The Superior times. [volume] (Superior, Wis.) 1870-1912, 1884-01-26
Jay GOULD INTERVIEWED.
Opinions of the Railroad Autocrat-No
Fear of Panic.

Opinions of the Railroad Autocrat-No
Fear of Panic.
NEW YORK, January 17.-Jay Gould
was asked this evening at his residence
ID Fifth Avenue what be considered the
cause OF the recent coll,pses Of the
Northern Pacific, Ontario aud Western
and West Shore Railroads and the
North River Construction Company.
After moments thought he replied:
Why, the Northern Pacific is all well enough.
The projectors of the enterprise are the ones to
oisme. In the first place. Nr. Wizard is q man,
before unknown in railroad circles. VINO at
tempted TO engineer the construction of a
gigantic thosUughfare OF whose cost neither
he nor any of the parties interested had cor
rect idea | think the Northern Pacific itself.
as soon as its local business can be developed,
VIII become an exceedingly vsluabe property
DO" 1t could have cost SO much cannot un-
| derstand
! The West Shore Road was an entirely unnec
| essary undertaking. The New York Cenfra is
| an old, well-estabshed. AMI, believe, splen-
J oldiy equipped thoroughfare. ard fully ade-
| quate to the business which the West Shore
people Unsigned they would eventually gobbe
up; The new road being placed parallel to the
oio one, II was demonstrated from the very be
ginning thst the meu at the head of the enter
Prise would meet with disastrous loss Ialwavs
ADVISED my friends gain and again to put no
money IN West Shore.
When asked If he thought Mr.. VAN
derbilt was endeavoring to get posses
sion OF the West Shore road Mr.. Gould
said:
| don't know that be is. Why he should de-
sire 1t Is more than l can understand. He GER
falnly doesn't need IT, az bis own road can
easily take care of all the business along this
route 1t would be scarcely prudent thing
for him to do, and hardly desirsble,
a UNI1lh only h.
PEELED to assume the obligations Of road
already dead. The West Shore men spent too
much money in construction They too at
tempted something of whose cost they had but
FAINT conception. AS a result they owe
Sl5, 600 more than they anticipated. Cred
ltors are calling for money, and as none is to
be had the North River Construction goes
under.
As 10 the Ontario and Western. il is a road
which never began nor ended. 1t never ought
70 have been built. There was no necessity
[or IT. l surveyed the route when boy, and
said, Just as soon as Oodyke went into it, that
ne would isee his fortune. Ny prediction has
proved to te a truthful one. railroad should
iot be built in any part of the country where
he fed is already filed, nor where there is no
necessity or demand for it.
On the question of prevention of col
apses In the future, MIR. Gould said:
Wei. l am pretty well satisfied that the pre-
entiVe has come with the disaster The
AeieS WIZ Fut LlcutV INTO tlese unsuccessful
oHcerns nave ben so severely punished that I
enture TO say that twenty five wears will go bv
efore money will sgain be il vested IN COM
etlng lines. Capital so timid that it is i'm
ossloie now to raise money to build
eting lines. The builders of parallel lines
ave learned something which probably they
III never forget. These only render old
nc well-established routes the more valuable.
lie expressed himself in regard to the
utloOk, as follows:
The prospects for the coming year are ex-
'edngly promising. The cheapness Of steel
ld other materials used in rairosd construc-
on, and the steady growth Of the business
I'D the population OF the country, all Will con-
ioute 10 the pros petty CT the railroad traffic
3'es, L tnlnB, VII be well maintained The
ouble IN the low pool ID now being ad-
hted. new arrangement Is being made
which the Urion Pacific and the
wa railroads shall become parties to
COMPACT IN which all competitive business
"a the making OF ratss is referee. To a single
representing aIl the roads, In
{ southwest there Ii rot single element of
Scord. The eastern bound trunk lines are all
thsm IN more satisfactory condition than
ey have been fer years. They are rapidlypav
: up their differences in the pool in cash, and
ZEE no further trouble ahead here.
10 the question, "Do you consider
at we are on the eve of panic" Mr..
ould replied:
No, do not / do not now see ANYTHING in
future TO cause dist,ust. We must expsct
and then bad year a matter of course
ere can be no panic when Wall Street is AZ
s to-day If railroad securities were piled
in the street there luight be some danger.
ey are, On the contrary more
iey distributed than at anv time
'bahly IN the history of the street In
I, there is great shortage of securities,
money rs perfect drug. Two hundred
non doiars are lying idle in the street to-
I. Inc small percentage offered IL and 9,
kes II small lnducement to lend money. |
ed Gen. Eckert the other CAV to ascertain
for me- how many investors there
e IL the country at large. TIE answer was
ITned, 80, Co.