Chicago Daily Tribune Newspaper, October 20, 1873, Page 5

et STOCK-WATERING. Vandorbil’s Feats in Taxing tho United States of Amorica, Now York Central and Huilson River Wa- tored to tho Extent of $57,676,700, Lake Shore Ditto, $20,065,870. ‘Samething About Chicago & Northwest. ern. and Milwaukee & st Paul. ‘Rufus Hatel’s Circulars on Mod~ ern Railway Manage- mont. Bomo two years ago, Mr. Rufus Hatch, & Brond street Lroker, prepured a series of oircu- lars on the subjeot of watered rallway-stock, which attracted soma attention at thoe time, but wero speodily forgotten. Wo roproduce them now for tho purpose of showing that, If there is apanio in rallway scouritics, it is not without causa ; and that no such panic could exist, oven on the diminished recoipts of the roads, if thoir Minbilitios wero bottomod on capital actunily and Lonestly invested, iustond of belug from 30 to G0 por cont wator. 2 'ho motives attributed to Mr. ITatch in issuing 4theao ciroulars woro of a speculativo character. It was nlleged that ho wus o “ benr,” aud that ho lind “ gold short,” ote. We do not know what his mollves woro, nor does it make any ditferonce, provided his l\gm-os are correot : . Ciroulnr No. 1. NEW YORR OENIRAL & NUDSON RIVER BAIL- OAD, There aro now in tho United States 60,000 milea of xailrond, Tho cont of theso works oxcoods $2,000,000,= 000, helr snnusi earnings oxceed $400,000,000, tud oqual $11 por Lead of our entiro population, 'Thoy transport, aunually, 125,000,000 tons ot {relglt, or over three tons to cach person, assuming our gutiro popula- tion to o ${0,000,000. Tho valuo of their tounuge, nt the low cstimate of $100 o the ton, equals §300 por head, and au uggrogate sum of §12,600,000,000—n sum stx times groater thun thelr cost, Lvory ilo of road constructed adds fivo times fta cost to tho aggregato valua of tho property of tho countsy’ o vaat commorco aud wealth aro wholly GREATIONS OF TAILROADS, and witlin tho short space of twenty yoars, Buch res eulta are possible only in o country 1iko - our own, tho marlet for whoso ataples, whether for home consumptiqu_or oxportation, fo - within o narrow belt Iylug fmmediately wpon ils northenstern cont lino, and moro than 1,000 milea from tho groat seal of pro~ duction, Wheat, tho most valuablo of our corcals, will not bLear transportstion over ordinary carth rosds anore than 330 miles ; over ralroads it will bear trang~ ortation 8,500 miles; Thoso works, consequoutly, ato Lo only oues that bave given, or that ean give, a com- amerclal valuo fo tho products of tho Interior, Thoy incroaso tho value of theso products Just in ratio aa tho cost of tranaportation is reducod, It for thom, many of tha most dengoly-lubabited, Gculthy, and prospors ous portions_of tha country would_hava romulue S ‘uncultivated as thoy wero 100 yeara ngo, But for them, our commeren, considered §n Toforaucs to ita Tast wagnitude, would bardly have iad an_existonco, Thoy Hio bt foundation of, and sustain, all tho Juried intercats of tho country. 1t was Inovitablo that tho yosseslon of such worke— 4hio most potent agencics for good ever yot dovisod by the Ingenuity of mau—phould bo gought by tho groap- g and soltial for tho purpoto of turning as for ts poseible, into their own poclets, and at tho oxpense of tho untion, tho wealth they croato. mod is to add, Tho common - DY “WATERING,” 10 thelr nominal cost. Upon such increaso dlyldends sre secured by the Impositlon of ratos far in excons of 4o cost of traneportation, Tho differcnco botween chargo ond cost {6 the measnro of the gaine. These epollations have been earrled to such an oxtent as to embarraes most seriously tho industrics nud com- merco of tho country. Unless they ean bo speedily correctod, all it material ntercats will ehortly bo i1 tho Linnds of n_fow groat papor-moncy Harous, sud wieldod wholly for the purposs of adding to thelr pros- ont enormous posacasions, Take tho caso of (ko Now York Central