The Portland daily press., 1873-09-03

RAILROAD DIVIDENDS AND RAILROAD Ex-
ACTIONS. At the anti railroad monopoly meeting
in Boston Monday, J. c. Abbott, grand deputy
of the Farmers Grange, said of railroad exac-
'tions and profits:
The Hudson River and New York Central
Railroad, now united i'll one company, forms
one of the most important lines of road there is
upon this continent. Over this line flows q
steady and constant stream of travel and
freight, which is more than sufficient to en-
poy its utmost capacity. Yet. with all this
immense patronage, it is unsatisled with its
present rich-paying dividends, Notwithstanding
that it has several millions more of diluted
stock than it has of honest or real capital in
vested. The waterings of this consolidation
road are as follows. The Hudson River, S17,-
1913, 800; New York Central. 81 $50, 400 max
ing total of S4S 684, 200. The share capital uf
the consolidated roads, including the scrip div
idends is 800, 100000. The waterings, therefore,
exceed the cash capital actually paid in by ST.
1868, 400. The dividends annually paid upon the
waterings, al eight per cent, equal the sum of
So, 1874, $50. To pay this dividend, extortionate
charges are levied and collected upon every
bushel of grain and every pound of freight that
is carried over that road. In all these waterings
no part of this amount has gone into the roads
nor has their capacity to earn been increased a
single dollar AT the time of the formation of
the Central company, which was in 1854, wa
tering in the form of certificates bearing six
r.
200. This sum, added to the more recent wa
terings, makes a total OF SCI, 576,7 200. The in
teresG and dividends accruing annually on this
sum equal 81, 22S,03O; and the total watnrings
equal $3.50, 264 to the mile of the main line of
thess roads. The annual interest on this sum
amounts to nearly $1,000 a mile. He further
said that the bold plan was already on foot by
which the road and its connections were to re-
ceive still further diluton of $40, 600, 900. He
denounced this business as robbery of the
worst kind. Upon competent authority, COM
ing directly from railway officials, he said that
all freight and passengers can be transported by
railway at One-fourth the present average cost
A shipment of five carloads of corn which
very recently started in Iowa and came to
Chicago via Chicago and Northwestern Rail
way, was then transferred to the Erie and
North Shore line, and came directly through to
New York, where it was sold. This shipment
of corn sold at fifty-six ana half cents per
bushel, the charges amounting to forty -eight and
half cents per bushel, leaving to the Western
shipper the sum of eight cents per bushel for
his corn. He had papers to show that ten cents
per bushel of fitty-sx pounds would pay a fair
and legitimate dividend upon the actual capt.
tai employed for transporting corn from the IN
terror of Iowa to the city of New York. is 1t
any wonder, then, inquired the speaker, when
corn is worth only 565 ceuts per bushel in New
| York, and 485 of that must 90 for transporta-
ton and commissions, that the great producing
class Oh the country are creating revolution in
the sentiments OF the people, that lis destined
also to work a revolution in the Schedule of
prices and in the control of this great monopo-
| lv2 o r.