The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-12-23
RAILROADS RULE
WATER TRAFFIC
WITH IRON HAND


and $500 tons in barges; the New York
Central. over 5000 gross tons; the Cen
trail OF Georgia Railway, over 10000 gross
tons.
THE total capitalization of water lines
controlled by these railroads this Is not
covering holding companies and several
very Important unincorporated seryices)
aggregates 1898, $40 in stock and S31, 3d.
&7 in bonded debt. OF the stock s40,-
223,SO0 and OF the bonds 1921, 137 are
owned by eighteen railroads or their sub
salaries. In most instances railroads
own practically all the stock OF the sepa-
rately incorporated water lines which
they control. Important exceptions are
the Pacific Mail. in which the Southern
Pacific owns only trifie over one-half
the $2O.0OOO0O stock, and the Merchants
and Miners Transportation Company, in
which the New York. New Haven and
Hartford Railroad owns only a bare ma
Jority interest. Instances where rail-
roads own stock in a water line, but less
than majority interest, are compare
lively few.
of the regular line traffic on the At
lantic and Gulf coasts not controlled by
railroads the great bulk is controlled by
two important consolidatlonS-the Allan
tic. Gulf and West Indies Steamship
Lines and the Eastern Steamship Cor
poration. With few exceptions, the con-
stituent companies of these consultations
had been subsidiaries of an earlier
merger, the Consolidated Steamship
Lines. which collapsed shortly after its
formation in 1901
No Competing LImes.
Except for railroad-owned lines and
services to Porto Rico. there is hardly
a competing line of Importance operating
between the domestic ports served by
the Atlantic. Gulf and West Indies
Steamship Lines
The Eastern Steamship Corporation is
consolidation OF the old Eastern Steam
ship Company, the Maine Steamship
Company, and the Metropolitan Steam
ship Company, Of Maine In addition to
its control Of the only direct water lines
between New York and Boston and he
tween New York and Portland. it has
lines serving various Maine and Dominion
ports Its capital stock is $5.075,OOO and
It's bonded Indebtedness. including bonds
reserved to retire prior liens. is S, 800. 600
The total tonnage Of its vessels is GO5OO
gross tons OF which 1850 tons is en-
gagged exclusively in domestic trade.
While there appears TO be no inter
ownership OF stock between the Atlantic,
Gulf and West Indies Steamship Lines
and the Eastern Steamship Corporal ton,
tho two concerns have several directors
In common. which indicates a consider
able community OF interest Moreover,
as above noted. the New York, New
Haven and Hartford Railroad owns con-
siderable stock interest in the Eastern
Steamship Corporation. but appears to
be without direct representation in the
Control of Canals.
In addition to the interests or rail
-oads in steamship lines. brief mention
may be made of the very important in
luenCe eNerted by railroads over canals.
considerable number of the private
annals which have passed under railroad
control have been completely abandoned |
and railroads now control about - per
,ent of the mileage Of the few still in
operation. Moreover, on the Erie Canal. |
he most important artificial inland |
of the country. the west bound |
business has virtually passed under the !
'ontrol Of railroads. while east-bound !
rattle has been largely diverted from the |
anal by repeated reductions in rail rates |
ate arrangements, and railroad control |
# terminal facilities. These reductions |
n rail rates are. however, to a COnsid- |
ra BILE extent. attributable TO canal com |
edition. At the present time the State |
f New York is making very extensive |