The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-03-01

Among the numerous measures affecting public as
well as private interests, now pending at Annap-
Oils, and which, amid the press of more important
Matters have almost escaped public attention
though otherwise well calculated to challenge not
only the severest scrutiny, but the most strenuous
opposition of this community is one providing
for an increase of the capital stock of the Northern
Central Railway Company, from s. 26O, 900 to
50, 100000. Bill TO that effect has already
passed the House of Delegates, and is made
the order of the day in the Senate for to-
day. 1t authorizes the President and Diroc-
tors of the road to increase the capital stock
of the Company, and to dispose of the new stock
upon such terms and for such consideration as
they may think proper. The amount of new
stock which they thus authorized to create is
nearly six millions of dollars This, according TO
the terms Of the Bill they may sell to whom they
please, and for what they please The power
which such provision confers upon the President
and Directors is palpable and Immense They
may sell the road out if they like, and to whom
and for what they choose, or they may issue
stock to an amount sufficient to give the entire
control of the road to any spectators whom they
may favor, and who may become the purchasers
OF the stock at the price which the President and
Directors may name. 1t is power too great to be
given to the possesSors of any franchise granted
by the State, and for the public good The os-
tenshe reason for asking such concession is the
pecuniary necessities Of the road, requiring an in
crease of capital in order to carry it on and keen
1t in working trim The real motive NAV be
to vest the permanent control of the road in other
hon A, baY, nc. Al
effect, if the Bill should become law, would be
to depreciate the market value of the stock. and
render II almost, if not wholly, unsuitable 1t is
substantially, therefore, forced loan-or a con-
hscaton rather, Of the stock held by the present
Standardization the benefit of the road or of
those who, by means of the issue of new stock,
may acquire the control over it. 1t is therefore,
neither Just to the present stockholders nor is it
for the interest of the State that the Bill should
pass 1t would he great hardship upon the for
mer to impose upon them new partners upon une-
quail terms, which are altogether discretionary with
the President and Directors, and it would be TO
the serious detriment of the latter if the road
should pass under the control of foreign capital
lists. The whole number of shares at present Ca
paole OF being voted at any general election of the
Company is 6,0l7. The Bill authorizes an in
crease of more than 100 900 shares An issue ofless
than half that amount would pass the entire control
of the road To pass the Bill would be therefore to
commit absolutely the destncs of the road and the
control of our principal highway TO the Lakes
and the North West into the hands of the Pre-
sdent and Directors. We cannot believe that the
Legislature will be so weak as to do anything of
the Sort we are only astonished that the Presi-
dent and Directors should have ventured TO ask it.