New-York tribune., 1905-12-29
TEN ROADSHAVEFAI
Railroad Gazette Criticises Manip-
aLation Instead Of DeueLopment.

''The Railroad Gazette" win publish to-day an
article on 'eThe Recevershp Record Of 1so5" Il
shows that although this has been "the most
prosperous year in the history OF railroads IN this
country ten roads representing nearly four thou
sand miles Of line and than S7509000 Of total
capital have failed The list OF railroad receiver
ships during the calendar year is as follows; The
Cincinnati. Hamilton and Dayton, the Pere Mar
auette. the Ohio River and Western. the Phillips
and Rangeiey, the Warren and Corsicana, the Pom
tac the oxford and Northern. the Port Angeles
Pacific. the Fittsburg Shawmut and Northern. the
wiscasset waterville and Pennington, the Toiues-
Marquette and Northern and the two other roads
already mentioned
Comparing the receivership condition Of the rail-
roads of the country with that OF the present
year. THE Railroad Gazette Gays:
Since the dark DAYS of 1899. when seventy-four
miles Of Ilne came under the Jurisdiction OF the
courts. followed by receiverships of more than
hTndsa tbs F9aa Il has % come o. 6oue as IN IN
less than a decade that great bankrupt systems
perity and the railroad receivershp has been prae
ing the four years previous 10 1903 only twentysx
railroads. with an average mileage Of about fifty
first seven months Of the current year the record
9f failures sh9Ts ys LITTLE saaEg NTH em m s Sn %
age OF less than sixty miles each going into re-
most prosperous Of the year-which have black
ened the record On August / a receiver was ap-
a soft coal road in Northwestern Pennsylvania.
operating more than two hundred miles of line. Up
to this date It could be said that railroad OF
more than a hundred and twenty-five miles was
under the jurisdiction OF the courts. Early In De-
cember came the climax Of the Cincinnati HaTail-
ton and Dayton fascO, followed by a reee1VeTshtp
for this normally prosperous property, and for its
late acquisition. the PeTe Marquette. Togethe-
these two railroads include some thlrty-tWo hun
tred miles of line, total in itself larger than the
mileage Of railroads which went into receivers
hands in any of the last nine years. This IN itself
shows how far the last years receivershfp total
from representing the present prosperity OF
the railroads Of the country
The Ohio River and Western was reorganized IN
1903 On March 81 of this year the reeeivership
was terminated by the return Of the road 70 It's
owners The receiyership OF the PittsbuFg. Shaw
nut and Northern a necessary step in re-
organization, which is to give the road more work
ing capital and enable the construction Of north
and south outlets toward Buffalo and Pittsburg.
Both the Cincinnati. Hamilton and Dayton and
the Pere Marquette severely scored The arti-
Gle says:
The Cincinnati Hamilton and Dayton and Pere
Marquette receivershipS point their moral strongly
enough as a warning against financial manipula-
tion Of railroads credit instead of development
operating property 1t may be hoped the
lesson will not have been preached IN vain. Aside
from these exceptions, the small extent Of the
years failures h only another evidence OF the
country's present tremendous prosperity.
The magazine also prints an article on roads
built in 1865. Approximately 4SSs miles Of new
track built The total is 55s miles larger than