The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1877-08-01
THE STRIKE.
The Labor Side and the Capital
Side-Truth i'm Each.


From the Pittsburg Commercial-Gazette.
Our view is that there is truth in
the statements of both parties. It
is absolutely certain that railroad
business is suffering very greatly at
the present. The low rate Of canal
tolls has reduced the railroad share
of grain transportation from 45 6 per
cent, last year to Fl A per cent. this
year, and other business is proper
tionately affected. This will contin-
ne at least until the 1st of Septem-
Der, before the railroads can posi-
bly, advance their rates. This years
yield of wheat will not come forward
in large quantities until that time,
and hence there is no reasonable
hope, so far as can be seen, of any
improvement short of that time.
Beyond that time the natural infer
ence is that a continued decrease of
the earnings may be expected, and,
if any considerable shipment of secu-
rites from abroad occurs, or any
sharp rise in the rate of interest,
caused either by Government oper-
alton, by demand for crop movement,
or by engagement of Great Britain
in war, a sharp and rapid fall of
stocks would be inevitable It NAV
be added that the enormous increase
in the yield Of coal presages hard
times not far ahead for that impor-
tant class Of securities and that a
revival of the general railway war is
not improbable But any sharp de-
cline in stocks,- from the figures ar
officially reached. and upon which
loans amounting to many millions
are based, would intensity the de-
mand for cash. If this influence
comedies in time with the others
considered, the charges in Septem-
Der and October may be startling.
This is the railroad side of the ques-
ton.
The complaints that have ultima.
ted in the strikes are confined chief
ly to the employees who command |
low rates of wages. Brakemen and |
others receiving less than two dol
lars day are the fementers Of the
strike. Others have since Joined |
them, but there is where the strike
began. On the Baltimore and Ohio
road they demanded two dollars
day, and on the Pennsylvania the old
schedule, which means the restora-
ton OF the ten per cent. taken off,
and no double trains. Their claim
is that they cannot live on the
amount thus paid them. On this, of
course, we can have no judgment. it
being a matter Of individual expert
ence. We give, as we hear it, the
labor side of the question. Ofcourse
what they say of the ability of the
roads to pay, is merely an opinion
Of no especial value.
The real question in this matter is
are the railroads forced to econo-
mize? If they are, can they do it
in way that will be less oppressive
to the employees? We candidly be-
lieve that the roads are absolutely
compelled to practice economy.
Dividends on the Pennsylvania have
been cut down to six per cent, and
will be on other roads. This is sim
ply legal interest on the money in
vested. Where persons are depend
ent on these investments for living
they certainly should not be asked
to suffer more than they have-a re-
duction of twenty-five per cent. in
their dividends. Then the roads
will have a prodigious struggle to
make this dividend at the next quar-
ter. Certainly something is due
those who own stock. As to whether
the reduction of wages has been
equitably done, we are impressed
that there is room to doubt. Ten
per cent. from those who receive but
little is more severely felt than those
who receive much. This might have
been graded to better advantage,
and we believe it might be well, even
yet, to rearrange this feature of the
reduction.