The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-05-11

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r. Il. Gfigg, general freight and pas
senger agent
Increase in abe cost Of labor, higher
! prices for coal and the advance in the
expenses AZ the road al every point of
its operation. Il i declared, is the
cause Of the present move TO dissolve
the railroad The company declares
that the Interstate commerce conf
mission has not granted a needed in
crease in freight rates, aud that neces-
sarY repairs and additions to its roll
ing stock cannot he made at this time
unless enormously advanced prices are
pald ON account Of this. !. -Ays. there
is The one inevitable thing to do. dis
continue operations
Cannot Meet Obligations.
In a report made 10 the president
OF the road by 7. NJ. r. TalCott. the
general manager il is stated that the
obligations 81 the company at this
time are .$45.025.3s, which cannot be
met. For the past months the rev.
suiIe has not exceeded the operating
expenses and taxes In the past eight
years, the reporl says, the company
has been unable 70 take care OF the
first mortgage bondholders and that
hi those eight years $33,0la.oI in
taxes have been paid. For 1915. the
report sass. ;he deficit of the COM
pan5 Vas sl644S.59- w hich Will he
materially Increased during 1917.
l. NJ. Williams president OF the
company, last night gave out tho
following statement regarding the
fling Of the dissolution petition by the
road. -.
/. -cwiltg. TO The extraordinary in
crease In the cost OF fuel. labor and
almost every item entering into the
operation II a r4IIToad, and the fact
that the Interstate commerce com
mission has not given the railroads
any reasonable increase in freight
rates, ard owing "a The TACT That Tire
railroads have only one thing to sell,
thai liz transportation, and the price
t1f-t-~crs-t r1frrr tstftfe +tfHrRish- trans
portatluU has increased so enorm GUS
is, thu directors Of the road have
Given serious, consideration TO the
question 81 disseminating operations
Leave Large Deficit.
The tremendous rise in the price
If fuel il very materially due TO the
tnacti61l or the total incompetent
of the ff5tffStsftes commerce commits
sion to properly appreciate the bur
den and needs uf he railroads, which
are thu arteries of commerce. If the
given the railroads the increase in
freight rates 10 which they were en-
titled three years ago, when freight
ears could have been purchased at
reasonable prices. the railroads would
have provided themselves with In
creased railing stock in the way OF
freight cats and locomotives. etc. that
would have enabled them to some Xxx
tent 10 keep MP with the growth OF
the country, but the interstate com
ulerce' commission has served 81
st4anguiatton rather than regulation,
which has tended to destroy railroad
credit, and thereby rut off the means
Of providing transportation facilities
II is Il fact that many mines in West
Virginia are working only twenty-five
per cent OF the time on account of n
Lack of coal cars Now. II the RAFT
roads had been built up during the
past avs wears by the Interstate c3m-
merce commission in permitting In
crease in rates In keeping with III,
increase in the cost of furnishin:
transport s+ion. instead OF destroyin,
railroad credit. the whole coun'r,
would be in a MUCH more healthy
condition.
The gross receipts of the Tidewa
ter and Western railroad during thu
past ten years amounted to abou
$sq5,000, while the expenses have
amounted to about sS42. 900. leaving
net income of about $4,000. wh!.'
the interest charges have amounte,
to about sl25 0o0. leaving a defici
OF approxima toly s72 900"