Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-09-24

''f what they ogeh' 10 have bron0st Il
Is safe 10 say tha. ne MS Iot IN, q. g.
noiaers at ieass S6G0,009 ~ neeolis.,ez
bonds. etc Hs rays interest Cor Dor,
Ioheu hif.ney al biz rates, aad ksrDs the
company money in his bank bere and
at his friends in New York vitho-f 49,
ing the company single cent Of ;escr.
est for the deposits. OF the Condition ~
g large portion of these depos;fs he
KNOWS nothing for lengthy periods Of
time, and If he Is asked on many Other
points affecting the compsny's Interests
ne IS equally at loss for an arsveffrorn
want OF information. What would =
person infer from all ihi? inst wha. he
tac. IS snd That il that .he road is losing
business every DAY. Tbere j no defiai.e
p2hcy, aud The earcings % the road dribs
o'e away IN psfiug interest and discount,
~ DSo financial Transactions, ard IN 4
score Oh ways by wasteful and unzvs.
'eliAuc expenditures; all resulting fro,n
: want OF guardian head and q pr1dept
hand 70 supervise and restrain ana h1--
oanG resources. The receipts OF theroad
"OuIo pay even now from 10 10 ner
cent OF dividends if properly handled
and the rates Of freight could even he rs'
duced and psy this amount Rot Il
things go on as heretofore there Win h,a
no dividends, aud the shipoer will saSe
TO pay higher freigh to keep up the
road.
Mr.. NeweOmb not being single To the
interests of the road himtlf, is is natural
that some other officers of the road should
De engaged in other outside business. 10
the neglect of the interest of the road.
and Il Is largely bruned abroad that ir Is
permitted 10 one or two favored en-.
pioyes TO buy ia and speculate on. The
company's receipts
1t change is not made soon. the road
viii be sacrificed to the negligence Of ia
officers, and if Mr.. Newcomb is not re.
called hastily, before he makes suv more
transactions, he will get the companv 30
isassoisse-l flas it will he 5;fElo,I, - rox,-s
we viii now Just recapituiate q brief
synopsis of what we charge. We say
l. That the late bonds were sold 81 or
very near IN currency to realize here
81 per cent.
2 That the interest on same to the
purchaser is excessive, being about per
cent.
3. That all frst-eLdss railroad per
cent bonds will sell at par (aEndIng to
established trunk lines).
4 That Mr.. NewcOmb has not pur-
chased any iron in Europe, which wss
pretext for his going there.
8. That all of the bank business Of the
company in this city is done at Mr.. New
combs own bank, and that his bank
makes money off from this business with
out paying any interest for the deposits.
6. That all the banking Of the CON-
pany outside Of this city is done at Mr..
in New York, where, like
wise, no interest ia allowed on deposits,
and that Mr.. Newcomb is largely en-
gagged with Mr.. Alexander in outside
matters.
z. That all bonds negotiated by Mr.
NewcOmb since he has been President
have been sold from 8 to 10 per esnt-
lower on the dollar than they were actu-
ally worth and could have been sold for;
lower than similar securities were being
sold for in the principal money markess.
s. That the patrons Of the road are not
treated as they should be. That Dir.
Newcomb is personally unpopular with
the business community and to the stock
holders.
9. That if he IS retained much longer
as President of Ihe road the people t0iL
build q rival and parallel road, no
matter at what cost.
10. That in q general way his whole
has been a failure and cost
the stockholders thousands of dollars.
II. That the average earnings of the
road justify dividend of eight to ten per
cent per annum, and If more liberal
schedule of freighis was adopted, more
business could be done, more freiehfs
carried, and more money earned, TO the
mutual advantage of both shipper and
} OckhOlder.
We may have more to say in the crem-
ises hereafter, particularly in regard to
the injustice done in the matter of diEi-
dends.
The ball was not opened at our request,
and those that live IN glass houses should
Dot commence to throw stones. While
Ie know the merits and are ready to trust
% the abilities of our friends, we do not
mink that ihe city's new board and its
'xpecttd president stand in need of any
praise a. our hand.
A tulsome eulOgy, such as appeared in
he Courier Journal of Wednesday last.
S generally prompted by a consciousness
II being pensioner and dependant on
'ome great mans" bounty.
SToOKHOLDRR.