Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1876-07-20
S1.371.66O
WHAT THE GALENA STOCKHOLDERS
LOST.

WHAT TILE GALENA STOCkHOLDERS
LOST.
In the same pamphlet is to be found
the following statement of what the
Galena & Chicago Union had lost up to
1866:
'Cash borrowed from Galena surplus
and sunk in Peninsula, extra cost $3.50, 900
sInterest on 81, 1,029, 900 Peninsula
bonds, two years compounded, over Isl, 900
'.Dividend on S1,000,000 preferred
stock, exchanged Dee. l, 1864 ...... 81, 900
dividend on $1,000,000 preferred
stock, exchanged June, 1865 ...... IS, 900
''LOss on operating road, in '65. $500
600; 1866, say 500, 900 ............... 300, 900
s1,17O,OOO
Discount of 28 per cent on bonds
sold to make up deficiency 81, BOZ, 800
"As the 'Galena Division was the
only portion that could have earned
dividend at that time, this in reality
comes out of what that division would
have earned for itself if not consolida-
ted, aud is equal to 20 per cent on the
whole stock of the original Galena
road. 1t follows, therefore, that since
December lst, 1864, those stockholders
have lost their dividends, otherwise
certain (snd probably of 10 per cent?
and have incurred, by consolidation
with the Peninsula, loss equal to 20
per cent on the par of their stock
TILDEN AN N-ANTI-GRANGER.
These various railroad consultations
of Tilden and his friends, whereby
railroad stocks were greatly watered,
were followed by oppressive rates OF
frc irrh 4 in hn trf nf vxyI,t
grew the Granger movement, resulting
in the enactment of the Potter law in
Wisconsin, and restrictive railroad Leg
islatiOn in other States. In proof OF
this, we take the following from the
proceedings of convention of farmers
along the line of the original Galena
road held in 1866:
WHEREAS, Under the present sys-
tenn of railroad combinations and 9th
er freight monOpolies, the farmer and
producer has no redress, and is, by the
inadequate means of transportation,
compelled to give twO-thirds OF his
crop to get the other third to market;
and
"WHEREAs, We regard the present |
system of transportation as little less
than semi-legalized system of plum
der, by which a combination of capi.
talists are rearing immense fortunes |
upon the ruins of the producing inter-
ests of the Northwest; therefore
"ResOlUed, That, as We know of no
adequate remedy for the present
wron gs, or security against future op-
preston, but legislation, we must turn
our attention to the law-making pow
er, and demand such appropriate and
efficient legislation as will remedy
these evils, aud thus teach corpora
tiOns and unholy combinations that the
people have rights which
they are bound to respect.
"ResoiUed, That in order to carry
these principles into practical effect, we
hereby pledge ourselves to cooperate
with the people throughout the State
in electihg a Legislature pledged to
The same"
HOW THE WESTERN FARMERS WERE
OPPRESSED.
To show the exactions to which the
farmers Of that section were subjected
oy the Consolidation Ring, we have
)nly to compare the rates of freight or
he Chicago d Northwestern road, in
S61, with those which were adopted
lfter Mr.. Tilden had made his appear
lnce as counsel and Trustee. The Chi
ago Board of Trade is responsible for
he following statement OF the action
n that regard of the Chicago d North
western Railroad, which, their report
ays, advanced its rates, as follows: x
upon wheat, seventytwo per cent.
"Upon coarse grains, twenty-one per /!
ent.
"Upon flour, seventy.on per cent.
"Upon lrmber, thirty-five per cent. }
"Upon live stock, seventy-three per
ent.
Upon merchandise, eighty-eight
yer cent.
"Upon passenger fares, twenty-eight
nd one-half per cent"
The report of the Board Of Trade
loses with the following Significant =
/
~From the present indications, there
Gems to be determination TO test the
elative rights Of all by an appeal tol Il
sgisation. We hope that this may Ii
OF become necessary, but that poll b
y may prevail, that, while It secures tt
, tho kt~.yx, s.s~S l.