Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1893-06-30
OUR FINANCIAL LETTER.
The Worst Rocks Have Doubtless Been
Passed,
Aud II Is Now Time to Trim Ship for
Smoother WRters---SiIver Dollars ut
30 Cents---the Pullman Company,s
big nnsIness.
n BROAD STREET,
NEW NORk. Inne y. 1909.

24 BROAD STREET,
NEW YORK, June %, 1893. {
The financial ships of the whole world
have had decidedly rough sailing during
the past year, but there are many evil
dences at hand that our ships have passed
the dangerous points. To be sure few
weak sails may need little more trimming
here and there, but it is time to call halt
on the hue and cry of general bankruptcy
in this country. Every few years most
parts of the world have to 90 through Sc
rious liquidation, brought on by over-spec-
ulation, overprOduction, bad investments
like the Panama scheme, the Argentine iz-
zle, or unwise governmental financial laws;
and when these conditions exist the con-
traction of credit becomes inevitable. When
one considers that the business of this
country is carried on by 95 per cent credit,
we can easily understand how soon trouble
comes when that credit is contracted.
Is it possible that the United States will
attempt to carry on the fight for silver
when even India has decided to close its
mints to the free coinage of silver? This
unexpected move means great deal, as
India has taken annually about 70 per cent
of our total production of silver. Our sill
yer dollars are worth about j6 cents intrin-
scally, and their value seems to be slowly
depreciating
OF the Granger group Rock Island would
seem to be a good investment around these
prices. For many years it paid per cent
dividends, but since 1888 has been on
per cent basis. As the stock is selling
around SO it makes 8 per cent investm ent.
The road is well located and runs through
very productive territory. 1t is capital
lied for S105, 100000, which is less than
$50, 900 per mile, and indicates less water
in the stock than some western roads which
we could mention.
The wheat outlook is not quite so bright
as one week ago. 1t is estimated that the
winter wheat crop will be 100, ,OOO,O bush
els less than last year.
This is what Geo. NJ. Pullman has to
say about the great Pullman company:
We have l5,0o1 employees, OF whom 5000 or
| 5000 are mechanics or mechanical operatives
We rye 45OOOa meals over the land between
| the s. Lawrence and Texas and every one of
! these meals has to have voucher in this Office
| We have built over iO0 cars for the Worlds Fair
alone. at a cost Of $3.50 coo, and we own of pal
| ace cars between 22OO and 23J0, and carried last
| year over 5,0lO,nN passengers. Our mileage in
| this country is five times the circumference of
| the gobe. Besides, car builders for any
| body, and manufactured SO,O00OO0 worth of cars
last year AT the town of Pullman, outside of
| Chicago, we pay s3OOO,0O0 year in wages Our
savings bank has over Sj00OOO in it,"
In this connection it might be added
that, during the short reign of MI. Nc
Leod in the Reading company, the Pullman
company built over $4,000 cars for the
now almost bankrupt Reading. The Pull
man company, however, are secured by a
mortgage OH the property itself.
w. p. EAGER,
Banker and Broker.