The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-22
MIR. w. VANDERBILT.
The Alan of Money Arrives at London and
Discusses the New York Panic.

The Alan of Money Arrives at london and
Discusses the New York Panic.
LONDON May 21-n an interview Mr.. Van
derbilt said: Il had pleasant though not
speedy voyage across i'll the Baltic" said Mr..
Vanderbilt, land received a number of dis
patches at Queenstown and others at Liverpool
concerning the financial troubles in New York.
After reading and considering these and study
ing the news given in the papers l was not at all
surprised at what had happened. 1t was merely
the result of overriding business. Trust com
panies and othermoneyed interests have for
long time past loaned large amounts of surplus
money to build railroads and float bonds and
other securities that We're not needed by the
country. The people in the United States have
for some years been making money too fast.
They have not stopped to see what value they
were getting but large class in the community
has as a rule and in many familiar to us
all. made large amounts by placing on the
market securities which in ordinary times
would be considered worthless 1 hope said
Mr.. Vanderbilt, 1--WE shall all profit by it, and
that in the future moneyed institutions will
keep themselves within the law and be careful
what securities they deal in. We have seen
railroad men, bankers, and others controlling
large amounts of money not only lending their
own credit to these things, but asking from
others encouragement and aid for
what any thinking man well knew was not
needed We have seen moneyed men use
the means of institutions with which they hap
pened to be connected for their own benefit and
the day Of Judgment has come home to
them All sorts OF schemes are used and fail,
one after another, to bolster up unsound pro
iects, and the innocent shareholder who has
already been swindled out of large sums is made
10 believe that a little further aid will bring it
back.
Il must not be understood as saying Mr..
Vanderbilt added. ''or as meaning that there are
good things left There are plenty of them,
but investors should use more Judgment IN their
investments The truth is, people want to make
money too fast. There is hardly a good divi-
dend paying investment that is not sound. The
one thing ueedful in many cases Is to get honest
men TO administer them and not men who want
to make a fortune every year personally in
stock specuatons. If the people owning prop
ePty would look more to the character of the
men employed to govern it we should not
50 often as we do hear of these panies
| hope now the fnaHci1 scare has
been sufficiently great to enable those that have
survived to know the difference between good
thing and bad one. Confidence in good things
is all that is wanted 1t is only the confidence
given TO bad ones that destroys the good.
mo one regrets more than myself" Mr., Van
derblt said, 1.-The existence of those dlstur-
Dances, inasmueh SO many innocent people
must of necessity suffer. Every one has his
own ideas of the causes of such calamities.
have given you my views. II they lead any one
TO reflect before action shall have been fully
repaid for the expression of my thoughts.
hope all will go well, and, though the storm has
had large sweep and carried much before it,
have not yet made up my mind TO abandon hope
for the future. / feel sure that II sound recovery
IS not far ahead of US. 1t will surely come