Brownlow's Knoxville Whig. [volume] (Knoxville, Tenn.) 1866-1869, 1869-01-13
The Latest RAILWAY Sensation,

The enormous issue Of Erie stock was q
great sensation. the lease by the Erie Of
the five hundred miles Of the Atlantic &
Great Western was lively indication of
great speculatons The monstrOus swindle
Of the New York Central in watering its
stock TO the extent of twenty million dol
lars is fresh in the minds of the people,
more especially in those who who were
short in Central stock at 81 30 and covered
at 81 CO.
But the latest coup d etat is the grand
swoop of the Erie in leasing the Columbus,
Chicago & Indiana Central Railway, en-
bracing 577 miles Of branch, and opening
TO the Erie connections with Chicago, In
dianapolis, Peoria and the Mississippi at
Keokuk and via indianapolis to st. Louis
from Tcrre Haute by the new Vandalia
route. The leasing of the Columbus, Chi
cago & Indiana Central consolidates dnder
the control of the Erie l,S00 miles Of rail
way without counting the number of miles
Of double track. We learn that the lease
was affected last week ut New York, and is
to continue for the term of ninety -nine
years 1t is understood that the terms are,
that the Eric road is 10 pay the floating in
deb edness Of the Central, the semi annual
interest on its bonded debt, and to guaran-
tee annual dividends of a specified amount
on its stock. The magnificent overissue of
thirty-fve million dollars stock of the Erie,
a few weeks since, by that splendid turn of
the wrist so much commented on, of Messrs.
Gould and Fisk, which il was supposed was
10 make millionaires Of the Directory at the
expense of the Corporation, is now under
stood to have been done for the purpose Of
eficcting this lease aud that of the Atlantic
& Great Western. The rumors of bad faith
toward the Pennsylvania Central on the
part Of the Indiana Central, in leasing to
the Erie, arc probably without foundation.
Some months since the Pennsylvania
Central consolidated earnings with the
Pittsburg, Fort Wayne & Chicago, and the
Pan Handle from Columbus TO Pittsburg,
the effect of which was TO cut off the Ind-
ana Central from the trade of the North
west, diverting that business to the Toledo,
Fort Wayne q Chicago, and also TO cripple
the Indiana Central in its Southwest con
nections 1t was natural that she should
seek some seaboard connection outside of
the Pennsylvania Central This she has
now accomplished.
What effect this consolidation will have
on the new route TO Paris, Illinois, from
this point, and on the new st. Louis route
via Nandalia, il is impossible to determine
The Pennsylvania Central will still have an
outlet TO Indianapolis via the Belefontaine.
Or if that should be cut off by the Lake
Shore and New York Central interest the
Pennsylvania Central has only to build
twenty eight miles of road, from Richmond,
Indiana, TO Cambridge city, TO connect
there with the junction Road to this city,
and thence by the various routes West
The New York and Erie has now become
the largest railway, under one corporation
in the world possessing nearly two hun
dred million dollars worth of property.
with all its franchises powers and priv
lcgcs.
We doubt whether such vast power in
the hands of a single organization can be
conducted for the public good still the
competitor Of the three other great rival
routes to our scaboard may prevent serious
evils With broad gauge from Urbana TO
indianapolis our citizens will have new
route Tor shipment to the seaboard without
transfer The power Of such a gigantic
corporation, for good or for evil, is beyond
estimation. If its power shall be used for
the interests Of the country. we welcome the
consolidation, but if il shall be used for DO
ltical, personal or stock ,iobbing interests,
we deplore IT,
Hoping this article may not be libelous
and bring us to to the rooms occupied bv
Mr.. Bowos, in Sheriff O'Briens hotel in
Eldridge street, we leave the matter for the
prcsent-IRdj0HdpoiiS Journal.