, 1873-02-10
RAILROAD GAMBLING IN PENNSYLVANIA.

The Pennsylvania Legislature has just pnaacd |
IN act, which, III yiow Of tho history Of tho Now
York Central. and tho Now York and Eric cor
rorations, Ia alarming. Tho country is vol |
Informed Of the Vanderbilt aud tho Daniel Drew
operations and Of tho Jay Gould aud Jim Fisk
robborios; of tho aocret iBauos Of stock, and OF
the incroaao OF bonds. The Legislature OF
Pennsylvania, by way Of anticipating any pro-
libitory or rofor,natory eotton by tho Convention
now preparing o new Constitution for TINT stato,
nos voted to tho Pennsylyania Railroad Company
al tho powers that any Gould. Vanderbilt, or
Drew naay ever need iu The future. 11oFc il tho
bill:
ssor1oy1 That It shall pe lawful for tho pennsyI
yauta Nlilroad Company, from tiula to tlme to I'LL
crease Its capal stock to such amounts as tho sork-
holders may, by resolution passed Mt any regular or
special meeting, authurizc and when SO authorized,
to a1ortion d1pose Of tho said slaree III such a-
ncr anl upon sich terms bu at not less than tho par
yae thereof aB the Board Of Directors may docm for
tue bcst intcrcsts of thn Company; and the -sn'd
Con,any may l3Ee, from tno to limo, honda OF tue
said Company, parabIo ut much time rs they may ni-
point bearug interest at rate not exceeding par
cenum por nnnaim with without provision for tho
payment by the Company, Of any or ul tnxca on tho
to tme tho said bonds by one or moro mortgages OF
tho WHOLE or my portion, Of tho railroads, estate
| tteu and pcrsonaD, and corporate rlghta
and fraucA!ecB, acquired and to bo acquired
Of the said Company. P'ooidsd. ho'restr,
Tnt loud bonds sall at any t!ule bo aauod III
excess tho amount Of tho capital stock Of aa Com
pany, ouBtandtpg ut tic time Of such iasl'e, but any
such mortgage mortgages may at tho option Of mud
10 tho unouut lxed by ssll Company, be nNde to Sc
euro with tho rights, Hen, and privileges Of bonds
which subsequent Increase Of capital stock nay en-
able the said Company to isdr Us well ss tAosa wh!oi
may 10 ssuod n. tho dat9 Of tho execution Of ea!d
mortgage.
sEo. q That any mortgage or mortgages executed
aul delivered aB authorized by this net, Aha 10 re-
corded iu the Office of the Recorder Of Deeds nf the
City and County Of Philadelphia, and shall thercupon,
without further record b. ou On tho property mort
gaaed wherever aituated fully and eccnaly as IL
it had been recorded III each OF tho several counties III
which the uorlEagcd promises, or any patk tneIeol
arc or may be situated.
Hero is tho grnnt ofunlimitod authority to in
crease the capital Stock aud to increase the
bonded dobt in proportion. Tho New York Gem
trail Railroad Company, fow years ago, de-
clarod n dividend OF 60 por cent in NOW stock
This act authorzea tho ponnsy1vania Com'an,
to do tho same thing wlonevor anl Us ofton u!
tho Company may chooao to do 80. It talso Ill
thorlzes tho issue of bonds to an amount equa
| to tho amount Of capital stock OF tho Com
pany. Under this law, tho capital stock may b.
forthwith doubled, and III amount Of bond
equal to the incroaso Of stock Issued at tho sam
tin,o.
This Btock must Of courso. bo made to pa
tho holdera regular dividend from the oarning
of the Company. Todoublo tho stockis, Of necoa
sity. to double tho amount Of money to bo tako'
from Tho earnings OF tho road to pay dividenda
and froights must bo advanced to raiao TIL
money. Tho road must DO skinned to pa
0 dividends on watorcd atock. This act Ia but I'll
: loyal preparation for operations in pennsylvO
: min oqual to any that hayo rendered tho rGilroa
management Of New York, during tho last tw
T. years, so infamous.