Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-09-25

the company has now q legal right to compel
the public to pay 10 per cent per annum in
perpetuity upon $45, 100000 Of fraudulent CAP.
ital; unless indeed, the courts should declare
the authorizing act illegal and, by conse-
1t has obtained through this stnpundous rob
bery-a point which it surely behooves the
people to submit to the highest judicial ail.
thority for determination
VII. BY the artificial imitation OF It's capi-
tai stock, New York Central has incapaciiated
ltseit Tor competing with the other trunk
ROADS. While the bonded debt Ct The Central
Is Almost identical in amount with that of
Baitlmore y Ohio, its capital stock exceeds
that OF the B. & O. by $71,O0O,O00. OF tie ST..
OOO,OO0 excess, $45,O0OO0O represents absolute
y notnlng; and yet, in managing its competi-
lion with the B. d ~ the Central makes it
liked condition that eight per cent must be
earned on the forty five millions of s.water."
By the invention Of this obstacle to competi.
ton, the Baltimore and Ohio and other
roads are permitted to carry off an enor-
nous amount Of freight which otherwise
the Central would be able to bring to this
port, and the railroads of the Empire State
are deprived of their power to- control the
railway policy Of the country and 10 pro-
tect the interests Of the chief port CT the
nation. 1gG}eH ssti .fE sstat
VII: In like manner, the necessity Of
providing dividends for the fictitious CAPT
tai is the main considerations that has i'm
PEELED the New York Central into the adop-
ton OF that monstrous continuance of mo-
nopoly, the trunk railroad pool But for
ness of the Central's finances would have
enabled it to meet bodily all the consequen-
ces OF competition between the trunk lines
and to fight it's way to natural and whole
some settlement of the railway question, re-
tanning its ability to protect itself and its
trade tributaries for all future time: The in.
heritance Of fraud left by Vanderbilt the elder
has compelled Vanderbilt the younger to
capitulate to his competitors and to surren-
der the prestige and the power of one of the
grandest highways known to the commerce
Of the world. - s.s
TX. The system Of spooling earnings" Of
which the New York Central las thus become
promoter, Is being rapidly extended and
consolidated throughout the country as
means OF defeating, in respect to carriage, the
healthy competition that should regulate all
business. In this very important sense the
New York Central has become themain agent
III permanently fastening upon the whole
country system ofunjust and exaggerated
charges for transportation that Gan lrAVe' "a
otler effect than 10 immensely FetaM the de-
velopment of the resources of the nation
while dishonesty enriching privileged class.
I. 4. The New York CentrHt makes it q irt
OF Its hXed policy to extinguish the conpeti-
| lion VI Inc STATE canals, thus making the citi-
zens OF this State pay for the costly effort to
ruin the States WATERWAYS provided and
maintained for the perpetual protection of its
commerce. -. -
XII. The managers Of the New Fork Central
nave fastened upon the corporation host of
inside" companies, such as fast freight lines,
elevator companies, etc, throug Oh which the
earnings of the road find their way to the
pockets Of said managers, thereby needlcssly
augmen1tlng the costs Of carriage and burth-
ening the com merce Of the State ~.
These are the main counts in the ind;ct-
mcnt of the people against the Central rail.
road of New York. What the remedies should
be, the people are now considering and will
possibly after many Observation-Disclosures tely dis
cover. s .soisi5sa @ 7. NJ. METGALF.