The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1908-11-20

railroads to save the rich trade Of
the Northwest is for them to reduce
dividends and handle the situation in
a sensible businesslike manner, in
stead of wasting their time crying
like babies and shedding tears that
they know are not justified.
1t is the fashion in Wall Street to
ignore Canada, and every move in the
Canadian stock Is contemporary de-
scribed as due to manipulation. The
action of Canadian Pacific during the
panic of last year is sufficient answer
to these sneers, ana for Wall Streets
own good it is about time it woke up
to the facts. 1t is much more inn
portant for Wall Street to know
what the Canadians are doing than
to find out what e. III. Hartman had
for breakfast or whether J. P. Nor
gan has toothache.
The equanimity with which Wall
street observes the tremendous
strides Canadian railroads are maxi
ing and the silence concerning these
operations on the part OF the self
styled financial advisers of the peo-
pie of the United States are simply
astounding.
The Canadian government has
backed a transcontinental line that
will cost all told $340,000,000 or
more than the Panama canal. Many
persons consider the project wild
one and predict failure. but when
as 1t will be in about seven
years, the Grand Trunk Pacific will
have a roadbed equal to the Penn
sylvania from ocean to ocean and
haul hundreds of miles shorter. Even
now the Canadian Pacific has line
from Boston to the Pacific Coast $50
miles shorter than the shortest Amer
lean route, and, counting the lower
grades that prevail 1t should be con-
sidered in effective mileage at least
500 miles shorter. Owing to the tre-
railroad energy displayed In
Canada there are now four main lines
west of Lake Superior In Canada
and only one around Lake Superior.
This one line is overwhelmed with
traffic, and the despised Duluth,
South Shore & Atlantic, which lies
on the south shore of the lake and is
owned by the Canadian Pacific, is
now to be used to handle the over
flow. The short route from Boston
10 the Pacific lies over this South
Shore division, and plans are already
under way for making 1t a part of
the main track of the Canadian Pa
cific system. Ii Erie Is worth $50 a
share on prospects of improving busi-
ness, Duluth, South Shore & Atlantic
Is worth $500. and yet this stock is
absolutely ignored by Wall Street.
With all this advantage of dis
lance, grades and capitalization, the
Canadian railroads are perfectly
with present freight rates,
and they view with delight the eff
forts Of the Cry-Baby League or
American Railroad Presidents to adj
vance rates. An advance will drive
millions of dollars worth Of COM
merce from New York City to Mon
treal. 1t will drive tens OF thousands
Of prosperous farmers from the
United States into the Canadian
Northwest. 1t will injure the north
western part of the United States
and will transfer the entire Alaskan
business from Seattle to Chicago. 1t
will disarrange business materially
md retard the wave OF prosperity
which is now at about its lowest and
ready to advance swiftly II no OBJ
,tacles are placed in the way. An
advance of rates would give Canada
he first fruits of the new prosperity.
These are stubborn facts and can
not be controverted by any railroad
president, no matter though he be
prodded by the necessity for earning
enough money to pay dividends on
watefed stock and squandered bonds.
rhe law of supply and demand is like
the ancient laws Of the Modes and
Persians, and the earth Is just as
round as when Calico died.
COULDN'T FOLLOW SUIT.