The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-08-24
WORKING ON FINANCIAL PLAN.
The Projected Consolidation of Southern
Railroads.

The Projected Consolidation of Southern
Railroads.
Mr.. ]. Williams Middendorf, of the
banking house of Middendorf, Oliver &
Co., Of Baltimore, is reported as saying
that it is expected to announce early in
September the financial plan for the con-
soldation of the Georgia and Alabama,
the Seaboard Air Lime and the Florida
Central and Peninsular Railroads. SUI
pervisory engineers, he stated, have
been engaged to hasten the work
of building the links of new mile
age necessary to connect the tracks OF
the different properties, and this work Is
now progressing more rapidly than ever
before.
This activity is being displayed so as 20
have the lines in shape to run through
trains from New York to Florida by .jan-
uary /. The Richmond, Fredericksburg
and Potomac Railroad will be used north
from Richmond to Quantico, and there
the Pennsylvania Railroad will take the
trains of the new system to New York.
Mr.. Middendorf says that satisfactory
arrangements had been made with the
PENNSYLVANIA Railroad fer this service.
and President Cassatt, of that system,
had shown a friendliness toward the new
combination in the conferences leading
up to this agreement.
Mr. Nliddendorf is a vice-presIdent OF
the Georgia and Alabama Railway, and
his firm is identified with the syndicate
headed by John SHELTON Williams, of
IRichmond, which has arranged for
consolidation of the Georgia and Ala
hanna. Seaboard Air Lime and the Flor
Ida Central and Peninsrllar Railroad
Railroad traffic throughout the country
is now larger than ever before. The
roads running east and west and north
and south are short of cars. The rates
are also fairly maintained. In anti
cipation OF q continuance of the heavy
movement of freight all lines are adding
continually new cars and new locomo-
tiyes ITO their equipment. The new corn
crop promises to be enormous. Old corn
has begun to go forward in large guam
titles. because farmers want to make
room for this years crop. The cotton
season will open ON September 1st. The
coal and iron trade is heavy and the pas
senger traffic is breaking adj records.
The fifth annual report of the South
ern Railway, issued a day or so ago.
shows the gross earnings for 1899 to be
S25.3 53, $780, an increase over the earn
ings for 1893 of $4. 257 ,S4T. The operat-
ing expenses for the year We're Sli,3o6,-
355. as compared with $14501, S04 for
1898, an increase of S2,S54,4 90. The
total net earnings for the year We're
IS. 323, 800, as against S6942,332 for
1893. AN increase of 81 .3S3, 44S.
The oft-reported resignation Of Presi-
dent Clark, of the New York, New la
ven and Hartford, is again announced
and this time lit is said he win surely re-
sign. Yesterday, HE announced that the
duties of his position We're too much FOR
his health, and that he would resign at
the annual meeting next naollth. There
is considerable speculation regarding ms
successor. and it is likely the directors
will follow the course now common, OF
selecting a Western MAN.
1t is said that unless the demands of
the engineers off the Cincinnati, Cleve-
land, Chicago and st. Louis to haye
their pay raised to the old scale which
prevailed In 1893, there viii be trouble.
Several conferences have been held. but
no results have as vet been obtained.
the engineers will next hold a confer
ence with President Ingalls,, with the
hope of having their demands granted.
1t is considered that the strike on the
New York. New Haven and Hartford
and the Fall River Line has been prac-
ticaily ended 1t is understood that both
sides yielded few points, with the re-
suit that the matter has been amicabiy
adjusted. The strike has been under
way now for the past four weeks.
The resignation of w. III. Ijams, the
treasurer of the Baltimore and Ohio
Railroad, is announced. He has held
the office for MANY years and IS the old
est general officer in the employ of the
railroad It is said that his successor
will be T. v McNeal.