The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1855-02-21
Prom the Railroad Times.
Railways In the Valley OF tho Missts-
ainni.

sippi.
A recent visit to the city Of New York,
and peep behind the curtain in Wall street,
with notice of the articles that appear in
the organ of that great focus Of monetary 1
matters, and especially OF Railway stocks and
securities, induces the writer 10 digress again !
from the even tenor of his way, for the pur
pose OF noticing some matters OF interest,
especially to the builders Of railways in the |
Valley Of the Mississippi, as well as to those
who are operating roads already built. The
writer states facts as he underst ands them
then he states, that there is a distinct I'M 1
derstandng in Wall street, which is TO be /,
carried out by their organs, that all new
roads without discrimination, and especially !
oil new roads in the Valley of the Mississippi,
are to receive the cold shoulder under every
pretext that can be invented, and persons
interested in building new roads, no matter
how important the roads may be, will have
to meet, and counterfeit this combined oppo-
sition. This can only be done by showing
to the public that the new road is demanded
by the country through which it runs; that
the people on the liHe have taken hold of the
work with determinati)n to build it; that
the company have secured iair sub
scription on the line Of the work; that the
road when built will be through line; that
it will combine the elements Of paying
road, through and local ireights and passen.
gers; and lastly that the securities offered
are safe for investments, to which may be
added that the roads are in the hands OF the
right kind of men who know how to Use the
| funds of others. as if they were their own,
and were being used on private account, and
with all these II may be necessary to divide
with the purchasers of the securities part
of the commissions charged in Wall street,
So as to make il an object 10 purchasers Of
bonds to deal directly with the company in
stead OF subjecling themselves 10 the shave
of their agents. for il is very clear that the
company selling securities can sell cheaper
than their agents, il they save the commits
sions in the sale. Why is it that this crusade
is being made against all new roads! Is il
because they are less secure, than the old
ones, whose bonds Wall street and their or
gan are holding up TO the public as worthless
OF their confidence and regard. Can this pos
ition be mlintained! Bonds OF old roads that
have failed to meet the expections OF their
stockholders, and whose stocks, are largely
below par, as the Erie, the Hudson and 9th.
ers, are pressed upon the market by the
Wall street brokers', and capitalists are in
duced to take them, al prices much higher
| than they could now make investments in
the best lines vi new roads being built in the
United States, that cannot fail IL pay. The
| great error into which capitalists, both in
Europe and America, who make investments
in the Valley of the Mississippi, as well as
east of the Alleghanies, CONSISTS in two faces,
the first is they do not exanine 'Or them.
selves the road they patronze, with reliable
information before them, so as to enable them
to discriminate between such roads as will
pay, and such as will not; and the second is,
they throw themselves in Wall street to buy
the securities they need, instead of applying
at head quarters to the companies aud receiv-
ing the bonds at figures that would give the
purchasers the Wall street commissi.' ms, i. is
plain 10 see that il is very immaieria! to the
company selling bonds as TO who receives
the commission, the broker or the purchaser
OF the bonds. IL this idea could tie infused
into the minds of purchasers Of bonds, 1t
would largely operate upon the buls and
bears OF Wall street, and 60 very far to warm
the water that is now being thrown cold upon
new railroad enterprises in the West, by
placing all upon the true platform Uf inlrin.
sic merit The ritter knows that there are
railroads in the Valley Of the Mississippi,
now being constructed, tina; will compare
iavorably with any railroads ia the United
States in operation. among others he would
name the Ohio and Mississippi. running from
Cincinnati to ST. Lonis, road that may be
retarded, but can never be finally arrested
by any state Of times. The Evansville, In.
dianap"is and Cleveland Straight Line-a
road being built from Indianapolis, the cap.
tai OF the State Of Indiana, to Evansville on
the Ohio River, this road is the Southern ex-
tension OF the Eastern lines, from Indianap-
oils down the great agricultural aud mineral
Valley of White River, tapping the Ohio
River at Evansville, two hundred miles below
Louisville and is intended TO be link in the
great chain Of railway from Lake Erie, by
indianapolis. Evansville, Henderson, Smith
land, Paducah, and Memphis, to New Or.
leans, by direct, and the shortest prac-
ticle route between the North and the
South in the Valley Of the Mississippi.
These lines will no doubt be built, and it is
hard, to say the least, that the enterprising
men who are engaged in building them should
have to struggle not only with the times, but
with the most powerful monetary cOmdna.
ton in the world. The chaff has been blown
away by the money pressure, and the roads
now progressing in the Valley are such only
as are demanded by the people, and when
constructed will add largely to the business
of the roads in operation, in which the very
men who are now opposing the new works,
are so much interested. This is an unna.
tural position. forced upon them by the Wall
street brokers, who are SO deeply interested
in holding the control Of the stocks and
bonds of the railroad companies. No one
can doubt, at this time, that there is pros
pect of easier times before us; nor that there
is to be a buoyant demand for railroad bonds
the coming season. Money cannot lie idle,
liz must be work for its owners, and the uni.