Democrat and sentinel. [volume] (Ebensburg, Pa.) 1853-1866, 1856-04-02

rich, to suggest measures to the Board, which
they may urge with untiring zeal, and which,
if adopted, may greatly increase their fortunes
at the expense of the company. Hence the
necessity of constant vigilance on the part OF
those who have no interest TO promote, except
that of the company There are measures
now pending before the Board; :, IN the decision
of (which large pa6lic well as f'ricate IN
terests are involved. A committee was ap-
,,o;nted (of which was {. member consls-
ff;no of all those members of the Board not
personally concerned in speculations, whose
duty it was to judge, first of the erPedteHcy
of making branch road from Hestonville, to
cross the Schuylkill river near Gray's Ferry,
and terminate on the Delaware in the vicinity
of the Greenwich Company's lands, or at
League Island, or at some other place below
the Navy Yard First, they were to inquire
as to the erpediency of the measure. and see
ondly, as to the termination on the Della
ware The President and several of the lead
ing members of the Board are largely interes-
ted in the Greenwich Land Company This
Company owns several hundred acres of land
on the Delaware, between the Navy Yard
and Greenwich Point Had it not been for
this circumstance, we should probably not
have heard of a branch road in that direction
point may be right at the present time. As
q member of the Committee, and knowing
that our company had a large floating debt,
that the second track was not nearly compile
ted that branch road would increase our
liabilities half a million of dollars, and that
we had obtained permission of the city to re-
pair and occupy the railroad to the Delaware,
along Market, Third and Dock streets, was
strongly impressed with the ineTpediency of
the measure at present /; but if it should be
decided erpedieat to make such branch, |
might favor League Island as affording great
er facilities than any other place. Members
of the Board, who are interested in the Green
wich Land Company are also interested in
the Westmoreland Coal Company, the Ale
gheny Coal Company and the Clearfield Lum-
Der Company, all dependant upon the road
They want an outlet for their coal on the Del
aware river Ia Reading Railroad [ had
strong doubts whether the price paid for trans
porting coal over our road fairly met the ex-
penses. And | was not willing to allow trans
porters greater facilities than the transporters
of merchandise for whose benefit the road
mainly was made. That merchants must
pay cash for their freight, and coal merchants
have six months credit, appeared to me unfair
and unjust. If we take the Canal Commits
sioners report as correct, giving the cost Of
transportation over the Columbia Railroad,
our charges do not pay the expenses, inde-
pendent of the six months credit Several
large stockholders have become interested in
these companies. The ramifcations in this
city and on the line of the road are extensive;
and their fortunes depend upon measures to
be adopted by the Board a simple resolu-
tion might put hundreds of thousands into
the pockets of individuals few cents less
an Trbt oiv-a
a splendid income. y branch road to Green
wich may make difference of one or two
hundred thousand dollars in the value of their
property.
Knowing my disposition to scrutinize every |
measure closely, intended to favor these spec |
ulations, presume the alarm was given that |
could not be trusted and that rather than |
risk my opposition, they had better put me om !
of the ray. My impertinent mcddling might |
cost them thousands of dollars. Such, PIE |
sumo, were some of the causes of my defeat. |
My overthrow would be easy, provided the |
intention could be kept secret. The num-
Der of persons interested in those companies, |
the Prories that could be procured along the !
line of the road, assuring the stockholders |
there was no opposition to the old members,
and the English Proxies would be more than
sufficient to effect their purpose, if no alarm
regular ticket with my name was distributed
for voters on the counter on the day of cleo
ton, and acaS the only one UisiJle And vo-
ters were told there ards no opposition to It,
The Pennsylvania Railroad is of immese ben
eft to the city of Philadelphia 1t enables
her to compete successfully with rival cities
The golden stream which it pours into the
Golfers of her citizens must continually Increase.
1t is acknowledged on all hands to be the best
trunk line between the east and the west. It
is the pride of Pennsylvania and her great
metropolis. If properly directed, its stock
and its hands must become favorites in the
market. Every citizen Of Philadelphia is in
ierested in its prosperity. The speculations
above alluded to are all laudable enterprises.
and should be properly encouraged, but no
nan engaged IN them should hare q seat a..
hat Board, hut every Director should be en-
irely above suspicion This being attained
employees on the line of the road. engaged
.lso, largely in speculations, could be restrain
ID. No man can SerCe ttco masters aceU |
What is it that has made our Company more
at Harrisburg than any other Com
'any? Is it not the double purpose for
which Legislation has been so often asked. to-
,ether with the disposition, every year, to
freak a lance with the State authorities be-
ausc they would not be convinced
For other causes which nave rendered nv
bsencc from the Beard desirable to some of
ny late colleagues, must defer for future
etter.
ResnectfuIIv W,1 Nr,r