Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-02-10

Receiver John X. Cowen, in the
course of very long interview in the
Baltimore News of the 7th inst, says:
'You ask me what is the greatest
need of the Baltimore & Ohio railroad
at this time? | answer cars OF course
this is not the sine qua non, but cars
are more needed than anything else.
With more cars we can increase the
net earnings of the road very consld-
erably. Our net earnings for the last
six months have been $3,90O,O0O. They
should have been $4,400, COO The rea-
son why they did not reach the latter
figure was because we had not the
cars to haul the freight which was Of
fered to us.
''Why, sir. a gentleman sat at this
very desk not very long ago in that
chair and offered me 5000 cars of
freight at $42 car, full freight rates,
and | was obliged to decline it. Mr..
Carnegie offered me 5000 cars of
freight in one month and l could not
accent it because we did not have the
cars with which to do the business
Since the pronounced revival in bust
ness in September we could have
made additional net earnings to what
We have earned of at least $125,000.
Take the business done by this road
in 1895 and compare it with the bust
ness done by the Pennsylvania railroad
in the same period. We made S3,000,-
coo in that fiscal year and the Pennsyl-
yania lost money. We were doing our
minimum business and they were do
ing their maximum. In other words,
they. with their 10000 cars, had plen-
ty of opportunity of doing more BUSH
ness if it had been offered them while
we We're working right up to our limit
of cars This was period of depres-
sion. Now things are changed and
what is the result? The Pennsylvania
can give it's shippers all the car accom-
modations they want, and we are cir
cumscribed, actually losing money ev-
cry day because we haven't the cars.
There has been constant and per-
sistent misrepresentation about the
amount of opposition that the receiv-
ers of the road have met from the
banking interests when application has
been made for increase in the equip
ment of the road. None of the propo-
sitions we have ever made have been
opposed by the banking interests ex-
cept the last one, in which we asked
for permission TO partially buy and
partially lease 40 engines, $3.50 cars
and 10000 tons of steel rails The pur-
chase price for these was about SO 900, :
0C0 The banking interests objected
to these figures as receivers liabilities
coming before the bonds. We did not
want to have them so and the deal was
so financed that only about sne-fourth
of this amount, or 1858, 40, to be more
exact became a charge on the receiy-
ers. We arranged that each builder
should receive in the neighborhood Of
20 per cent of the purchase price in
two annual instruments, and that
thereafter the responsibility for the
payment should rest in the hands of
private persons, coal companies using
them, or of other railroads with which
we have traffic agreements. The right
is given to us of purchase at any time,
but the builders know that no matter
who should buy the Baltimore & Ohio
or what plan of reorganization, if any,
is adopted, this equipment will be TAX
en- in, for the 20 per cent will not be
forfeited and they cannot buy other
cars as cheaply as these cars, on which
20 per cent has already been paid.
This is our greatest need now. We
want cars. We can get along without
sany very decided increase in engine or
terminal facilities, but we do need cars
to attend to the business which is COM
ing to us. New cars will make their
value Immediately shown and the re-