New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-08-05
RAILROADS AND TRADE.
WHAT MR.. DEPEw AND Mr.. vANDERBILTSAY
OUTLOOK FOR BUsINEss-BUuDING NEW ROADS
POLITICAL TOPICS.
lBY TELEGRAPH TO THE TRTBUNE.l !

SARATOGA, Aug. 4.-Sitting on piazza at the
| United States Hotel this evening William III. Van
derblt and party OF friends Among them was Chaun-
NJ. Depew. who has slipped down here 10 take afew
days rest or fruitful topics the rail-
roads and they In for good share Of conversation
Mr. vanderbilt does not seem inclined 10 express him.
self freely for the public. out OF active business
now, he said TO reporter. my railroad interests in
the hands Of trusty managers, so / give my
self no concern about them. 1 think
that have done my share of work, and so now am
taking vacation and really do try to keep posted
as 10 what going There IL Mr. Depew now, he can
tell you all you vant.to know"
"I don't know about that" said Mr. Depew laughing
" What do you desire to be enlightened oni
"What do the New-YOrk Central people think of the
present outlook business of all klnds he ask ed
-" say this freely" Mr. Depew replied: There is
no question: that good crop is assured us this year,
and thus we can depend years good business at
least The wheat crop is now practically
harvested, and good yield is re-
ported from all over the country.
The crop unprecedented In addition that
railroad advces that there is steady and healthy
prosperity in every branch of business The shrinkage
in the last two years in all kind, OF securities has been so
gradual that there has been panic IL has left all
business with short lines OF credit 10 heahful cond
ton Manufacturing is becoming active again in ali
fabrics Cotton aud woolen and iron trades be-
ginning 10 rcvolve am sure that never saw better
outlook for years business for the railroads"
"Do you look for any trouble with your employees In
the future r.
81 see no reason why should have any difficulty
whatever. Our well paid. and, 80 far an know.
contented in every way. They have reason for
striking and policy has always been to give proper
attention to any grievances which they may have. /
do not look for any great disturbance in the labor
market. THIS strike oi tue Telegraph operators u
thing have nothing to do with. and IL does not Affect
us IN any way"
CAUSES OF DEPRESSION IN SECURITIES.
ITO what do you ascribo tue universal depression in
railroad stocks and bondsf"
1T has all been brought about by this iegtmate
railroad construction. There Is supcrabundance OF
money awaiting investment In fact it is drug in
S.ss.S Ss%S"Fk the universal RSt Of G'% P
which prevail. at the present ume This the only pc
! Rod nave ever known when all business good.
when there extraordinary crop OF cerea, which
stcs activity In every direction and waeu there
supcraoundance OF money tnat such general gloom ana
| "what are ths Immediate reasons OF this dstrusti"
We'll. there have been large number OF worthless
enierprses projected principally railroads built To SELL
widely distributed loss OF money from all classes
Of people taking these securities has ed to general neral
the work OF IA uyndicate OF speculative railroad
Ssgr line. with the STowed Object Of being Soasht
conducting ruiuous conpe ton. has DESTROYED
ever we're their enterprises by tho exceptional
boom of two ago. which enabled them to place their
soced securities rgn AID iei' bnt the eIpcr1cncr OF
Investors Ia such that will be manv years before raids
| loftu an
IA no question but discrmina ing Judgment on Tue
part people having m"noy tonycst will lead them
soon securities OF the properties which have
demonstrated that they are well managed anu nave
sur aud stable business.
~ DO s.1 y9 Taa3 a 5S 1 way OF neeaSs
| "NS I do not The relations between all the
! various roads never more h1rmon
| ons than pow. and tnoro u every insurance OF
continuance OF friendly aud am cable relations There
war or any serious dts among the railway lines
Thc railroads have mad enough OF wars Tney have dis
nSnstion OF the atendag par,es
al na@ .spse SeSr 10 make
any oaoula ion from hour 20 hour as TO what tue rate
will b.. oecom" necessarily speculaiors anu all egt,
mate enterprises become embarrassed and crippled and
| in end. wh'n tue railroads are exhausted,
| investors dI-gusted aud general business parayzed
settlement has 70 BE- made on practically tue same basis
| tha, It Q iuld nave been at the beginning"
THE OUTLOOK FOR THE VANDERBILT SYSTEM.
"yba, do you tniuk " the outlook for railroads
| especially the Vanderbilt proprr'iesi"
"It l. frsclas- We are constantly az work upon
different roads making improvements track and roll
Ing stock aud plshlng extensions that canuot but add
largely Ia our re- venue In tho wesierg part Of Pennsy
yaula. Nr Naudcrnts enterDrises are pushing yigor
ously tue Conueilsvilo and CT arneid coal region
embracing nearly 400 miles, Is completed. We will be
able 10 feed bota tle Lake shore ana NewiOrk Central
from the rcdest coal aud coke Regions Ia the United
/ states These branch roads wI add largely
to .D our lSe Sa'Hs o., ana y.uSb. T Kind " Of ss
Ole OF roads the Youghoghenr, runs direct from
win the Lake Erie and Pttsourg, ouo of roads,
ard then coSSses soSsuo' witt, 1Or'h the sSore
Tns ROAD IA anOst ready for business IL VIII DO an
especially strong feeder for the Lake shore. whie the
! Pine creek road wn'cn building and which
connects tue Reading system ana the New OK central
roaes. viii bring 70 tue %a. Latter Foaa Hn o%%n s%ST
Pennsylvania. another new line which Mr.
from HARRISBURG to Ptsours, connects with the Pitts
burg road and thus gives tne iron interests direct out
e ON tne Lake Shore. What Is known ~ the Wander
bit system when completed, vii. be the greatest system
m the world. and will reach the most productive agri-
cultural. .nuacturlng and commercial territory In
| this country"
WHAT Mr. VANDERBILT SAID.
Turning MrYan ierDlt the reporter asked: DO you
ow any the bonds Of the West Shore road
| mot a dollars WORTH" he replied, although have
had ample opportunities offered me to invest In
| tnem will tell you principle have always made in
| ute IL ia 10 mold on TO q good thing when
have It. When / have been In roads like the
| Lake Shore aud New.York Central for year., and
| have always them pay good dividends
and pay their interest promptly; when know OF the
impro yements wAich constantly being made to the
prouerty and see what outlook s why should be
| especially concerned whether the stock Is
| a little higher or lower ono day than the
| otherl / know what there Ia OF these roads,
why the NewYOrk Central has real estate property In
NewYork Clty alone that's worth moro than the entire
plant, equipment and everything else OF some roads
wnicn seek to compete with from New York to Buffalo
IL very strange there many good properties
to Invest in people will put money into these Wild
cat auecuatious tell you there will be great many
prope surprised when tho time comes for the opening
! OF the strong boxes OF msny VINO are now termed
.mlllionnares' and they the number OF cats and
| dogs slowed away securltie'.'
"Do you expect you VIII be able 10 compete WIN the
West Shore way Of accommodations when the new
! road In fairly opcnp
Why OF do What nonsense this talk Is about
the New York Central not being built aud equipped in the
rnost substantial and comfortable manner. am willing
TO make the statement, aud defy contradiction that
hcre IA not better bu equipped railroad than tue
Ncw.York Central In the United states. Any ono VINO
cIai otherwise does what he Ia talking ABOUT
~. aInnN III LII