The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-07-16
N RAILROAD CIRCLES
Restoration of Wages by North
ern Pacific Is Significant.
MAKING HIGH EARNINGS
Managers Think That the Prosperity Of
the Last Few Months Will ON
tinue-Politics and Rail-
roads.

line action OF Ine xNOItLCih aNAhS
and the Louisville & Nashville roads in
restoring the wages of their employees,
which were reduced in 1888 and 1884. Is
rather significant, says the Ffnancier.
It indicates the present prosperity OF the
railroads, and also that the managers
believe that the high earnings OF past
months are likely to continue without
any important d~iminution. Another as
pect of the case is also interesting. TIT
Louisville & Nashville has not paid any
dividends on it's stock since the summer
of 1899, but its earnings are now suff-
cient to show a dividend earned on the
stock. n IL was expected that action
on this matter would be taken by the
directors last January. II was passed
over the and again in July. the feeling
being that a dividend could not be de-
clared until the wages of the men had
been restored. 1t seems that some sort
Of a promise was made to the men, that
the dividends would not be resumed un-
til the reduction in wages had been
made good. The Northern Pacific has
been exceedingly prosperous since it's re-
organization, and has placed Its pre-
ferred stock on a 4 per cent. basis, and is
earning a dividend on its common
shares. There was considerable disap-
pointment in certain Wall street circles
that dividends were not begun on this
issue In June last, but the same ques-
ton which delayed the Louisville &
| Nashville dividends also came up before
the Northern Pacific directors.
The talk about railway companies in
terfering with the political action or
the employees is so common that the fol-
lowing circular. issued by he president
of the Atchison, Topeka & Santa Fe, is
worth quoting:
Some misunderstanding seems to ex-
list as to the intent Of the rule f~orbidding
officers and employees of the company
taking active part in politics.
1T is not the intention to restrict the
exercise of individual rights, and there
is no objection to the free and full ex-
preston of opinion, nor to membership
in political organizations.
1T is expected that every ofhcer OF
employe will act as his reason may die
tate In any public matter; but the prin-
ciple does not require the acceptance
OF places of profit or honor, and the
neglect of the company's business or
such accounts will not be tolerated.
ut will not be dificult for an Officer
or employe to properly draw the line be
tween his duties to the company and Il
l llo lt a. 1850 -
mind that his views upon every subjec
and his fair expression at the polls, tn
primaries or elsewhere, are matter
with which the company has nothin,
whatever TO do; but the company right
fully demands that no officer or EN-
ploye shall accept any public office o
take such part in the affairs of p%olitica
organizations as will either interior
with the performance of his particula
duties to the company or tend to plac
the mpa in the false position of ap
pearing to be itself engaged in politics.
The Chronicle has prepared an inter
esting table showing the annual savinI
in interest each big road that has re
sorted Ia. bond refunding operations ha
made up to July I: Lake Shore, $685.. 10o
4 Northern Pacific, 1924. 900: New Yorl
Central, S263, 229: Rock Island, s346. 136
Northwestern. s10,820. The Norther
Pacific was the first Of the large com
panies to attempt the voluntary es
change of old first mortgage bonds hav
ing yet a considerable period to run fo
new bonds in amounts to make the ex
change attractive and advantageous [
the holders. The Lake Shore began II
%refunding in March. 1897, and the Roc
Island began last January, as did IN
New York Central. The Northwestern
%refunding applies to a comparativel
small percentage of its bonds.
Yellowstone park travel continues
hold its percentage of increase over ths
of several previous years. n is said
have been 20 per cent. over that OF la
year for the same period during II
first week of July. The Northern Pacif
yesterday ran IN extra car for the az
commodation of extra travel, and ever
other day an extra tourist is attache
TO its overland.