, 1873-10-29
RAILROAD NEWS.

wildcat CnrroncY In tho Lnko stipo"
ri0r NcEiO1l-.Thc Abolition OF tho
pnss SYsdoala.
Tho 14aAo Superior nlnoral region Inns long
boon cm1'arrassod by flood OF wildcat cur
senoy. The excuse tor snttiny 1t atfoat was, tho
remotonoss of Tho district from banking faolli-
tics and tho risk OF conveying United States
o.irronoy through wild country. Every Alil-
lug Company issued It's own money, which
soon became current throughout the
Peninsula. Tho strongest Companies oa-
tabllshed general storos near the mines,
aud furnaces, at which thelr own Issue waa DO
cepted at par.- Beyond tho PoninsulA, however,
It was Of littlo or no account; md, 80 frequent
woro tho annoyancoa imposed upon outsiders,
that its abolition was contemplated this fall.
Thia intention originated Inst spring, whom there
Beamed every reason to predict the most pros-
porous iron business over known In that locality.
Contracts FOR the season were 1ado at rates
which, before summer WAS half gone, IT wis
apparent wonld bankrupt the manufacturers.
The uaino-o ownora hold on to their Contracts. anl
the result ia a complete f'zzlo Of tho iron-ore
business at q period when 1t should be ut its
greatest height. Several mtnos. have already
shnt down tor tho winter; and, indeed, MI
the soft ORC mines have been practically closed
for HOMO time, tAoro bong no demand except
for tho hard ores. This heavy cloud upon tho
pEospsota Of the region ha asspatea tho hoRe a
nor, as II to- increase the difloultios, tho Mar
quette, Houghton d Ontonngon Railroad Com
pany each OF whose leading Directors fs rich as
Crmsuu, have iaaued railroad notes, and pro-
poAo to n,nko them ourrcnt. IlieBe billH which
nro greonbaoka OF various denominations, are
redecmablc at the oftico Of tho Company III
Wall stroat, Now York.
The opinion entertained among meg pro,; MI
RSs Sos w 'tto0 70 b Is t t s fsgeas sae ro y
spring. eecuritiea having fallen 80 low and
tie negotiation Of additional honda being out Of
tho question, nearly all tho currency received
will bo required to meet tho interest on bonds
and pressing notes. Ton or 1fteen per cent re-
duction in wages, together with wildcat pay,
Is not =, very cheerful winter lookout for
dependents upon corporations.
THE PASS QUESTION.
so much has boon said and wilton about tho
abolition Of paaees, and 30 many suspicious oxlst
aa to the good faith of the Companies who signed
tho agreeMont, TINT it would be hard to convince
Clio public Of tho aucccss Of the reform. Still,
although it may not have accomplished all that
WAS promised, it has already greatly bonoeted tho
Companies, and wc cannot1oarn OF any disposition
to abandon tho position tnkon. It was CUSTOM
ary for tho Companies to prepare their annual
passes for the onBuing year In November and
were immediately supplied, the passoB being in
dorsed, "good for tie balance OF tho current
yoar." No steps in thnt direction have this year
been takon, nor could any more be made without
gross violation Of tho terms Of tito joint agree
mont. So udmirably has tho arrangement
worked, that, with tho single exception Of stock
passes, no occasion for conferences Inns beon
given. II was thought tho Companies would
watch each other closely, and the discovery OF
pxcuBo for general abandoment.
No complaints, however, hayo boon prcfcrred
ard the GraDgelH who so Aorcoly assaiod the
pass system aftor it was corrected may rest aa-
sured tha. thorough reform has boon inaugu-
rated. Yot, lot it be cherished for future Farm
crs' Conventions to pass upon, that, when sev-
oral Of the "honest yeomanry. in the exercise
eertain rsilroaa oficers Tor season pauaes on ae-
count Of their connection with the State
Oranges, ,s1,e corrupt, bloated" officials actu-
ally had tbe tomerity e quote tho new regtlla..
from the " f,ard-lsted Patrons of uu8bandry
tho aamo faro that othcr pooplo pay.