Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1884-01-16
Ndnrasfer FntelIi9enrrr,
WEDNESDAY EVENING. JAN, 10. iee4
A pay That As Gone.

The beautiful times OF the railroad
protector seem TO have fed far away.
The great fortunes which have been
amassed In railroad projects since the
hoom was started and the way pointed
ont An the first ttranscontinental projects,
st,Il remain to many of those who
achieved them. while from others they
have melted away. The latest crop Of
operators have generally come to grief.
Mr.. Gould, the chief OF the railroad spec
ulators, still survives, but not in a joy.
ous condition, at all, in view Of the
necessity upon him to dispose OF his
stocks to people who don't want them,
notwithstanding the great profits which
Mr.. Gould's figures give them. His
Western Union condescends now even To
solicit Philadelphia purchasers at the
local board and his Missouri Pacific
cries alond for purchasers in circular
appeals addressed to every hamlet in
the land. They will not come. Stocks
which have been watered beyond their
intrinsic value no longer find eager pur.
chasers.
No doubt some day the credulity of the
people will return, but their late exper-
ience has for the present paralyzed it..
One would think that railroad bonds
which have been issued in excess Of the
cost OF the road, would lot find
purchasers until at least the road
had demonstrated its dividend
paying power Yet It is a fact that
nearly all the new railroads which have
been built in the past twenty years have
been built out of the proceeds of the
mortgage bonds; many of them have
even been equipped with rolling stock
out of the same fund. The stock has
been Invariably the perquisite of the
projectors; and sometimes they got a
share of the bonds, too. Those who pro
jected the Union and Central Pacific
roads not only got stock and bonds, but
a great land grant aud government
bonds, beside, with which to work out
their fortunes.
They did it magnifcently. The land
grant benefcence to railway builders
came to an end some time ago, and now
Congress is evidently determined to re.
claim all that it can Of what was 50 fool.
ishly sIusndered to make few men
rich. Mr.. Huntington will lose the
Texas Pacific grant. aud the spoliat.on
OF the favored companies will doubtless
be complete when this session OF Con.
gress Is over.
When railroads can be built aud equip
ped on their bonds, there is certainly nc
need Of land grant. \ great numbeI
of railroads have lately been chartered
with the viewof constructing them upon
public confidence, not Il dollar of the
projectors money being dedicated 20 the
purpose, to which only their talents and
brass are to be devoted Mr. Vanderbilt
has railroad in progress-slnw progress
by the way-thrOugh southern Pennsyl.
vania, which has been contracted for by
the American construction company
we believe that is the title-COmposed of
Mr. Vanderbilt and his friends, which is
to be entrusted with any Qulutity OF
bonds necessary to build the road Those
very alert and euterpri7ing gentlemen
Messrs w, l.. Scott and A. J. Cassatt
are building road down the Delawar,
peninsula TO Norfolk upon bonds
and bonds only, OF which enouIl
are printed to complete the road il
the level saudS it traveTsCs. If the TEN
per of the times will enable bonds, which
represent more than the cost of the roads
mortgaged to find purchasers, this way
of building railroads will be as successful
as it is easy and agreeable. But ia view
of the disaster which has befalen the
West Shore road, in the collapse of its
construction company and the collapse
OF its bonds, with other like signs of the
times, the buOyanCy of new railroad
bonds is not going to be great, ant
consequently new railroad projects ar,
likely to come to grief. The protector
OF the West Shore road were men OF
shrewdness and of wealth acquired il
the railroad projecting business. The,
made good road, but yet have found il
financial grave. 1t is an experience t
be needed,