The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-06-12
NEEDS OF RAILROADS
BETTERMENTs OF MANY KINDS
WILL NOT BE MADE.
Bar Iron and Bar Steel Mills Are BAD
Iy ACCOMPLISHMENTS ON the
Part of the Roads Follows
Falling of of Traffic.

dispatch from New York says:
The railroads of this country collec-
lively want to borrow about $780, 00.-
600, and their Inability to get this
money on satisfactory terms by the
issue of 8 IL or 4 per cent. bonds is
causing many mills and factories to
close. credible report reached New
York yesterday that practically all of
the bar iron and bar steel mills in the
Pittsburg, Youngstown. and Cleveland
regions VIII suspend operations on July
l. indefinitely. The United States Steel
Corporation of the Republic Steel and
Iron Company are certainly arranging
to close nearly all of their plants in
Ohio. Stern retrenchment on the part
of the railroad Companies has brought
this state of affairs into being
L With very few exceptions every rail-
road system in the United States to-
day is in urgent need of new equip
ment. including heavier rails, strong
er bridges, additional tracks and
switching facilities, and more powerful
locomotives. Competitive traffic con-
| ditions have placed each railroad COM
pany on it's mettle and the road that
can move the largest freight train
| fastest will get cream profits. For two
years there has been an eager strife
among the big railroad corporations to
outstrip their neighbors in transporta-
! ton facilities. Improved motive pow
| er, big steel freight cars, heavy steel
| rails. new bridges. extensions ETC..
| have already cost more than 100000, 900
| in the aggregate and yet this work
| of Improvement is but little more than
half done. 1t has been stopped at a
| critical time by falling off in general
1 business and an unfavorable bond mar
| ket.
| Encouraged by the large prosperity
| of the past three years, accompanied
as it was by a very rapid increase in
| railway traffic, the railroads in every
part of the country made plans to
meet the new requirements. and sew
eral of the largest systems started
boldly to make elaborate improve
corporations were authorized by
stockholders to issue new bonds for
| improvements In only a minority of
cases have the bonds thus specifically
authorized been issued, and yet since
| the first of last January the railroad
| companies have obtained more than
| $450,000.000 on notes, new stock and
bonds, and $250,000.000 more is needed.
Much of the money is to be used in
cancelling or refunding old bonds, but
| the greater part of 1t will go into per-
vast scale on which railroad recon-
| struction and betterments have been
| planned, 1t need only be mentioned that
the Pennsylvania Railroad will spend
| nearly $150,000, 900, the Vanderbilts
about 500. 900, the Erie 10000, 600.
the Goulds over $4,000. 900, and the
Hartman lines in the neighborhood of
500. 100000
The point of attraction just now In
the South is Nashville, where the Con-
| federate reunion will be held June IA,
is and 10th. Great crowds will attend
and the railroads are preparing to
haul them. 1t will be the last chance
for many of the old soldiers to get
together. The Louisville and Nashville
will run special trains from Montgom-
| cry and Birmingham. The union depot,
commencing tomorrow night, will be
crowded with the men who wore the
grey.
The Mobile and Ohio's new train into
and out of Montgomery has been well
received. zone now reaches here in the
morning and one leaves at night, CIV
ing two trains a day each way. 1t is a
| great convenience to people in Ala
bama who wish to come to Montgom-
cry and return the same day. The
| trains leaving here at night and ar
irving in the morning, carry through
sleepers to and from St Louis.