The people's journal. (Pickens, S.C.) 1891-1903, 1896-04-16
Senator Tillnan Among Wall
Street Money Kings.
From The New York World.
| Concluded from last weok |

|. Tho railroads Of tho land ar
y now represented by u capital stool
: of $5, $50, 100000 funded or bono
u dobt of 5000, 100000 and float
ing debt of noarly 100000, 900
: The gross earnings por year il
G now about 81 100000, 900, leavin,
: after paying operating expenses
not earnings of about S325, 900,
600. This is divided into interest
: on bonds of about 1880, 100000
per yoar, and dividends on stool,
=, Of about $S5, 100000. The pas,
sengcrs carried reach nearly Co.,
OOO,O0 per year and tho freight
traffic is ncall ~ OO,OOO,O0O tons q
. year.
Every cent of tins enormous
income from this leading industry
Of The country comes directly from
tho people. An examination would
show that the money honestly OK
: pended in the production OF all
railroads and their equipments is
but a tithc Of tho capital invested
in them, the rost is water pure and
simplo but it figures as "lnNcstcd
capital," as "vcstcd interests up
on which tho capitalists claim the
protection of tho courts and the
government machinery, and al
wnvA get it.
10 better illustration Of the
power cNcrcis, Il by tho monopo-
lists Is needed than in the history
OF the West Shore enterprise OF
Now York state. Tho Wander
hilts and their cohorts up to the
time the West Shore road WAS
started, hold to merchants and
agriculturists in an iron grasp,
debating rates and conditions for
| tho handling OF traffic with ubso-
lutte dcSpot!&m. The prospect Of Il
competitive line reaching from
| New York city to tho lakes put
tho New York Central p~oplo on
their mettlc, and from the very
inception OF the former measures
werc taken to crush il out.
After the new line had been
completed every obstacle possible
was thrown in til" way, and the
road went into bankruptcy, Il con-
dition, which had been regarded
as inevitable ny every on" who at
the time was acquainted with The
facts Of tho NanderDilts. Whrn
tho West Shore became hopn!~2.iy Y
involved the Nnndcrhilts, through
Mr.. J. p. Morgan, Gobhicd it u
at their own prico.
; Those who had put money into
;; it wern crowded out, all c"mpoti
ton Was crushed ont aud t!:o hu>i
,, ness interests Of the State pieces
under the Vanderbilt control Il
{ completely rs ever. The Wander
Z biits and their friends vera th
only ones WHO p"otitcd by th" dcHi
which is only ono of hundr"
! carried through successfully, dc
spite public sentiment, and witl
Il out Interference from the court
= and Judges whcso duty it was t
v interfere.
Take another case that is loc:
10 to New York city:
~ For years New York city p!ca}
II ed for rapid transit facilities an
' two companies were created
~ supply them, one taking the "a.
+, and onc the west side Of the cit
II Tho Metropolitan road raM Il
VI Sixth Avenue, and the New Nol
81 company took the Third avcnl
route. Each issued stock to Il
IN amount Of %6,5OO,0HO toBrih
with small lot Of bonds. Th
'c amount was put in cash in Il
ro4ds.
Wall street saw the pos3ihiIiti
Of profit in rapid transit, and pr
cccdrd to tako advantag" Of it.TI
,'u '' first stop was to consolidate t
T.! two roads, not by adding the e
' 49,, capitals together, making %l3,Oci
'' WO, but by creating Il Nnw coz
~ pany called tho Manhattan, MOI
=; ly to take the lease OF tho 9th
:, two roads.
~ 7" This lease had such large pr,
w. prclivc earning capacity that
'' was capitalized at &l3,O00,OI
making IL total OF %26,OOO,OOO.
Inn' which one half was clear water
- wind. 1t represented no lnVc
=, mcnt in the property, and "
.i'' ''' merely SO much stock printed
y, order. to bo un.oudcd on an mn
~ ~ cont public.
n,nn' For months before the am;
~ ~ gamation Of the roads they We
" T." the ccntrr Of cyclone of Will
- cation ana abuse, until tho stoc
~ worc pounded down to II ccnts
'c the dollar. Once tho proper
'Sl had passed into JAY GnuId'@ ban
W'I' W it was manipulated upward lnlrl
'ii reached l13. and then in Il d:
's' because Of Quarr1l between Cyr
ny ". Field and the Gould intcrc
~ it fell 20 points.
'''' 1t has been II iavorito gambli
'i -. stock since. then, being special
-! useful in cases were deals We
"'r made with local politicians, II
II being let in with points on t