New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-05-16

DON CAMERON AS A RAILROAD MANAGER.
FINANCIAL OPERATIONS OF A CANDIDATE FOR MR.
Richardson's PLACE-CHARGEs OF CoMBINA-
TONS TO DEPREss THE PRICE OF STOCKS.
TO the Editor OF The Tribune.
SIR: From the notices in letters of Washington
correspondents and from other testimony in bubbles on
the surface it Is manifest that effort is making to
manufac public sentiment in favor fthe nomination
OF j. d. Cameron Of Harrisburg for seat in the Cabinet
and for no distinguished position than Secretary OF
the Treasury IL so happens however that the aspiring
Donald Cameron has acquired any political status
in Pennsylvania that not the consequence OF the
fact that he the OF Senator Cameron True, he Is
known the state for his association with the ar
risburg lobby, which was put almost out OF business by
the new constitutions also President OF the Northern
Central Railroad Company. whch.under the burdens oil
contracts disastrous for the Company, but productive
to their manipuators has declined from an per cent
dividend road to a suspension Of dividends since 1872
The way in which Northern Central shares were last
forced down I'm price the market will suffice TO Illus
trate j. D. Camerons unness for the responsible ONCE
of Secretary the National Treasury. On the 26th OF
February last, at the annual meeting OF snare
holders of the Northern Central Railroad Com
dent, made report showing that, lor tho ye e
1873 earnings OF the road were larger tnan or
any previous year. That meeting was adjourned 10 mo
9th OF April compliance with request IN inc fIess
dents report because no satisfactory offer had been re-
cetved from the Pennsylvania Railroad Company TO
lease tbe road AT the adjourned meeting held April
President Cameron submitted from the Pennsylvanla
Railroad Company proposition to lease the Northern
Central Railroad at six per cent which was releGteo
"by almost unanimous vote" IhereupOh IIesluenS
Cameron submitted resolution to create slOOOOOoJ
mortgage loan. 100000 thereof to be set asie 10 re-
deem and cancel existing Mortgages, the remaining
$4,000 be used for the extingushment OF the noat
ing debt and for additional equipment &c ii TUE
sy for this loan we're urgent, why was T.;
to create it not asked at the annual meeting III
Februaryl Why the important matter OF u nc"
loan withheld from the shareholders TIL after tns Penn
sylvania Railroad CompanY's proposltlon nan pech
rejected why indeed except To Knock down Tue socA
in the market, which ii did from s39 10 70 sjoI
Again On the lst OF May. 1865, the Northern Cehtra
Railroad Company. by contract WIN the rle htroau
Company had transferred to the lease OF the Cneu
Railroad between Elmira and Jefferson, % miles, ana
the lease of the Elmira Jefferson aud Canandal;ua
Railroad between jefferson and Canandaigua A. miles,
third rail was LAID Jefferson, and the track was re-
duced to r.. 81 H. gauge between JenITs4u anu
Canandaigua. The leases would expire by limitation
Jan. /, 1879. And as, meantime, new ROAD was pelh
built from Buffalo Oean to the Phlladeiphl! anu
Erie Railroad AT Emporium, opened throughout twenty
months ago. the Northern Central had an alternative
connection with Buffalo, which diminished the prospect
I'VE value OF the Chemung ana Oanantalsua eafeI
links But the opportunity for speculation presente
itself through Jay Could then President or the Ere ana
So for 1891 shares Cnemung Railroad stock and 3ol
shares Emira, Jefferson, aud Canandalgut htl,oau
stock making l72 shares, the Northern Ctntrll hd
road Company Issued income bonds amounting "
2.750OOO .,.., -, ,,o
Before this transaction the entire joint capital OF the
Chemuug abroad and the Emira, Jefferson ana Cinan
dapua Railroad was SSs0,UJ0! This purchase OF lIli4
ut the rate OF sl6) 81 per snare 10
that the proceeds OF this transaction an won o
pockets OF the owners OF the sSS0UO which constituted
The capital Investment in the Cnemung ana Cananua2u
leased links is profess Ignorance OF the shdrp pray
tees of Jay Gould and spirits OF kindred pTOciNite
who acted with him. The rental stipulated III tne wv
leased roads $4,000 each. or $4,000 jointly nor were
the roads "A bargain at that. a. a.
PhiiadeLphia Penn, May 3, 1874