Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-03-24
Especial Telegram to the Globe. I

new West Shore railroad, which is to be
opened on the 1st of June, through the
middle of the state of New York, as far as
Schenectady on the 1st of July, as far as
Syracuse in August or September. You
know the general facts about the New
York Central railway, that it
runs up tee east side OF the
Hudson 143 miles to Albany and then
across the Mohawk, the principal arm of
the Hudson, eud continues on the slight
divide to the nearly level plains of West
New York and in 40 miles has reached
Buffalo, being just about the same distance
as from New York to Pittsburg by the
Pennsylvania railroad. The Hudson River
railroad was completed much later than
the Pennsylvania railway which was open
ed to Pittsburg in 1854. Vanderbilt at the
close of the civil war gained control of
this corporation, which was at his
mercy becaused he owned its parallel
railroad called the Harlem road, and had
become possessed of the New York Central
proper from Albany to Buffalo; so the Hud-
son River went in with him, and was con-
solidated with New York Central as
united main stem. He Immediately abol-
| ished the Hudson River, which previously
| had through its steamboats, been the main
! aid of the Central stem. By close super
vision he made the united railway pay
| stout dividends, even after watering the
stock. Finally he left to his son the most
splendid railroad property in the world with
which the old man was so we'll satisfied
that he ordered his boy never to extend it
| beyond Buffalo. The son tried to keep
| this counsel, but soon saw that Buffalo was
not the end of the world. From the earn
ings of the New York Central, however,
Vanderbilt has bought his immense prop
critics in the West, in Canada, and in the
! Northwest.
About twelve years ago, say in 1871, as
q small number of men whose headquar-
ters were at Erie, Pa, composed of Tracy,
| VIM. Scott and others secured a charter
for a railroad up the opposite bank of the
Hudson river, where the natural obstacles
seemed to be increased, and about 81, ,OOO,-
900 expended in surveys, prospecting
and a little tunneiing. The crash of
1873 came. Tracy died and the enter
prise went for naugLt. In the same gen.
eral period or before the year Of the panic,
long railroad was built from Oswego
through middle New Iork to this city, or
towards it, and having expended
about $35,O0O,OC0 it went into a
receivership. This road was called
the Oswego Midland. Long after the
panic Mr.. Tilden and others took it up,
manipulated its stock and bonds, and fin
ally sold the whole to English capitalists.
In the system of reviving this road was a
plan to bring it to the Hudson river about
West Point, and como down the west shore
to this city. Another company was organ
lied under a different corporation to build
from a point where the aforesaid road
struck the Hudson above West Point to
Albany, and through the Mohawk valley to
Buffalo. The latter company is to
have everlasting right of way over
the former. This bold enterprise is now
on the brink of completion, and Mr.. Van
derbilt, in anticipation of divided busi-
ness, has sold a large portion of his stock
in the New York Central railrord. The
grain that is now lying in the Northwest
will come to this city and to Boston over
rival lines next fall and winter. The West
Shore road proper paid $1O,OOO,O00 IN
bonds and S2,000,000 in stock to the Mid
land company to build the road from
above West Point to New York. The whole
road has, therefore, cost $50,0O0,OO0 from
} New York to Buffalo, about $4O,000,OOC
having been employed beyond Cornwall.
This road may be considered the last
work of the present period and its init
mate relations with the Northern Pacific
railroad, which is also fastening to COM
pletion, make the two together the finish
ing stroke to railroad building of q con-
tinental character. There is no room left
to run another road up the Mohawk valley
nor up the Hudson river valley. There is
no route to the West except this invit-
ing the railroad builder. With the
completion of the LackaWanna extension
to Buffalo, which is now about finished, we
have reached the end of trunk railroad
building between the Atlantic ocean and
the valley of the West for many years tc
come. There are now the Grand Trunk
railway system, the New York Central, the
West Shore, the Lackawanna, the Erie, the
Pennsylvania, the Baltimore q Ohio, and
the Chesapeake & Ohio railroads, making
eight trunk lines north of the cotton belt
Probably new lines will be constructed
south of this belt il
the Southern states grow in
, importance, but it will be ten years an6
perhaps twenty before any more trunl
line railroads are built between Lake On
| tario and the Potomac, running east an(
. west. Undoubtedly the West Shore sys
tenn was constructed because of the rich
field it saw divided in the New York Cen
tral belt.
The New York Central has earned $14,
: 100000 year in profits for two year
past, or per cent. on $2S0,000, GOO
t With plenty of money to be had for pc
, cent. a year, no wonder $50,O0O,000 wer
5 forthcoming to parallel such
|. profitable line as Wander
:, bilt's. There other inducements
, such as the monopoly of the sleeping ca
4 system, which is a rider on Vanderbilt
railroads, and which shut out the Pullman
! cars from New York city and virtual
, from the state. Mr.. Vanderbilt's railroa,
g extensions in the Northwest made it de
: sirable for an enterprise like the Northern
l | Pacific to join with some Eastern enter
prise which would agree on rates, etc.
Money has been plentiful for a feI
years past, and the inducements to bull
j.. this new road were very considerable. L
r the first place it was built on broa
!, basis, the stock being thrown in q
a donation. Next the introduction
= of labor-saving machinery and improve
d ments into railroads made it comparative