Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1854-11-01
Tae Contest for the Presidency of the
Baltimore and Ohio Railroad.

Baltimore and Ohio Railroad.
The contest now in progress at Baltimore be-
tween the friends Of the present President Of the
Baltimore and Ohio Railroad, Mt, Harrison, and his
prede oessor, Mr.. Swami. who is supported by the
party favorable to paying dividends insleud Of
completing the second track with tho earnings Of
the road, Is exciting much interest. II does not
seem that the oponenlsof Mt. Harrison are treat
ing him fairly. In his speech at the late meeting
of individual stockholders, MI Swami, animal.
verling on the report Of Nj. President Harrison,
said:
"He could not, he continued, understand how
this road, which is almost entirely freight Il Od,
las, as Sulej in the report Of tile President, plU.
duOed neE cent, when the Washington branch,
which Is exclusively passenger road, ylells but
per cent, and lie would caution Tie direc.
tors against putting forth report opnloihins this
statement, Ii would DO on astounding ia Ito IOil
road men, and should be fully investigated. II
will cause universal surprise lhrOughOutthe cOln.
Try. He cannot understand H., but no hoped that
ii might prove correct"
10 show the ingenuousness Of these complaints
from hlr. Swunu, few extracts lrOn his owR re.
port, while President Of the company in 1919,
1850, 1881, aud 1852, will be Of service.
InlS49, he reports that the net revenue Of the
main, stem is 8l.4 per Oenl,On the "uugnented
conllnl" Of S7,227,400. In the same year the
Washington bIuucll yielded sucliu net revenue
that the board felt justified in declaring ouly SIX
per cent, thereon.
In 1850 the main stem is repo.ted 10 yield o
67.l0O per cent. on tile "augnenled capital"
while the aggregate OF dividends on the Washing.
ton 6TOnch ISL 10 per cent
In 1861 the net earnings Of The main stem wee
els per cent on the original capital Of S10U0,
900. Only one dividend IL mentioned as having
been made on the account Vi the Washington
branch, aud lhatof 4Pet cent
Thus il will be seen that il NIr. HARRISON is
chNTgeOble withthls disparity between the pro.
Ceeds OF the main sum toOd aud ofthe branch, so
IS Mr.. Swami, who IS now seeking TO replace him
on this OF other grounds. But tile Whole charge
is without Qualifications and Is tainted with du.
plioity by Tie suppression ofn material fact, viz:
That while the main stem. being in part slOle
properly, is not subject 10 taxation, the Washing
ton branch is, and last year paid bonus of $685.
ST. s., and in 1852 paid like bonus Of $50 500 SO;
equal 10 about four per cent. Of its entire capital
Cnn it lie that Just and honorable men will lend
themselves 10 the deeut OF n man like Mr. HnIT.
son, mlmllted by his most active opponents 10 10
one to whom "none but The highest aud most
honorable motives could be altIibnlpd," On
gEoundssO flmSy aud pTeenC,s SO dangerous as
lheSeR My.Swann seeks the presidency by con.
demnlng his own policy, The only difference be.
ing that now II is carried out by anotheri and
when his ambitious designs have succeeded, he
will have the conduct offs himself.
Is this reason sufficiently strong for ousling n
faithful and able officer, aud TeinSlntng one whom
his present UaoktTi compelled 10 nbdiCate two
yeaTs agol What sudden accession oil character
OF ability has Mr.. Swami obtained in the eyes Of
those who now urge his elevation, since lie was
SO poiniedy and effeetunlly condemned by them,
Can 1t be that the object is declare dividends
out Of borrowed money, which Ought to goto fin
stock operations lhot ate nov slnvering IN The
windl II suth be the cnse, the STOCKHOLDERS not
Interested IN those operations ought 10 know IT.,
that they may put just estimate upon The Office.
tons urged against the administration of;heir pres.
ent worthy mud able PIeslienl-N. Y. Zoe. Post.