and Hudson ‘River roads; thoy.occupy tho nocessary routo of a Vast commerce—a commicrce that cannot well pass over any other, Tha valua of the nbaolute control of this rouito—of the unreatelcted power of lovying tolls over avery pound of mercnandiso passing over it, can Thordly b estimated. M, Vauderbllt was not slow in sclng aud {n twralily such un mmonto advantago to s own account. HIa groat wealth onabled him to got Jossoon of boih ronds, As soon an tioy woro ffrly o n his grasp, ho commoncod ‘s series of watoringa 13 3 * A MAGNITUDE B0 VAST 8 to be, for & time, really ncomprehiensible, Tholr brilliancy gavo an n@of statesmanship to n most in- 4quitona conspiracy sgainst the rights of the people, 4 On murder makes o villian, thousends a hoto ;" and Blr, Vanderbilt became the idol and hero of the hour, . The first act in this great drama was tho doubling, 4n 1867, of tho capital stock, then $7,000,000, of the Hudson River Railrosd, Upon this stock only 60 por. cent was called up; the transaction, couaer“lemly, Totted tho modest pum of $3,500,000, Taught by suctt instruction, Mr, Vandorbilt, fn 1863, declared a sorip dividend n{ 80 por cent upon the share capital ot the Coatral Railroad, then $28,730,000, 'I'bia dividend pro- duced $23,036,000! Dut those vast sims by no meuns satisfled tho ‘muw of this finoncisl agenf, Ho con- trived {ho union of the two ronds, and mado it tho pretext for anothor atock dividend of 27 per cent an tho Central, which produced, with s small addition thereto of alleged “surplua 'earnings, tho sum of 88,624,400, At tnosame thmo a dividend was declared upon 'tho sharo capital, Increased at the timo to 10,020,800, of the Hudson River, This dividend pro~ duced {he sum of $13,623,800, Tito following s a TABULAR STATEMENT OF THE BEVENAL WATERINGS, Firat wateringof Hudson River $ 8,600,000 Firat watering of New York 29,036,000—326,636,000 Central , 18,023,800 8,524,400— 22,148,200 Grand Totalu.uessensiises $48,684,200 Tlio present sharo capital of tho consolidated roads, Including the serip dividend, is $90,000,000, The waterings of Mr, Vanderbilt, consequently, excced tho «sapital uctually paid iu, by $7,368,400 | "Iho dividenda aunually pald ubon fhe waterings, at §uBer conty caual ho uum of £0,804,800 Yot wity all 9,684,200 principal, and $3,894,360 of an~ incomo, Mr, Vauderbilt refuscs toyay to the “Governinoat, 1n the shape of an Incomo tax, the paltry sum of & per cent on the amount of hia wateringa, Wo vory recontly heard from him ot Wasbington, whero Lo ‘was browbcating the Comuniasiones of Intornal Tiovenue who is attcmpting to collect this tax, It ia 2ot yot pald, and nover will bo It Me, Vandurbilt can ‘provent it, “Ihe distanco from New York to Dnffalo, by the line «of the New York Central & Hudson River Raflroad, s €42 wiles, Mr, Vanderbilt'a watoringa_consequently ‘gual $110,145 per malle for (ko whold lengtlxof thi o, Tu all theso walerings, NOT A DOLLAT of thelr amount iad gona into tho roads, nor has thelr capucity to esrn been incrensod o singlo penny, On tho coutrary, {he cost of tranaportation must havo boen largely fncrenscd In consequence, oa the morulo wveacntiul 1o cconomical mansgement can never bo pre- served on works whose munagers are rolling in sroulth from fll-gotten and iliegitimate galns, Wit la tho effect upon tho poor workman of having con- atantly boforo Lis eyes cxamplou of cnormous woalth not gotten by saviog sna patient industry, but by mero trick—by what 1s really s sbnmeless robbery of tho publlo? © Will ho not 100k about him 10 800 47 be can not botior his condition, either by noglocting his du- Hics, or by filching from the Cowpauy, whenovor an opportunity offors 7 Will not univessal demoraliza tlon, in tinie, be tho inovitablo rosult 7 BIr, Vanderbilt stands out iu bold relfef na tho groat- eat offender againat publlo marality ag woll aa tho pube Lio welforo; but ho 16 by 10_meana the original i the corrupt and