Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1877-08-16
The Strike.
The Labor Side and the Capital
c.Ao u..a


in the statement of both parties.
1t 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 21.4 per
cent this year, and other busi-
ness is proportionately effected.
This will continue at least un-
til the 1st of September, before
the railroads can possibly adj
vance their rates. This years
yield of wheat will not come
forward in large quantities un-
til that time, and hence there is
no reasonable hope, so far as
can be seen, Of any improve
ment short of that time. Be-
yond that time the natural in-
! ference is that q continued de-
crease of the earning may be
expected, and, if any considera5
BILE shipment of securities from
abroad occurs, or any sharp
rise, IN the rate. of interest,
caused either by Government
operation, by demand for crop
movement, or by engagement
of Great Britain in war, asharp
ard rapid fall of stocks would
be inevitable. 1t may be ad-
ded that the enormous increase
in the yield OF coal presages
hard times not far ahead for that
important class of securities
and that a revival of the general
railway war is not improbable.
But any sharpdecline in stocks,
from the figures artificially
reached, and upon which loans
amounting TO many millions are
based, would intensity the de-
mand for cash. If this infu-
ence comedies in time with the
others considered. the changes
in September and October may
be startling. This is the rail-
road side of the question.
The complaints that have ul-
timated in the strikes are con-
fined chiefly to the employees
who command low rates of wa
ges. Brakemen and others re-
ceiying less than two dollars a
day are the fomenters Of the
strike. Others have since joined
them, but there is where the
strike began. On the Balti-
more and Ohio road they de-
mand two dollars a day, and on
the Pennsylvania the Old sched-
ule, 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 experience. We
give as we hear If. 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 mat
ter is-are the railroads forced
to cconomize? If they are, can
they do it in a way that will be
less oppressive to the employees?
We candidly believe that the
roads are absolutely compelled
to practice economy. Dividends
on the Pennsylvania road have
been cut down to six per cent,
and will be on other roads. This
is simply legal interest OH the
money invested. Where per-
sons are dependent on these in
vestments for a living they cer-
tainly should not be asked to
suffer moro than they have--a
reduction of twenty-five per
cent, in their dividends. Then
the roads willhave prodigious
struggle TO make this dividend
at the next quarter. Certainly
something is due those who own
stock. As to whether the re-
duction Of wages has been equit-
ably done, we are impressed
that there is room to doubt. Zen
per cent. from those who re-
ceiye but little is more severely
felt than those who recciFe
much. This might have been
graded to better advantage, and
we believe it might be well, G.
ven yet, to rearrange this fea-
ture OF the reduction.
A distinguished looking stranger