The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-10-08
no notice Of three or four Of the Las. msnsona road9

rejected without ceremony. s has within the isst
three months, however, been CREASED swallowed AZ
small gulp There remained but the old Tonswanda and
the Rochester aud Loekport roads deal with What
fco Of the Troy and other swndes required 10
Asa sprsgue Joseph Field and other upright and pure
minded officers Of the Touawanda and through them the
other stockholders that 50 900 and premium Of 10
per cent enough for that concern, do not pre-.
| esely know. Suffice II to say they came IN at that
figure In Boody-the factotum Of the Rochester and
iochport Interestingly had ugly customer 10 deal
with. Not that he unwilling 10 treat but he held
his traps ut such Internal high price. Here was
road along the line OF the canal that State Engineer
Stewart Freeman Clark and Others had been trying for
years to build and could not Body took the entire
contract at about loo per cent THAI Il was worth
payable in stock and bonds. lie had hastily thrown up
the read and when the pot,ers met him he had the i'm
pudence 10 stand for his entire nominal capital aud per
cent premium The plot,ers took time 10 consider which
time employed by Body In throwing up the "char.
lotto Lraneh This road worth 10 the Central about
sli per annunifor grazing II was originally estimated
10 be worth double that amount, connecting Il did
and running In direct air line 10 the centre OF
track at the mouth of the rivcrone Of the richest
most productive tracks in the State. hat OF
.pccuators got up opposition track the other ds
q the r,er which utterly ruined the business.
We understand tho Messrs. whitneys have proposed
advance OF 100 per the present revenue
1T the second meeting the pioters announced their de-
termination ia accede 10 Mr. Boody's terms when they
we're informed by that gentleman that they must tako In
the Charlotte branch at and 25 per cent prem
UNI, he should be compelled to remain out lie did
not remain out.
The Buffalo and Niagara Falls and the Niagara Falls
and eueenston roadsthc former tolcrabc road worth
something and the latter running to nowhere and a
- AZ.
rot Of Buffalo sharpers Who stood for pretty
high figure Tho matter finally settled by some sort
o. lease equal TO about lbs per the nominal
capital Of the whole-the Queenston right Of way down
the Niagara ellis being reckoned at 500 900 Under
act Of the legislature lobbed through coverty to
hit this case, allowing all railroads holding leases OF
other roads certain terms 70 cancel ouch lease by
issue Of their stock bonds for the same tho Cen
trail has swallowed this also Mt the moderate
item Of 81 eco 600. II ia not worth Of pins to the
central but certain parties In Buffalo have feathcrcd
their nests nicely by the operation.
There Il road which, although We toerably Ia
nar with the public works IL this State, should
have entirely forgotten had not In the list Of
this consolidation. Ia the Lockport and Buffalo roh
when IL was built, whether IT has been built at
all, only fstaked OUT not Informed. We
tanly heard ofany individual who hal
passed such a road II went into the consolIda
lion nj sbIh,O 200 and 20 per cent premium.
Thus this grand scheme conceived Ia the inqui-
tons councils the stock gamblers and political swinders
Of Albany and carried through a corrupt Legislature
by Of the extensive system of fraud and br
berry known finally brought forth and delivered 10
the world. Tho monster, IN the shape Of the New York
Central Railroad with its $50 ooo 900 capital AMI all
its other huge and hdcous proportions stands before
tho pablo monument OF everlasting disgrace
to it, authors and eternal shame 10 the Iess
la,urs which stood It's godfather. They have sue
cceded in decciying, humbuggng and defraudng
tho original stockholders out 81 millions IL their
property and have fastened upon the s,ateai Its hearts
core-an ovcrshadowing moneyed monster whose win
must forever hereafter be the law OF the land.
What the original plotiers have done With their ~
gotten gains unable precisely 10 tell The great
iority believing nothing could be gained from Cen
trail sold ont while few fancying there crumbs yc.
to be picked up, held An example or each class will
serve type Of the whole An Albany cashier tnow
not thousand miles from the New York Central Trans
fer ogec) the day that tho nal seal AFFIXED the
consolidation articles sod ont his stock % the amount
II 500 shares mt 100 per The President Of the
same bank, sim remaining al Albany, did not sell Why
lie has, IRON that day 70 this, received and Kept in his
bank Of Albany al the deposits OF the company derived
from the eastern section Of the road and In hi bank
Buffalo nil the deposits derived from western section
q tho read. He has a hardware store from which he
rnsbea tho road with every Conceivable article needed
not needed IN that line from an axle down to tho
smallest spite n lie ncgotines all the iron for tho
company at round commission. ne has rolling MIL,
from which he rolls all The companys Iron at 49,
per ton and rnother mil from which he furiihe, all
their axles In short from these and other lite plea
ngs he IS enabled e lay by, from year 70 year the
irritable little aum 81 about $50 coo. H. Keeps hi.
stock, We tLluk he can afford to-
The history Of this consolidation scheme principle
wen deailin a commercial wcn moral point
o. view, rs,rosreciiveiy and rrospecsey-pre,ent
vast variety ot important aud interesting points ~ our
consideration To-day ne cose ~ brief allusion
- one onlyiis soundness commercial railroad
principle.
Assgacous writer remarks thni where All he money
derived from the stock snd bouds company has bocn
honestly end fairly expended The work Tho PARTY hold
irg Tie stock has Reasonable right - look or PROFIT"
Ia how ihis rule squares with the Central Rail
road. 10 construct ms, class roal from Albany 70 Buff
fao with double tra,k, foil equipment snd All lhogi
complete wcuA coat Al TIE highest rate which oeS
ar, Glars roads dsys bu ess than si9 coo
coo. Instead ihs SIM 10 Central stands ;o.dsy
~ yards n so oo0 COO On single day there al
ma upon hb oad over $4,000 900, not dollar of
ahleL sveg dd d ctcr &, into tie wosA. -; ~
specify
Aggregate debt fA,aount U ptetniurns) $40 ia 900
Mohawk Valley Railroad Imaginary .,.t. l.soooo
tlra and syracusa Direct, dp.4.......... .oJ,OoD
Icy ard schenectady s1ludle fwort4lcssl sb,OtD
Charlotte s~iRdle {gfadug ~ ........4.. 10000
lutouFion Do frefp etfcuaf GIT ~ Nsy3 80 90
Isehport and Buffalo fuind- lsorsc than
notl.iuel ......... 6ss 90
CsrnrsstVua AMI Aiagafa Talif fince addei J0J 90
10'tl tet.tstt.+vt. Hi@iv-~V
Nov we should Ike - know u road sh-h has, ~
the isansgsfaent natural and creusahis of
10 .afy ranegers ~ hc progress = ihn az r~iuirinz
ciahphionfd material machinery inelned pianos en-.
- - a
Ge Ac. ~ alive Tlaee y and improved apes been
oompsIls - ncrtase ~ cadial hundred pr
cent and then svaln y IL voluntary All, and In
violation ~ paine,i rules - en- sense Increase.
S. capl ,eeopd time hundred rsg cent, should
iks 70 krov ~ saeh roai has any sss right 70
ERECT rslnunerai,s PROFITS tho thfes hundred rsr
cent oaptsi 100 actual ara 100 vastsi 4 stand.