The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1883-12-08
" DARKNESS THERE ;
''And Nothing More''-.-Tho Situa
ton in Railway Finances.
An 'IrrepressTble Conflict OF Compe.
titiOn," and a GLOOMY Freddie
tiOn The Flood Ten Hears
on. However.

EEws.YoRK, Dec. S-"Gath" says: 81 went
20 sec friend who has one of the great up
town brokers' Offices for which he pays a
large rent, and in to him come perhaps q
dozen to twenty clients every day-some
retired brokers, others the sons or klnsnan OF
millionaires and big operators, Others the
neighbors about Fifth avenue, who want to
hear what is going on down town. The
temperament Of my friend, the broker, IS
always bearish. Said to him, going
into his office before any of his customers
had arrived; Have you any thing to say"
You know said he, that | am seldom
without an opinion about the status Of the
street But now | do not know anything
about the future. / am unable to make a
deal for myself on my own judgment What
can Won think of a market where d. p.
Morgan, an habitual bull, is afrait to
buy 1000 shares of stock, and
Cammack, who is generally ready to
sell anything at tie drop of the
hat, is afraid to sell 1000 shares. That
is the attitude of both these men. l saw D.
P. Morgan a few days ago. He said:
have lost my faith in American railroads as
matters of speculation. Iam going to take
my money and lend it at 5 per cent, and
keep it out of the market"
"What does William H. Vanderbilt him.
self say about the railroad niarketf'
lie says that it has been bard year to
make money in, and that he is living now on
his honest income; but be thinks that there
will be better market in January"
"Is he in first-rate financial condition"
ooh, yes; he has very little railroad stock
now. He owns railroad bonds to a large
amount He can neither be accused OF too
much fear or toomuch courage; he is emf
ncntly conservative man, like a number
of our big men here.
81 regard an irrepressible contest. Of COM
petition as now taking place, maknga com
mercial revolution in transportation amount
ing to free trade in practice The monopolies
cannot protect themselves. The status quo
has 10 be disrupted in order to solve the
pressing problems in transportation and
financial investment. In other words, we are
having on the land struggle for free trade
which the politicians have altogether over
looked The politicians are looking to the
ocean and maritime transportation fpl their
dedniti of free trade, while the true Gnan-
cier Of the present day is looking at the in
UtElOf u Tile GOlllHeut tllN Sttlllt tJN tlttDl-
ton is forcing the-old existing transportation
lines to divide their spoils, reduce their rates,
core down in their dividends anil give us
virtual free trade in the interior Of the
country. 1t is almost a duplication Of the
contest between slavery and freedom Sew
ard said there was an irrepressiblc conflict
taking place there So there is conflict be-
tween the old transportation powers and the
adventurers-the pirates, you may call then
who have come in and are holding then
own
What do you predict in the long run
about railroad property"
81 predict the general bankruptcy of much
of it in ten years; but in the meantime we
win have bun market more than once,
tell you that all the roads are making money,
and all are borrowing money. Old Mr. Gar
ner, who died years ago sold puts at par for
his natural life and yet the St Paul property
on which he sold them held down to II cents
on the dollar in course of time. Everything
is relative
"Do you Know anything about the new
cable that Mackey is said to be buillingg'
"Mackey sent a notice TO this Office said
my fri-''' that the Postal Telegraph would
be in ui. ton from New York to Boston,
and 60 all the leading cities of the west and to
the southwest also within two months.
understand that he has gone into the cable
building business The inducement 10 do 81
is undoubtedly the apparent showing that the
Western Union makes of its cable profits
Competition is chasing up the monopolies al
sea and under the sea as well as on the land >