New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-24
USEFUL RAILWAYS NOT CRIPPLED.

USEFUL RAILWAYS NOT CRIPPLED.
THE PANIC WILL WEED OUT WORTHLESS ROADS.
Homer Ramsdell, formerly President of the
Erie Railway, in the corridor of the Fifth Avenue
Hotel for an hour two last evening vending his way
quietly through the crowd and holding brief converse
lions with friends the all absorbing topic TRIBUNE
reporter inquired his opinion of the effect Of the present
fall OF railroad stocks and the general dstrust Of such
securities upon the oldestabshed roads He answered
that the value OF good would not be affected by
the action OF stock gamblers, though the value Of its
stock might be for time. The ultimate result q the
panic would be beneficial, the bogus roads
would be weeded out, and people would invest
with greater discrimination than heretofore. The
trouble had originated with the forcing Of securities
OF roads which did and could be made TO pay
there had been period Of unnatural railroad expansion
and wild speculation, which be followed by pc
Rod OF depression, TO be succeeded by
o healthy condition. The storm would be
severe but when ended things would be in better
shape than for many years The old Eastern rosd had
intrinsic values which they could not lose.
They were making extensions and improve
ments which were irequired by the increased
demands Of traffic. There were legitimate expan-
sions and would at become profitable,
which places them in very different cotegory from the
railroad experiences of the West The Erie, the stock
OF which had suffered less than that Of any other
road, going on with Its contemplated im-
proyements, and they would not be retarded in
the least by the financial troubles The Company
had bought valuable coal lands and laying double
track the Delaware division. They would not suffer
for money to carry their work. The freighage bust
ness OF the had been large and its
earnings greater than in any previous
months In s history II could go on with its operations
without paying any attention to Wall-st. The storm
now raging would damage good many persons, but its
general effect upon the railway interests of the country
would be wholesome.
THE ERIE DIVIDEND.
Fears having been expressed in regard to
the Erie DIVIDEND which was declared some time since
and made payable early next month, the officers
OF the Company say that the whole amount
comprising s7s0OOO FOR the COMMON and $5OSGo
for preferred stock has been taken from the
ngs and lodged in four OF the strongest banks in the
city, and that the dividend will be paid when due. The
officers also report in the earnings Of s5i
for the past two weeks.
THE CANADA SOUTHERN CONTRACTS.
President Cartwright Of the Canada South
ern Railway Company was questioned by TRIBUSE
reporter yesterday the truth Of their having been
obliged to cancel all Of their contracts for the
present, owing 20 tho inancial crisis I'm New
York lie contradicted the statement, saying
that the road was entirely finished. and could not there
fore be true They discharged greas many VI the
workmen a large number OF whom they would have
turned of anyway. The crisis fastened the action ard
increased the number of dsmissas.