, 1873-10-20

1NCFG1HGu4 IL QHk corresponding 3nCtclHN
scrip capital bit corresponding reduction iii freight
charges TINT they, whom the roads built md r,1
to eorvs. have right ia e.roct.
! Circular No. 4.
| MILWAUKEE 4 81. PAUL RAILROAD,
The managers Of railroads hnro great many differ
d. ns Says aoSss
tIe same way Ills proa!rprovided, niways 10 cal 81
as railroad nan. II It. tho oh!ssEo Northwestern
aofs @ Outsider mainly mao o motley 1% hore. spfHS To
anl and glvo ihon baek tic oystor. Tlo ,' 'l'ui put
prices upon whatever thoy cat, drink, or wear,
For every blqnaer, for every act Of untaith
THE PEOPLE TAT THE rEuALrr,
70 ~ vhaer S t. So Sg 5
milo. 10 ho pubIa tho differoes Is that fotwsen te
amount ot diyfdends paid Sn these suns;
MONEY made horo iB by M inside "ring" WHO build
H. buy Sns sa9Sa oS soaro 81 as G e "a @
but contrasts poorly with tho brilliant oiiron,sry q
,,; oon; vandeesbill, WIG deap!4ss .and ls0es
raetor to sell his WIRES to a. raisrosD Director 81 se
es oce r
Is the penalty most fearcd because It removes from,
opportunities 70 plunder-la almost impossible.
mado up OF oil kinda Of material, aud tallc. in at
rn1oks WHICH nEsT Suited TT MAsAoEns:
te1i rs thoy sro ali 1imnei toacihrr in nnn moaa n
ia equally Impossible to tell what tho eovoral peces
NIcrogor Yaulton line, which ind 1snd-grsnt M Of
$50 600 noEeg, ,s now being built by " ring con-
sSd .na aa BY ss ~ai'' a. b tnod 81 p" Dfies S
equipment, to this Company mip;',a "''nEus IN"
lands md At twice is cost Already 1as miles havo
II fha ilin1M vill o ,vori, nrnhoi, Gin nno nnn
as SE ss s1ssns Eng "qSs ne s' s;
' Another and-arant no, which i1t' now composcs
ncres Tnis ink wna mt intn thn cnnsoata G
nsny at TIC nrco demanded by u tbo 9nnn ,So JoI it
conlscte for teir own bonet and use. '"A1'' ~ w
AnotGer land- grant road whuh tic n1iiwaukee + n.
Paul ning hayo eot hold q i tho Hastings Dakota,
"a mea ara lu,fit Il ia foir tn roanra thof tnIs
IL to DO built md nut upon Inc Milwautco L A. Pa"i
III nea eG DRnady aS nave 0ee tho ohoF
' Anothor. % or The Same, "nlpan arc building 5trcct
limo Of rosd upon tue anis q tho Mssisaipsp fro@
riya line to ono arcay In oposatto, u oonan ~
tee viii any afe to ra os
o!aes ;aiiles5 III psraIis . ts Two 1
there win lo tlireo roaa competing for business only
auillclsnt to support QUO. ''' . '''''' 'A'9
genius for rasoainH WIS s!iowil was the loasIn0 Of
tue Western Union Railroad to tho milwaukee / ST.
Paul 14s 4,s%aSes9 5ss%ss vas nuo.rx.Dow, oo,orn,
ueyer having paid dolIar either in interest or diy-
donds. BY tle Inst annual ropor. Of this Company
o07 0pl jts funded debt at 81 900 O00 and ts Aoatfn
debt at 81 3a8 44ot The gross and net earnings for
fIr1ps ru.nu Nj.
1ae5.,,,..,+..,..........Ss 1927 8 974,s
1906. Observation-Disclosures. Bis, ,D54 lIa.701
1918. Observation-Disclosures. 758,78o Il9,150
Tho net earnings for tho four years averaged $19,-
oos annalIy. But, with these earnings. tho Company
became each year all tho moro involved. It III not
probable that single dollar earned that could be
inno applicable, either to interest diyidouds The
md to run 10 nowhero. It IL growing worse
aud worse ivory ycas,G,boing ground to powder
riyal Inos. hut This was juns tic ileld for 4'''
GRAND DISPLAY or RAILROAD sK1LL.
portion of the Milwaukco 4 st. Paul Ring bought
THUR Company-or, rather exchanged stock for slock
to tho amount Of 81 5O7 500 whereby said COMPANY
lleve that, rs part OF the transaction tho bonol-
consented to reduce thelr bonds to S. 0O0 Up
OH this sum tho blMaukeo st. Paul Is to pay at tie
pays dividends upon tlo stock Issued in oxchanso for
tLat ot to wes!sra Unon. It tlo rnts q cont
ana r s TO Mes1n nn IT, oa rental
pay dividends amounts 70 t54 ann,,aiiy--and al
sufficient to keep tho Company on ito logs. But, oven
with tue no: earnings caincd lot sla 0os Tho annual
fpa bsanfs sss as Essung
Of the ues Of the two roads came within 20 miles Of
each other They run, in fact in opposlto directions
Their % eastern ternini On Lake Michigan were moro
River wero 200 miles apart. The neresa Of the tSo
IN In tlo