The New York herald., 1873-10-29
nucnu. tine Railway King, and tno
Midway Raiiroad-The Buchu PHI
losophy OF Watered Stocks.

money market of the world, first became in
terested in the bonds and shares of the Mid
way Trunk Line it was modest, growing
road, running from the metropolis to the
| growing town of Athens. 1t had been
knocked about in Wall street for season or
two and had been severely investigated" at
Albany. On one occasion there was famous
corner in its stock, which ruined several
brokers and made the friends of King Buchu
! very rich. In some respects the Midway was
o fancy stock, and gentlemen took liberties
with it. But the road kept its way, did its
work between the metropolis and the West,
contributed greatly to the wealth and comfort
of the people, and in time was recognized as
necessity to the commerce and agriculture of
| the State.
| King Buchu, as we all know, became in
time master of the Midway His first act was
to paint in black the brass ornaments of the
engines. This saved OIL and prevented the
engineers from wasting their time in burnish-
ing the brass, and calling the machines pet
names, as sentimental engineers frequently
do with favorite locomotives. His next act
was to reduce all the salaries. He then de-
voted himself to study of the line He
found it necessary to the people. The people
had built it. Large fortunes had been lost in
its construction, because it had been built
before it was really demanded. Time gave it
value. Towns had grown along its path.
Farmers came and settled upon its lands be-
cause it opened the way to markets. The
Legislature and municipal corporations granted
it many privileges, because, they said, the Mid
way helps the State and is an essential artery
of trade. 1t slowly assumed fixed value to
all concerned. Itwas value to shareholders be-
cause it paid dividends, to bondholders because
it paid interest on the bonds-more than all
to the people, because it carried freights with
promptness and economy. In fine it was a
useful necessary agent in the enterprise of the
Commonwealth.
The Railway King had lived many years in
this world and had not been an unobservant
man. He had vast amount of common sense
and was not insensible to the value of many of
the principles of Buchuism, which, after our
war; became so popular One of the cardinal
doctrines of the Buchu philosophy is that
supply himself with the money of some
body else. The question of value, or
service, or reward is not made
part of the calculations. Our friend
was not under the necessity of follow
ing this precept, however, having money
enough for the ordinary wants of life But
there was another precept which had long
yancc oil fha .,,,I klokf H.
true science of trade is to sell thing for twice
its value. The world was filled with illustra-
tons of the wisdom and beauty of this
philosophy. Not to speak of the higher |
ranges of life, the Railway King saw its ap-
plcation around him everywhere-in the gro
Ger, who improved the revenues from his
sugar by the judicious addition of sand; the
wine cellar by the ingenious adaptations of
liquids and chemicals; the humble dairyman,
who refreshed his scanty yield of milk by ap-
plications of wholesome water. "Why," said |
His Majesty, 'if all classes of society grow |
happy and prosperous by the opera
ton of this harmonious law of business
if even the humblest tradesman accepts
], a great fnancier and money king-my monu-
ment already among the glories of my native
city-apply it to greater enterprises 2 Does not |
true greatness consist in the application of the |
simplest and frankest rules to gigantic achieve
ments? Did not Napoleon become great |
when he learned that in war three times three
was greater than six? And if this Midway
road has been a value to this State and people,
why not, by sudden and daring stroke,
double its value to MYSELF"
So, one morning, all New York was aston
ished when it learned that at a meeting of
the directors of the Midway Trunk Line, the
Railway King himself in the chair, it was re-
solved to increase twofold the stock of the
line and to issue the additional shares to the
stockholders in lieu of dividend The Bu-
chu mind was overcome with felicity over this |
achievement. In the first place, the King and
his friends were made very rich; in the
second place the government was de-
prived of its tax upon the revenues
of the road-a double victory-Austerlitz and
Wagram in one campaign. To be sure the
road was only worth twenty millions. This
was its actual honest value to the owners and
the people. But to make an honest twenty
millions carry market value of forty is as
all observant men must admit, the supreme
triumph of the business intellect. When, in
addition to this, the government can be de-
prived of q million or two of taxes by some
evasion or contrivance Of law, what more is
needed? These things the master of the
Midway did He became in truth Railway
King, Buchu Prince, and men spoke of him
to their children as triumph Of the time,
and took their boys around to gaze on his effgy,
as hoping Bonapartists, during the Restora-