The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-12-12

20 its natural level; bat his tendency was
checked by the creation Of . fictitious demand,
and TIE imposition of restrictions on the supply.
Meanwhile all sorts of influences were brought
to hear to bolster it up. Journals Of all parties
were bought. The President and leading ma
rager being democrat, it was thought well to
interest journals Of hostile character, and the
SPECTATORS Of the New York Daily Times and the
Albany JosTnal were admitted into the ooefrsrs.
Other journals and leading men were interested
on the route of the road, from Albany to
Buffalo These newspapers were instructed
to represent Central as something of to-
tally different kind from other stocks
as holy, sacred thing which none
but a monster would venture to question.
They were told to say that it was the stand by Of
orphans and widows: and fancy pictures were
drawn of old ladies in weeds and tears, with cry
ing babies around them, rushing in their Attic
ton 40 Cornings iron shop, and imploring him to
give them Central stock for their little patrimo
n.y. The object of this was of course to produce
he impression that Central, instead of being the
grossest fancy the list, was sort ofCOnsol, to
be touched reverently. Meanwhile the managers
did their part by paying eight per cent dividend on
twenty-five millions of stock. Tosay that no such
| sum was ever earned is only to utter what every
railroad man must know. There is no question
whatever but not one single dividend ever paid
by the New York Central has been honestly
earned. In every case without exception, the
money has been borrowed, and the public cheat
ed. But eight per cent has been regularly paid.
These were pretty fair arrangements to bolster
up stock. Notwithstanding all which, in the
course of less than thirty months the stock fell
no less than forty-fve per cent. This was alarm
ing. The projectors of the consolidation had not
sold out very little pressure on their part
would have knocked the stock down as Low or
lower than Erie, which everybody knows to
be worthless. New measures were taken. A
| gentleman Of Albany, man Of character and
wealrh-but one of the oligarchy-was sent
to Europe to open transfer Office in
London, in the hope that the English would
come in aud buy some Of the stock. Wherever
all along the road, there was rich farmer, run
ners assailed him with offers of stock and he was
shown that the democratic and opposition jour
mails agreed in praising it. By considerable
pie of the New York Duly 7s1'es, the fugleman
of the concern down here, were enabled to lay
trap for Mr. Little, the great bear of Central and
break him. A report-whch is examined more
at length elsewhere-was issued pretending to
show that the road earned over ten per cent on
its cost. This is not the place to criticise that
document; but it may be said, en- possaht, that
history may be ransacked in vain for parallel
to the unblusbing effrontery with which the drec
tors of the Central Railroad assert tina. they earn
ten per cent by carrying passengers at 1910
cent andfreight at cents per ton per mile, and
assume that their prospects are bright, when by
their own confession their passenger business is
falling of, and every one knows tina. next year
the enlarged canal will sweep away half their
freighting business
These, however, are only the preliminary skir
mishes. The Legislature elect is sold, bodily, TO
the railway. Democrats, republicans, Know No
things they may be; but whatever they are, they
are all Central men. What they may do, no one
knows but it is likely they will make strenu-
Gus effort to give the stock a lift. Perhaps they
may make it basis for bank Issues. At all
events, considering the despairing position of the
adventures, and the power Of the oligarchy, the
movements Of the Legislature will be worth
watching. We are helpless, and cannot resist
whatever is attempted; but there is a melancholy !
pleasure in looking on, and seeing oneself cooly
swinded.