The Portland daily press., 1871-10-21
y he Greatest Rail Oad 1Eon ON oix-in ,h@
World.

hne os1Aa -HAOA~AsoAs-sN 'AN'
The President OF the Pennsylvania Central
Railroad is also President of the, Union Pa
cific, and the two great roads, with all their
branches and feeders, are practically one.
This Scott is the man who, it is said, can
carry Pennsylvania against Grant. One Of
the last schemes of this great railroad king
who, we suppose, will be "laboringman's
candidate" for the Presidency, if he is nomi-
mated by the Democracy, is the lease of the
New Jersey railroads to the Pennsy lvania
Central. We take the following account Of
the progress of this scheme from the Boston
Aduertiscr.
oily Of tile Camden & Amboy Railroad Com
pauy was broken up. IL seems now that the
next prompt and astonishing step is to be the
entire yielding up OF its independence by this
vast organization Last May the directors oil
the United Companies So called, considered
an notnture of lease between these companies
and the Pennsylvania Railroad Company. The
parties who were lessons IN this indenture were
The Delaware & Raritan Cana, Company, the
Cdndt & Annoy Railroad and Transporta-
ton Company aud the New Jersey Railroad
ana Trabsportation Company, all together De-
ing commonly called the United Canal anu
Railroad Companies OF New Jersey. Besides
the lines % railroad and the great canal be-
tween The Delaware and Raritau rivers, With
its feedor, these corporations own or control
steamboat lines, horse railways, ferries, turn.
pixies ana plar k-Toads, also great areas of very
va liable real estate throughout New Jersey
The complainaDts IN the bill IN equity declare
on oath that the Value of the whole properly is
not short of fihy millions of dollars and that
they would expect to receive from twelve To
fifteen per centum in dividends upon their
STOCK, il the pIesent independent status should
be mointaiued
The party which is lessee in the indenture
has become Well-known to the country by the
eUergy which it has displayed within few
years past in bringing within its own control
vast network OF railroad lines interesting the
ennie central portion of This continent. The
power which 1t has obtained, chiefly by leases
Tor long teams, is incalculabie, aud, wnen re-
garded In the light of the possibilities which it
Involves, 1t ls appalling. This lease of the
New Jersey companies is the largest single
moisel which the omnivorous Pennsylvania
has yet veDiured to swallow. Yet the Pitts
burg, Fort Wayne & Chicago Railroad was no
insig niticant affair, and that was absorbed
some time ago.
The directors of the United Companies stp-
ulated that the lease should be executed only
10 case the approval of two thirds of the
shareholders OF each company should be OBJ
tanned; and at once canvassing for this pur-
pc was begun. Bet bill in equity was
speedily FLED by few shareholders, before |
Cnancellor Zabnske, seeking an Injunction.
This oil asserted that the directors had no au-
thorlty Ia law TO execute the lease, and further
dwell upon the gross impolicy, IT not ileg alty,
OF allowing corpoI alton, not established un- |
der nor directly amenable 10 the laws of the |
State oil New Jersey, 10 obtain such al enor- |
mous power and property, and to assume such |
extensive AID important duties and functions |
IA that Safe. The Pennsy vanIa Railroad |
Company, il said, sis Incapable of living or
,elng IN Lnis State, except ouly by sufferance |
VI pc mission, based on an assumed comfy |
If friendly nations" 1t cannot assume an, |
ulti, nor can the United Companies discharge |
b nseIves from aud transfer 10 it, the multi /
'ied rust aud Obligations resting upon them.
-, But nelther The law nor the eloquence OF this
'laoorate OIL sVhiced to secure success. Hav-
p2 pad IL under Consideration all summer |
Jhancellor Aaoriske has refused its PRAYER.