The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-06-28
THE NEW YORK PRESS.
EDITORIAL OPINIONS OF THE LEADING
JOURNALS UPON CURRENT TOPICS.
COMPILED kvlEY DAY FOR EVENING TELEGRAPH
The Failure of (SiT NJ Ortonl Peto X Belts
-Rsilroad Projects in This County.

The Failure of (Sir NJ ortOn) PetO * Belts
-RsiIroad Projects in This County.
From the Herald.
The DEVELOPMENTS Is made at the meeting OF the
creditors of Messrs. Peto q Belts, held in Lon.
don on the Sth inst, furnish some very int
resting facts in regard TO that firm. The recent
visit of Sir Morton Peto to this country, the in
terest which he appeared to take in the con-
struction of railroads, and especially his efforts
10 extend the Atlantic and Great western to the
Atlantic seaboard, created no little curiosity and
sympathy for him among our people. Many
wondered at the time why he became so active
lust then and mani ested such willingness to en-
gage IN further railroad enterprises IN the
United States Sir Moron Peto's agents here
were given the credit OF securing the visit OF
their capitalist, which was to bring aoout great
results. but from the facts brought to light al
the meeting of the creditors, and the debates in
Parliament upon the liabilities of companies. it
would appear that both Sir Morton Peto aud his
agents had a far different object in their visit to
this country than was generally supposed at the
lime.
1t will be remembered that the effort of Peto's
party to make an arrangement with the Erie
Railroad Company that would secure the opera
tion OF that road for the interest OF the Atlantic
and Great Western failed. Thereupon they
turned their attention to route between the
Erie and that OF the Pennsy lvanla central. Ne
goliations were made and contract entered
into for the purchase OF what IS known as the
Catawissa Road, in Pennsylvania, which, with
the construction of inter5ecting links, could,
with an arrangement with one of the New Jer-
sey rairoads-the Morris and EsseX-secure a
complete line under one management from New
be under one manae ement but it would be con.
siderabY shorter than any other line from the
Atlantic TO st. Louis.
The preliminary arrangements were all made
and the contracts entered into. This accom-
plished Sir Morton Peto returned to Europe,
cou6dent that he had performed a great feat,
and, as the Developments now seem TO indicate,
removed all danger OF a financial disaster 10 his
firm, which seems to have been in q precarous
condition even at that date. This new and
shorter line to the seabOard was, as il now ap-
pears, TO furnish the basis for another issue of
bonds through which the firm of Peto & Belts
would be able TO remove all their embarrass-
m ents and carry through all their other projects
without being obliged to succumb TO the first
strineency in monetary affairs. This seems to
10 have been the great object of this movement.
The final success of the middle route, as con-
templated by SIR Morton Peto and those con.
nected with the Atlantic and Great Western
Road, would prove a serious blow 10 all the
other trunk lines from this city to the West,
including both the New York Central and Erie,
also the Pennsy ylvania Central, which has become
about as great monopoly in Pennsylvania
as the Camden and Amb0y has in New Jersey.
No sooner was the fact known 10 the managers
of these lines that the negotiations had been
completed, than legal proceedings we're insti-
. tuted TO prevent the final consummation Of the
sale of the roads in Pennsylvania. BY the time
that Sir Morton reached London the whole
thing was brought into the courts and
the influence OF the Pennsylvania Central
Company in the courts of that State secured an
injunction which efectually put an end to the
new middle route. Following this bill was
introduced in the Pennsylvania Legislature,
giving to the Central Company perpetual right
to lay tracts and construct roads in any
portion OF that State which they might deeu
eXpedient, and prohibiting any other company
from constructing road over or across the
route which the Central Company might survey
and file maps o.. 1t was not necessary for tina
company to construct the roads 20 secure thi:
exclusive right, but merely to survey and locate
This measure was pushed through the Legisla
ture, and thus Sir Morton Peto and his party
found themselves checkmated, both in thj
courts and LEGISLATURE. All his efforts to secure
a new basis Tor capital in this country failed
and the result at last has been the collapse o
the firm OF Peto d Betts-the very thing tina
the visit to this country was made to prevent
Such are some of the curious Developments il
London finances, as well as the influence which
railroad corporations are exercising upon tn
judicial decisions and legislative enactments il
this country