Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1871-11-23
The Pennsylvania Central-Plans
oftle Railroad Monopoly that
IS Overshadewing the Continent.

The pennsylvania CcntraIEPlanS
ofthe Railroad Monopoly that
is Overshadewing the Continent.
From the New York Economist.
1t appears that the Pennsylvania Rail-
road has made highly important contracts
in extensive lines in the Soutb.Itrh has
agreed to indorse bonds for that portion
ot the new Norfolk and Great Western
Railroad Company, lying between Dam
vile and Bristol. The indications also
are that it has made arrangements looking
to the acquisition of the entire line of the
Norfolk and Great Western Railroad
Company, which deserves to rank among
the great railroad enterprises of the age.
The new line viii connect the waters Of
the Chesapeake with the valleys of the
Ohio and the Mississippi. and ultimate
with the Pacific coast. Capitalists in
New York and London have agreed to
advance the funds necessary for the great
undertaking, and to receive in return first
mortgage bonds ON the road according as
it may be completed. 1t IS, to say the
least, significant that the New York and
London financial agents of the Pennsylya-
MIA Railroad Company are negotiating the
bonds. The fact goes far toward justify
in the conclusion that the interests of the
two concerns are or will ultimately be in
IDENTICAL The Pennsylvania Railroad
Company has also purchased the interest
of the State of Virginia in the Danville
and Richmond Railroad. This interest
is a controlling one, amounting to three
fifths of the whole. :.
Another, and if possible, a more i'm
portant acquisition of the Pennsylvania
Railroad Company of a majority of the
stock in the lines of railroad extending
southwest of Bristol, Virginia known as
the East Sennessee, Virginia and Georgia
railroad. 1t has paid 100000 for
10000 shares of stock at par, thus insur-
ing a controlling interest in this important
line, which connects at Chattanooga with
the grand network of Southern railroads
centering at that place. No doubt this is
a mere means for still further annexa-
lions of railroads south of Chattanooga.
The ultimate object of the Pennsylvania
Railroad Company is. undoubtedly, to
connect with the New Texas and Pacific
Railroad now in course of construction.
Thus we see this great corporation
overshadowing tie entire continent. On
the one side it grasps the entire railroad
system of a great State lii order to con-
meet with the commercial metropolis of the
country. Then we find it reaching for
ward for the trade of the Northwest, and
then sweeping down toward the Gulf
States to acquire the of the en-
tire South, and control the trade of the
new international line to the Pacific coast.
The newly acquired railroads from Vir-
ginia to Georgia extend through three
great States, comprising the richest min
eral territory in the world. There seems
to be absolutely no limit to the future
of this section, yet its acquisi-
sition seems to be a mere incident to the
business of this wonderful corporation.-
Its operations and projects extend through
nearly a score of States and from ocean
to ocean. Yet its business is so quietly
conducted that the general public scarce
ly take any note of its transactions, which
only elicit the attention of parties speci--
ally interested in railroad management.
The Pennsylvania railroad company is
NC IL uOuOI u EICdtCSb III AK "OiiNs
1t owns or controls at least 1000 miles of
railroad, representing capital to the "a
mount of S250,00O,O 900. Its gross re-
venues amount to S40,000,000 a year,
and it owns or controls land grants cover
ing $4,000 square miles, an area equal to
the aggregate possessions of four of the
great monarchies of Europe. The inau-
of a corporation with such vast power are
superior to all States and even Federal
interests. For years the Pennsylvania
Railroad Company has controlled the
Legislature of Pennsylvania, and on more
than one occasion, it has over ruled the
policy of the Federal Government. If its
future management should equal the
ability now displayed it is possible that
the gloomiest forebodings of the effects of
corporate influence on American i~nstitu-
tiens may be more than realized.
But it is possible that there are agen-
cies in operation at the present time that
may limit the growth of the P~ennsylva-
MIA Railroad Company. 1t is assuming q
vast amount of responsibility, and some of
its operations are by no mems as happy
or promising as the New jersey purchase.
To prevent competition it was compelled
to obtain two railroad lines from Pitts
burg to Chicago, SO that it maintains
475 miles of railroad at a vast expense,
and with only negative advantages And
one of the. lines thus acquired proved ru-
in Gus to the original stockholders. Yet
even this double line of railroad does not
accomplish the desired result. The Bal
timore and Ohio Railroad Company is
now building a new line that viii COM
pete for the business on the Pennsylvania
two lines, the Fort Wayne
md Columbus, aud the Columbus. Chica-
so-and Indiana Central.