outrageous practicos described, ho ovll, or crimo, rathor, dates back on this rond fo 1834, t6 tho formation of tho Central Company by the confolle dution of sovoral Lines. On that occaslon {lie waler Rogs equalod $3,804,600 In cortlficates Leariug 6 por cout intorest, Thls' sum, added to tho rocont wators 4ngs, makes 3 total of FIFTY-SBEVEN MILLIONS FIVE HUNDRED AND BEVENTY= BIX TTIOUSAND BRVEN INUNDIED DOLLARY | “Tho intorest and dividonds scoruiujy sunually om Lhiasutn equal 34,229,000 Tho tolal Watgeiys oqual $130,204 to tho muin lino of thoao roads, 'The futoreut Auuially on tho Aaia0 equuls Yry HoREly $10,000 pur o Enormous a8 aro thoso additions to the sharo capital of ihts concern, they aro liablo lo be vastly increanod any duy, and will cortaiuly bo Inereased, provided fn~ creased ' chargen will produce inoronscd carninga, Every cent of burdon Wil bo fmposed upon the rou Shnt fwlll bear, Lo only Uit to- cliaxges will ba its y Lo pay, ; By what power aro such onormons taxos ssessod upon thonatlon? Iy no ofher thun that of the flat of 8 singlo individual, Mr, Vundorblit sofzos a roud Jhfeh ull must wso ; g orccts, iu the shapo of frelght 1arila, toll-liousca on eycry wmile of it line, By such Jnoaus o wrin in additfon to tho projor chariies of 1 {rlluto o ? o tho labor of S B AN RL o UL MECHANIO AND PANAE Iia tribute i lovied upon ranu,_.up:‘:fl thoe noces- aitiea suthor than tho hixurios of' 1ifo, and 18 loviad' upon thous, cousequoutly, who ara thy lust blo to f uch 4 ono examplo of tho vast but frresponsiblo BOVrd that have grawa up unchocked in out sopiiiio, ol whcls sublget tho wizolo pooblato o most ddiows burdons —to » tazatlon {u 1ok oy havo mot. only not the foast yoico, but which 14 mout odlous i form, excesslye In nmonut, most fujurlos fn i1a o pplication, d leviod 1t tho caprico of o nol€-conatitited il irras nuiblo deepot, * But Mr, Vandurbilt bus Lla poor i almost evory ono of our gront lis, 12 they hiswe ot seullzod oqiul wumw, It 14 ok from’ any fult of (heie own, but beeauso tho worka (o control will ot bear’ oqually excessive finposltion, All wro oqually 1 conspirucy agajust tho publlc welfaro, o far, #oum 10" hayo enjoyed eyusl Lmmunfty, 'Tho lmbun haye boen too miteh ocouplod with othor avocas lons, a1 too prospacout (o apbratiato, or to combing ngalniat, theso attacks upon thioir mont importanb pri flogoa But an indiforence tht wi veory i 1 whent was worth $2.60 per bialsel, will bo found to bo yory unnatural wion ft fa worth only 81, Iil-roquited, not romunerative, Inbor now poya Mr., Vandorbill's iposition. TIE WHOLE NATION 1A OROANING under this and pimiine loads, Tho nuniversal dapres- #lon that provatl Is duo Iargely to tho fmposttlans do- sorlbod, - Clarygos of trancpariation, fncrand for o Durporo of paglug divldonts o eittions capliay aro How eatlng up thic substatico of tho peoplo, Thia fct 1a hoginujuw ovorywliero to bo undorstood, and war Apuinat, tho monopelists overywhora doclrod, e, wndorbilt dotlven his power of taxatlon from au not of onr Leglalaturo, Tho power thnt maken cau une miale. 1€ Lo ean rotuin hia granp upon thia body, Congreag will bo called upon_to Inforfora undor {00 powee ¥ to regnlato commierco Letweon the States,” * Whorover thoro 14 wrong, thoro must bo o remody.” I propose, in o gozlos of pajiors, Lo Atata thean wrongs, T aliall then go to tho question of thelr remedy. Qirewiar No. 2. LAKE SHORE & Ml(}l{ggfi\fl SOUTDERN RAIL- This line fa tho complemont of tho New York Uontral & Hudaon River Rallroad, from Nulfalo lo Qlcago~{lio two vl a lenyh of 082 milos : that of i formor {ram Buffaloto Ghicago, belog o0 miles thint of tha Intter from New York to Bustalo bolug 443 milos, This wholo llno s now “UNDER TUE CONTROI, OF A SINGLE WILT— that of -Mr, Vanderbiit, o boug - Prosident of the Central, and” his_son-in-Inw, - Mr, HoracoT, Olark, being Preaidont of the Lake Bhore, v, Vaudorbilt firat_appesrod in the latter ling in +1800-07, whon ho_got vontrol of the Oleveland & Toledo, in ordor to .sever - the conneetion of. tho Now York Coentral - with: the Weste tho oppononts of thia - rullwoy-potentate baving at thunt time ha control of tho lntier road, Horo ho dla~ plaged bis watering eapasity, thiough in n very humbla sways4n tho unton which hooffected betweon the loves 1and & Tolodo and the Clovelind, Panenvillo & Ashtae bula, Upon the share capital of the former, then $5,000,000, & sorlp dividond of 25 per cent was paid, amoutting to only $1,810,000. Lut this was In the carlfor doya of Ar, Vandorbll's radiroad experionco, and whilo ho was yot n novico fu the aqueons nrt, In Lls watoriny of tha Clovland & Toledo Railrond M, Vandorbllt showed to poor advantnge alongaido of s trainad voleraun who for a loug o Leld control o OLEVELAND, PAINESVILLE & ABIITABULA, Tho following _sfatement, tnken from tho ‘annual xaports of tho Iattor Company, of the dividonds pald in 8ix yoars, will shov to whataccount its managers turuod their postion in this roud s T DIVIDENDS, yr.| Stare | Bondea || —————= * | eaptat, | “dedt. || In atock, |In_bonde,| In cask, Der-ecnt, | per cent, | per cont, 1803,8,000,000 1,353,000(1 10 g | 10 1802[9,600,000 1'607,000(| 10 13 186414,000,000| 16080001100+ 4200 25 1805(5,000,000]1,601.000) 1860,5,000,000] 1,500,000, 1807:8,760,004'2,500,00{| " 75 | = The oggregate dividends ‘J‘.\lll for aix years cqualed 2833¢ por cont | Tho unuunl rato was 40 por cent. Tho toiul smount paid in tho hix yoars was $6,697,000 1 Theso dividends commentod on o sliare capltal, In 1801, of $3,000,000. T'kio happy posscusor, that yoar, of £10,000 of stouk, bield, ot tho cnd of six. yeurs, $33,500 in stocks and bonds for tha origiual $10,000, In 'the meantime he received $7,000 {u cash ; in other words, Lio recoived n dividends, In siz yon's, $10,400 on un inyestment of $10,000, rililaut 88 oo this achfevement, it was fairly oclipecd by tho manngers of the p UDKIALO & ERLE TALLROAD whichi now forms tlio castern portion of tho Laka Shore line, Tn 1866 tho sharo capital of tho rond, 88 milcs long, was $2,200,000, Ita funded dobt was $1,018,000,—tha total capital nccount being $3,218,000, In 1867 ita share capital was watored to the tuno of $2,000,000, . Tt 1800 it wns incroasod to $0,000,000, and 1t8 bonded debt to $4,000,000, making o total' of ‘$10,- 000,000, at which figuro it was inken into tho consol- idsiod | Compuny, Tho watorings in this case amounted Lo $0,176,200, 1 adaition 1o anmual vast dive idgnd of 10 por'cout, Tho waterings {n tho line fram Buffalo to Clevaland, s distanco of 203 milo3, cqualed $13,379,000, or $85,908 permilo, Tho dividends upon thid vud, ot B por cont, nmnu&t 1o $1,070,320, or at tho ruto of $5,474 per mile annually, Tho watorings fn tho Oloveland & Toledo Ralrond, a8 nlready sbiown, nmouuted to $1,250,000, In nd- dition to tho abova specific walerings THENE WAD A GENEIML ONK, ‘whon tho consolidation waa outered into, to the ox- tont of $5,440,670, The amount of the abare capital of tho'soveral companies, according to thieso roports, im~ ‘mediately preceding tholr consolidation,was ns follown s 3hare capital, _Debta, Michigan Bouthern.., \$12,125,000 $3,870,681 i 15,107,700 5,040,000 L 6,000,000 4,000,000 4,329,000 $18,525,581 33, Tho total stock and debt of tliese Linos pravious to the consolidation wna $51,848,881, Tho consolidated capltal was $35,000,000, Tlia fundod sud foating dobt of tho Company, a8 stated in the first snnunl report mada after tho' consolfdation, dedneting lenscd roads, Wns $93,289,651, Tho twomndo au sggregato of $57,« 280, 1n tlio wholo lino, conscquently, equaled $20,005,870, aa follows ¢ THE TOTAT WATERING Watorings in Cloveland, Painesvillo & Ash- tubula, .. + £0,597,000 Watoringa in Buifio & Tire. © 611800 Waterings in Oleveland & Tofedo. * 1,250,000 Excos of now capitul ovor old, 5,440,670 20,005,870 This was & year ngo, The capital nccount uf thin Company