Twin city review. [volume] (Champaign, Ill.) 19??-1929, 1922-10-13
WHAT WE DON'T
KNOW ABOUT
THE RAILROADS
Nv LEVI STEVENS LEWIS.


WHAT THE PUBLIC DOESN'T
know about the great subject, II eata-
logned. would make an exceedingly
large book. OF course IL Is impossible
to relate "all at once what We don't
know about the matter but some Of
il at all events should be told for 1t
gives interest and force TO all that
WE DO KNOW.
narking back 10 the beginning We
find that the railroads with their Of
fiieial clerical force wero always
pleasing poverty and making official
reports "notoriously incorrect" FOR
the purpose OF "deeeising both the
public and the shareholders In be.
trayal of fiduciary trusts
The New York Board of Railroad
Commissioners preface their third AN
nnal report (isSbl with this peren-
NAL and familiar sounding walls "An-
other fiscal year of Improbable bust.
ness for the great transportation lines
of the state has been experienced.
Many railroads reduced their divi-
dends; others barely earned their
fixed charges, and seven suceumbed
entirely, passing into the hands OF a
receiver, or going through foreclosure
proceedings ?"
Among the seven that "succumbed
entirely" that year Is mentioned the
New York Chicago and st. Louis.
This particular railroad for many
years subsequent 10 1850 was report
ed as an Operating road" subsidiary
To the New York Central, operating
about $40 miles Of line, earning mil
lions of dollars annually, paying divi-
dends, with millions of surplus" on
hand and at the same time, owning
all of the capital stock Of the Chicago
and State Line Railroad Company
which latter road was LEASED In per
petuity" TO another railroad from
| September first, 1877 x.
dead. Hut Still Tkey Pile Up
Big Profits.
The New York Central il reported
To iIave owned "the entire capital
stock of the New York, Chicago and
st. Louis for number OF years. In
more recent years the New York, Chi
cago and st. Louis road Is reported
as San operating road independent" !"
From the latest report We have of
this independent road" which was
said to have "succumbed entirely" in
1885, II appears TO be operating b75
miles of line now with something
more than ten million dollars on hand
of snrplus--and still independent" !"
except that its entire capital stock Is
yet reported to be the property of the
New York Central.
As | am writing these lines list
of several hundred railroads printed
more than 30 years ago, every one of
them said to be extinct" or "aban-
doned" or mot in operation lies be-
fore me.
We don't know how many Of these
railroads really are extinct or aban-
doned, but we DO KNOW THAT
SOME OF THEM, At LEAST, are
very much alive as profit producers
in these twentieth century days.
One of these railroads now said TO
be "extinet"-~the Black River and
Utica, was Incorporated in 1868. In
1861 il changed its name TO the
Utica and Black River and was
merged some years ago into the New
York Central and il now as fruitful
of the profits Of that great system
as any other equal number Of miles,
so far as any public records Indicate.
Bonds To Pay Interest Over 800
Year Period.
The Elmira and Williampsport, am
other road reported TO be extinct" !"
really never has been extinct" not
even nominally. This road has had
an uninterrupted corporate existence
for 90 years, ever since 1882. II Is
reported as leased in 1863 10 the
Northern Central Railroad Company
for 800 years. In 1863 IL issued
bonds TO draw interest for 999
years, namely, until the year A. ID.
1862. The face value of these bonds
has now been paid three times over
| (3o0e6) and il IL Is possible to con-
ceive that future generations will be
as ignorant and stuoid as past gen
erations have been, and the iniquity
planned by financiers before very
many now living were born, is TO be
perpetual yeondoned then some one
1--WE don't know who) will be draw
ing" interest on these identical bonds
900 and odd years hence and the debt
will still stand TO draw interest other
hundreds Of years If not in some way
cancelled.
The Hudson and Berkshire was in
Continued on Last Page)