New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-01-30


They consequently can hold them till they realize
the extrayagant price demanded for them When
sold, they are TO be paid for by the labor of the nj
oneer, and not by the capital Of the rich
The total amount Of the capifal and debts Of fbe
two Companies on the first dav of June 1874 VIII,
the consolidation went into effect, was S305l9c00
The length of line then in operation was go mica
Its cost per mile S0O9S. Thr capital account ~
the Company on the first day of june 1870 the date
of the last annual report, was ISL los59i The can
italzed rental Of the leased roads Sl61j7375 Tnc
total capital account Of the COMPANY consequently
$G7 26 9GG. The present length # line owned and
leased by the Company il ,lJ6 miles. The cost p.e
mile is $4,000. The increase Of the capital account
in six years has been 1886 ~ 9GG or M the ~ ~
&c. $}27 annually. The increase Of mileage has
been U7 miles The cost per mile has increased from
S50,O9S 70 $500.
The above statement does not incude the Winon.
and ST. Peters Road whose per cent bonds are gnas.
anteed by the Chicago and NOrth-Western nor the
several lines which the Company are now budne.
such AZ the Trempeeau whose bonds pay 10 per cen.
interest; the Iowa Midland, whose per cent bonds
have recently been prirdieiy negOiacd ae the line
from Madison to La Crosse.
THE directors in the Chicago and NOrth-Western
Railroad in the Erie elected for one, two and
three years. II is due 10 some of the present Board
to state that they not parties TO these original
land grant swlndles.
The examples that have been cited in this and the
previous circulars show how universal have been he
corruptiOns in the management Of our railroads.
These All result IN an excessive cost OF me w9i1s
and fall, in the end wholly upon the people. Upon
such costs, dividends and interest sought 10 be
paid by excessive rates of charges. The people con-
sequenty, suffer lust in ratio those preylDQ upon
them grow rich.
Since writing the above circular, I have been IA
vored with communication, signed by Samuel Bar,
ton, and addressed to the holders OF the capital
stock and consolidation certificates of the NeW-1oTk
Central and Hudson River Railroad" Mt. Barton l.
a near relative Of Commodore Vanderbilt, and IN
qSesOPa6 SPEAKS ~ from y H pecnnaT
motives disclaim, utterly, having any interest
whatever, directly OF indirectly, in New-fork Cen
trail Stock or scrip nor hsye nsG LOT e .nid 'e
had no evidence to offer In defense, but sSuid pro-
coed to abuse the plaintiff to the best of his ability
stated that Of all the waterings not dollar went
into the road. This il denied. Commodore Wander
bilt might well have denied the issue OF the GER
tifcates themselves. The public have night to ask
Won how much money you paid for the millions of
certificates issued to yourself. If you paid nothing
did the recipients Of your bounty, and who were ~
your secret pay anythingf If nothing was paul
then these certificates were Stock DtHdend, ana
such being the case have y0n paid the five per cent
Government tax on themf IL anything received on
these certificates by way Of diyidendsf III So, how
and YOUR Board, summoned by your warrant 10 a
midnight session, place perpetual mortgage Of
SA, i2S $50 upon the commerce OF the country
this Commodore was done At your behest.
In your defense, You cite your management Of the
Harlem another most oppressive mOaOPotg ! did not
refer to t-reseryingi 1t for another circular But
you have brought ii in, will You few ques-
tons here Did yOu not, while Trustee, issue 10
yourself large amount OF It's bonds AT NIFTY per cent
90 the dOllari Have You not, since assuming CON
troll Of this property, advanced the tariff milk
from half to and half cents per quartz three
hundred per cent additional freight tariff
item alOnef l. this the way yOu have stamped v0ur
Individuality economy, and genius upon the Harlem
Roads
Mr.. Vanderbilt has had charge Of the Nsw-YoIk
Central Road for three years. According 10 Mr..
Barton, and the sworn stateme nj of the officers Of
the road in 1857 he has, in that time, added only
three locomotives to the number in prior To -.
In a future circular | propose TO show the exact
value Of the improvements he has made on this line
since obtaining control of il, and the amount Of adj
dtional stock he has issued and received the money
for.
Mr. Barton insists upOn Mr. VandeThilts rbHdPrfd
abilities a. a railroad man. No denies tbs. But
with his untold millions before he had cBghaqg 70 10
tcnh the NeT York Central. would It not haze been
more graceful and meTitOrlOus IN him 10 hayt TUNED
his transcendent abilities IL the reduction OF Pie cost
of transport alton and 10 alleviate the BURDENS tt
now press heavily upon the commerce of e COM
try and upon labor That the stOckh0tdeIs have no
cause 10 complain Of Mr.. NandeTbllt's management
is too evident TO have needed the proof MIs Barton
deduces but il is the people and not their feryants.
who shonld reap the benefits resulting rpm sn'h
good management Ihey create the tradeot these
great highways and AZ that trade lncrcasest i not
a corresponding increase OF script capital bH CORE
spending reduction in freight charges that thly, whom
the roads are built and to serve lave al right to
expect.