The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-12-19
The Newspapers Not Responsible.

The Newspapers NOT Responsible.
Mr.. McBee, the superintendent Of the
Central railroad. in an interview published
in the MORNING NEWS yesterday, expresses
the opinion that the newspapers have
forced the Richmond and Danville COM
pany TO adopt the policy Of discharging
employees to reduce expenses. He says that
the newspapers have attacked the securities
Of the Richmond Terminal and tho compa-
MES it controls and thus prevented their
sale at fair prices. He calls particular at
tentiOn to a statement that was published
in the New York Herald last summer, and
says that the papers in the south have fol-
lowed the HeraId's lead in this matter.
Mr.. McBes cannot have given the part
the newspapers have played In Richmond
Terminals affairs very careful considera-
tion. His opinion is certainly not that of
persons who are not connected with the
Richmond Terminal Company II be will
think a moment he will probably remember
that the statement in the Herald was made
only after the hnanciers of the Richmond
Terminal Company had failed to impress
capitalists with the belief that what they
offered for sale as collateral was as valuable
as it was represented to be. Indeed, it was
tie lack Of faith in the Richmond Termi-
nails dnanciering that led to the statement
in the Herald.
Capitalists who take such loans as the
Richmond Terminal desires to place do not
go to newspapers for information about
the security offered, and If the securities
are railroad bonds. they do not place the
fu1p foff fy, he 1t
railroad presidents. They investigate for
themselves, and they generally get at bot
tom facts before parting with their money.
They 60 behind the returns" as it were.
The newspapers, as rule, are very con-
| sentative in dealing with the financial af-
fairs Of great properties, and what they
| publish is generally furnished them from
| authoritative sources. The MORNING News
is careful not to publish statements that are
likely to injure the valueiof properties unless
it is certain that they are correct and that
there are good reasons for publishing them.
| And in this Richmond Terminal matter it
has been glad to publish anything of a
favorable character from those in a posi-
tion to know about the Terminals affairs
Indeed, it has published q great deal from
the president Of the Central railroad show
ing the good condition OF the property of
the Central's system.
AS already stated the injury Richmond
| Terminal has suffered has not been done by
the newspapers. The injury, whatever it
is, have been done by those who have con-
troll of the Terminals affairs. The news
papers have only made public what they
have done.
The newspapers have certainly had moth
ing to do with the discharaing OF employees
of the Centraps system, because the Rich
mond Terminals affairs were the ubject Of
comment among capitalists before the Rich
mond and Danville took charge Of the Gen.
| tral system. Money had been spent in buying
railroad properties TO prevent competition
and railroads had been permitted to run
down in order to show big net earnings so
as to make the stock appear to be more
valuable than it really was and get pur-
chasers for it. The men who have juggled
with the Terminal properties are responsible
for the present condition of the Terminal,
not the newspapers.
| Mr.. McBee gives the real reason for the
discharge Of employees. 1t is that the
Richmond Terminal needs cash. Having
| failed to get what it wants on credit it has
taken another method Of getting it.
The attempt TO place the responsibility
for the discharge Of employees of the Rich
mond and DRuville on the newspapers will
not be successful. The public knows where
the responsibility belongs.