The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-07-28
THE RAILROAD REVIVAL.

No more sincere testimony to a belief
In an impending period Of commercial
activity could be offered than is present.
ed by the railroads. The panic set in just
after the Worlds Fair was well inaugu-
rated and, aside from passenger traffic
caused by the exposition itself, railroad
business decreased steadily during the
summer and fall of 1893, and until the
close Of 1894. AS soon as the fair closed,
large numbers OF employees were laid off
on account Of lack OF work, and as fast
as rolling stock was injured 1t was set
aside and Its place was filled from the
immense extra equipment purchased to
meet the requirements OF fair business.
AS "a result the repair shops were grad
ually f.led during the lapse Of eighteen
months with passenger coaches, side
tracks he'd long lines of freight cars
marked "out OF order" while engines not
NJ for use were dead in the roundhouses.
This postponement of improvements was
made In order to reduce the expenses pro-
porttonately with the decreasing earnings,
The period Of such economics has passed
away and these vast systems of common
carriers are now testifying their faith in
the future, faith that is substantiated
by their works.
In none OF the roads Is this more ap-
parent than In those roads known collect
lively as the 'Grangers," the roads that
grldiron the agricultural districts Of the
West and Northwest, and known indlvid-
ually as the st. Paul. Burlington, the
Northwestern and the Rock Island Their
rolling stock, especially the freight cars,
are being repaired as fast as the shops
can turn them out, and new cars are
being built In the machine shops old
locomotives are being repaired and new
engines are being rushed to completion.
The directors believe the demand is COM
ing, and swiftly too, for every form OF
conveyance that will roll on the rails.
The wheat crop is known to be all right.
and with barley rye, fax, hay and the
smaller crops will give them an enor-
mous business this fall. The Burlington,
which depends more upon the corn crop
than do the others. believes that nothing
but frost can prevent the bumper crop
Of years. The crops will. OF course, fur
nish business going eastward but the
roads will carry the products OF Eastern
mills westward, for the farmers, after two
years OF enforced economy, will be pur-
chasers this fall, and while some empty
cars will travel back swiftly to Western
elevators. more win return in loaded
trains,
Investors have foreseen this change and
acted upon It, People who threw over
their stocks in 1893 and 1894 have been
buying them back. Wall streets eye is
keen to note coming change and quick
to act upon It. The belief Of purchasers
In the crops and the financial promise
OF the roads that carry them is shown
by the advance OF st. Paul common stock
from 6S rs In March to 80 "a In July in
the movement of Burlington from 90 In
March to So "a In July, in the rise OF
Northwest common from 50 rs in March
to 100 In July and of Rock Island from
60 1-2 In january to 7s in July. Investors
have in a certain sense discounted the
effect OF the harvest because they believ-
ed in its certainty and in Its beneficial
effect While they recognize that the
coming traffic will heavily Increase the
expenses. and the profits OF the roads
be thereby decreased. they are confident
that this fall is the frst distinct period
in that revival which comes In slow
crescendo movement afte: financial
panic and Its subsequent period Of de-
preston. Consequently. while the secur-
tiles OF railroads which are intimately
connected with the crops may vary some
what under the pressure Of temporary
conditions. they are not likely to recede
materially unless disaster should blight
the fields uaA