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Story
June 20, 1890
Idaho County Free Press
Grangeville, Idaho County, Idaho
What is this article about?
In New York on June 12, Chauncey M. Depew, a director of the Northwestern railway, comments on a proposed government loan to the Union Pacific, stating he opposes government lending to railroads but sees potential in accepting low interest on secured debt extension.
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Full Text
Depew on the Union Pacific.
New York, June 12.-On account of the very advantageous traffic arrangement that the Northwestern railway company has with the Union Pacific, the Vanderbilts are supposed to take a great interest in the affairs of the latter company. A reporter asked Chauncey M. Depew, who is a director of the Northwestern company, for an expression of opinion.
'What do you think of the proposition that the government shall lend to the Union Pacific $50,000,000 at 3 per cent interest?' asked the reporter.
'I don't think the government should lend railroads money anyway,' said Depew.
'But the extension of the Union Pacific debt is practically a loan,' suggested the reporter.
'Well, I can imagine conditions under which it might be a good thing for the government to accept 3 per cent on the debt, if good security was offered by the railroad, as I understand there is. But I have not given the subject sufficient attention to be able to discuss it.'
New York, June 12.-On account of the very advantageous traffic arrangement that the Northwestern railway company has with the Union Pacific, the Vanderbilts are supposed to take a great interest in the affairs of the latter company. A reporter asked Chauncey M. Depew, who is a director of the Northwestern company, for an expression of opinion.
'What do you think of the proposition that the government shall lend to the Union Pacific $50,000,000 at 3 per cent interest?' asked the reporter.
'I don't think the government should lend railroads money anyway,' said Depew.
'But the extension of the Union Pacific debt is practically a loan,' suggested the reporter.
'Well, I can imagine conditions under which it might be a good thing for the government to accept 3 per cent on the debt, if good security was offered by the railroad, as I understand there is. But I have not given the subject sufficient attention to be able to discuss it.'
What sub-type of article is it?
Historical Event
What themes does it cover?
Justice
What keywords are associated?
Union Pacific
Government Loan
Chauncey Depew
Northwestern Railway
Vanderbilts
Railroad Debt
What entities or persons were involved?
Chauncey M. Depew
Where did it happen?
New York
Story Details
Key Persons
Chauncey M. Depew
Location
New York
Event Date
June 12
Story Details
Reporter interviews Chauncey M. Depew on proposed $50,000,000 government loan at 3% to Union Pacific; Depew opposes government lending to railroads but allows for accepting low interest on secured debt extension.