National Republican. (Washington City (D.C.)) 1872-1888, 1874-11-16

account was not closed, and by the con
struction of branches at either end, the
Jersey City tunnel and additional tracks
throughout the entire line, and the addition
Of floating debt and even interest and divi-
dends 10 construction and stock accounts,
its aggregated cost has been swelled to the
enormous sum of sis, 265, 9T9.3S.
This property has now cost the stock
holders $183, $50 for each mile of road
owned Its gauge is six feet, known as
the broad gauge. The Hudson River and
New York Central line now represents
cost of $105, 925, 49, 90, being $14S. 142 for
each mile. The guage is four feet eight
and one-half inches. The stock Of these
lines was nearly doubled by the watering
process under the consolidation act, by the
issue of nearly forty five millions in con-
solidation certificates. The Baltimore and
Ohio railway proper has cost about twenty
four millions, and after paying interest
and expenses has regularly declared and
paid to its stockholders eight or ten per
cent. per annum. Beyond this it has &C
NAAAOAAtNN q VI ONCI khCukl -aLA
millions, which has been invested in branch
lines, leased lines, &C., which increases the
total liabilities Of the company to some
thing like sixty millions But the cost Of
the road proper, including the Washington
branch and main stem and Parkersburg
branch and Metropolitan branch, geo miles,
is about forty millions, or $50, 600 per mile
Of road.
In point of engineering difficulties Mr..
CARROTS road had much the greatest obsta-
cles to overcome of any of the three lines
named. But they have been bravely and
manfully conquered, and the Baltimore and
Ohio line can now compete in rates with
any of its rivals, and pay its interest and
dividends regularly, besides adding hand
some amount to its surplus annually. Its
stock is at a high premium. 1t has a
princely surplus. 1t has elevators for the
cheap transfer of grain, and is largely
interested in a line of superior ocean
steamers which ply regularly between its
eastern terminus and Europe, by means of
which it can deliver the grain of the West
and Northwest at Liverpool at lower rates
than any other line in the country.
The reason is that this line has been
honestly constructed for the stockholders
at about its actual cost The company is
now making the money TO which it is enti-
tied, while it is carrying freights lower than
any of its rivals. And yet, after dividing
ten per cent. per annum upon its stock,
it has accumulated surplus Of nearly
$50, 100000.
These facts show that on the New York
lines there has been much swindling both
of stockholders in construction. and of
patrons in the high prices exacted for the
transportation of freight Ifsll our roads
had been constructed with economy we
should not now be deafened with cries of
monopoly against their managers, and
for cheaper transportation from the grain
producers of the West and bread consumers
of the East.
The metropolitan press and the Produce
Exchange of New York have become
greatly alarmed at the prospect of losing
their grain and -four trade, and are clamor-
ing for lower rates of transportation and
cheaper means of transfer from cars and
canal boats TO vessels. But the selfshness
of these clamors is so apparent as to go far,
very far, to weaken the sympathies of the
public for their condition. They do not
wish 10 lose the trade which they have
long regarded as belonging to them by
natural rights by reason Of natural adVan-
tage Of position, strengthened by the i'm.
mense accumulation of capital at their com.
mand. They do not wish to be able to pay
the producer more and sell bread to the
consumer at cheaper rates. With them
these are considerations of secondary i'm
portance. What they deprecate is the
diversion of large proportions of the ma
tural increase of the cereal productions of
the great West by new channels and at
cheaper rates to other markets. These
things portend check in the growth of New
York. They show that American genius,
through artificial means, may dwarf,
if not entirely overcome those
stupendous natural advantages in the en-
joyment of which New York has long
stood pre-eminent. New Workers begin to
see and acknowledge that Baltimore COM
blnes shorter land carriage, with an ocean
route quite as cheap as their own. And
they are alarmed lest their hold upon the
title of Commercial emporium" of Amer
lea shall be lost.
But the railway kings are alarmed lest
the advantages offered by the Baltimore
and Ohio route shall compel them also to
submit TO rates of transportation which
will necessitate a Redistribution of their
watered stocks to their original purity or
force them into a state of hopeless bank
ruptcy. The industrial interests owe to
Mr.. Garrett debt of gratitude for his firm
ness in refusing to enter the unholy CON-
pact with his brother railway kings"
which they will not be slow to appreciate
and acknowledge.