Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-11-19
neTn0Ofl Session

Board called to ORDER by president.
Communication submitted and read by
Secretary Giles, as follows
To the Farmers Board of Trade, State Capitol.
GENTLEMEN: / would respectfully call your
attention to the subject of railroads and rail.
road legislation. l am impelled thereto by the
fact that Eastern freights are to be raised on
the 10Th of this month, five cents per bushel
on grain, from all points in Minnesota to the
sea board. Ii is time some notice should be
taken of this matter by the people-the prin-
clpal grain carrying roads, the Milwaukee & St..
Paul aud the Chicago Northwestern, are to-
day earning enormous dividends ON their stock,
while money in the East is plenty at 8 per
cent. per annum. These roads are earning az
coroing to their published state.
ments, Milwaukee & st. Paul. eleUe,a per cent.
Chicago d Northwestern fifteen per cent. on
both common and preferred stock. AS The
common stock cost nothing and as the bulk
or the stock in both companies is common
stock, you can readily see that they are in re-
allty earning from twenty-five to forty per
cent. on their original Investment. Wages are
lower, and all running expenses, as we'll as
iron and all material requisite and necessary to
build and equip railroads. They readily place
their bonds and borrow money at five per cent.
per annum, but make the farmers and proauc-
erspay their freight rates, and that enables them
TO declare forty per cent. dividend. No wonder
they wax fat and openly boast they will con-
troll all legislation which is opposed to them
by buying up the members. Northwestern
STOCK to day is quoted at $l.40, or forty per
cent. ABOVE par, when ten years ago
it was but TO- while the common stock of 81.
Paul, which was at eleven at that time is no W
iO5, and yet they raise freight fUe cents per
6uShet. These are hard and sad facts-in God a
name have we no remedy from this serfdom
LIS the poor man, his wife and his little ones,
out on the bleak prairie, living on salt meat
and dressing in the cheapest kind of CLOTH to
De robbed forever to support these Unsuitable
monopoiies? l say highway robbery
Is nothing compared to such wholesale thiev-
lag. 1t we have no remedy and we are all
mortgaged to few railroads. then the boas ted
civilization of the nineteenth century is a
failure and there are no freemen in this eoun-
try. Gentlemen of the Farmers
Board OF Trade, you who have been selected
from among our best and truest element,
IL remains with you to start the agitation up-
on this subject. and with the country press of
this State. We need not look to the cities;
their interests are with the railroads, and the
citits know how to protect themselves. The
uprising must come from the country and their
representatives. In conclusion let me say to
those who may think this overdrawn: Look
right at home and see what the cost of the
common stock of the Northern Pacific, the ST..
Paul, Minneapolis Il Manitoba, the Minneapo-
lis d st. Louis and the st. Paul & Sioux Citv
roads has been to the holder. I will surprise
my farmer friends at least by stating that the
par value of the common stock of those roads
is nearly 300, 600. and it cost the original
holders not one cent. To-day it is worth in the
markets of the world from Is to 80 cents on
the dollar. Can anything be added to such a
showing? Respectfully,
j. ID. BURBANK, Fargo. D. T.
Moved by Mr.. Page that it be placed on
file for future reference.
No other business being before the board,
it was resolved to adjourn to give the COM
mittee on report to the legislature time to
transact the business in its hands, and also
to wait for the elevator men who are expect
ed to appear before the board to-day.
Adjourned until to-day at 10 A. N.
After adjournment a communication was
received from F. M. Thornton, of the indie
pendent Elevator company, from Willmar,
where the committee met yesterday, saying
they would be glad to meet the board in.
formally at the Merchants hotel this
evening.