, 1873-11-10
The Proposed Reduction Of Wages by
Railroad Companies in
:. the South,
Lotter from tho lion. n. D. 0gden il To-
gard to tho Affairs Of tho Cairo
& st. Louis Railroad. ...
Tho New York Chamber Of Commerce Con-
stdoring the Question Of Specie
Resumption.
THE RAILROADS..

oular announcing a reduction Of 10 por cent on
oi1lcers agonts', and employees salaries, after
tlio 18th inst. Other Southern roads will taho
the aame action.
From khc Jones1oro tfN.} Gazette.
CAIRO ST. Louis nA1LH0AD--LETTEn FROM WILL
1AM J. OGDEN TO AMSTERDAM oAp1rAL1sTs.
hfr. William D. Ogdon, Into Prosidont Of tho
Chicago & Northwestern 1t1:Ic?d. lately visited
tho entiro route Of tho Cairo & St Lot1is Rail-
road. and has written tho following letter to tho
agons, Mr. Meyers, of Now York: -, =. ,ou, ="
L. i. Meyers Eeq., 81 Nassau siteet, :Se!s York:
New York, hfeHBrH. IL. Il. rayson & Co. called
upon me for counsel aud advice In regard to
their condition in connection with tho Cairo l.
st. Louis Railroad as contractors for it's ooh-
dition prosperous al1d their enterprise very
promising one. As their 1loghbor and friend
through life, but without any personal connec-
tion, obligation, or nterostin their business mat
ters, cheerfulfy consented to confer with them,
look into their Matters and nlvHo thom All far as
I was ablo In regard to their position, duties,
and action.
soon discovered thst thoy we're aerious1y om-
barrasod by the inability to got tho town aud
aa the work progressed, and which bonds hal
under special provisions OF law for their Issue
in aid Of sal road, beon legally voted for by tho
along tic line t of the road As these h Bonds bonds
wore promised tho contractors by tho Cairo l.
st. louis Railroad Company as tho work pro.
crossed, md some 400, 600 OF them were already
due tho contractors, but the Company could not
courts upon logaf stops already taken to compel
were not IN . condition to await such
oge 1 it, w9s o,1% p%fop:sed ater an IN
very properly and willingly consented that tho
Railroad Company should authorize and issue
S866. .0oo per cont somi~annunl interest twonty-
year bonds ut once, tho same to bo secured by
second mortgage on the railroad, ind to be fur
ther secured by pledge and assignment Of tho
So56,o0 Of county aud town bonds voted and
promised in aid Of said road. but not yet doliy-
oredt which town and county bonds bore like
rnto OF interest and were to have similar time
Of payment as tho now issue Of railroad bonds
they Soro pledged to secure:
WITH this new Issue Of bonds, which WAS
promptly Ply made. 1t vas hoped that money could
ket, md prevented any disposition boing nude
OF them for the time boing.
~ ! ,.! Visited the line Of tho Cairo l. st.. Louis
or mines, at Murphysboro, twice. The road iB
completed from st. Louis and East Carondolet
to Murphystoro, distance Of ninety-two mlos
a;a3a ~ including spur eide tracks, ninety
enough for its preaaut needs, md Of excellent
character. Tho coal cars weigh four tons aud
carry eight tons Of ooal,-a largo difference in
1avor as9 OF TIE cheap transportation on . narrow
shafts and good machinery for raising
6 eon1. aa. al ready for operation and equal to
bo1O bos ;n,:I There g, al; are shafts on tho iiao
aye yoara experience in building and managing
railroads, think never Baw new line Of road
start on with an equal promise Of traffic equal to
its eeapacltyM q aa this road doea I went to Cairo,
traffic ut that end, when completed, viii DO about
it not quite. equal to tho other. The wants Of
coal delivered at Cairo for tue largo and over
t increasing steamboat trade there, md to supply
900 miles, and tho admitted superiority Of this
Zig Muddy coal over all others for that groat
supply, aooms to insure trade from the start
iu!ly equal to the capacity Of 3 single track. -
1 inquired 81 gu the leading iron-ore- re-smelters,
Louis and Carondolot, as to the quality and
merits Of this coal, and tho almost or quito uni
versal EXPRESSION was: "Admtted 10 b. Tie
host coal for making iron in tho world" E1-
at least. At tho meeting OF tho Board Of Di-
roctora Of the Cairo l. ST. Louis Railroad, held
ut East 1T. Louis on the 10th Of September, it
Taa suggested to hlr. II: r. Payson that perhaps
IN operation, from st. Louis to Murphys-
boro, to tho Company. as it was substantially
nnla for =, and ought not, in caao Of
their inability to meet their obligations, to be
cloorfully aud GLADLY conourred, and the road
WAS delivered over to tho Company, and ia now
operated BY it, and its earnings from tho boein-
ming materially exceeds it's ordinary expenses !;
and, it the panic subsidos, and tho removal Of
business begins in time, It is confidently hoped
aud believed that its net earnings, by April
next, may ba equal to the payment Of six
months' Interest," then falling due, on all Of it's
outstanding flrst-mortgage bondH. It docs not
soem to admit Of doubt that, it completed, tic
road would more than provide for interest on all
Of its first aud second mortgage bondA.
think it important to all concerned that it be
completed without delay The grading aud
is substantially completed.
Tho estimated cost OF completing tie track
and suporetructare was $297 600, including 1,600
tons 9t rails yet needed, at @s5 (s19e,oo6), and
miles Of track and sde-track. To this will haye
to DO added now at least 1926 900, and possibly
$50,o to carry to completion, say $4,000, 600
u all J., A years delay will add to tho cost largo
burned md the iron on hand may get soized
and diverted by creditors or others. As Payaon
q Co. are now 80 crippled by their loaseB aud
Tue panic. that, though disposed to do oil their
upon being ablo to do 80 without corporation
and aid from some quarter, and nobody but they
aro 40 dooply interested III the great savings ia
tlo cost OF completing the road and securing it's
earnings at once as the bondholdora.
Prompt action is very important to all, 1t
seema to mo, and I think you should confer
with bondhodcrs fully, and suggest. il you
think we'll, that prompt action which will quickly
complete the road without waste, and insure the
important returns that await its completion,
Fayson b Co. are most willing aud faithful,
but evil times lave oyortakcn tlom, aud they
cannot raise tho small amount Of money nec-
oasasy to complete tho road now, but will readily
pledge tho s45G, 600 of honda in tls bands Of tlo
Company to effect that object anu will do any
thing else ln their power that may be required
ct them to complete the road they so hopefully
began and faithfully conducted until now,
". 3. OGDEN,
WASHINGTON.
Special Dl.pateh to 1hs Chicago Tribune.
PRESIDENT GRANT on FREE DANK1Nu LAW.
WAsu1NoToN, D. G., Nov. o.-The President