequently see values
that escape US who are supposed TO be on
the inside. At times. Of course, they
think they see these values when they
ere no: there"
you ask me what Is the greatest need
o; the Baltimore & Ohio railroad at this
time? answer cars or course. this
Is not the sine qua non. but cars are
more needed than anything else. With
more cars we can increase the net earn
!uss Of the road very considerably. Our
net earnings. for the last SIX months
have been $4,000. 900. They should have
bsen A.iO0.0O0. The. reason why they
did nc! reach the latter figure was be-
cause We had not the cars to haul the
freight which was offered to Us.
why, sir. 4 gentleman sat at this very
DISK not very long ago IN that chair and
offered NE 5000 cars of freight at $42
carr, full freight rates, and Twas obliged
10 decline Il. Mr.. Carnegie offered ME
s.el0 cars Of freight In one month and I
could not accept 1t because we did not
have the cars with which TO do the bust
ness. Since the pronounced revival OF
business ii September we could have
made additional net earnings to what we
have sarHed % 1t least s195, 600.
Take the business done by this road
"a 1855 and compare It with the business
tOEe BY the Pennsylvania railroad In
ths SANE period. We made $4,000. GOO in
that fiscal year and the Pennsylvania
lest money. We were doing our mini
mum business and they were doing sheir
naSinEn In other words, they with
th.!r 10000 cars. and plenty of opportu-.
nifty o: doing more business II Ii had
been offered them while we were work
Ing right up TO our limit OF cars. This
was a period u depression. Now things
are changed, and VIVA. Is the result?
The Pennsylvania can give its shippers
all the car accommodations they want,
and We are circumscrlbed, actually los
!as money every day because we haven't
the rass,
Ih!s Is our greatest need now. We
want cars. We can get along without
any very decided increase IN engine or
terminal facilities. but We do need cars
10 attend to the business which is COM
ing 20 US New cars will make their
vaiue Immediately shown and the reve-
nues 0: the road will be greatly increased
II We can get them"