The evening times., 1899-07-15
FUTURES OF RAILWAYS.
Henry Cle,vs Points Out Possible In
roads by Automobile Service

| New York, July 1J.-Henry Clews, in his
weekly review of the financial situation,
says:
| The attention of Wall Street continues
TO be occupied with the Vanderbilt deals:
the latest feature in which is the reported
co operation of the Pennsylvania Company.
| This has excited the more surprise because
| the genera! suppositi0n has been that the
| latter interest would effect separate con-
! solidation under its own control. including
| probably the Reading and some of fhe
| other anthracite coal roads. This surprise
puts all expectations at sea; and, while
contributing TO the underlying strength of
the market, has yet tendency to postpone
| operations until the direction and extent
of these important movements are more
fully and certainly known What has been
already accomplished or IS in process of
arrangement leaves little room for doubt
that large schemes of railroad affiliation
are in coute mplation. What new features
and relations may be introduced into the
working arrangements between the rail-
roads it is impossible at present to indi-
cate
Concerning the smaller lines, the feed
ers of the trunk roads, the Clews circular
says:
1T remains to be seen how far that class
of roads may be exposed to competition
from automobile carriage. Sufficient has
been already achieved by this new appli--
auce to place it beyond question that the
automobile is destined to. become much
more than a mere passenger vehicle With
further perfecting in some of its minor de-.
tails, it can be made available for carrying
freight in considerable bulk, upon well
constructed highroads. with greater speed
and at much less cost than by either horse
power or railroad. It thus becomes
question of great interest whether much
of the short-haul business of the railroads
is not liable to be diverted from the minor
railroads to this new means of transport
1t is also question under consideration
among engineers whether it may not. in
many cases. be found possible to combine
the automobile system with the trolley
system with advantage to both methods of
transport. 1t is question that must soon
force itself upon public attention. as to
how far the second and third rate railroads
that now serve as feeders to the trunk
roads are likely to be affected by this new.
means of transportation
The banks and trust companies of fre
Western cities are full of money at the
present time AS an evidence of this, Chi
cago has made a considerable number of
time loans during the past week to Wall
Street houses on more favorable terms
than Obtainable from New York institu-
tions, which is a most unusual thing. 1t
simply represents an excess of money. over
the business needs Of the Western section
of the country. High interest rates in
New York, as at present, will certainly
continue to bring funds here, and will
also put stop to further, gold shipments
to Europe.
The present activity In money at the
four great financial centres of the world
New York, Lendon. Paris, and Berfin-is
not due to want of confidence and hoard
ing through distrust. but is due to great
confidence all over. the world in business
interests. and increased commercial under
takings, and thereby the greater uses for
money!"