The Richmond climax. (Richmond, Ky.) 1897-1914, 1914-02-11

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working capital of the Southern peo-
pie; but it is interesting to pursue
the thought a step further to a reali-
cation of what these disbursements by
the Southern Railway in the South
mean in the life and growth of the
Southern people. OF the total Of sew
enty-six millions paid out along the
Southern Railway lines last year ap-
proximately forty-three million dollars
went to the army Of $1,000 employees
and thus, on the conventional basis of
five to a family, directly supported
about 295,000 Southern people, or
about six and one-half times the pop
ulation of Chattanooga at the date of
the last census.
I have spoken of our preferred
stockholders, but the real preferred
stockholders of the Southern Rail-
way System, in the matter of priority
of claim, are the political govern
ments of the States, counties, and
cities along its lines. Their claim
upon railroad revenues comes ahead
OfSh VI thot Vi ChPiOy Cos, anu thCy
took s3,743,704.39 in the last fiscal
year. 1t is hard to grasp the signifi-
canoe of figures as large as this
what our tax payments really mean
to the communities along our lines
can be better understood by an illus
trative analysis of our payments on
account of school taxes and road and
bridge taxes in the southern states.
In 1912, our school taxes in these
states amounted to something over
100000, or an average of twenty
eight hundred dollars for each coun-
ty traversed by our lines. At the av-
erage annual compensation of school
teachers in the Southern States as
reported by the United States Bureau
of Education, this would more than
pay for ten teachers in each county.
1t represents 1884 out of every 500
of school taxes paid in. these States
and amounts to fifteen dollars for
each school building in the States
traversed by our lines. Every dollar
paid to the Southern Railway for
transportation charges thus includes
a substantial contribution to the
maintenance of the system of public
education in the South.
Payments by the Southern Railway
System in the same year of taxes d.
rectly assessed for public roads and
bridges amounted to $447,966.63, or
an average of s1,571.S1 for each coun-
ty along our lines. Every dollar paid
to the Southern Railway for transpor-
tation charges thus includes also a
substantial contribution to the main
tenance of the public highways of the
South and is an indirect but none the
less real public support of the pro-
gressive movement for good and bet
ter roads.
| have referred to the impractical
bility of determining the amounts of
interest and dividends paid to hold
ers of securities living along the line
of the road. We know, however, that
a large percentage of our population
have a very real though indirect per-
sonal interest in these securities even
though they may never have seen a
railroad bond or stock certificate
There are few families in the South
who do not hold an insurance policy
of some sort; either an assurance on
life or against the risk of fire. The
invested funds of the great insurance
companies are, therefore, matter of
vital concern to the Southern people,
and in large measure, are their own
assets held in trust for their benefit.
We find that thes chief insurance COM
panies report their holding of securi-
ties of the Southern Railway System,
including terminal bonds on which the
Southern is a joint guarantor, aggre-
eating more than eighty million dol
lars. In that great fund, the integri-
ty of which depends upon the con-
tinued solvency of the Southern Rail-
way lines, the Southern people have
a vital proprietary interest, an inter-
est which, as they realize it, should
be to them constant spur to protect
themselves by maintaining, as they
can and will, the basis of Southern
Railway credit.
/ assert with confidence that the
facts to which l have called your at
tention are full warrant for the claim
that in a very real sense the South
ern Railway belongs to the people of
the South; SO much so that its annual
reports might more properly be- ad-
dressed ITO the People of the South"
to advise you of the results of the
of your property, for
today it belongs more to you than 1t
does to the stockholders. More than
this, it's management is and always
has been devoted to the interests of
the South. Its officers are mostly
Southern-born men and those who
were not born in the South have
been here long enough to become
identified with our interests, our Pc
culiarities, our responsibilities, our
and our aspirations as a
people; they talk the same language
as the people of the South. | look
forward to the time when there may be
more Southern men sitting on our
Board of Directors, where l know
that they will be welcome.
AS an organization then, the South
ern Railway, with full appreciation
of, and acquiescenee in, the present
tendency of public sentiment as to
what a railway is and should be,
stands pledged to the Southern peo-
pie, and is proud to declare itself one
of their own institutions. As such it
invites the Southern people to help
it to become more and more their
efficient servant and at the same
time the object of their pride and af-
lection. They need have no fear of