Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-04-08

about IA years ago. it became embar-
raised and dividends stopped. Under
President Mayer there was little ini-
provement. The roads attorney,
John X. Cowen, came in as President
In 1885, and he brushed away the illu-
sions of an undividable surplus, ETC.,
and became receiver with a practical
railroad man, Mr. Murray They now
had all the road could make, under pro
lection OF the United States courts. 10
raise 1t TO first class. They took out
the curves, bought cars and engines
and made rates to suit their condition,
and lifted the main line from Wheel
ing into Pittsburg and its Ohio SUI
burbs. Poverty has made of an over
Wanted property fine new tool The
next step was to find somebody to be-
lieve in that tool
why not Mr.. Morgan"
Morsan's Mortgage was Lifted.
Mr.. Morgan had voluntarily adj
vanced ten millions to the Baltimore
& Chic when it first failed Finding
its alleged surplus of $4,000, COO to be
profit and loss of s., 00o, COO, Mr.. Mer-
gan demanded a blanket mortgage
covering the whole property. The
skill of Cowen to interest some Of the
great Chicago shippers who had felt
the new yigor of the plant, and also
to interest that clientage of bankers
who had carried off the Union Pacific
railroad from Morgan and the Govern
ment, lifted the whole of Morgan's
! mortgage. Among the active nego-
Giants was another attorney. E. r.
Bacon. who had been a good deal in
London. A new mortgage of $780,
100000 left the company a large line
of bonds TO sell slowly for wholesale
improvements. About ISL. 100000 in
stocks were issued AS at present sell
ing the Baltimore & Ohio Company
has S340 900 600 of value instead OF
some $4,000 coo in stock and an I'M
! certain illusory debt as formerly. 1t
had been bad instance of ostents-
tious economy deceiying itself and
others. Now, it had it's own bankers.
who were in the light of its guar
dams. II entered the coke fields. and
it built through Pittsbugg Mr. Car
| negie had intended to buy it, He was
| the greatest shipper on the continent.
! He could, If he desired. have preceded
Morgan in the steel combination"
Then Carnegie forced all this trust
system?'
What Carnegic's Resttcssness Dfd.
''He was FESTIVE about his freigpS.
He threatened to so out TO the lakes
and build tube works and establish Ca
madam and canal connections TO the
seaboard He did coquette with the
Baltimore & Ohio controllers. The
Pennsylvania discovered that they had
parallel rival from Chicago and st.
! Louis through Pittsburg to the sea-
board, up to the twentieth century
mark for efficiency, and the public
! trending toward the Baltimore 4 Ohio
securities. Mr.. Cassatt, now the presi-
| dent of the Pennsylvania, had been
| it's most conservative director. For
| long time he resisted taking in the
New Jersey lines. But now the coun-
| try was full OF money painting for in
vestment, and to act must be to act at
once. So Carnegie was bought out
and the Baltimore & Ohio was acquir-
ed by the Pennsylvania.
| What will be some of the results"
Washington City will probably be
reduced to one railroad depot and one
viaduct instead of two. -Four lines
| from the south have been united to buy
the old Fredericksburg road. Then
there is the Southern. Also the Chesa-
peake & Ohio They will all want 10
| come in to the new depot We, that
| is the West Virginia Central. also ex-
! pect to go to Alexandria. Va, from
| Harrisonburg up the valley"
What is to secure returns upon this
| extended capitalization and debt, when
but recently the entire railroad system
seemed in distress?"
Combination VIII Yield Returns.
Activity and confidence and better
prices are the three things to depend
| upon. Money, as / have said is most
| abundant We get little better for
| coal, but the price of steel rails is mod
crate. / paid $26 at Sparrows Point
Yesterday for 5000 tons of steel rails.
| with a proyiso that II the price fell
before delivery it was to be reduced to
me-"
Why did you not goto the Carnegie
mills?"
1T was a matter of the hardness and
endurance OF the steel. Rails | bought
| in 1886 have outlasted rails of the
| same weight bought IN 1898; in rolling
! the rails is care and a knowledge
| not uniform in all the mills. ihe
curved rails crush under the heavy To-
comotives where not annealed with
care"
$50 the steel trust will not control
every mill?"
mo. The Steelton mills are not In
the trust and they are of high efii-
cheney"
may not the steel mills left out
unite?'
Il do not think the new steel trust
! wants to provoke a war Of steel IL
seems to me that the trust will be mod
crate and aim to do good work with
| expedition"
viii the Western Maryland railroad
be a thorn in the side Of the combina-
tom"
| Hardly. The necessity Of buying It
| is over. as the three railroads which
| might have competed for it now agree.
That road was always Withdrawn when
| it had bidder. and always pressed for
| sale when 1t had none. result OK
| municipal ownership. New York has
| become the common exchange OF all the
large men OF every city. There Is M.
Cassatt, who now goes twice week
to his New York Office. although he
1nn0 resisted h,tvfnR the New York