New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-03-19
Buffalo md stntc Line Fond,

Buffalo md state Line Road.
To tn. Editor of t II. N rs; h F.,s TINE"
II the consolidation scheme Of the Lake Shore
roads Is carried out the basis laid down in your
article Of this morning. it will DO gross outrage
NJ on portion Of the Buffalo and State Line stock
holders. Ii ia possible that Mr.. Dean Richmond
holding the New-York Central proxy. may, by com.
binativn with majority of his Bourd succeed in
perpe'rating this wrong: but, with your permission
be shal not do it without the full merits of the trans
action being made known to the other stockholders
and tho public IL Is by no the first time that
the minority owners Of this valuable property have
hsd their rights trampled upon. nor is it the first
| time they have complained. But what can widows,
orphans, soldiers in the fold and such like people
do against MI INSCRIPTIONS and utterly selfish man
agement, headed by Dean Richmond They may
protest. as they have done and over again, but
it il oil in vain. Worse than deaf ear is turned 10
their complaints: the complainers are turned of with
SCOTS and insult.
Dean Richmond holds the control Of the BufLo
and State Line Road. This he does, by securing. in
some manner, enough stock inside the direction to
make majority when added 20 the Ncw-YOrk Cen
trail proxy about $50, 000-over one.fourth Of the
whole, which he ALWAYS carries In hs pocket. ITO
puts whoever he plesses in the direction, and maker
them do always precisely as lie dictates He has
only 10 keep under his thumb some ; 100, OC0 Of the
stock OF the Directors. to make, with his own indi-
vidual small interest and the New-York Central
proxy, majority, and place the other stockholders
entirely at his mercy This he has always done. and
always used his power with unblnShibg tyranny aud
injustice.
The stockholders have invariably, "a far as posi-
BILE, been kept in profound ignorance of What
going on inside. No report II ever made OF them,
and no information be obtained from the inside,
exert in the vsouest ana most general terms Ii Is
Estimated that the Company ~ earning now anI
has been earning for at least year or two back,
over - T. cent per annum net, and has never IN any
wear since its exsience-except, perhaps, the year
Of the 4" Ere war'-earned less than - 2 cent.
! And vet al the money We have been permitted to
See is 10 y cent per annun. What has been dono
wi n the balance OF the moneys surplus now OF
certainly 81. 000, 900 TO q 500 UOO-they yoncleafe
US no account OF whsteNer,
1t is said the Company are spending large amounts
--eeycrsl hundred Thousand Gol!ars--ou a branch"
IN the neghhorhood OF Eric. Nhetherthis job is 20
p9otd f-t cournc.s 10 Mr.. Rlchmond's Directors Or
t. open mp Pennsylvania ooil-iels, in which he or
they are interested, we have means ot knowing.
As specimen Of their management, will mem.
,on one item that hss leaked out within few DAYS.
! A few we.kshgo, Mr.. Richmond ordered the i. re
of aunnrirv lscvera hundred thousand doliarsl OF
I j. cent - wear ionds, and distributed them-eXcept
what b. kept binseli undoubtedly the Ions shaIel
-smone the Director, ot par. These bonds row
command III, and would readily have been taken
/ by the stockholders at n handsome premium. But
no one outside he direction had the slightest chance
10 Lid on them take them at any prico-in fact,
knew nothing abou, it ill il was done, and evco
no W cannot divine for what legitimate purpose they
were issued NJ all
But thrse sort OF transaction, nrc nothing when
compared with the huge wrong proposed 10 be per-
etsAted by the consolidation scheme as sst forth III
your article Of this moiDing.
/ Toe Buffalo and state Line, with ito small capital
Of g. 900 900, its ,00Do TO q = 900 surpus, IL,
earnings Of - 10 20 q cent now, md never less
than ~ " cent, and occupying commanding posi-
ton IL To- be put IN ut 80, agniDst the Cleveland
Paiuesvie and Ashtabula Road ut 2o0--a road no
longer, in better condition, earning lees money,
with the stock watered up TO 5000, 900, with no
snrrlus q, all and the road 20 be damaged the most,
if either are damaged NJ III, by the Atlantic and
Treat Northern, striking the lake at Glove.
land. Ills. one would think. was bad
enough but 90 on to the next link-Tole
do. This road Of about the sane length, with
g. so, 600 stock, staggering under debt Of s350o
900 more, absolutely bankrupt for the last hve
years never having earned the sign Of a dividend,
uness p6rsibly within tie LA; few months, only
claim ed now, ma you state TO be earning some
8 or 7 = cent and which has been rushed up sud.
denly by extraordinary means, and upon the very
idea of this consolidation scheme from - to o. this
road to 20 IN at its market prce. Can ANYTHING
be conceived more monstfous than tbisi Why, l
will wager any amount OF money that the net earn
ipgs tcefainiy the only correct basis Of consoda-
tion OF the roads during any year OF their exist
ence have been Of the Buffalo and State Line five
times greater than the Toledo and will be 30 for any
yosr in the next ten.
IL very easy 30 see. however, that this bargain
uonrtrous as it H. may be carried through By Mr..
Dean Richmond and his set, very much TO lis and
their profit. Having control OF the Buffalo and State
Uncover half OF which the NeW.York Central
proNyl cos.s the n uohIg they proceed 10 buy up
majority of the Toledo stock say 3 coo 900 at - or
80 where il WAS few weeks ago, and where /. !
lnnoue.tionably was when this schemc conc0ced.
The buying Of 40 large an amount Of stock with the
idea indusIriously promulgated, after II was bought,
of consolidation it WAS easy 10 see, would send the
ock no t. "a very nigh figure, enabling them TO |
consolidate ut that figure with apparent fairness. |
The consolidation once effected on the terms pro. |
posed and they can easily dispose OF their Toledo at
par and upwards IL Isa great speculaiion, If not
An honest one. They can Afford TO be liberal with |
the Il. velaLd Palnesvlls and Ashtabula Company,
and can afford 10 sacriice on their small interos.
Is fnlo aud State Line. By losing $4,000 or
$50. COO on thar Buffalo and State Line interest,
lAey make II, OU0,VtO on their Toledo.
Bu, this IS no new game TO these parties. II IS
precisely the same played by Richmond and bis
friends IN New-York Central-buying ~ poor links
cheap and putting them III at high price. They |
IL ia n cruel blow 10 the Buffalo aud State Line !
stockholders; but | fear they powerless The
aid OF your powerful influence IL invoked " prevent
trustees TO the bar of public opinion.
BnsaIo. Feb. u, 1853 A sTOCKHOLDER
N.rkets-CARsycuI Rgy0arBD FOB THuN r.TKsuuH.
WEDNESDAY. March IL, 1883.
AsEsrhe narie, 10 qule, but steady ~ IS for Pots,
AMI ; q Is for Pc ,ris; the later hcsrce.
BLE5WAA 10 10 moderate request sales OF 600 ID West