The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-12-01
Our New York Letter.
The Great Stock Transfer-The Story Of
the New York Central--A Grievous Bur-
den-Vanderbilt's Power.

theNew York Central--A Grievous Bur-
den-Vanderbilt's Power.
NEW YORK, Nov 2S, 1879.
The overshadowing occurrence Of the week
is the transfer of 100000 shares of Central
Railway stock absolutely and 100000 more con-
ditiona.ly from VIM. H. Vanderbilt to a group
of capitalists representing Western lines. Tue
matter has been the talk of the town for
week. The consummation of the scheme ln-
wolves momentous consequences and is of the
deepest concern not only to the people of this
city and State but of the whole country The
Central Railway in the hands of the Wander
bilts-father and son-was one OF the most gi-
gantic monopoies that ever existed. Its capi-
tai stock represents forty million dollars that
were added to it by tie process of watering
in single evenings to much pre-
ceding sprinkling of the same sort. 1t pays
div dends of per cent a year upon the III
hated valuation, but in order that it may do so
the way freights have been made so monstrous-
ly dear that the farmers whose lands borde" on
it find it very hard to get living, notwith-
standing their fields are fertile and produc-
tive as any in the Commonwealth. The dairy
men of Herkimer County-250 miles from the
seaboard-have to pay the same to get their
butter and cheese to tide-water as their rivals
in Iowa who have ten times as far to send it,
and whose lands did not cost them tenth part
as much, are taxed for the same services.
New York has long been restive under this
grievous burden. The sentiment is unques-
Ono of the nlHmpntS thai
eplered into our selection of candidates for
Governor was the supposed relation of the par
ties nominated to this great Corporation AT
least three Of the names under consideration Ill
the Republican convention, encountered oppo
sition on the mere whisper of frendllness to
the Central Railway Directors. Tho new ar
rangement can hardly fail to intensity this
feeling. There may be no present or immedi-
ate remedy for the eXtortions complained OF,
but this huge concern is subject to legislative
control, and ultimately the issue will have TO
be Joined between the people and the monopo-
lists, unless measures are taken by the new
corporators to allay the popular discomfort
There is no help for it, So far this matter has
only been an incident in our State politics. BY
and by it will overrule all other questions
The Railway has always kept up powerful
lobby in the Legislature. For some years there
has been at the head of it an able lawyer, an
adroit politician, a suave and captivating gem
tleman Mr.. Chauncey NJ. Depew, and his skill
and address have always been successful in pro-
tecting the road from hostile enactments Ru-
NOR, of course, has been busy, as is its wont,
in imputing this success to corrupt influences,
but never put any faith in gossip of that sort.
1t isn't reasonable to suppose that the mana
gers would have so little discretion as to resort
to bribery, even if their sense of morality did
not revolt at il, because when that thing is
once begun, it's very much like black-mailing;
there is no stop to it, Nevertheless, 1t does
cost no end of money to keep up an establish
ment at the Capital one third of the year to
look after every bill that is introduced. and to
watch all the proceedings with the most scru-
pulous care that no statute is got through that
is preiudicial to the grand highway that trav-
erses the very heart of the State. Mr.. VAN
derbilt is obviously tired of it, and is willing
to let somebody else do it..
The story is told on authority good enough
to Justify it's repetition, that certain mer-
chant on the line of the road was elected SEN
ator. the whole influence of the Company be-
ing lent to his support. He proved grateful,
and was a steadfast friend of the road as long
as he kept his seat, and strenuousy opposed
every measure having for its object reduction
of freight 1t turned out in the course OF an
| investigation that this Senator's firm had been
having all the while special and conhdentla
| contract by which their goods were carried al
half the rates paid by his neghbors This lit
tie arrangement had all the effect OF bribery
without being quite so gross in its features as Il
direct and specific payment had been made
| Casuists might detect an ethical difference al
| so. but it is difficult to understand how.
| Whether the gentlemen who have entered in
| to this stupendous contract have consummated
| good bargain or not may be debataole ques'
| ton but that Mr.. Vanderbilt has made first
rate sale, admits of scarcely any doubt 1t Is
| tremendous price to pay for stock that car
| only be made to earn dividends on the expand
ed figure at which it is rated, by the imposition
| of charges SO exorbitant that they keep the
customers in a constant state OF irritation. WE
! have had foretaste this year OF the pubic I'M
| patience with the Central monopoly. A iegls
lative committee has been tuggipg away at thu
| mammoth concern for over six months. Inc
| struggle is an unequal one. A concentrated
money power of such magnitude IS not to D'
beaten down at the first assault. But the at
tack will De renewed and continued till some
| thing comes of it. There will be an opening
after the Presidential election for new party
in this State representing in some degree tils
idea on which the Grangers took their staho
| A great many able recruits would be glao u
ioin a party whose creed should be that n'
combination of capitalists ought to be permit
| ted under the sanction of law, to wiring out
the sweat and toll of the honest husoandniai
of the interior sufficient sum OF money
nav eight per cent per annum on S5oooo'"
when less than $50000,000 of it is actual capl
tai the rest having been originally mere pa
per fiction, with nothing real or genuine abou
II. IT will be conceded at the outset that her
is a colossal money power to grapple with
1t has the resources of two continents to draw
upon. Bnt its voting capacity is extremei
limited, and its mercenary spirit VIII teha
bring upon it the popular displeasure. 1t ma
seem a very small matter to introduce INTO p'
ltical discussion, whether freight shaii 30 Sal
ried for dollar or two more or less per W
from Buffalo to New York. But really tina
noint involves the welfare of the metropoll
and of the whole central portion of the State
The business of the city depends upon its aol
ity to maintain successful competition with Il
less populous but equally enterprising rival
and it is at a fatal disadvantage in this IT
spect if it is Unfortunately taxed for the carr!
ing of the immense quantities OF merchandis
that are sent hther for distribution and whlc
might be diverted to other channels II the O.
actions became too severe. 1t is bread an
butter question to million and half OF I'll
inhabitants of New York and its SUBURBS,
we'll as to moiety at least of the populatie
north of us, and that sutfices to invest it wit
paramount Importance.
One of the curious features OF this new CO
centration of railway forces is that 1t brln
several gentlemen of high standing and III
proachable character into intimate associate
with Jay Gould. Thus is the Scripture IL
| filed, as it is written in the parable OF tie u
lust steward. "Make to yourselves frients
the mammon of unrighteousness!' 1t IS n
,s.Na0 (N.ta