, 1873-09-26
CONDITION OF THE RAu,RoAns

cr1siR rcsta mainly NTH tho railroads and their
antagonists. Thoughtful observers predicted
apopular reaction against the dangerous powor
concentrated In the great corporations. Con.
sciou8 Of thoir might the railroads ignored tho
rising importance of tho Grapgors. They de-
cllned to conciliate them. Now tho little cloud,
at ilFat no bigger than mans hand, has gath
cred In szo until its gloom oyersproads tue con-
tine1t.
Exaaperated at being deemed OF no conBo-
quenco, tho Grangers united in MI onslaught
that has been translated in Europe aa commu-
niatio war upon vostod rights and property,
This impression was given at an unfortunate
time. Nearly $1,000 miles Of railroad were pro-
1ected, chiefly in the Wost. Tho capital roquirod
amounted to tho enormous sum of s240, 0O0. .00o
placing tho average cost at $4,000 par mile,
The expectation WAS to socuro at least one-tlird
Of tho amount from Europe.
Had the political horizon not been overcast
no difficulty would have boon experienced. The
plethora Of capital in Germany, consequent upon
the prompt payment Of tho French war indem.
nifty, created denand for inyostmonts. Ameri~
can securities would havo boen eager1y seized
upon had tho capitalists not recently suffered
from worthless railroad bonds issued by somo OF
our Western roads. While negotiations woro
pending to convince them Of tho certain profit
OF those offered the threatonings of the Gran-
gers reached Europe, and American railroad
bonds became drug on tho market.
Az Roon as thia rosult became known, all rail-
road construction stopped. Then the impeud-
Ing. disaster began to bo felt. Chicago wAs not
exempted. Orders we're given to suspend ali
work upon tho short lino to St. Louis, aud half
dozen other projocts calculated materially to
develop tho West foil through. The MIL
naukoa 4 st. Paul surrendered the St, Oro.x
land-grant from sheer inability to build tho ro-
quircd toad, and the Northwestern indefinitely
postponed the construction OF their proposed air.
limo from milwaukee, to Lodi. Tho Canada
Southern, which WAS confidently expected would
run Into Chicago next mouth, dragged slowly
along. aud has now little prospect of connecting
Chicago with Buffalo for year or two to come.
Tie reported capitnl OF tho railroads Of tue
Western and Southern statoa amounts to pearly
81, o0,oooooo To wage war upon this vast proper
sy in manner calculated irroparably to damago
1t, "aa certainly ll-advisod, and must return
upon the promoters Of tho hostility. Grievances
undoubtedly there were. In tho nature Of
things, 1t could not be otherwise. 80 stupoudoua
q system could not be croatod without abusoa
creeping IN, but correction il not to be found in
annihilaton.
One thing is inevitable. The failure Of tue
railroads to negotiate thcir bonds will uocess-
tate rigorous economy. In prosperity thoy arc
among tho greatest patrons Of industry, Ono
effect Of their entertainments ID alroady soou
in the rocons discharge OF over ono thousand
men at tho Paterson IN. J) locomotive works.
Thoy will scarcely bo in tue market this season
for Increased equipments. Que Chicago COM
pany yesterday dismissed quo men, aud will
shortly add to the number. Tho samo
economy will extend to ovory branch OF Industry
Affected by the railroads. Some of them aro
carrying leayy burdens. Tho cutting OF their
receipts at time whom notos aro fast falling
due presents prospect gloomy to contemplate,
Evon should tloy weather tho storm, and tue
Grangera, satisfied with What tlloy have done
cease their attaoks, increased equipment and
steel rulls arc not probabilities Of tic uoar fu-