The Caucasian. (Clinton, N.C.) 188?-1913, 1895-11-21

probability, until about three days
before the meeting when one Of the
directors was interviewed and it got
out that the lease would be renewed
then.
The press at once expressed oppo-
sition to such a course. The State
Farmers Alliance passed resolutions
against it, but all to no effect. The
lease was made and on these terms.
For the six years OF the unexpired
lease the Southern Railway is to pay
Ct per cent. on the stock OF the road
and for ninety-,hree years 7 per
cent. The lease is for a period of
ninety-nine years. The Southern
Railway is to pay all the taxes and
surrender all exemptions from taxa
ton, but this surrender is not to be
effective until next December.
Is this a good bargain Lets see.
The North Carolina Railroad Is
213 miles long. Any railroad man
knows that it is one of the best pay
ing local lines in the South. BY the
terms of the contract the Southern
Railway Company will pay about
81, 255 per mile for ia total of
$3.50. 900 a year. The Southern and
another road leases the Western and
Atlantic railroad in Georgia, 13l
miles long for $4,000 per annum.
The Southern road pays rental Of
$1,75O per mile per year for the Air
Line from Charlotte to Atlanta
These are some figures by which
comparisons can be made.
| 1t has been urged by some that
this is a good bargain because il
guarantees seven per cent. Interest
to the private stockholders, but it sc
happens that the private stockhold
ers own but little over a million dol
lars of the stock while the Stat,
owns nearly three millions of stock
Therefore the best bargain tina
could have been made for the Stat,
, should have been the first considera
ton Of the directors. If this roat
was worth rental of six per cent
twenty five years ago, it must b.
worth more than seven per cent
now, for the traffic incident to tn
building of numerous cotton mill
and various other manufacturer,
establishments along the line within
the past twentyfour years mus
0 have at least doubled in volume
I And what it may be within the mex
ninety. nine years is beyond specula
ton.
: The article elsewhere is written b
lawyer whose knowledge of corpc
ration law cannot be safely ques
toned. He asserts that the Souther
70 Railroad has no right in Mort
Carolina except by comfy" an
- plainly shows some schemes an
! plans under which it operates.
q Beyond the general condemnatio
e. which The CAUCASIAN steadily Ell
l. tertains toward all grasplng, selfisl
d illegal and unconstitutional scheme
1t of corporate greed and corruptio
d we have no criticism to make of IL
d Southern. 1t followed its natur
a, policy in seeking profitable ba
- gain at the expense of the people
rights, and it manipulated the co
poration manlkins with whom it hs
>" to deal to suit its purpose. 1t got
'e splendid 6argain-one that it wi
ne make q vigorous fight to hold t
The man who represented the Sout
20 ern in the deal was Second Vic
q President of the system, and sot
after it was effected he was ma
of First Vice-President. Well, ,
h. should think so. A man who G,
~ make so good bargain for his &C
poration is entitled to the create
consideration it can give him.
But what about those men W
represented the State and who su
NJ mitted to such bargaini How
%, they, IN representing the States
,uo terest, compare with the man W
- represented the Southern's intere.
~ Read the figures in this arti,
-. again. Then read the article
n Lex again. Does it appear til
=. they we're men competent to hant
this State INTEREST," Can it appe
~ that they knew any business, a
law or anything elsei Are the p,
pie satisfied with any such admin
let tration of public affairsi LIE
Ia says if the people approve of
,ht first article, he will write mo
on Let's have the opinion of the irte
,at gent public.
he
lis Don't let the people be afraid
by this giant. The law is greater tn
, a it-and the people make the law
Again we hope-nay we urge
% Alliance which hoe olroodx +,l