Evening journal., 1891-02-28
TWO RAILWAY BILLS.
COTTON SAYS HIS gill IS JUST
LIKE The OTHER BILL.

Ancfe IN Areat Dfuarenco In fholr Length
BoweYer--Colton wants the Earth--How
HIS Little schemes DeveIop--rhs Power
OF Condemnation which He seeks.
A good deal has been said in tho Dover
correspondence about the war between
the Wilmington City Railway Company
and the Front and u Dion Street Railway
Company. better known as the Cotton
syndicate, The story is tull OF interest
TO the citizens Of this city in that the
two bills represent two phases Of enter
prise; one for the good Of the city, the
other for the profit Of Franklin B.Colton,
majority stakeholder in the Front street
line. Tnis language is rather strong, but
some facts stated in this article will
doubtless be proof enough Of it's correct
ness.
It will be necessary to 60 back little
20 understand the import OF Mr. Coton-s
schemes, About the time of The failure OF
Barker Brothers In Philadelphia, VIII
mington City Railway stock held by
them was Ia danger OF being put on the
market Mr.. Cotton or some associate
had tried TO get possession of this
stock. but fortunately for the com
pany. failed His scheme was 10 get
majorlty of the stock, freeze out the
present directors, appoint his own board,
deal out certain per cent. each year
to the minor stock holders and pocket
the entire remaining profits. Although
his attempt in that direction failed. it
showed him upin a bad light 70 the
| Wilmington City Railway Company,
and 1t has looked with sus
| picion on his other schemes Hence.
when he got possession Of the controlling
interest in the Front and Union Street
Railway Company, the old line began to
look out for dark schemes. There were
in the Front street com pany reputable
and respectable men, and the old line
feared no dark dealing from them. Col
ton felt competent TO develop his own
schemes ard did not discuss them with
hrs stockholders
About the middle Of last moath the
Wilmington City Railway Company,
desiring to increase it's capital stock for
the purpose OF carrying out It's intention
TO begin its projected branch lines aud
other improvements, had bill Intro
duced in the House OF Representatives to
increase its capitalization. That was the
entire pur pnse Of the bill, which was a
supplement to the company's charter
passed February a, 1854 BY it the com
pany is authorized TO borrow $500, 600,
'as may be necessary and prop,
for the funding or nav.
ment Of its indebtedney, ans
for the proper equipment am extension
Of its lines and to seeura the same b,
tae Issue OF its bonds aud by mortgage
of the whole or any part OF It's franchise
and property, real aud personal, and for
such purposes and for the payment O.
tue bonds, 90 Issued, II is further author
lied to Increase It's capital stock from
time to time to such an amount not ex-
ceeding $s00.000 as its stock no lders by 4
majority vote shall direct.
This bill fills just twelvs lines and one
word OF type written sheet, not includ
ing the title enacting and closing clsuse
which make eight lines more.
I Then Colton's little I'LL was introduced
In the form In which the EVENING JoUH
NAL has q copy Of IT, u makes FIVE larg
pages 81 closely lined type written mat
+ ter, Mr.. Cotton stated to some or hi
stockholders that the bill was simply I
increase the capitalization Of the com
. pany. 1t would strike the casual Oh
y server that It took a good many pages 1
which 70 state that purpose. But her
comes the strange part, Mr.. Cotton a
I f.tt
upon the precious document. They ha
20 take his word for ii. In fact, the
were utterly surprised when they foun
: the nature OF the document Briefly /
0 gives the company power to build stree
railways on any streets in the cif
2 and TO use a2y motive powe
} in moving or propellng the cars
to condemn any property IL ma
desire 10 use In its business The latte
. provision is wonderfully sweeping, givin
a corporation power held only by th
state government, and the effect Of II
e passage would be 70 make F. B COltor
Car Of Wilmington. 1t may be noted
2 passing that this beautiful scheme wonl
; not operate to the good Of " ilmingtot
while Mr.. Cotton would be very muc
: ''in it. /" This unlimited power Of cor
I domination could be used in case th
Front street line wanted 10 use the Oh
lines tracks. and the old line refuse
permission. appoint a commission, con
denim the City companys road, aud behol
Gar Cotton on top
e The holding up OF the Wilmsneto
= City Railway Company's bill 10 await I'll
! presentation Of the Front stree
: bill, mas excited no little common
/. because Of the lack Of comparison be
4 tween the bills In one point only ar
r they similar, ia the increasing Of th
capitalization The opinion prevail
that the Front street syndicate intend
e to force the passage Of the city railway
bill dependent upon It. The Wilmington
? City Railway Company will have some
3 thing more to say before the COMMITTEES
q in charge Of the bills early next week.
. -
b The new steamship for the Merchants
. and Miners Transportation Company
Baltimore Boston line, is now in fran
at tns Harlan and Hollingsworth Com
pRny.
The packet Eaglet, one OF the old
: Electric Line steamers, cleared from
: French street wharf for Philadelphia, sh
having been sold to syndicate in tina
city,