The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1871-11-16


recently made decision confirming
the legal right Of the United Rail
way Companies of New Jersey TO
lease their lines to the Pennsylvania
Railroad Company. The lease runs
for the term of nine hundred and
ninety-nine years, at an annual rent
of ten per cent, tho leasing compa.
ny assuming all outstanding obliga-
tions. The lease is equivalent in all
respects to sale, and is thus re-
garded. The United Companies own
cd absolutely one hundred and sixty
five miles Of track, y controlling
interest in two hundred and sixty
miles Of auxiliary roads hold lease
on thirty-one miles more, aud also
owned sixty-five miles of canal con-
Meeting the Delaware River with
the harbor of New York, as well as
extensive dock property III that city.
By this transaction, then, u corpora
tion gains the control for ten centu-
ries, lacking u twelvemonth, of tive
hundred and twenty-one miles OF
railroad and canal property, as well
as other valuable franchises.
Prior to this lease, this gigantic
corporation owned over four hundred
and tour miles Of main and branch
lines, held leases on a hundred aud
ninety. seven miles OF othor roads, and
the control OF one thousand nine
hundred and forty-seven miles oi
road which were accounted for spec.
tally, making an aggregate OF two
thousand five hundred and forty
eight miles, which will be increased
by tho lease of the New Jersey roads
to Ethree Thousand and sixty-nine
miles. Nor is this all. This corpo-
ration owns forty-four thousand and
twenty-nine shares OF the capital
stock Of four other roads, together
with vast amount OF preferred
stocks and railway bonds. The
president and vice-prcsident OF this
road are also president and vice-pres'
ident of several other roads, while
the former officer owns railway
bridge across the Ohio River.
That the ambition of this road is
now satisfied no one believes. 1t is
even now on the lookout for other
worlds to conquer. Its agents are
prying into the secrets of other roads,
buying their stock and bonds, and
preparing the way for new purchas
es, leases and combinations. Al
res dy this monster corporation is able
to defy all natural laws and remedies
that govern competition and hold
monopolies in check over consider
able extent OF country. 1t can rem
der agriculture entirely tributary to
the carrying trade, and make the
market price of farm products high
or low at pleasure. 1t has il in its
power to exercise an almost absolute
despotism over every branch ofpro
ductive industry.
The President OF the Pennsylvania
Railroad Company is more than q
railway king His employees out
number the regular soldiers ot tn.
sovereigns of Europe; the capital al
his control is greater than the entire
trading capital Of some OF our great
commercial cities. His employees
and their families would outnumbel
the population of some of the smaller
Slates. 1t is almost fearful to think
what power might be excrted BY
such corporation controlled BY
single will. 1t could not only crnsl
out industries, but il could cary cleo
tions. By it's advertising patronag'
and Job printing it could sustain loca
papers all along its lines, that wonl'
do much TO shape public sentiment
while juiicious distribution Q
passes would gain other advocate
for any Of its measures. We al
know how generally lawyers ar
attorneys for the railways in thei
vioinities, and lawyers are politician
by second nature. Often half tn
members of each house Of the legi'
lature IN the several States are mad
up from this profession. - Pfd N
, Farmer,