Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-01-01
REVIEW or THE PAST YEAR IN
THIS IMPORTANT FIELD.
VIRGINIA LINES DID WELL.
Decided Improvement in thc Duss-
ness of the Country the Latter Half
ef the Year. and the Prospects
CheerinR-WhRt Each Road Did.


dawnod with that calm which follows a
great storm. and no one could possibly
forecast with any degree OF certainty
whether the future held peace and pros
pcrity or another great reyulsion, spread
ing disaster and distress: whether there
awaited Industrial development or an
other period Of dissatisfaction. dstrust.
and stagnation OF business activity, with
its bancful results. While many things
Indicated a rcawakcning and better times.
siid there was with Us the war
dance going on in Congress over Spain
and Cuba, Senator Wolcott and his silver
commission; the annexation OF Hawaii
and the foilure in the Senate OF the arbi-
tration treaty with Great Britain.
Then. the decision OF the Supreme
Court IN regard TO the Trans-Missouri
Traffic Association case. spread conster-
nation among our large railroads, causing
10 disband the various traffic associations
in the West and South. with its damag-
ms influence on the earnings OF the rail
road companies, and with every prospect
OF reduction OF dividends 20 stockholders.
ia our own section OF the country there
COZ ..nued with undated fury the disas-
trous competition between the Seaboard
and the Southern, with It's detrimental
influence upon the various transportation
lines about here. Surely. that was not a
glorious prospect. Happily. the times
have changed, a kind Providence has
dealt beautifully with our land. and there !
has grown up steadily. and all things !
considered, rapidly, an industrial i'm |
provemont and development which is pro- |
badly the most remarkable in the his
tory Of the country. The year 1897 has |
already been lkened by many 20 that of |
ls1s-the year of the resumption OF specie
payments by the United States Govern
ment In that year bountiful crops. good
prices. improvements in railroad earn
ings and an excess Of exports over i'm
ports amounting to S27O.OO0OoJ all had
their influence in restoring confidence.
establishing business activity, and render
lag possible the large negotiation Of
s5io,0oo0O Of government per cent.
bonds at home and abroad, followed by
other large negotiations by individuals
and corporations.
THE CONDITIONS IMPROVED.
During the year of grace 1897 it was
Wei on towards the middle Of the year
before substantial improvement was felt.
bountiful crops and good prices for our
wheat has increased the income from the
nations wards-the farming class. Large
ly Increased exports ana comparative
ly small imports have created q large
credit balance in favor Of this country
replenishing our gold reserve and con-
trbuting 10 the establishment of bust
ness confidence.
With the improved economic conditions
much Of the war paint has been washed
on, 0ngolsm is disappearing and the
large business population OF this coun-
tryl SO rent assunder by Wrangles and
disputes over theories and visions, have
at last settled down 10 the development
or business enterprises and the repen-
isnlng OF their own fortunes The i'm
prOvement has come, and belief in il is
irresistible. The crOakng which comes
from discOntented quarters is no longer
a disturbing factor. The 'croaking' owl
which 20 the moon complains of such as
wandering near. modest her ancient soil
tary reign may for a moment cause
d shiyer 10 run down the backs Of plod-
ding travellers and the last remaining 7
croakings Of the yet unrestful ones may
bring a momentary frown to the business
community. but that is all, and the indus
Iial activity goes on.
Not alone from one quarter Is this i'm
proyement felt but from the far West ,
comes the news that one Of the largest
steel companies has orders booked to Keep
Us mills running for eight months ahead
from Alabama the records show that over
( roll
the first eight months of 1897 for the Ala
bama iron business than for tlfe same .
period Of 1896.
INCREASED RAILROAD EARNINGS.
The gross earnings Of ffty-nine roads
or the first week in December amount
% $7.6Gi 7S2. showing an increase Of $757.- :
80 over the corresponding period last
rear, and fifty-three roads show gross
Of 1896 7n 6g7 for the period from
January /, 1891 TO the end Of the first {
week in December an increase over the
anne period last year Of 81, 994, fO7. In \
he first case fifty-three roads showed /
Increases and six decreased. and in the
after, hfty-one showed increases, and I
light decreases.
For the railroads centering here, and in
which our citizens are most interested. =
he rate war between the Seaboard and
southern has eXerted very detrimental
on earnings; this cause happily q
as been adjusted and old rates re-
torcd. promising better results for fu- =
ure operations.
II Is gratifying to see that the freigh, -,
arnings OF the Chesapeake and Ohio for /
be year ending June Both were the
.rgost IN the history Of the company.
is stated that the company's con-
iructiOn account has been closed, and b
N expenditures go into operating ac- / 4
cunt. During the year the company ii
as expended, and charged 10 operating T,
bout 10000 for new equipments and ci
sttcrments including ten locomotives, rC
2 freight-cars. two passenger-cars. one ei
eam-tug. etc.
The Chesapeake and Ohio Steamship
Ompany Limited, reports a good de- G.
land for freight accommodations from n
export News 10 Great Britain and the n
THIS company operates regu- II
rly six large steel steamships. three OF
'0) tons and three Of 5000 and has now
lder construction another lGrge steam G
, the "Rapidan." Of 1900 tons which n
expected 10 be put into service In
arch. in addition TO outside tonnage n
demanded. n
The Chesapeake and Ohio Railway Ol
1mpany has foated recently over So
300. Of IL per cent. bonds 20 retire
Ike amount OF per cent. bonds due
1893 o.
d.. 10000 tl,t fho Affortf. No..t