, 1873-10-20
-. Circular No. 1.
NEW YORK. CENTRAL + HUDSON RIVER RAIL-


There arc now In tho United States 10000 lnea OF
railroad Tho cost Of these works o1coods s.
aqunl sll por lead Of our entiro population. They
transport annually, 900 tons freight, ovos
ass ,Gns e sa Saa & oqs 5S Il
the low estiato Of flo0 to tho ton, EQUALS $500 l'cr
bead and M aggrsgae sum Of $4,000 900 o90-s s,,m
constructed adds avo ttcs s cost to tho aggregate
valus Of the property Of tho country.
All this vaat commerce aud wealth wholly
CREATIONS OF NA1LnoADs,
and within tho short space Of twenty years. Such re-
sulta are possieo 9'nly in country Ike our
consumption Or expectation, IL within narrow belt
lyng Immediately ,,pon iie northenstern coast line,
ducuon. Wheat tho most valuable Of our coreals will
not ncar transportation over ordinary earth foads
portaon 500 miles. Those works, consequently,
tho only ores that hayo giycn that can give, co
ot ~ m
cost Of transportation "a reduced. But for thetn many
Of tho most denesly.nhabed, gsulshy, and prosper
Wild and uncultvacd az thoy wcrc 100 years ngo But
for them, commerce. considered in reference to It's
They la 1t tho foundation of, and sustain ali tho
varied interests Of the country.
It was Inevitable TINT tho posscsaion Of such orle
tho most potent agencies good yet dovIHed by
the ingenuity Of an-shoul be sought by tho grasp-
osa 5 DS ne bef 9s S bn M a
the nntton, Tue wealth they create. Tho common
to their nominal cost. Upon such increase dividends
secured by the imposition Of ratos far In OF
tae cost of transportation: Tto difference between
snol!aons have beon carried to such AZ extent as to
" %e enr4 as sy md
corrected al It's material intercBtB Will shortly bo III
the Annda Of . few great raper-money naIons, and
Welded wholly Tor tug purpose Of adding 10 their pres-
Take tho case Of tho New York Central and Hudson
River roads; they occupy tho necessary route OF
vast cQmmGrCG--1 commerce that cuDn0t yrG1l
over my other The valua tho absolute control Of
this routeof the unrestricted power Of lcvying tolls
ever every Pound s passns eyer 4
seeing and in turning such TN tmmense advantage TO
his account 1Is great wealth enabled him to got
rossession Of both roads AZ soon as hey were fairly
MAGNITUDE 30 vAsr
hH to be- for time, really lncOuprehcnsible. Thor
brilliancy gavo an n0af statesmanshp to most In
dquious conspiracy against tho rights the people.
11r. Vanderbilt becae the idol aud ero Of the hour.
The arat act in this great drama wis TIC doubling,
N 1857, q tho capital stock, then ooo Ct the
cent called up; tie transaction, consequently,
1ottod the modcat sum Of - ooo Taught by such
q g cent 7 he ~ eapa # e
Contral nailroaa then 600. Ths dividend pro-
ducea $23o3e, ,ou6! put hese vast sums by no meuna
trived tho union Of the two roads, and made 1t the
nreto1t fog another atock dividend of II Per cent
The Central, which, produced, with amall addition
thereto Of alleged surplus earnings, the sum Of
1884 400. At the Banle tino dividend declared
Nron tho share capital, Increased at the tino to
$4,000 800, Of the Hudson Iyer, This dividend pro-
diiced tho sum Of Sl3o23,s0o Tho following Ia D
TABULAn STATEMENT or THE SEVERAL. wATEnINdH,
First watering Of Hudson River $500, 600
Flrst watering Of New York ...-....
Second watering Of Hudson
Beeoua Watering oi Nav York ''''1'''''
'GeAtral. ...,........t... b624 A0Q- n, ,l4B, 200