Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-08-21
The Granger Shares.

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Another broker. who has been anticipating a
speedy collapse in the granger speculation,
said: sgt. Paal and Northwest were stubborn
all through the dull spell, but the influence of
a bear pamphlet which was circulated in the
exchange began to tell. Wall street has been
surfeited with the large earnings of the St.
Paul road, but the circular in question deals
with figures and not fancies. 1t shows that in
July, 1878, with l.572 miles of road, the net
earnings were 1918 900, while during the same
period of 1880, when the mileage was increased
to 3,450 miles, the earnings were 81, 026, 900.
This gives net earnings per mile in 1878
of S42S, and in 1880 Of 1927. In
the meantime the bonded debt has been
increased from $32.0SS.50S to $62, SIS ,4S3.
The better accounts of the European crops
also affected the grangers unfavorably, and the
heavy inroads of the St. Paul into Dakota and
the far West were regarded ss elements of
weakness, since it would involve extra expense
in construction without q corresponding re-.
turn for the outlay. 1t is certain that there is
violent competition for ths acquisition of
new territory going on between the ST. Paul
and Northwest roads. The ct. Paul & Omaha IL
working in the interests of the latter, and the
loss of the Wisconsin Central to the st. Paul
may cause serious falling off in its freight
tonnage in Southern Minnesota.
broker who was out OF sorts said: THE
time is rapidly approaching when the railroad
earnings, about which much has been
preached, will be tsrned to another account.
ALI the railroads of the country show an i'm
peroeptible falling off from last month. The
trunk lines will feel the change first, and
look for Erie to make a very poor statement for
the first three months of the fiscal year, show
ing that all the gain was made prior to July
LIST. The official earnings for the first week of
August only show an increase of $4,000 over
1879 and the second week Is not any larger.
Ii is expected that the reduction in east bound
freiRhts about to be put in force next week will
make serious difference to the welfare of
Erie, which has fewer contracts outstanding at
the high rates which haye been ruling
than any other road. The effect of
small earnings could not have
been better exemplifed than in the case
of Denver aud Bio Grande. which receded to
6S1% from Is few days ago simply because
the business did not keep up to its old stand
ard. Then again Western Union has been weak
and neglected because the Cffiotals have &C.
krowledged for the frat time that there Is .
falling off in business. The first week in Au-
gust shows decrease of $1,000, while the
American Onion continues to gain. 1t is I'M
derstood that the arbitrstors in the American
Unions relations with the Central Construction
company would complete their labors to-day.
decision will soon be given, and an early is
sue OF American Union stock may be looked
for. Mr. Gould intends to have the stock
placed on thu stock exchange list as soon as
practicable, and when the Spectators get to
tossing the telegraph stocks like SO many air
the strain will tell more severely upon
the parent stem-Western Union"