The times. [volume] (Richmond, Va.) 1890-1903, 1900-01-07

tie operation OF the Norfolk and
Western during the past year nav
been satisfactory. The earnings.
both gross and net. were the largest
in its history. The increased cost OF
supplies has not materially affected the
operating expenses of the road during
1883. because of the material on hand.
and that contracted for at old prices.
Compared with the calendar year 1Ss.
the gross earnings for 1899 will show an
increase OF about u per cent, and the
net earnings an increase OF about .
per cent. November and December es-
timated. Local passenger traffic IN
creased about Il per cent. Such in
crease may be considered as one of the
best indica tons of the prosperity of the
country traversed by the road. About
S625,GG0 have been expended during the
year for additional equipment, and about
100000 will probably be expended dur
ing 1900 for the same purpose. contracts
asgregrating sl,5G0,G0 having already
been placed.
II expect an increase In the volume of
traffic and revenue during the next year
by reason OF local developments CT In
dustrial enterprises. especially of the
larger number of blast furnaces that will
be in operation during next year. There
will be twenty-three new furnaces in all
in operation this year.
while there will probably be some
advance in the rates of freight, do not
believe such advance can be consider
able. An augmentation of revenue Will
probably be the result of the increased
traffic, and the better maintenance OF
rates on competitive business Such
augmentation should. think. more than
offset the increased cost of operation, SO
that the net results for next year will
probably be better than those for 1889.
The prospects for rate maintenance dur
in4- 1JlJ ere Very Soou. as taere can e no
inducement for rate-cutting as long as
more tonnage is offered to carriers than
their equipment enables them 10 haul.
] look for a considerable increase IN our
tonnage, both east and west bound dur
ing 1900"
President ingalls,: The operation of
the Big Four and Chesapeake and Ohio
during the year just ended has been very
satisfactory. both as to tonnage and
earnings. The advance in the price of
material has not .as yet had much effect
on the cost of operation. as we have
been working chiefly on old contracts for
supplies After the lst of January it will
make quite an increase. We have bought
for each company something like sc,5Gl.Go0
OF equipment, about 20 per cent of which
has been charged out TO operating ex-
penses and the payment of the balance
reserved for future years. Just now. in
in tonnage and revenue from local devei-
opment. While the proposed advance in
rates will increase earnings. the chief
gain for the coming year is going to be
in local business, which will moro than
counterbalance the increased cost Of
operation.
The prospects for rate maintenance
during the year 1900 look we'll. There IS
an ideal situation to-day in reference TO
rates, and I cannot conceive OF any Sc
rious interruption to this condition. The
trunk lines will be taxed during he
year to take care of their local business,
so much that they will not be able to
handle a larger amount of through tom
mage, and it looks somewhat as though
this class of business would go begging
for the coming year.
Generally speaking. the outlook for
the roads is decidedly good. I am not a
prophet. but, judging by the past. the
present prosperity is good for three or
four years"