has “been incressed to probably $65,000,00, o8 provision was made, by tho terma of consolidation for n bonded dobt of £30,000,000, It I to bo presumed that amount hao heen whotly issucd, : As shown in the previous ciroular, tho watorlig in tho New York Central & Hudson River Raflrond cqualed $57,678,900, Tho watering in the Luko Shoro, added to this s, makos a total of $77,044,670, The dividends paid on this sum, at 8 por cont, oqual §3,- 211,725 annually, 'I'hio waterings cqual $19,000 PR NILE for tho wholo distanco from Now York to Chicago, Tho dividends puid aqual $6,025, aunuslly, per mile, for the wholo dlstance, Tho eapital pecount of the Now Yotk Central & Hud- a0n River aud tho Luko Slors Ralironds, cqualk $10: 017,203, ‘The amount of thelr waterings aquals $77,- 044,770, _ Thelr actual cost, consoquently, has becn $85,372,433. The wateringe, $79,000 per mile, equal to tho cost of constructing n first-claus, doublo-track railrosd, 1ald with stcol rails, diroct from Now York to Chicago, casting $100,000 to tho smilo, with an equip- ment sufliclent to earn $40,000,000 nnn\mll[y. "I prescnt chargo for tranaporling froight over tho 1ino oquals, suy, 2§ conts per ton por milo, Of this sum, 1% couts per tou per milo roprosent, cost of trangportation,—sud 13 conts por tou por milo profils on capital, Admitting this rato of chm‘qn produces 8 por cont'upon $163,000,000,—the nominal cost of tho road,—thon, i dividends wera to bo doclarad upon ccost only,—~upon $55,000,000,—tho chargoe for the capls might bo BEDUGED VERY NEATLT ONE HALF, or to & of & cent per ton per mile, Tusucl caso, the reduction per ton for tho whole distanco of 083 mlles ‘would bo $0.14. For exampl it costa 40 ceuts per 100 pounds to bring {n—which 8 fourth-class rel inb—lrnm Olilcago E)mN W York; this s 24 cents ‘por bushol of 60 pounds. Allowing 60 per cout of this 8um, or 14 couta per bushel, for cost of transporta tion, we havo 10 cents por buslicl for profit on {he aotual capital, Now, as the nommal capital 1s double tho capital inveated, 10 centa a bushal bu to bo ndded to pay dividenda on'tha entiro $163,000,000. Every ton of freight transported pays this tribute, Nothing now oacapos thia universal tax, 17 the State or General Government should {mposea tazx of1 cent a bushel on gran, it would create a revolt= tron, and yet Com, Vanderbilt tuxes the producera 10 UENTS A DOBHEL that an 8 per cent dividend miay Us yaid n hiv watered atoc Buch fa & atatement of the burdens placed upon tho commerce of ono groat routs, Tho mauagora of this, in conneot{on with those of Lwo other qrellt lines, con~ stitate a grand mionupoly which holds {n its grasp the intornal commorce, and with i the muterial intercat, of the wholo country, Whatever thoy docids in scorot conclove i fuw, In rates of charges for traneportation thoy fix the profits of labor uud gapital, tho price of fuod, of fucl in fact, of ovary- that fs consumed, ' They fuist mot'at Erle to consider and corroct tho evila of excessiva and ruinous competition! At this conclave, rales were ndvanced about 35 per cont, {hough the tolegraph announcod an advance of only 10 per cent. Bul Mr, Vandorbilt must have moro monoyto givo him 8 por cont onthe $17,040,570 of bogus capital, If 25 per cent will not do it, 60 must bo udded. It {8 wintor—all tho water- routea aro closed, - Tho West is full of produce which ‘must coms forward, 30 MATTER WIIAT PORTION OF ITH VALUR Mr, Vanderbilt sy tuke in clisrges for transports on, 18’ thoro no romody for such abuses and oppres slons? Of courso thor i, Tho atatomont of thom fa tho yomedy. Tho Woatorn farmor ia not golug to pny BIr, Vandorbilt on his bogus stock ; nolther {n tho ‘Eastern merchiant or mavufacturer, Thoy will efther compel im to disgorgy, or will preacrlbo tohim tharate thoy will pay. But it 18 1ot to ho expoctad that n un- nual tribts of $6,311,125 will bo givon up without & tromendous struggle. Mr, Vanderbilt may