The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-12-04

watered the stock from 1853 to 1870 by s52Gi2 $50
The bonded Indebtedness of the Eric from ~: 10
1878 had Increased sl94Oo.9Oa not Represented ny
construction. From 1870 1875 the funded dsbtot
the New York Central increased $40 ll9, 426 Ia The
Gould settlement with the Erie road he was not siea
Tor the s4"Uo.OU iraudulently issued at par, pul
only tor the Sl 100000 which no obtained FOR II by
siAuehterihS II on the stock market where iAe ois
OF II was sold below 25 The securities turned over by
Mr.. Gould never his property, but belonged
really to the Erie Railway Company itself. II re-
mains with the people OF the State of New York to
say whether they are willing to bear such burdens
forever whether the slGo,ooo.00O of Erie capital.
representing an actual value OF about $4,000 600.
shall be permitted to earn interest and dividends
upon Sl60,OO0,0O0 out of the people of the state.
Instead OF the actual cost OF roads railways can
capitalize themselves at any rate they please, and
that their constructive construction accounts"
TO limit the rates of the public that the limitation
of ten per cent will be reached, because the
printing press will be kept ever busy in printing
new stock and printing new bonds for the purpose
of evading the provisions OF the law. one OF the
provisions that herewith submit in the law
that have drafted for your revision. acceptance
rejection provides that the railways shall publish
all their rates, both through and local. post them al
each station. anu that they shall not either raise or
lower them without previously giving months
notice.
Not even the railway advocates say anything
in favor OF the proxy system. TO allow vote by
proxy Is an anomaly upon the voting power. IL en-
abes men who do not own one dollars worth Of
stock to obtain the control OF great railway cor
porations. Voting on stock should not be allowed
except the stock be owned and in the actual possess
sion of the voter. The State of New York should
protect the stockhoding interests by the barriers OF
law. Minority representation should be insisted
upon.
A RAILWAY COMMISSION WANTED.
railway commission is a necessity. IL could rec
tfy the evils in the methods of railway accounting
which is now a system of how not to tell the
truth. 1t would put an end to the secrecy
of management which has characterized
American roads. 1t has been urged that
this problem should find its solution in national
legislation. large branch. however. of this SUBJ
ject must necessarily always remain within the
scope Of state Legislatures only No Congress could
rightly interfere with the New York Centrals charge
carrying freight from local point to another
along any part of its line within the State Of New
York.
We have arrived ut the conclusion of most
important work. Our labors have not been in vain.
The investigation has had great educating intu-
throughout the length and breadth of this
country and which has been re-echoed from abroad
Great applause followed the conclusion OF Mr..
Stcrnes address, and quiet being restored Mr.
Hepburn. chairman of the committee. stated that in
pursuance OF resolution adopted Messrs Baker,
Duguid and Noyes were appointed Q subcommittee
complete the investigation of the elevated roads,
with all the powers of the full committee This SUBJ
committee will meet in the Chamber Of Commerce
building on Tuesday morning. December 16. at ten
o'clock Judge Fithian will assist in conducting the
investigation. Mr.. Horatio Seymour Dr.. State En-
gineer has agreed send Mr.. l.. Nathan Sweet, his
assistant to investigate the construction account OF
the IL" roads and report as to their cost.
The committee then adjourned subject to the call
Of the Chair.