The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1866-06-05
What we Think of it,

DEltlsQ capitalists maue d f4sls W LhiS
country for the declared purpose Of in
specting railroads in which they were
largely interested, and of projecting other
roads of formidable magnitude. A blow
ing of trumpets went before then, and the
acclaim of expectant thousands welcomed
them. Soon intimations were dropped
that vast enterprises had been conceived,
and would be matured with the utmost
CELEBRITY. Hard after it was announced
that the Morris and Essex Railroad of
New Jersey, and the Reading and the
Catawissa of Pennsylvania, had been per-
manently leased by the Atlantic and Great
Western Railroad Company; that the
Catawlssa lease had been attended by the
transfer of right held by that Company
to use the Philadelphia and Erie Road !;
and that unemployed charters had been
secured, by the same interest, sufficient
to make new trunk line between the
East and the West, connecting with both
Philadelphia and New York. Not long
after it tEanspired that gentlemen of the
Atlantic and Great Western had made
large contracts for coal lands in the dis
tricts to be developed by these new
schemes.
Upon the opening of the Legislature
almost an inconceivable number of bills
were read in place to incorporate compa-
nies to construct railroads to intersect
either the new trunk line or the line Of
the Atlantic and Great Western, or both.
The excitement was intense.
Cool and sagacious railroad men, out
side this particular clique, exchanged sig
nlfcant glances. and shrugged their shoul-
ders. Their conviction was that the new
scheme was devised either to enable the
English holders of Atlantic and Great
Western stock and bonds to sell out ad-
vantageously, or else to raise such vast
sums as would complete the old projects
while advancing the new ones and so
ride over serious difficulties.
This much is certain, that while the
British capitalists were engaged in their
tour of observation, an unexpected fire
was opened on their rear in Europe. Such
representations were made touching the
cost of construction of the Atlantic and
Great Western railroad; its running ex-
penses; its present and prospective lu-
come; its dependence on the Erie Rail-
way Company, and the fresh competition
it was bringing on itself; that plethoric
pocket books that were expected to open
wide, were obstinately closed. A gen.
tleman, whose presence was desired at
Harrisburg, to harmonic by wise coun-
ellis and authoritative explanations, rival
interests, was reported to have taken his
departure suddenly on a pleasure trip to
Cuba. He was not heard from in Cuba !;
aud there are strong suspicious that in
stead of going thither he went to London.
So much, at least, is seen through the fog
and smoke, that the grand project for a
new trunk line did not collapse among
Legislators at Harrisburg, but among cap
italists abroad The cash could not be
obtained Men of money did not see
why, having invested many millions in
roads that were paying none too well, if at
all, they should advance as many millions
more to build a new line which would
compete as strongl ly with their old one as
with the Pennsylvania Central.
At this point an Injunction was applied
for from the Supreme Court to restrain
the Catawissa from assigning its right to
use :he Philadelphia and Erie to the At.
lantic and Great Western. By arrange
ment, the validity of all the leases were
included in the same proceedings. Judge
Read heard the argument, and granted
temporary injunction The matter will
come up, this week, before the full bench
at Wilkesbarre. In form, the Atlantic
and Great Western will doubtless resist
the granting of a permanent injunction
in fact they want to have it granted. We
SO judge
1. Because they have totally failed to
raise the money needful to prosecute the
plan of which the leases were part, and
without which the leases are compare.
lively valueless.
g, Because the same rulings which will
cancel the leases in this State will prob
ably cancel the lease in New Jersey.
These leases, in any probable event, were
about as foolish agreements on the part
of the Atlantic and Great Western, as
people having a reputation for wisdom in
the conduct of affairs ever walked into
with their eyes wide open.
3. Because Sir MORTON PBTo, in his
late report, made at home, stated that he
and his associates were on the best terms
with the Pennsylvania Central.
4. Because the Atlantic and Great
Western Company have made PROPOSE
ton to lease, to the extent of their own
business, the Philadelphia and Erie Road,
which proposition is satisfactory to the
Pennsylvania Railroad Company, and has
been sent to London for approval there
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