hold on for n yoar or two, If the presout Legiulaturo will not glyo Yllat, tho membors Fullracd (o tho moxt wil 'lio peopld hava too much of taxation assossed by Iegit{innto govorumenti—by powors instituted by themsolv 1o put up with eelf-constituted snd llo- timato onoe, Whoto rapaalty iy only mensurad by lielr ability to oppross, Thoy will glve Lim a fuif, even gencrous roturn for the monoy that hins hoen ace tuslly fuvoatod, but thoy will not give him a dollsr up- on liaro eapitu that doos not ropresont un investmont, This 15 tho lasuo thint tho pubiio will make witia him, Circular No. 3. OIIOAGD & NONTIWESTERN RAILROAD, Thio watorlngs in this great soncorn have boon aqual- Iy vxcossivo, hough of u diiforcnt_churacter from thoko deacribod it (ho provions oiroulars, A diract one, howover, of $6,030,600 wns mado at {ho time of itu dousolidation with tho Galens & Uliengo, the hold- or of atack dn tho latter being ullowed twa bhuros for oo provioudly held, * 10 cqualizo yalios,"—n phraso grontly I voguo with tho_solf-constiiuted 'tax-guthor- ot who now cantrol and lovy thelr contributions upon all our great avonuck of trade, Tho natural and ogult- ablo made would have bean, (0 oqualizo doicn instoad of up, au tho whwres of (Lo Nortwestorn, ab tho thno, wora 'conparatively worlllces, whilo {hoso of (hd Galoua & Obicago communded ouly par, But b sguare consolidution would havo foft no plundor, thy solo fn- ducommant (horolo, T tho busida o t. pirtios wiship- ulnting it, T roat. watorings in {hia road havo boon effoctod rough thi LEABES OF OTHER LINRI, Tho moat {mportunt of theso was that of tholroad from tho Miesisaippl to the Missouri River, thiough Jewa, adiutauce of 853 wiles, sud owued by two cor~ THE CHICAGO DAILY TRIBUNE: MONDAY, OCTOBER %0, 1873, rationn,—tho Clileago, Town & Nobraskn owning tho ok of ' milos from o Mianlasipp! Nivor to dodue Tapida; nnd thoQedar Raplda & Minsous] Rivor Com- pany owning that from Ocednr Rapida to the Missourl, & distanco of 271 miles, Thia lino nd o land-grant of 1,422,100 nores, A parly of ahrowd oporators got hold of this line, and wot themsolvos nt work to fot this magaificent domatu into thoir own hetds, and, at the #amo time, to gol rid of tho rond that liad to bo bullt to moouro it, This intoreating proulem wan rolved in tho fullnwth manuer ¢ Tho manngors of the Chfengo & Nortlventorn ngroed Lo tako a leaso of the Lo ron without tho lud, aving {74 per eont of Uio gro sarnings (ufierwheds rodueeil o 7i¢ yor cont)of tho Chieag, lowa & Nobranka Road, anit $1,760 por mile 11non 1ho Cedar Iapdde & Mimsonir! River Toad, up to tho 18t of Jumuury, 1871, nrd thoreatlor nt (e fole lowing rato: o' pay' €700 yer milo of the $1,500 por milo first onracd, 433 pes cent of tho $3,000 noxt oarned, and 20 yor cont upon_all carningd in'ox- 0039 of $1,600 por tlle, Tho rental of tho first-numed road tho pant year was $557,450, tho proportion of fgrosn camigs Dald boing £34¢’ ot cont, tho xaiutioy from 4745 10 373¢ per cont tuking offact for six months of tho fisent yedr only, At o sema ratoof gross oarn- ings, tho rental (373 ver cont) Uie present year will bo $42970, {hio gross carniugs of (Lo pust year bring $1.819,700, Tho grosa enrninga of tho Oedir Ruplds & Mlsaolrt ittvor Toad, for the past year, wero 32,10, 470, Wio folal for 'both Lines was 3,430,180, ' Tho earnings per miloof tho Cedar Jinpids & Minsonrl River Rond, the pnst yenr, wora §7,744, At this rato, thio rentnl for tho prosent year will 'bo $2,048 per milo, or a groes sum of $619,666, The toful rentalof tho t\\{n t"llin(n c»uv;ux “ulu 'y 1 ’f“ 5‘1,1%0.