The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-08-31

cifc, for the Winston brothers, and in the
end there was a call for speech from the
Hon. Martin Maginnis. He responded with
an eloquence betitting the occasion. He
( sketched the devious history OF this grand
enterprise, and pictured in glowing terms
its glorious termination. He predicted the
important results upon the progress OF the
far West and tins Territory which would be
realized, and closed with fitting tribnte TO
the men of energy and capital who had
thus pronounced the ''open sesame" to the
gates of this virgin empire OF the North his
words were greeted with vociferous cheers.
'Old Mig" black horse who has drawn
the rails for $50 miles along the grade, was
first led over the meeting point, covered with
flags, and then, after extra spike-driving
along the last rails by dozen or more spec
tators the crowd bethought themselves of
dinner.
1t was now o'clock. The men had worked
like Trojans since before daylight under the
stimulant of excitement merely. No won
der, then, that other stimulants were
brought out and that the coffee for dessert
did not come from the canister.
We asked one of the contractors, who had
thus stolen march on the grand ceremony
of 1.-THE golden spike" what would now be
done to give eclat to that occasion. He said
he did not know. He supposed they would
tear up rail just this side of the divide,
which is at the Mullan tunnel, thirty-eight
miles east of this point, and lay 1t down
again. However, the main track was joined
and the last spike driven, so far as the actual
construction of the road was concerned.
The first regular passenger train to go clear
through will leave Portland for ST. Paul to-
morrow morning.
Views of a Financier on Building Railways
and Waiting for Patronage.
New York Letter.
| L, ;,1- D.
cific achievement
II think it is great big bubble. Securi-
ties which originally cost from $40, 600 900 to
$25, 600 have been run up to $2l90O0 900.
This man Willard, who is essentially a
schemer. though a successful one, bought out
the Oregon Navigation Company, which had
lot of old steamers, for about $2,500000.
He then got up kind of blind pool, and in
duced a number of bankers to let him have
So ooe 000 with which he captured the
Northern Pacific stock That entire prop
erty did not bring the Jay Cooke estate over
| 100000 900. He then formed the Transconti-
mental company to embrace both these COM
| panieS, and he has gone ahead and built q
| huge railroad system for a country with
hardly half a million people on the line.
The bonds and stock OF the different con-
1t is simply absurd to talk about this bubble
earning any dividends, or even fixed charges.
| Hence, the tremendous decline in all Willard
stocks"
| Said I, Don't you think the country will
grow up to these RAILROADS.&C.
ut will grow up to some of them, but will
not grow as fast as the game of building
| more railroads to anticipate more people.
Ever since | have been in this street have
| been hearing about how the country is going
| to grow up to railroads. Henry Keep great
| many years ago resigned the presidency of
the New York Central railroad because he
said he was convinced that it could not earn
per cent dividend and he went into
the Northwestern company and bought
hugely. His widow to-day would be
poor, but for her brother-in-law, R. p
Flower, who told her to sell in 1873,
and to buy back when the stock went
up again. They sold down to fifteen and
! twenty-five cents on the dollar. Old Mr.
Garner, who broke here years ago, sold puts
at par on ST. Paul for the term of his natural
! life, yet the stock sold at twelve cents on the
dollar and it broke him. He thought the
country was growing faster than the rail
roads could grow"
as not the Lake Shore railroad paying
large dividends?''
Yes. but look at the figure it cost. In or
der to keep those dividends up the MCKEE
plate railroad had to be suppressed at pro-
fit of 1913, 900 to Its piratical builders. If
! the Nickle-plate was running now how
much could the Lake Shore pay? Mr. Van
derbilt, on representations made to him by
Mr.. Burke and Mr.. Devereux bought that
property, and it was one of the signs that he
confessed there was something in competi-
| ton"