New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-31

increased and the number of passengers carried
is abnornally large It is a sure proof that the
country is prospering Taking great railway
system as a sample the conditions upon the
New-York Central would indicate that the coun-
try is exceptionally well off, and that the recent
furry in Wall Street unwarranted.
Samuel r. Galloway president of the New
York Central Railroad, yesterday in the course
of talk about the situation, said that he
couldn't understand what had caused the chill
that shook up Wall Street. He said that things
were abnormally prosperous in the railroad
world and that he believed they would continue
so. He went on:
The faith Of the directors Of the New-York Cen
trai Railroad in the continuance Of the present
satisfactory conditions and their belief that bust
6 6e5s TG b the fact that they authorized the
of $4,000 900 worth of additional stock. the money
additional equipment. This equipment is being
built rapidly as men ana money can b ah Tetor
take of the enormous tranlc mat the uieeloiS
see in the future.
CHEAP TRANSPORTATION.
In the last six months the earnings Of the New
York Central have increased approximately AG Go,,
600 and there is recorded statement OF earnings
unparalleled IN the history Of the company S for x
pended SS aSou, s. 0O in bridges put
ling IN additional steel work building up the road
s hat busaess can he transacted speedily
nomically; With the new bridges and other I'M ~
stand trains so heavy that we can haul 5000
bushels Of grain on one train between here dh mo
grain through quickly and cheaply that we can
knock out the canals the lakes Montreal and every
This talk before the Commission about lghterage
charges IN cbS2rs n AZ City is
simply an agreement between the railroads. In
stead Of saying. for instance; 50 and so we simply
rating This IS an arrangement between the ROADS
and simply proper division arranged by the roads
entirely.
As for the rate situation. 1T was never better
than IT is to-day There is general disposition
rates rather than advance mem ms IS noopeiu..
in that It makes the probability OF the starting or
parallel lines slight. Capital will hardly enter into
a contract Of that kind when conditions are as they
arc. The rate per mile per ton IS SO low 10
tion nowadays with the enormous rahic In slght
is not so much how to get freight, but how 10 rs
new equipment we will have increased
pacty about 20 per cent and II Is my opinion that
pushed TO accommodate what Is offered 10 us. The
rate per mile per ton is so low that, as l SAID
has tendency to remain stationary and in the
growth OF tonnage the roads Will get their payment
possible Improvement ana by Cohsohdau 0hs OF
small lines and development of others and the ac
self in as fine physical shape Tor handling the enor-
nous traffic possible During the year the
Beech Creek Railroad and the PENNSYLVANIA Dvis-
ion Of the Central have been developed into a sys-
TEN Of about 4O5 miles. This gives US good out
Boston and Albany we have secured hrst class
line to Boston We can now handle 5000 cars
gay east OF buIIai9 anu ueidS 81 .wSi,v t., i
hours upon the road means cohSesilon that Is re
markaDle Realizing this we are doing everything
possible 10 facilitate the free and speedy handing
or the enormous Tahhc. WIN the Beech CreeK ana
Pennsylvania Division. the Boston and Albany and
the improved terminals and changes in the west
Shore AZ Weehawken. we have done eyerythln We
can to insure prompt and sure operation The in
crease in equipment ought 70 Increase our earnings
and the future. so far as can see promises an
increase the present enormous freight tonnage