New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-30
THE FARMERS WAR.

PER cfNT-A CHAPTER OF RAILROAD HISTORY
THE FARMERS SAVINGS INVESTED WITHOUT RE-
VURN-DEvICEs oP THE MDDLEMEN-A SYSTEM
or THROUGH SHIPMENTS NEEDED.
lTROM THR SPECIAL CORRESPONDENT OF THE TRIBUNE
JANEsv1uE. Wis, Sept. 9s.-Col. John Cochrane
Of Waupun is the Master of the Wisconsin State
Grange He is one Of the old settlers of the State
having come here at an early day, and is practical
farmer whose ability and success are attested not
only by his broad acres of well-cultivated land but
by tho reputation for good farming which he has Ill
over the State. He has never been politician
though he has, OF course always taken an lhteili-
gent interest in political questions, and ne enters
now into this farmers movement, at time ol NO
when men Of his habits and pursuit geneIaliy Anu
retirement moro attractive from slIon9 conni0-
lion of duty and desire to raise the farmers Of rs
consin ont of the slough of despond INTO wch tneJ
have fast been sinking have not been able TO visit
Col Cochrane NJ his home and am therefore unable
IN sneak of his farm from personal knowledge, but
some idea of the magnitude OF his operations may
he obtained from the fact that no has under the
highest state of cultivation nearly 1000 acres OF ex-
celentland and finished, this season, the thrashng
of bs crop of 500 bushels Of good wheat as was
ever sent to market from the State of Wisconsin.
His crop in single year has been 5000 bushels.
/ met Col. COchrane on the cars between Waupun
and this place aud had good opportunity TO con-
verse with him about the Grange, the work 1t has
accomplished and that which 1t proposes and, as he
expressed more fully than any one else have met,
the sentiments Of the farmers on the transportation
and other questions shall repeat in part the sub
stance Of our conversation. Very naturally our dis
cussion turned first to the railroads and their rea-
lions TO the farmers.
WISCONSIN ROADS NOT MAKING MONEY.
| had just been examining the last report of the
Wisconsin Secretary of State in regard to the opera
sof4 no ida If State for the 1871.
and remarked that / found evidence that the
railroad companies of Wisconsin were making any
money The dividends declared were less than
three per cent on the cost Of construction and equip
ment only two roads in the State paid anything to
their stockholders and the net earnings of the roads
before either paying interest on their bonds laying
aside 10 per cent to keep up the road OF paying any
dividends. amounted to only little more than one
per cent on thercos The following the figures,
although / did not quote them at length to Col.
CochTane:
Total length Of road reported 251s efiOO miles, opera
tod n Wisconsin, 4lOO miles operated elsewhere,
4 al sapitaI stock sGbscTbod s2i S5s CAPT,
tai stock paid, S5Is79s8 80 Indebtedness OF roads
total receipts and amount due companies
S2A2cdOS5 CT OF which there earned in Wisconsin
lion ana dividends siOs325 $40 % total earnings,
lL2i657 90; cost OF road aud equipment per mile,i
$j1O 80 net earnings per mile, s453 G' roaus earned
their cost and equipment Is per cent.
II viii DO seen that while more than half Of the
mileage of roads reported on is in Wisconsin, only
about one-thrd of the gross earnings were obtained
in this State, so that the showing for tins State
alone, were it given entirely separate might have
been still more unfavOTable.
5HE ROADS FIRST BUILT WITH FARMERS SAVINGS
Col. Oochrane replied that If the companies were
not making money many Of their managers were
Besides he said, "the men who now control these
roads have in many instances put into them COM
parativey little money Do you know how these
roads have. most of them, been builtf In the
first place. they got land grants that in some
counties are worth almost much as the roads
cost. Then they sent agents to the cOun-
ties through which the road to be built,
who induced them TO vote bonds to the
companies and take stock in some instances they
promised them first mortgage on the road when il
should DO completed. Then they got bonds from
cities, aud, in some cases, even from townships. OF
course the interest on these all has to be raised by
taxing ms farmers But that is not all. Their agents
went through the country, and wherever they found
a farmer who had few hundred dollars laid by,
they persuaded him TO buy the stock Of the road and
pay cash for it. Their argument a very plausi
bic one; they told that were paying from %
10 80 cents a bushel to get wheat hauled to Mil
waukce and that when the road was completed they
would carry il for from five to ten cents The
difference would be added to the value of
every bushc of wheat that we raised Then
the road would belong to the farmers and of course
We all going to get rich. i took $4,000 worth
Of stock in this Chicago and North WESTERN road
and paid cash for It, But great many of the farm
ers had money to spare, and they induced to
give the railroads mortgages their farms. They
were assured that before the time came TO pay the
mortgages the road would be built and the value of
their crops would be enough increased to enable
them TO pay up, and at any rate their farms would
he enough enhanced in value more than to make up
for the mortgage. In some cases the farmers took
stock for these mortgages and in some the promise
of first mortgage on the road soon as it should
Dc built
UNFAIR DEALING AND EXORBITANT CHARGES.
"Well, now how do you suppose they treated MS ?
They didn't give the farmers the mortgage on the
road that they promised, but when they gave them
anything it was a second mortgage long time.
The first a short one given to capitalists That
was of course foreclosed the road sold out and the
value of the stock and bonds held by counties,
towns and individual farmers destroyed. / could
lind You stacks of certificates and bonds for which
our farmers paid cash or mortgaged their places,
and which are not worth as much as the blank
paper on which they are printed. Thousands of
farmers were absolutely ruined. SO you that
these roads have been built, in large part by our
money and it is the height of impudence for these
who manage them to expect to realize a
large percentage out Of us tue money they have
stolen from u.s.
"DO YOU consider the charges for freight On these
roads as exorbitantf ~ I asked
"Of course do was the reply. "They are great
deal higher than when the roads first built, and
they had Tar less business then than they now have
ibeir whole policy is 10 take every cent that we
farmers can pay They want US to go on raising !