The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-07-18

debt. Ihe capltalstock oil the principal
lines engaged in this struggle has been
seriously impaired, and none more so
than that Of the Baltimore & Ohio. It
has already fallen from 1911, It's price
eighteen months ago, to about 90 at this
time, decline Of more than one.haII, and
appearances Indicate that the end may
not yet have come. Likewise the stock
Of the Pennsylvania road has fallen from
SO TO 80, and 1t too ia threatened with
still further decline. The stock OF the
New York Central road il better held up,
because in more powerful hands than
either Of these two, but It is very doubt
fut whether II may not yet experience
heavier decline than its fall from
III to 90. The great Erie road is prac.
tically bankrupt, and Il in the hands OF a
receiver, and has really no value save to
itS first and second mortgages. The once
prosperous Lake Shore road has fallen
from % 10 50 and pays no dividends.
And as il is with these roads, so il Is with
very many others, Numerous lines are
passing under the hammer at a great
sacrifice, total los to their stoCkhold.
era.
We must take into account this state OF
things throughout the country when we
contemplate the strike now going on
along the line Of the Baltimore 4 Ohio
road. We must remember that all bus.
ness interests are passing through a
grinding panic, which, like the mills Of
the Gods, threatens to grind exceedingly
fine before it passes away. Naturally
every interest endeavors to protect itself
from these grinding effects Of the panic,
at least to the point OF not being ground
to pieces b; it, and in doing SO
must needs do so at the ex.
pense OF those in its service. The
heavy item in the expenses Of a great
railroad company il the hire OF an army
Of employees. Even when it dispenses
with the last man that can be spared the
number who must be retained is very
large. To pay these men and pay other
vast expenses is Of course a matter Of
anxious concern 10 times like these with
those responsible for the financial manage
ment Of the B. & o. road. We understand
that the company hl' not paid Off it4
men promptly Of late, which fact is evi.
dence that it feels itseli compelled to make
the present reduction IN wages. To be
able to pay promptly 1t must be able to
save something, and at the present rates
OF transportation it is q problem that
may we'll puzzle finnncier az to how
such saving ia to be effected. When We
compare the rates OF freight now charged
on the through business Of the great
lines, with what they used to get, We see a
shrinkage Of the most formidable Charac,
ter. It only costs now about I cents to
carry busheI Of grain from Chicago to
New York. AT this rate it, OF course, all
goes by water. The railroads have vir-
tually lost all the grain business Of the
country, and necessarily the competition
among them for the balance OF the carry.
ing trade is all the closer and more unre.
munerative. As Vanderbilt expressed it
some time ago, there are four roads and
only business enough for two. This is
the real secret Of the unparalleled pinch
that has come upon them, and is at the
same time the explanation OF the heavy
reduction which has taken place in the
wages Of their employees.