Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-05-11
ACTUAL. DEFICIT DURING:
LAST YEAR WAS 81. $50

StIt Nl. DEFICIT DURING
LAST YEAR WAS 81. $50
According To the report to Mr. VIII
iams from =. NJ L. Talcott. vice
president and general manager Of tho
road. the actual deficit i'm The past year,
ended December 81, 1916. was SI2.-
1866. which does not take into con-
sidera;ion interest that was not col
lectlble, amounting to s4.lGl.G3 This
would probably be materially Increased
by high wages and higher prices Of
coal and other supplies during 1917.
The State Corporation Commission
probably Will take some action upon
tho petition within the nest fcw days.
Chairman Christopher L. Garne,t say
ing yesterday that he would look into
the matter Immediately and sec what
powers the commission has as To dis
solution.
President Williams gave out n state
mcnt yesterday afternoon. III which lie
says that the rise in the price OF fuel
Is, in his opinion. due very materially
TO the inaction or the total incom-
petence OF. the Interstate Commerce.
Commission, which has served out
stranrniaton rather than regulation"
The statement is ~ follows:
SERVE STn4NGIL.TIoN
INSTEAD OF REGULATION
owing 20 the extraordinary increase
in the cost Of fuel, labor and almost
every item entering into the operation
OF railroad, and the fact that the
Interstate Commerce Commission has
not given the railroads any reasonable
increase in freight rates and owing To
the fact that the railroads have only
on" thing to sell. that is transportation,
and the price OF everything going To
furnish transportation has increased so
enormously. the directors of the road
have given serious consideration to the
question OF disseminating operations.
THE tremendous rise in tho price
OF fuel is, N my opinion. Very ma
tcriaily due TO the inaction. or what
consider tho total Incompetence, Of
the Interstate Commerce Commission
properly I" appreciate the burden and
needs OF the railroads. which arc tho
arteries of commerce, IL tho Inter
state Commerce Commission had givca
the railroads the Increase in freight
rates 10 which they were entitled three
years ago. when freight cars could have
been purchased At rca sonablc prices. the
railroads would have provided them
selves with increased rolling stock in
the way of freight cars and locomotives.
etc, that would have enabled them to
some extent TO keep up with the growth
OF the country, but the Interstate Com
merce Commission has served out
stranEuiaton rather than regulation.
which has tended 10 destroy railroad
credit, ana thereby cut OF the means
OF providing transportation facilities.
HAAIPERED CREDIT CaISt:s
SHOR"'t(I. nl'
1T is fact tina, many mines in West
Virginia arc working only - per cent
OF the time on account OF the lack of
coal ears Now. if the railroads credit
had been built UP during the past five
years by the Interstate Commerce.
Commission in permitting increase in
rates III keeping with the increase in
the cost of furnishing Transportation
instead OF destroying railroad credit.
the whole country would be in a much
more healthy condition.
me gross receipts Of the '.'idewater
ana western Railroad during the past
ten years have amounted 10 about
SSs3.oHO. while ihr expenses have
amounted To about sS42.o00. leaving u
net income Of about 5000. while tho
interest charges have amounted ,o
about $4,000. leaving n deficit Of an
proAimately s12.O0G'
The Underwater. Western Railroad.
once known as the Farm Vile and Pow
hatan. operates from FarmvilIc to Bcr-
muda Hundred, on the James River. and
is one of the oldest railroads i'm the
state. having its beginning i'm 1916.
when the Glover Hill Railroad tie
parent organization, was established
II has seven locomotives and about 40
cars NO steps have been taken We,
Tor dlspos'ns OF the rolling stock.
pl ut Tn Lin o,1., ,-