Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-08
THE PRESSURE.
~ = ~. q tslT Tos e5ftthA l1E sEa
A Talk About the Louisville and Nash.
willie Railroad

vile Railroad.
A reporter for the Louisville Courier
Journal has been interviewing prominent
business men Of that city in regard to the
results of the panic, and from his report in
yesterdays paper we copy the following,
which will be interesting to the stockhold-
ems of the road here about: aal.l Is
A gentleman connected with the Nash
vile Railroad Company, who is in a posi-
ton to know much of its condition, was
questioned by COlTier-Joa9ndI reporter
as to the truth of the many rlImors touch
ing the road which have been INTERPOLATION
on the streets for some days. After men,
tioning variety Of reports the following
were discussed as seemingly the most i'm
portant. As tothe falling off in the receipts
of the rOad-it had been reported at high
fgure-the gentleman stated that there had
been falling of in October of S175,O
less than the corresponding month of last
year. This was attributed partly to the
widely prevalent sickness in the South and
to the depressed trade of the merchants,
and the consequent diminution of freight
shipments. The passenger traffic had also
decreased large percentage as it had done
on other roads.
an irion bill pressed upon them by English
manufacturers to the extent of some mill
ions, the reply was that the company had
bought no iron in England; the iron used i'll
double tracking and renewing at this end
was bought in this country. ~-.I. ..,...
As to the rJunor that the floating debt of
the road, or portion of it, amounting to
two or three millions, was due between
r.,I - T.,
ruptcy was threatened, the reply was that
the obligations maturing in October and
November had all been provided for by ex-
tension; that such thing asseyeral millions
Ofthe floating debt, which did not amount to
more than three or four millions, all coming
due at once, was an absurdity. 1t was
owed to different parties, in various sums,
and at different times of maturity. The
credit of the road was unusually good, and
there were no apprehensions of failure to
get extensions if necessary.
As to the rumor of the embarrassment of
Mr.. II. D. NewcOmb, the reply was that
Mr. Newcomb held no such amount of
stock as had neutrality-suspicious. he did not per-
sonally owe one hundred thousand dollars
in the world, and what paper was Endorsed
by him was held by personal friendS-in
fact, that every rumOr touching Mr.. New
comb was untrue, j
As to the rumor of stock held by H. ID.
Newcomb and Newcomb, Buchanan Il Co.,
to the amount of $4,000 shares, Messrs,
Newbomb, Buchanan & Co., said the gen
tleman, never owned but six shares of
Nashville stock and that had been disposed
of some time since. As to the rumored
sale of stock by director of the road, the
reply was very emphatic that the gentleman
had sold One-half his stock in order to pro-
cure funds for an immediate
business use which he had of them,
and that there was certainly no concerted
or any other movement to bear the market
as reported. Further, 'the Nashville rail-
road" said our informant, sis to-day as
sound and substantial and solvent as any
good and first-class railroad in the country.
Col. Fink has been blamed for pushing the
Improvements so strenuOusly, but he has
| had an ambition to create really tirSt-claSS
road in every respect, and he has done it.
He may have erred in judgment as to GER
| tain things connected with the improve
mepts, but his operations have certainly re-
bounded to the advantage of the road as
regards luxury and convenience in
travelling. There is nothing the mat
| ter with the Nashville road beyond
that which comes to every large bust
ness house during a financial pressure.
There is, of course, the necessity for pro
viding against the maturity of paper with
falling off in receipts. A business house
with excellent credit has to exercise the
best financial ability in such a time, and
the Nashville road has to do the same
| thing The gentleman further stated that
he had found no one who had any stock to
sell at twenty-five cents. Hehad found no
one who had bought at that figure, and he
did not believs any one had done so. All
| the various runUrs he denounced 40 utterly
absurd and unfounded, We would state
| again, in connection with this view, that
our informant is generally believed to have
an intimate acquaintance with the internal
management of the road.