Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1872-09-30

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dollars more than its current earnings.
A few months ago the court authorized
the Trustees to issue bonds to that a.
mount to make up the deficit. These
bonds must have been good, for two
reasons. The business of the consolida-
ted roads is largely increasing, and there
is no good reason to apprehend any SUBJ
sequent deficit of any extent. The
most prudent and skillful railroad man
ayers could have no question but that
the Central, under its recent absorption
of other roads, involving, as it does,
heavy expense at first, would speedily
become wealthy corporation. with re-
ceipts in excess of expenditures and the
dangerous competitor of the more south
ern roads for the western traffic. The
plans Of the managers have been mark
ed with great sagacity and have not
made very heavy discount even upon
the future. In the ordinary course of
business affairs, they were destined to
be amply realized.
Precisely at the time when the new
bonds were to be put upon the market,
there came the exposition of the affairs
OF the Rutland road, which the Central
had leased. 1t seems that million and
half Of floating debt had been con-
cealed from the knowledge of the Rut-
land stockholders and the Central man.
ayers when the lease was effected. The
uncovering of this hidden debt Indirect
ly and needlessly created feeling of
uneasiness in respect to the Central Sc.
curltles, and the bonds that were to be
issued were consequently not put upon
the market, and the Central has been
trying 10 carry us ueUU sto UUoU IL 0uuru.
This state of affairs has been taken adj
vantage of by certain New York parties
TO embarraoe- Tho central, drive its pa
per to protest. bear down its securities
by the circulation of all manner of false
reports, buy them up at deprecated
price, and to get possession of the road
and to run it hereafter in the interest of
New York. There has been a "pool''
or ring formed in New York to &C
complish this result, and active man
ayers in the New York Central and other
competing roads are said to be engaged
in it. Most of the rumors and bugbear
stories SO widely published and circula-
ted are originated by these parties in
the hope of gobbling up the Vermont
Central and making it tributary to New
York city. They have succeeded in
taking advantage of the exposure of the
Rutland fraud, which in no legitimate
way affects the Central, to "bear' the
Central securities and create distrust in
Boston and prevent the negotiation of
the two millions of bonds. Their OBJ
ject is not to get possession of a worth
less property, but of an intellectually val
liable one, and they are taking the sure
means. as they imagine, to do it. Moth
ing would suit this New York '.pool"
better than to throw dust in the ewes of
Boston capitalists, prevent their taking
the new loan, by depreciating the secu-
rlty and by the circulation of thousand
and one lies about the management of
the Central and the impossibillty of its
business meeting the expectations of it's
managers. If they succeed in Edoing
this they imagine the floating debt will
speedily sink the road and throw it into
their hands, and they will get the finest
railroad property in New England, for
less than its value, and then laugh at
the stupidity of the Boston capitalists.
1t is not because the Central is good for
nothing that they want it, but because
under its present sagacious management,
1t has Just come to be the most promis-
ing road for business IN the country
Now If Boston listens to the bugbear
stories of the New York ''pool," and
permits them to prevent the negotiation
OF the Central bonds allowed by the |
court. the result will be, that New York
men may possibly reap the harvest of
Gov. Smiths sagacity, and New York
city take the immense traffic that the
Central is now pouring into the market
OF Boston. The Cunarders may be again
withdrawn from Boston, and New York
will snap its fingers in derision of the
penny wise and proud foolish capitalists
of the New England metropolis.
No one can see the immense and in.
creaslng traffic of the Central without
at once compromising the real cause of
the present difficulty. The far reaching
and far seeing capitalists of New York
are not hunting down worthless game.
They have found a splendid quarry and
want to get it. They know what they
are after, and if they succeed it will be |
the most brilliant move they have yet