The Chapel Hill weekly. [volume] (Chapel Hill, N.C.) 1923-1972, 1924-05-15
SOUTHERN RAILWAY SYSTEM
The Editor of The Chapel Hill Weekly,
Chapel Hill, N. C.
Office of the President
1900 Pennsylvania Avenue
Washington, D. c., May 9, 1874

The Editor of The Chapel Hill Weekly -
Chapel Hill, N. C.
lSir:
My attention has been called to the vigorous palpaby
sincere editorial comment upon the Southern your
May 1st.
made any such statement there attributed to
at meeting of the Board Directors the Southern or
elsewhere On the contrary happens the dividend
on common stock declared my recommendation
ad therefore of your interest n and public discussion Of
affairs, which is Welcomed bring to your attention
some facts.
Your statement that stock is water
been made the authority of the political husngs rather than
study of the reorganization plan of 1894 and the
history of the Southern Such study would show that
common stock issued:
O In large part to investors in exchange for securities
the old companies for which the original paid par
and
(2) In small part Qess than five per cent? provide
working capital and meet the expenses of the eoganz
tion
While the market of common stock at the time
issued far below its par value of hundred dollars
share the difference between such market and
represented not water but sacrifice of part of tire original
investments of the old security holders.
But there had been value the original issue of
the stock value than equivalent par added
for since its organization thirty ago the Southern
vested TO by the public
eys which legally might have distributed dividends eq
vaent to hundred dollars for every hundred
lars of the par of it's outstanding common stock
If that kind of constructive conservatism does justify
the Inauguration of dividends then all private property
That doctrine be held by the communists but is the
et far know, of editor in the prosperous
wealth of North Carolina.
May add, too, few words in relation to the unsanitary
condition of toilets of stations The ndis
putab but is due neglect of effort reasonable
expense part myself frequently inspect stations
in order stimulate local people their efforts for
them and for purposes of comparison inspect also the stations
of other railroads in various parts of the country Without fear
of contradiction assert that stations and all their facilities
good and well maintained those provided anywhere
for similar requirements of passenger travel
If possible to print the degrading details of the hab
States would send you the reports the subject which reach
Those facts however, known to the able Health Officer
North Carolina his professional colleagues other
states.
It will perhaps suffice say that it would be necessary to
maintain trained and policeman constantly duty at
each of these places if they were to be kept clean.
We give the matter constant attention but must
confess always successful AS you want to help this work
suggest that would be worth the while of all decent people
if the schools the pulpit and the press would unite in
paign of education of the thoughes individuals who respo
be for this menace the health and comfort Of the public
Believe me- with best wishes,
Yours faithfully,
FAIRFAX HARRISON,