The New York herald., 1871-06-19
RAILWAY MONOPOLIES.
The Consolidation Of the New York and New
Haven and New Haven and Hartford
Railroads-Big Dividends and High
Tariffs -Remonstrance Of the People
What the Officials Say.

What the Officials Say.
The residents OF the towns along the line OF the
New York and New Haven and the New Haven
Hartford and Springfield Railroads have frequently
complained OF the exorbitant rates charged FOL
local freights and passengers; but their voice ma
never been heard SO loudly as at the present tir O.
About year ago these two roads, winch constitute
the line between this city and Boston, entered into
terms OF consolidation. and since September last
the two lines have been run under one manage
ment There Is now before the Legislature OF Con
necticut bill to legallze the consolidation. and Il
having been favorably reported by the joint railway
committee petitions against the consolidation to
the following effect are being circulated. CORE
spondent in New Haven sends II to this Office with
tho information that the market value OF the com
bned stock Is about $2o.ooo that the New YORK and
New Haven road pays ten per cent dividend on its
watered capital and upwards Of twelve per cent on
It's cash capital. The Hartford road pays upwards
OF twelve per cent equal to eighteen per cent Its
paid-up capital. These large dividends is urged as
reason why the rates of freight and fares should
be reduced ana the public benefited. The petition
| s as follows:-
To SENATE AND HOUSE OF RrpRrsr.rArrvrs OF
| TIE STATE OF CoNNEoricUr, IN GENERAL ASSEMBLY
The undersigned residents of -, respectfully remon.
statc against the of the House bin No 6 Intended
|
and the New Haven Hartford and Springfield Railroad
ss mad 1a s
sai roads to such rates wll suffice fair
@ on the capital stock of said ROADS actually sub
They would represent that aforementioned roads
anu onehrd cents per mile for the of through
ten cents per mile for way passenger. That charge of two
that railroad companies which have restricted by law
to charge Of two cents per me for both through and
dyidends on even their nominal capital Notwithstanding
over The setsa and PAID a n
.. against % s
therein clause restricting the combined roads FROM chars
gers than two cents per mile.
Wiha view Of ascertanlng what cause there is for
public grievance an atlache of the HERALD yes:cr.
day called upon Mr.. Hoyt, Superintendent OF the
New York and New haven Railroad Company, and
had an interview with tnat gent eman and the
treasurer. From these gentlemen it was ascer-
tanned that these companies, with view or
economizing IN expenses, securing uniformity of
rates and saving expense OF breaking bulk, In Sep
tember last effected tie consolidation that
Will bo referred to hereafter. They emphau-
cally denounced the statement that local fares are
as high as eight and ten cents per mile as untrue,
and that In no case bet ween local stations was
more than three and half cents per mile charged,
now or lu the past. On the contrary, as result
OF the consolidation, in May last the freight
IutCS WcEc SiCdiy TcuuCcuJ Dub lHlS Is
usual on the opening of navigation and tho
commencement OF water transportation. They also
deny tnat the stock OF their rvad has been watered;
the capital n is adnlitted was In 1869 increased from
So onn 10 So 100000 half OF which had been paid
IN, and dividends are paid upon what been paid
in. II Is claimed that this increase OF capital or
watering" as it is termed, was necessary to keep
up the rolling Stock replace wooden by iron bridges
and lay steel rails in place OF iron ones AIrea1y
about One-lalf the iron rails have been
by Steel and so soon as the balance of the extra
$3,Ooooo0 paid in the other portions OF the road
Will be overhauied III the same manner and placed
In superior order. These officials claim that neither
company viii be benefited peculiarly by the con-
sodation beyond the slight reduction Of running
expenses, ana that, on the contrary, shippers and
travellers VIII reap the benefit by more rapidity IN
the transmission Of freight and passengers between
New York and the Eastern cities.
AS THIS consolidation y matter interesting the
public generally, who always look with suspicion
upon consultations or companies, the full text OF
the agreement Is appended:--
Whereas the New York and New Haven Railroad Com.
the cly Of New Iiaven westerly state
whereas Hartford and New Haven Railroad Company
and eastery from said city Of New Haven the city q
Springfield, In the State OF Massachusetts, with sury
Now this agreement between said New York and ,ew Ha-
vcu Railroad Company of the part sol Hartford
aud New Haven Railroad Company OF tb" her part wit
That the parties hereto under o and IN accord
1n act in addition I 10 an CONCERNING ana
ees with each GReSa consideration mutual promises
as lows liter first day of September A. d. 1s7o
the entire aud all the properties owned that day
g Tue % Railways properties Interests held 6y said pars
S them n 1y es1a contract c s or ana
qnre by SAID parties or either Of nen under the provisions
joint estate under joint aud common management
g. end all the personal property of every kind
and name in possession or in action belonging TO said
and e: aa %s aha mail also
account SUBSCRIPTIONS to The
from and ana after said DAY and
poraons AS tenants in common in the ratio and proportion
orK and New Haven Railroad Company and rory,h,es
hundrehs parts thereof To said Hartford Ha-
l. And whereas The New York and New Haven Railroad
any have each called in and collected an natancnt Of
AND whereas the 50 collected BY he later
is IN excess OF It's due ratio and proportion under us
pioooron agreed the New York and NV Haven 4
The oi alss Their oInss and 'is as
D. Al the real estate OF any kinJ RAILWAYS anranchses
y them either ,hem from The day nd date 6s II
M aa N nrsSy from said e
and cueht under this agreement Joint estate ~
zach party hereby entitled rso ue'sS and
s. Al estate railways and franchises, ar all interests
which may a. any tune M be aared
benefit OF said raways e,her en- Of the 10 10
o the same purposes decad The mex, ~
preceding section, and IN the same proportis. IN
4 Nether o he parties hereto slai dups tne contnu vi
Of this contract become the oor interested To-
other railway railway property irandse or other or
business property, except with ~ approval
consent OF the board OF managers hereinatr created ~
the railways, properties iraihiscs of Oti
,oraoDs ad OF each OF hem owned lthem or either OF tut
the day named, nd all other prop pt
y Alna which .hal thereafter acquired in their Tic
and accot OF their JOINT fn
business shall be operated managed I'd controlled by on
,oard OF managers. ten In number. Vh
The board directors each corr,on shall before Ia
his instrument takes effect sna annual thereafter
annual election OF drectors so soon thereafter boz
- may be appoint hve OF Their nnpe incuuny their so
TO compose board OF managers who shall Pr
hers Are I'm stead nrdded that te term Of gu
he rs npponted shall espirso arc PHI
appointed In provdeaiso tnat ant
appuned ceasng to be dirrco shall aso and al the full
time 10 be member OF al hoarc OF managers
~ AZ M M = "a sn :, nIn h % ne hed Ban
scancy bciones ~ = s ~ Car
M SAID board managers majority OF lheir Dot
,boe number, appoint aud eply president vice Ben
MI