“1;0 al of ths routul, ot 7 porcent, 1y $10,15 transaotion is kngym 9. £ 5 TUE BLATR & AMES GRAD, Novw, tho cost of (hia Lino tathio partics holdiyr the snne could not hnvo oxecoded $20,000 por mmilo, OF 3 {irosn mum of £1,000,000, Tho rails waro laid, nud ridgen bl ; s faabout all, - Thoro wero no niips monts, and 1o acconnnodntions for bilslness, excent thiose supplfed by the losscea. Tho zatls Inid on the greator portion of 1t ware only forty-five poundn {0 tho yard, nud had to bo roplaced #oon afier tho losscos had omo into posacaston of it, ‘Tho profit puid Lo tho yar- ties constructiug it, cousequently, way §9,097,976, ‘Tho cost of tho road to the lesaces—that ik, the capitalized rontal—ls $45,771 per mile, It wonld require an ex- pondituro of $20,000 per mile, in addition, upon {t, in conatruction ‘i equipment, siuco itlioy came futo {wuemlnn b it, to bring the road to ita present condi- lon, - This sum brings up tho cost to $45,771 per mile, or upto o fotal of $24115,163, ‘The inte sum, ot 7 per cent, 18 $1,018,061, Tho eapital account for tho loased ronds, as stated by tho respestivo Companios, nmounts to $30,246,,500,— that of the Chlcago, Iown & Nebraska being $4," 20,300, mnde up of 3,016,360 of stock, nnd $810,000 of honda 3 that of thio Codar Ttapids & Miksouri. River boiny $16,-- 020,000, and mado up of $3,000,000 of stock and s‘?,ozu, 000 of bonds, Thio Iaud-grant to tho Towa Iinos yna 1,422,100 acres, Of this quantity, cortificates for 81,200,000 ‘acren had Doen instied 1nofo than o yesr ngo,” Thoso Tauds, ab the low valuation of $7 por ncre, aro worll 38,400, Tha valus of thcse Innds, added to tho unquestioned profit from tho construction of tho romd, muke s total ©of $17,097,276, 'This sum measures tho profit that one porty mado out of this affalr in tho courso of o fow years, Anotlior cxamplo, of tho #amo ldnd, wes that of the Winona and_St, Poter'a Railvond, of Minnesota, A arty got hold of tniw line, built tho road, tovk tlie and, and then turned over the mndtwiu.\uué tho lsnds, to tho Obicago & Northwestor, ul about 15,000 pof milo, or nearly twico ita cost, 'Tho zoad had ho cons noctfon whatovor with tho Ghirago & Notthweslorn. 1t dfd not, in fuct, come within 100 mifes of any por- tion of tho rond of the latter Company, A lesso il Just na woll have been taken of & road on tha Pacifio Count, Tho Winona & St. Poters lino-ri throughi nn nnsettiod conntry, and could nt, for yoars, bo cxpoct- ed fo pay o remunerativo return on {ta cost, In ad- dition {o the rontal pald, the Northwestorn hnd to complote and equip it, carrying tho cost of tho line to this Company up, probably, to §10,000 per mile. Tho Innd-grant 1o the Winonn & Bt, Petera Compnuy wag 1,410,000 acrcs, Of this yast grant, 343,376 acres had boon'confirme to it on tho Ist day of July, 1800, The voluo of tho Innd acquired equals §2,190,033, Assuine ing tho profita of {1io construction fo Livo been $16,« 00 per, milo for 120 milce, tho sggregato was 31,310, 000, Thie total proft, both’ from lauda and cobstruc- tion, was $3,236,032, 'This allair waa kuown 08 TUE DANNEY QBAD, Anothior oxamplo in kind was that of tho Poninsula Tallroad of Michigon ; o land-grant rond, entitled to 346,880 acros, of which 218,880 acrea had boeu certified to tho Company on tho’ lst day of July, 1800, This road was built and consoliduted with the Northwest- ern, without the lands, ot a ralo of aboutit,000 yer e, Tho length of this road is 73 miles, Tta' cost to ita projectors was nbout $20,000 por mile, The profit on construction was about $1,460,000. ‘The yaluo of jta land-grant, at $7 per acro, was $1,532,100, The profita of tho traneaction, conacquently, wwore $2,003,160, Tho Tenivsula oad had no_connoction witatever with thio Northwestern, not did it come withia 0 miles of any portion of tho g of the Iatter. Thiala known as TUIZ OGDEX & TILDEN onAD. Tho eapl- 076, This rest on this Tho totsl smount of lands ulready ceded to the thrco Cowpenica whose ronds sro loased to tho Northwestorn amounted on the st of July, 1829, to 1,703,350 nores, ‘Thoir valio 547 por aero fe $12,020702, " Tkga adlilons aro 40 bo mado to the procont cesslons, Tho profite arising from conatruction of the roada could not have boen lean (han $12,447,075, The profits, so far, to outsidors, on tho threo Unos, huva boen $24,776,163, Tho fnaids profta hiavo Leen $8,810,630, to-wit : The watorings in fuvor of the Galenu & Chicago of $0,030,500 t tho time of tha fonltagduunn, und $2,810,110 'of serlp dividends paid In 1808, THE TOTAL PROFITS Bave boen 833,016,777, ao aliown in tho following tabue lur atatemout's Profitaof _Projits on Roails, Waterings, conatrug'n, Land-grants, Chieago & N, W...