The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1874-09-09
RAILROAD MATTERS.
MAKING Il MOST SATISFACTORY

The Knoxville dailies give pretty fuI
, and, we presume, accurate reports of tn
proceedings of the Stockholders meet
ing of the East Tennessee Virginia an,
Georgia Railroad Company, held a
Knoxville on the ID inst.
At last, its seems from the report
OF the officers and from the remarks o
prominent stockholders, the cry of thu
public for reasonable freight rates ha
reached their cars and is attracting thei
serious attention. The GAZETTE hal
borne its part in bringing this matter t.
the attention Of the railroad authorities
We have thought all along that we were
right. We are confirmed in our opinion
by the showing made in the reports be
fore u.s.
This company owns at least 2S1 miles
of main track, including the MOrristOwn
road. This, at $40, 900 per mile, includ-
ing rolling stock, depots, shops, &C.,
&c, is worth. ....-.... .$11 ,24O, 900
The debt of the company, all
told, il. ............. 6,173, 200
The property then is worth s., OO7, 600
over its entire Indebtedness.
The entire stock does not exceed 81, :
S75, 600 This has gone into the hands
of present owners at about (say) 80 cents
on the dollar, say 1885,, 500, showing
profit by the investment of this sum Of
| "a, 514, 500; or nearly one thousand per
< Sun0r.a f~,,v,, 4
investment of $685., 800, during the past
year, is shown TO be D.:
Salaries (Of All officers( 80. & @. $50 SO
/ Ballasting on track. .... q, 972 so
| Depot at Knoxville. . 1884 "a
To credit of profit and loss &C. 4,237 90
DIVIDENDS. .................. III, 15l 50
or about 81 per cent. on the capital in
vested, after adding perhaps as much
more to the actual value of the property.
All this in a year that has been most
disastrous to every business in all the
land. No farmer in East Tennessee, We
venture, has kept up his farm in all its
departments and made a nett profit on
his capital of 10 per cent, much less of
80 per cent. We venture that very few
men in East Tennessee following any
business, except railroading, have added
ten per ccntum to their material wealth
These Tennessee railroads cannot justly
be considered the exclusive property of
the stockholders. The public have
rights in regard to them that ought to
be respected, growing out of the fact
that they were built upon public credit
The people desire the prosperity of the
railroads; but at the same time they
think it the duty of the railroads to
favor them. They see that If Western
grain is shipped over Tennessee roads at
9 cents per bushel while they are charged
1S cents, it is simply a loss to them of
ten cents per bushel, or all the profits
that they might otherwise make by |
raising grain. OF this they complain.
The officers of the road intimate that |
this agitation will drive the through |
freight away from their road, and COM
pei higher local rates. This is plausi- |
bic, at a glance; but, in all candOr, it is
% too thin" 1t is not intimated, and
will not be, that through freights are
taken at less than remunerative rates.
If Missouri wheat, at cents per bushcl
from Chattanooga to Bristol, pays, Ten
nessee wheat will pay just as much be-
tween the same points at the same rate,
less cost Of loading, which is perhaps
,wO mills per bushel. But Tennessee
wheat, at Missouri rates over the road
from Chattanooga to Bristol, would yield
lie farmer in Hamilton inst ten cents
per bushel more than he gets. This, We
is the ground of the peoples
and it will not be hushed
until justice is done.
The farmer in Missouri, away up at
It. Louis, ships his wheat by rail, ria
Knoxville, to Richmond for A cents per
,usheL. The Knox county farmer ships
lis wheat from Knoxville to Richmond
or 40 cents per bushel. Thus the farmer
II the far West gets two cents more per
,ushel for his grain at our nearest mar
.ct than we can get, and pays his freight |
or five hundred miles tO-bOOt This is
COMPLAIN about it, and they will COM
lain.
We congratulate the road upon its /
uccessful management, and wish It
reat success. We aecOgnize its great
Utility to the people of East Tennessee.
But the purpose had in view by the peo-
lie when they inaugurated the system Of {
Internal improvements in the State, and
houldered an enormous burden of debt
D do it, was not so much to make n few !
abroad kings of overgrown wealth as to t
enefit the people.
These are hard times upOn the people.
n their behalf we call for smaller sala-
ies-a less per ceRtum on railroad in {
estmcnt = less discrimination against t
heir interests. :
SOMETHING TO CONSIDER. {
The last Saturday of this month is the I;
me for the election of our town Off