The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1884-01-24
RAILWAY MATTERS.
One of tbs Wall Street Bears Talks
Interestingly.
Se.Ne tfaads Whose stock sells tSo
High ---The Hen Who Have
Blade and Hest Money
Other Facts.

NElA; Y oak Ian. s4-.sGi atIl7 says the fail
urss of last week, AMI the decline in almost
every railroad stock and bond, delighted the
bears who hastenei on IA turlav and Sunday
to pour out their prophecies and explain how
things had not touched the bottom. One of
these called on me whose prophecies, | am
bound to say, have been right for a year past
He put down the general proposition that we
would have good stock market in 1855, but
that during 1854 the rotten wood would be
got rid Of
He said that Il large amount of unproft-
able stuff still stood in the way of coming to
hard-pan He thought that the quotations
of stocks showed how little faith was put in
mere bookkeeping or declarations Of good
| earnings and high solvency. For instance,
| be indicated stock at -, when it was declared
to he earning per cent. year. said he:
With the profusion OF money lying up here
in New York how do you account for the low
| rate Of such stock, when government bonds
and state and city securities, which only bear
per cent. interest," sell far above par"
hesitated, and he replied to his own ques-
| ton: The people do not believe that those
| earnings are systematic or sincere. The same
| is the case with very large proportion Of the
Said l: ITO specify?n
| There is Milwaukee & St Paul, said my
friend, which is a sale at so, in my judg
ment. 1t has run up to over 5000 miles OF
railroad from a small beginning, and the I'M
| Outstanding here is that Mr.. Mitchell, who
has made 81, 600, 900 to Sc, 200, 900 out of
the stock, is very small owner in it.
| what do YOU think about Northwestern
"That is a good road, but it is too high for
| the state of liquidation We are going through.
| | have seen nearly all the rich men in New
York shaken up in the past two mouths F"
"Who, for instanceM
| They say TINT Judge Noah Davis has been
ruined by going into North River eonstruc-
| ton stock: that one CT the leading newspaper
| publishers of New York has $500, 900 invested
| in West Shore bonds for which he paid IS,
| and which have fallen more than 20 per cent.
| also hear that Mr. Osborne, Of the Illinois
! Central, formerly bought S9oO,C coo of West
Shore bonds on representations that they
were the best things TO be got, but not liking
I the appearance of matters, he sold them out
| at quick turn, and saved himself much
| loss Mr. Tilden is believed to have lost by
| the decline of Union Pacific from $500, 600 to
| $500, 900. The losses of Mr.. Mills must have
been considerable, though understand that
be could lose S., 900, 900 and still have &c.,
900, 600 left"
What Go you think of the Illinois Central
railroadf'
'That is one of the valuable railroads OF
the country, l consider the most valuable
railroads to be the Illinois Central, the Bos
ton & Albany, the New York & New Haven
the Baltimore 81 Ohio, and the Pennsylvania
| The Pennsylvania is under good manage
ment, but il too much extended They are
spending considerable money opening rail
road into the coal field to take the Reading
railroads business"
what view Go you take of the Missouri
Pacific systen?n
There is vast system of consolidation
which started on $500 ono spent by Comma
dore Garrison to -. :J.,oIoi vi the Missouri
Pacific railroad, which stretches FROM st
Louis to Kansas City MIR. Gould paid s., 900,
600 for this property to Mr.. Garrison. ant
put it up to SIC, OK, 900 He then consoli
dated it with the Iron Mountain sys
TEN, which was put in for abou
$50, 900, 600. The consolidated concern ha.
leased a great number Of other rail
roads, such as the NJ, K & T., the Interna
tional & Great Northern and the Texas
Pac;fc-the whole making system of abou
six thousand to seven thousand miles Of
rail, of which large portion does not carr
interest on the bonds The danger to Mr.
Gould is that all this coagulated stock ma,
break the system down. Mr. Goult
has these three great properties: Tn
Wabash, tie Missouri Pacific and the West
4 Al.
CANT sum Of money, the telegraph stock alon
being Ss0,o00, 900. He is just now the objec
tive point of all bear movements in New
York, and is tine chief buttress of the market
using every energy, friend and support b
can to keep things steady"
1T would not be possible to break Ja.
Could"
sNo, l think not"