New-York tribune., 1884-10-18
MIR VANDERBILT TALKS.
THE WAR IN RATES ANp OTHER rorlcs.

Tiir CENTRAL Nor 70 m otihoNt=wlHt Hitoht
ANp otntn ROADS ~ nan wAN
Tho declaration of open warfare between ihs
trunk line railroads was followed by sharp dc-
elmo IN tho stock market yesterday, In partial
explanation or pcihaps merely IN excuse II was
rulnored In Wal Street that tho Lake
Shore aud Michigan Southern Railway
was about to issue fifteen millions
of bonds similar in general character to those re-
Gently put forth by the Ncw-York Central. 1t has
been commonly understood for soma time that the
company has depended largely Oh the financial
assistance of William H. Vanderbilt, until the in
dcbtedness has reached several millions. Mr.
Vanderbilt denied last evening that
there was any good foundation for
the current rumors. He said that the Lake
Shore company had no need of money, but that
even if it was in distress it had large amount Of
bonds III the treasury which it could raise
money at any moment. In regard to the railroad
war, Mr. Vanderbilt said
- know nothing about the details OF
the management of the Ncw-lork Central nut
can tell you one thing-the old road VIII not
be behind any of its rivals whether they are young
or old. The rates to the West may be any hgure
that the other lines may choose to make them
don't know what they are, but do know that the
Central will not be backward in meeting them. The
fact is that there has got to be further
liquidation. Some companies among the trunk
lines have confessed that they were not making
much money, but others have not; The Enc hoad
is bankrupt, and while Mr. King, the new president
is good man. he cannot save II. Inc Yves,
Shore is in the hands of receivers, ana
III desperation tries TO attract llttle bnsi-
ness. Ii has never had any worth talking
about These roads are out of the question. On,
well, some other trunk line railroads have got TO
he lquldated. The Pennsylvania must cut down
its dividends and as to the Baltimore and Ohio it
mas built telegraph lines until 1t has spent
them " will have to issue bonds or
do something else. 1t is not probable that young
Garrett will remain in the control of the Baltimore
Everybody has lost money in the last year or
two and 1t is fortunate that the losses nave
IA len on the richest men | feel the deprcciatiom Oh
and perhaps in proportion TO my wealth, nnt on
some of the rich men II IL telling pretty
hard. II is ridiculous to suppose thai politics
will change the process Of liquidation. The sue
cess of one candidate or the other Will not add
cent TO what already have. But decline 10 diS-
cuss politics; | take an interest In 1t, but nave
not ri van ANYTHING to either side
Zone of the troubles in this country tnst
now il the relation of wages 10 the
cost of production, skilled workman IN almost
every branch OF business gets every day money
ordinary laborcrs but to men skilled at their
trades The man who makes the article receives
as much wages IN many instances as 'ne alloe ~
worth when it il finished. his = not eXacly
fair I'm NV opinion. and must he adjusted. Until
wages bear u rucr relation to production there can
he no real prosperity IN the country.
"Scllinc stocks to-day Well, | am NOT doine
anytl:ing IN the stock market at present Nclth'r
,he hears nor the bulls are making momel 4.
Some oi the bears have lost rs much as thcy
could have done under any ciIclinstahc"s; ohr or
two OF them may have been successful. but lhcy
are rare instances There can not be much business
until after the election, and even then the amount
OF business wi depend on otler things than the r.
snt of the election. The liquidation has not been
completed IN a good many things