The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-08-21
GheGntelLiqeuter


The Cincinnati Cascite has been en-
gagged in showing up the way in which
the stocks Of the principal railroads oI
the country have been watered. InaS
much as dividends have to be declared
on the "water," az we'll as on the sub.
stance, Of the roads,, n heavy additional
tax is thereby levied not only upon the
commerce Of The country but also upon
the wages Of employees. In order tc
squeeze out dividends on watered stock
the local business Of nearly every leading
railroad has been more heavily taxed
than Il should have been.
The stock Of tho Cleveland & Pitts,
burgh Railroad Is n good illustration Of
this watering process, albeit it is not one oil
the roads included in the Gaselic's review.
Prior to 1871 the stock Of the c. 4 =
road stood on the books OF the company
at 1886, $50, and its bonded debt at
$S,s59,5OO; in all, sll,72745O. All at
once, that is to say, on October 25, 1871
rood for ooo vo,r, l,o L..1.;, Lo;na H.,
its capital stock should he increased tC
sI1 o5o s54 an ;0o,o..o I,t ,.o,o.l 81
81 3so 9Oa
~ .hov ,L., ,L;. ;.,...,. .,,..,
water and M, ,uhs,.rco wo nav man
t;on tho foo, tho, ,lo noo. Lof... l,;,
lease occurred. ,bo cnniisl s,ncE ~. in,
creased from e. AGO o95 - g. or-
$50 tbps corit.I;,;,. wh.,.v., v',
,horob, rocs.,,,, "a 1. ;,.,;o,
N The v,oct ,rd n,o,;n. u,., H.. 90
$50 eOG addsd ,ho no,, 20. ~,
mense borus nail bv ,Io ponn.rIr,nia
Railroad N cot boia of tho nronor,y
Tbsro ara .lwov. mLooI, m;,h;,, ,nLaoi'
and 1, ia mt , v;o,or, aunnaa;,;on ,La,
souo of ,bo h;,h J;a.,,.t;a, ao,,..,,.,
with tho pern.,,ran;o p.;,so.I .n,
psrr.vIroo;. o.. ..I IT,,
~ r,onor l. ,ho;...r. .ir..:I..sTs.t'
Lv o1l;,a IA 80. 49,, ~ - e'ts ~,
o..;.., 80. t.I. 49, - ~
,hau ,ro.o aI,a,,. ~ I ~,
ovor,o 49,. ......;,- - 49, It. ~
ro,,o,,aI ,.. ~. -. - 9 q
IT, ~ ,ho.aI MI ''' I N'oe ."'
~ ~. w a, V ~' ~ 'VI4 wa" Gaining :.
O. ec-o-o '., W. "
80 ,., ,,' 49, " VIZ
a,.oI. -. ,''| 80 i''T ~" s''
~, p,S",.: ' :" wa, = " - re' V@"'
'"'. -, 80 U''N N' ~ "'u "
i,r,,' H.. :.-"' ~ le "
,o,os, ,,,o Lo.I-S H., r., ~! Wv '' =, -
-: NV, Wv, Vs" u.S'' ~ %eeP W '"'
49,. 70. W. P"y ''e "" "' " "
n.,. NJ. W. "A'"' 'o"" .son n''"e''eF u
~ b anu '"'''' S'0,V0V Ee"F u
" ~. ''p"'".e o's""'"1''o"'
',"Se ,'. sn'S '"'g"'" was n'A"e '"e UIeVe,
." " '" : ''''""'S" " o"N '''' "o' o",' P"''
'"''' "'"'se' o". VI IL" earnings ""' HAS
e'T! !s" "e''e" 'o"s'"eL'0'e SURPLUS
A"'"s 'A'su Su" !" ',e aggregate
S ~ ''e '','se '"e '"'O'.e "1', "o"e'e''
"sI"'su s''' year ''"Ie 'ne Pu"''
''"" last year o",y Amo""'eu 10 - ''''o-
'"'' 4'"'O'V''' '"e car oe'o'e' ~
'"'' ue'''"' II" '"e en'"''sS o' 'he Fo""
b"s' W." VI" "se''"' III '"e ''o'n vi
,"e "S' """'I N"'iloAu' 'nN' ""S
%"O'Hc" '"e F'''" o' '"e =" ''"o"h
'''n' W, '' !" 20:
ne "eceFS.''e' o' Tue tease 10 'he fehh'
E;f""'" i'At''o"" MAKE II imperative
''"' ."a' 'ouu Sno"'n pa! 'nc S'ocN"olu-
e'"'' VIC Y. " " ut'lue'" every thFee
"'"'''''' a. ''' : ''' VI ief cent Ftl an
~, mum, ''"T' wise ''e ,e"Te 10 'o''e'.eu'
"' e' "''" '0'" 'I."s ""'" P"'"e'
W sa.' ca" .,s - -" F'' '."' u'''ueN u" "e'
sO''''C''O' y. '.0'"' HAS "' n'"s' u
rP%'e ''' P'"'e'S "e' guar "''! VI TUE
~ " %"" "s"S' ''' 10 ''""U " "A.e
."e Y, " = pay '.r Wv" way, " p''"
''e' '"e'e '''"e' "'7 "eIe'S''!' "
"'s''. Vi 'o"'T'' "eeP' UP '''' 'oIA e'
VI ',I's"' "'S~e' '|1' "'e! o'"V'":'
"eF" W u" '',e ''" l. FoF 'n''I"'e, IL
'"' l'"''.' VI o'e' " "'''e "e''"e" ,eu"'
Wv" wv, :" Tue 4"I"AIe' "' 1'''sO"'sH AHo
""T',"s "'SH' nave "ee" 'i""' '"e''
""'" :" """ "aI n." "A" '"e ''p''". ''o," 'e""
:" a. - ''o',I'O' ~ was J'''. "e'o'V '"'
'ns, "",,' - '"os." "S - "eS "'''
-"',',' ''' az '"''S"'' VI I''U'' =" r''
ee"' "" ''e ""' Vi ""''' u '"' '"P''"
S'oeH.
"' ''''.eI NV. W NV ' " w"
river serves to show what il meant b.
watering slocks, and aIso how the pro
ce,. leyies tax upon trade. Dividend
must be maid on the water as we'll as o,
the actual substance Of tho shares, an,
- H. I::lJ Al