Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1871-11-24
A Railway Corporation.

:
The Chancellor of New JERSEY
has recently made decision con-
firming the legal right Of the
United Railway 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, the
leasing company assuming all the
outstanding obligations. The lease
is equivalent in all respects to a
sale, and is thus regarded. The
United Companies owned absolute
ly one hundred and sixty-fve miles
Of track, controlling interest in
two hundred and sixty miles of
auxiliary roads; hold lease on
thirty-one miles more, and also
owned sixty-five miles Of canal con-
Meeting the Delaware River with
the harbor OF New York, AS well AS
extensive dock property in that city.
Hy this transaction, then, copper
alton gains the control for ten cen
turtles, lacking twelvemonth, of
five hundred and twenty.one miles
of railroad and canal property, as
well Ms other valuable franchises.
Prior to this lease, this gigantic
corporation owned over four hun
dred and four miles OF main and
branch lines, held leases on hun
bred and ninety seven miles of 9TH
er roads, and the control Of one
thousand nine hundred and forty
seven miles Of road which were ac-
counted for specially, make An ag
gregatc of two thousand five hun
dred and torty-eight miles, which
viii be increased by the lease Of the
New Jersey roads to three thou
band and Eixty-nine miles. Nor is
this all. This corporations owns
torty-four thousand and twenty. nine
shares OF the capital stock of four
other roads, together with vas,
amount Of preferred stocks and
railway bonds. The president and
,ice-president of this road are also
president and vice-preSidcnt Of
several other roads, while the for
mer officer owns a railway bridge
across the Ohio river.
That the ambition of this road is
now satisfied no one believes. tits
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
purchases, leases and combinations.
Already this monster corporation
is able to defy all natural laws aud
remedies that govern competition
and hold monopolics in check over
considerable extent Of country.
1t can render agriculture entirely
tributary to the carrying trade, and
make the market price of farm pro-
duets high or low at pleasure. 1t
has it in its power to exercise an
almost absolute despoti>m over
every branch Of productive indus
try.
The President Of the PeLnsyl-
vania Railroad Company is more
than a railway king. His en-
ployees outnumber the regular
soldiers Of the sovereigns of
Europe; the capital at his control
is greater than the entire trading
capital of some of our great com
mercial cities. His employees and
their families would outnumber
the population of some .f the small
er States. 1t is almost fearful to
think what power might be exerted
by such corporation controlled by
a single will. 1t could not only
crush out industries, but it could
carry elections. BY it's advertising
patronage and job printing it could
sustain local papers all along its
lines, that would do much to shape
public sentiment, while .judicious
distribution Of passes would gain
other advocate for any Of its
measures. We all know how gen
orally lawyers are attorneys for the
railroads in their vicinities, and
lawyers are politicians by second
nature. Often half The members of
each house of the Legislature in the
several States are made up from
this prOtession.-Irairis Farmer.