222
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Fertion (C) does not now meet its operating expenses; at
least has little surplus over.
(D) and (B).
The same is true of portions
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It is hoped that the construction of the missing link (B)
will make all the constituent parts self-supporting, but it will not unless every posible point involved is well handled, and I assume that the it will cost upwards of $25,000,000 Gold. bankers will require all proper security from the through rail- road line itself, whatever outside security be obtained, and will feel, as I do, that the line (B)'s earnings must be thoroughly protected. I am sure that no one with knowledge of the facts will say that line (3)'s local traffic plus its proportion of the through traffic will earn the annual charges to arise out of the new loan, or will favor placing the line (B) at the mercy of lines (A), (0), (D) or (E) in the matter of divisions of through earnings, or will deny that lines (A) to (3) should be brought
into one operating and financial system.
It is an elementary rule in railroad finance that a railroad depending upon terminal facilities owned by a separate company must obtain either full freedom to operate into that terminal and, so far as the through traffic is concerned, to govern or have a strong voice in the rates and service to and from that terminal, or, in lieu thereof, must obtain a special contract
In the present case, which gives it something equally as good.
this means either (1) that the portions (A) to (B) inclusive be made into one svatem for financial and operating purposes, subject of course, to the proper recognition of existing lions, or (2) that the line be made really and truly a CANTON-Hankow railroad, including in one system (A) to (C) inclusive, with no connection with (D) or (E) - a course I do not advocate, provided the main subject herein dealt with is handled fairly to and by all con-
cerned.
There is difficulty in either case.
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