The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1882-04-27


carried. ..,.......e.. 9,l29
| Increase in passengers
carried ....... ...... 1f,IO4
| Increase in revenues. 1,65 10
Increase In operating
EXPENSES ........... ia, jd9 y
Increase in amount
proyements -. s1ssl6 %
Annual interest on
| know il is claimed that many OF the
railways of Texas are compelled to make
earnings to sustain a cost of construction
beyond that for which they could be built
at present; but does this furnish a reason
why their revenues should be reduced be-
low selfsustaining poinp III IL was
merely question ola reasonable dividend
upon stock, even then there would be no
Justice in the demand. But no dividends
have been m ade, or are in immediate pros
pect. 1t Is simply question OF the pay
ment of honest debts. contracted under the
sanctity Of law. IL was the interest of the
state 10 have these railways constructed.
n encouraged them by liberal legislation.
Those most burdened with debt, have
borne the largest part in the Development
of Texas and are still contributing TO its
advancement. The, enterprising men who
inangurated them had not sufficient capi-
tai for their construction upon the basis Q
the stock alone. Money must De obtained
material and lab0r must be pad for a. ek-
fsting prices: credit was invoked; bon Is
were issued. and sold at wha' they would
bring ia the market; and thus these ro1ds
and their equipment we're createi nor
have he lands received irnn tne state yer
proved refnuueratire. while large outlay
has been made for surveys for tue state aud
paymeut Of taxes. As the state Progressed
aud the business Of tue roads increased
these bonds advanced until In the present
hands they repre- scut IN most cases cost
equal % the market vaile- ~ "a true ~
would have been far better III these bonds
could have been sold at their present inter
est value instead Of at discount and the
original cost Of the roads rcdnced
accordingly. Just as Il would have
been better Il TIE state could
vears sfncs at ~. instead Of ninety cents.
and thus owed ffty-ive per cent. less debt;
but there were no buyers ct that price IL
these railway companies had waited for cap
ifalists 70 take their surefies. 81 par value
even. the difhcnlties OF railroad legislation
would have been greatly simpliied g. this
time because there would have been very
rev roads 20 leEisiate upon
II j. bat Just that thee roads. within the
Limitation d their charters. shall be per-
mitted % earn. II practica5ie, a. least q sui
ffrieut amount per annum 20 pay the inter
est and gradually discharge their debts u1r
is there any jIa reason Why they should
not BE- a'i0ue1 % earn q reasonable divi-
den1- Those connected with Their rnsnags-
ment believe that The present maximum e
ESSENTIAL - enable them even - sustain
their Interest The roads lefely Constructed
although generally earring smaller debt
have the dislIrHutare Of operaunE IN r
new country With small produces Ulth01t
r,orulnri1n - sustaln passenger bushes -
In~g~ trurs ~ create freiEtt franc IN ruef-
rrenfise When cJnsIructe1 IN ccr1rIelt-
ton - Ereat Iines. and rencrinE en- .uer-
81 rrrfers b. i1nr.r r11tss. they en- c-l'r
erurrt ~ eer1re tls1esl ~ rt1ur.I rltes.
j. j. ne in-er--i q ttt prs.ic t1zs en-