New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-02-21


The net earnings for the four years averaged Sl270
annually But with these earnings the Company became
each year all the involved IL Is not probable that
either to interest or dividends The road might literally
he said % start from nowhere and TO run 10 %
It growing worse ana worse every leaT n s
ground TO powder by the Chicago ana ~"s.r
grand display railroad skill A portion of the Nal
waukee and Il. Paul hing bought up controlling inter-
exchanged stock for stock, TO the amount OF tl675
whereby said Company became possessed OF TINS Won
derfu property. believe that part OF the tIaIsac-
=" - 40 ipon this sum the Milwaukee and -. Paul is
to pay the rate OF per cent s2i5otO annually Ia A
Thance for mat Of the Western Union. at the rate Of
eT cent and amounting to sos 525 annually. The total
rental paid he Western Union Road assuming that
The Milwaukee and ST. Paul continues TO pay dividends,
amounts 10 Sl45525 annuay-nd all tAs for property
the net earnings which not sufficient 10 keep the
Company On it, legs Bat even win lAe net Ss
claimed of Sl2- 900, the annual balance Ggdsth MI
waukee and ST. PAU, resulting rom the Tshste non,
amounts 20 $2l5l7 No portion OF me hheT Oh te tTo
roads within 20 miles OF each o1her Iey run ia
tact N opposite urecuoEs' nm I % nil, ,,+t. t6er
Lake Michigan were more Ihail ~ Le oS ap--. -
western. the Missss pp kVer, were Do mics apart;
The interests Of the two companies we're neither a9uai
to be derived might well nave leased the h0ooc Is-
mel or the OF the Boston, Hart FORD ana lrie.
T. il 70 BE- wondered at that scrip UEldtns are the
order of the day, With the MlWauAee ana 81 Idu IN
spite Of the boast Of it, directors IL thelr report o. loe
that "hayng competed their improvements ana PAID
therefor iron tie earnings OF the I9aa l"r lo He Pog
~ cash 10 me shdrehOtdsrSY The next dividend made
proper commentary upon an these IlIh-souhdne
hut hollow promises The net earnings of the Company,
6 mn. he u.ed 10 sustain the worthless railway prop
rfty which the managers OF this Company have puT-
,,J MD 8, oqsL on the common stock Of the Milwaukee
and st. Paul Railroad, 10y the present management the
Millennium VIII not be lar on. 800
By the declaration OF dividends in stock all the losses
resulting from misconduct and frauds are sought "a be
thrown upon the people In increased charges for trans
pOrtatiou. The only way 10 meet ana correct slloh
ibusee IL by law which shall by the penalties,
prohibit altogether, scrip dividends Those atady de
Shared by tic Milwaukee ana 81 faul amount 70 S5'l54
s47to pay Per cent on which the people are TO be taxed
ElGgJ annually To this fictitious capital is to be added
the sum OF S5U5O OF caltdl lsSGeu 70 the western
Union making total CGtered capital OF AGO3i7 IN adj
dluOn 10 that PAID III me purchase o. io ldhes;
Judge, however that scb dVidends arr ABOUT played
Dut even the Milwaukee aud ST. Paul, as the last one
of the caused fail OF some 10 per cent III It's stock
IL war transaction 700 Dartlaceu OI even CIeduous
publc-it further watering 0f that winch before
bad neither consistency nor color left.
The Company opened last year 100 miles Of new line
IL increased It's snare capital III the mean Time S1z6
tor 1868 was S5zI3 1870 IL S4Ojj35j4 The IN
crease SC,3og nearly 20 per cent. The increase
" little over per cent. This Is the way watering
works Iedse Cf edbtat 20 per ceRt-Of earnings per
rodGs gose oaqi stock has been largely odtered bV me
issue Of addtOHdl stock aud scrip dtc'deHds EVERY
HING IS mate SJscrreHt u The necessity ~ securing
gfceH net earnings 70 pay ne promised eght per cent
ttse egdl issues A3t CIay are NE GaIges o. 1G,,s
dtied and economy prdcteed PTogtq6te no doubt 70
raseiin0 piGiic First class men, uarttHg 10 goe Her
,eyriees ii less than TIER Jar market odiue,
ar aha contract 10 do DOUBLE duty for Saoes
roLsea a. discharged here, aud dgDidn there pas
mio AT Pull SIZED, d,dcbrtdgcS-ho matter ho'o
aark and frosty the HtghtdHd 70 mect hedUy JTetght
oorrout running gear yetds % ne FROST an drte snaps
oI ears ftHU tie Track and block The tc0y Of dte ana
RAPIDLY approaching cypress; mere Is no one 70
LG, do1cH Tie ite signal lght uhch pTocidtiS all rtgt
n fearful collision is ne result The Oh is united and an
fTq dres Tie passenger cdfs tie 6rtgt-d peok oOOdeH
slraere unable % siand The 'oeight and jarg,tes 0dy
AND FIvE AND TWENTY ROASTING HUMAN BEINGS are
d1shed and under the zee udt oOrers ne rtUT oefOU
BAL fhesc are UNAVOIDABLE ACCIDESIs- IneS eOPai,s1s
Keep many employees as meg can, C9SsislLna I'm
inerease erpctSbe safeguards mUSf De dispe"scu Nt~
epe though trtghVui tneredse OF me @dgeTS d'e"""9
al lI the varieties fraud and Hhsmanagemen there
IL none ~ dangerous and fatal for directors of rail
roads engage IN the CONSTRUCTION or PURCHASE " 'nc
works fOr the purpose OF f0lsJng them AT Aeu own
urce upOu those they control. The only qneHGob con
sideted in ouch cas tue ability Of the companies 10
take and pay for the now 40 o sre U De tbe
nronse OF fair return upon IT. cost Where the parties
tuidag are responsible ~ themselves alone Tor thelr
- are null viii be economically constructed ana man
aged. Bat, where parties are IeheNen OF All sucu "
spOusibty, utter disaster ana RUN are the
Thsy never stop until compelled " do 80 by the OVsfy
W bankruptcy of their victims. The Ttng IN tL% NH
wankec Paul fast getting 10 the END OF tr
bther more additions " unproducuye anu com,
btng lines, dividends IN scrip and ali VIII
n up with this concern. o.,
The diversion Of land grs uts from the purposes Tor
which they were made has ALREADY become cososHa
ey should Immediately engage the. attention Oh
Congress- three great lnes Ia Iowa alone from
which ths land grss'liS have been SsHereo rosS at
412 acres that made ~ the hcGreeOf AND 1ahotoh
Railroad OF SO 90 and that to the Dnb.lo. Sd
louX Railroad OF I11 l63 acres. These grants IN
Guided 2fo acrosaD area equal 20 that oil te sAe
of Massachusetts or about 600 square Dllet IlS nm
I.ost odous injurious mode of holding OuI vile
hands All these three lines have been leased. The
owners the lands, consequently have motive but
- the most they for their land eranJs, which