Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-09-25
NO 268

l am not mistaken there, mas been only
S9,OOO,O 900 worth of this stock used I'D in
over seven years. / do not think 1t polite
IN the company to attempt any boom at
the present stage of the road. While l
am as conservative as any one in my belief
in the roads success under good manage
ment, l think it too soon to declare divi-
dends as yet. l have. great faith in the
Northern Pacific, but do not ike its re-
lations with the Oregan company, and 1
think it will suffer from the connection. |
have been all over the road, and l believe
it is being bled by the other corporation
at shameful rate. Every time they come
to level piece of ground
the Oregon companybuilds. "a "feeder" to
somewhere or other, and leases it to the
Pacific at $4,000 per mile. Now, don't
think it is costing $4,000 or even $4,000
per mile to build those roads, and in this
way the Pacific is in great danger. 1t is
the feeder which Spoiled so many of our
roads. The Michigan Central was ruined
in that way, and Gould and Fisk ruined
the Saratoga & Erie road BY buying up old
feeders at $3.50 per share and selling them
at 800. None Of our Pacific roads have
come up to our expectations, and I am
afraid the Northern will also disappoint us,
but sincerely hope not.
Thinking to get the other side OF the
fence, the reporter called upon Uncle
Rufus" Hatch at the Palmer house. Mr..
Hatch heard the reporters story, and said,.
''Oh, that's balderdash. I know where
that came from. 1t came from Phila-
delphia, 1 know il did. They're mad
down there because they sold Northern
Pacific some time ago, and they hate to
see boom. have no time to go into
details, but can only say the whole thing
is dead wrong, and you can bet on that. 1
have no interest in it now, but have Just
come from long trip al over the North
ern Pacific, and you can state that there is
no doubt of the eight per cent. dividend
being paid next year. tell you, sir, that
road is opening the greatest country you
ever saw. There is more actually there in
land in capital and In labor than YOU or
I ever saw il Chicago Or anywhere else.
Why, man. there is more building going
on in st. Paul than there is now IN Chi
cago, and in one bank IN Fargo there is
more money than there was in Chicago
twenty five years ago. There are $4,000
inhabitants in the country Immediately
adjacent to the road, and look at the i'm
mense country and people who are now
dependent upon San Francisco. So you
see, the trade is there already waiting for
the road. The northwest has greater re-
sources than the people think There
ought to be 1oO,000,OOO bushels OF wheat
| carried next year on the Northern Pacific.
And talk about mills! Why there's one
mill in Minneapolis which turns out 5000
barrels of flour daily. Think of
that, and then think that
twenty years ago lhey we're
importing -four into Minneapolis. Yes,
sir; the Northern Pacific is sure to pay an
eight per cent. dividend next year, and
still larger one after that
A leading banker said yesterday when
he heard the figures quoted in the first of
this article: Think you have very fair
and sensible view of the roads affairs. 1
do not see how it can pay any such divi-
dend as that, even taking into considera-
ton the great progress and improvements
which have been made The banks here
handle but little of the Northern Pacifc
stock"