, 1874-02-28

! 1ILHo1s R2u1oAD LEGISLATION.
Many Of the stockholders have been apprehensive Of
noa relating to the freight and passenger tariffs on
the roads Of that State It is true that litigation has
Vii be of seriously injurious character Il its re-
su: On principle, ~ vel - BY authority It Is NOV
eren hn ana % II It's snGnse ehar
acter; and that, equally with other and individual
Il @ s
ton Your Directors believe, that while It Is true in
to such corporate and private property that
thereof, 30 far Is the peace, good order, health,
comfort, and safety Of the public are concerned,
this and aordge OF take sway the right OF the railroad
company to operate s road, and to hx, ndjrst; and
collect reasonable tolls and charges for transportation
thereon. These rights, and tho money invested in
order to their anu exarcise private property
mud not to be destroyed impaired by legislation
without the consent Of the owner. So Vital and fun-
damenal this principle under every jua ad1nnis-
ation Of Inv, TINT 1t cannot be supposed that it will
ultimately be dissesarded, either IN State or Federal
The stockholders, therefore, may be assured that,
beyond the expense and incohvenfeuce arising from
this legislation there ia ind be ultimate danger
% their property from the enactment Of the laws
ferred TO- or others Of similar nature. On the other
hand, good Doubtless will result from the discussion
OF the relative rights Of corporate and other individual
property. Abuses which have grown up in tho rapid
Development Q. the railroad systems Of the country viii
be corrected more economical management Of rail-
road property viii be had. which will be alike benca-
cial to the general public the shipper. ind the stock
holder the intimate relation OF raroad interest to
the agricultural commercial and other great interests
Of the State, will I've better understood aud It will bo
seen thnt the cannot be iuterfcrad with without
the others being In like manner affected and that the
former cannot ia destroyed and the others rnaiu-
tanned.
1HE PANIC.
In concluding this raview Of tbs year,s {slneas It
Is proper to call attention to tho fact that By reason
Of the financial crisis Of September, and the
consequent impossibilty to obtain currency In tue
West to move business, the livestock traffic OF
tue road completely blocked aud nsinueI for
a considerable time The movement Of grain and The
other business OF the road In like manner affect
ed bnt not to the same e1ten The influence OF this
national calamity continued 10 weigh upon the uBt-
ness Of your road to thn end Of the year. It dimn
ished it's volume, and, to corresponding extent limit
ed the earnings Of the Company. It may also be
Batea that IN the country tributary the s OF vour
road h harrest8 Of the Inst year Here not aa aLuu
dan Us those Of the previous one, though perhaps OF
IN ayeraRe Yield In consequence Of low prices in tho
rket and the scarcity Of money much OF tho crop Of
last yea1 was being gathered tha there ia ID the
country much grain to be transported to market as
there was Inst year At this time. For all this there is
dctnAnd and Ut such 1cuuecahve priCe4 rendnrs k
certain TINT 1t will come out. Cattle, coma forward
during the year, ara In greater numbers tna In the
crop, which large in tue year now cloeed will 10
lexis for the ensuing yeor.
As transportation into tho country must and will
increase With the amount carried CUT there IL every
1e2zon to expect that the business Of your road will b.
as large and profitable for the coming year ~ it has
that tbs gross earnings will be greater and tho e1pen
ditures less.
Al Of which II respectfully submitted.
J. A. WALkEz, Pfv&ident.