New-York tribune., 1873-05-17

an ,hev ara the mower of the great mnneyeu corPpIa
ons 81 TINS ae Tie railroad lobby aaants Its III
GOTTEN gains In the faces OF our @ a. salt asa
nvnes fhe tebssing effect OF It's lnnnenco io" oeo
pO''1 Z ~ Ionas,s NO, namnIlet on railroad monopones.
Tue eyjl comes partly from th0 cnaraossf ~, V III nb,sa
Tan hanngo % o OF the railroad Interest and The un;
rast rioted sway which the laws a. nat acme nor
thsr eiars il mnst also bs sdmittod Inat soie pa
% tnn Icgtslaon proposed, in relation 70 rOaus,
is To compel tnem 10 use money W ,nstiv w1fnin
re6ts This vast interest has grown up no1ty m m
& o. Years And the raIlrOad systeln III Us msnla
asoerts 49, to-day. aprOud mon lmeht ~ "a n, th ge
% Pp,i receive generous treamBnt But IN tDs tree
growth there Is danger f~ulotOhs Wn,In ". ,,toncv
anne when these enterprises we're IN tnelt lla"J, I ~
P wb"n tbe oonnry was struggling for interiinl 90,
yolopmen now quite lna1eluao' a., g. so "a Ma.
t1e formation OF our governments, state ana va va
tionai' and for many year, aferward The wafer e,
routes were the great chantes ot n,id ever be
roe No ono dreamed that they c0ulu o'oL IT, "a
cnutroIIed by few men. But RAILROADS haVo
reyolntioniztd traiiic. and the danger this Was
Esse frapcbIset which were granted to subscrYe pun
Iie usea aud to which private interests NIe Soii ~
pelled 10 yield have been many casos perveree ~
me- nIrno,e, td no establishment OF pfactcal
and grinding m0nopOics reducing 10 nOety Ino ,a H.
come of The producer, ud Increasing TO exOrDltauee S
prices OF tho necessarios of life TO the consumer
pUrato wealth has gone on Increasing ~ S Sancmniated
extent. Vast private fortu1es nave been accuuia.d acc d
by the men WAC trOl aud operate our Ial",9S' "
these advantages they are not qucA 70
The business interests OF tho Country aro
by the mania for stock gambling, rendered
by the constant watering oi so1As D{ "no = 1I5
value Is inpdrtod TO railroad securities, Wcn MN vi ,S
otherwise be stable traffic Is heuce unduy taxen 70
secure 10 them u value. Anothet oy is the
nate bonding VI towns aud municipalities lo1 Iah0"N
construction. 49,, .a.,hto, o,t
for additional advantages through legislation Ihe eyl
is deeply seated, and no SUPERFICIAL IeeGY Wli Do a
Quate 60 IT. correction 40 law that the ON I ih
RECOMMEND at hs dy Of the session VIII reach tn
entire case but tncy VIII take the liberty To Suggest
that In their opinion he reIcI Mn % ionhu ~ c Sonlp
lating the rates Of ransportat0n, mohlDhR te isso
OF fictitious stocks, anu punsnns WIN nsasy PePtes m ts
the misapprnp1alOn oI the Iuis ol @ % - 70 20
managers thereof whether 20 their personal uses OF 10
cJrrupty Dluenoe legislation anectbS tner ihteIes.S
Tlcfe should also DO enacted s0ne uniform system iOr
the keeping railroad accounts anu tne hdhner vi uo
cnring dividends so tlat while on the one hana te h
stockholders may share In tne aotull pronts on tno
other the obi gallons OF COmpanos hhau not DO IN
creased from year 70 year by loans W lhtke goOi
fictitious statements Of net earnings On one suiJtGy
at least your Committee believe hat legislation snond
be had without delay. Tncre Is now under ensung
absolutely security to stockholders IN resru
TO the leasing road by another. majority OF a
board Of directors may without consent OF tnelr
holders lease for such DOIlOd OF years anu upOu sum
terms would be equivalent 10 CONSULTATION VI
interests. - -. ..,..t,
Your Committee believe that some proper restriction
is necessary only project tue public Dut the ri
road Interest ae ana that tue law should apply hos %
TO one company alone but shDuld DC generdl III Its
scope IIey nave therefore prepared ana present IN
connection VITA their report Dhl resuatn< e!oes VI
cOnneCtIHg roads, aud prohibiting tno IedsihB Vi CUM
petng parallel lines g, ,, .,
discharge the dty delegated 10 ton, 80 far 10 Je ana
crcums tnces would allow with desire 70 deal justly
Dy all parties, and herewith submit the eVuehto IiAe
with their conclusions thereOn respectfully Ior 'no CON
sideratOn OF tno House
ISAAC II. BABCOCK,
CYRIILO 5. LINCOLN,
AMHERST WI0HT, Jr, Especial COMMITTED
CHARLES CRAZY,
JAGOB Is. CAKfESrER,J
May Is, 1873.
CONCERNING THE LEASING or RAILROADS.
Mr. Crary, another member Of the Committee, pre-
sented IN connection with the report, bill recommend
inc certain legislation restricting the powers OF railroad
corporations with regard to the lease Of one railroad by
another 1t is entitled An Act to regulate the leasing
OF railroads" which provides that such leases
may be made by roads entirely constructed
OF roads also entirely constructed, and In
immediate connection aud continuous line, but not OF
parallel or competing line Stringent provisions are
then made as how the lease shall be efected which
require that the agreement shall DO submitted to the
stockholders OF each OF the Companies at special meet
ing for the parpose and threeourths OF all the stock
holders ballot In favor Of IT, the lease shall become valid
other legislation s recommended in the report 1t wa
thought by Committee TO be too late In the season 70
attempt to get through any bills embOdyng their recon
mendations.