$3,80,610 ...... Ch,, lowa & Neb! $9,097,375 $8,400,000 0. dtapide,& Mo. \\'llloul:uk Bt, P'trg 1,890,000 1,400,000 1,532,160 3,810,610 $12,407,076 $12,925,792 What wae tho molive thot {nduced {ho Okieago & Northwentorn Company to mnke coutracts Ao destruc- tivo to its own futercsts, and ithout gaining uny nd- yautago from tho lund-grants to leased Lucs? ~Tho leases wore tho product of QriosA CONNULTION OR FOLLY, it hiardly mattérs now which, Suflice it to sny, It was o gross porvoraion of o 1nost wacred trust, fOr which porversion tho public aro paying bitterly. Thuy, puying on the ronda ot doublo cout, have derived 110 advantogo whulovor from {ho grants S0 muni- fcently mado, Thedo grants should in all casca have beon moda fhe basis of tho socurities fasucd by cachi Company, 'Tho procceds of tholr sale should v retired tlisse socutitios, roducing in an equal do- groo thio cont ol tho roade, \ith a corresponding ro- uction Iu the charges for transyortation, 1ty tho time tho landa wore aold, the reduction in {lio amannt of the soourlties asued vould have cqualed such pro- ceods, or tho sum of $13,242,102, Tho uinunl intorest on thls sum is §856,005, ' Thin suny would buve beew tho sunual gafu o thocommerca of the country, had {lioso lands boen appliod, 18 thoy should have bacn, to tho construetion of tho roads, Anothier courso might liano boon_taken,—that adopt- in tho case of the lilinols Contral, Thnt Company o roquirad lo vy T boe ocut of ifs groes earnins, annually, into tlie Stute T'ressury, s thia price of tho transfor of tho land-grant to the Company, Thls por- centago ylolds tho Stute somo $000,000 annually, A gront ovil necessarlly resulta from sevoring iand. granta from tho railroad {o which they are mado, If sulained by tho owuars of the roud, tho attor fimvo overy molivo to oncourage thoir occupation, us the means of creating o trafilo, Thoy would offer tho Iands ot low rates, und on long credits, and givo overy facllity sud indulgence nosaiblo to tho sottlors, Thezo lands are now wholly hield—Irisl fusbion— DY AUSENTEEH, OI BPEOULATORR, eatly to tholujury of the raflrosds and 'to tho fn- £Erouta of ia peopie, who domond. ehtup Iands snd specdy sottlomont, But, from tho oxtravagent prices uaked, theso land-grants'are still vast wastes, and aro likoly for yoars to romuin so, Iliey cost thelt ownera notlifug; on the other hund, tholr owners mnde vaut sums by tho construction of tho rouds by which the Innde were scquirod, Thoy consoquontly can Lold thom Il thoy roallzo the extravagant prico domonded for them, Wheneold, thoy aro to o patd for by tho labor of {he plonoor, aud not by the capital of tho rich, “Thototal amount of tho espital and debts of the two Companies, gn (ho lut duy of Juno, 1808, whon {ho consolidatioh went Into offect, was $0,614,000, The lougth of lino thon in operation wus 009 miles. s cost por milo was 50,008, The capital account of tho Company on the'lat day of June, 1870, tho dato of tho last annual report, was $51,108,- 501, The capitalized rentul of tho lodscd Toads wia ) 6, The total capltal account of the Company, contioqiianily, Was $47,205,960, o present leugth of Lino owned and loused by the Company {81,166 miles, Tho coat per milo s $58,200, Tho increaso of tho cap- ital nccount, in_alx yoars, haa boon 30,751,060, or at 1ho rate of $6,125,937 annually, Tho iucrénse of ‘milo- 8g0 has beon 807 Taflos, “The cost por milo Lss iue cronsed from $50,098 to $58,200, Tho aboyo atatemont dovs nat ncludo the, Winona & Bt, Potors Road, Whosa 7 por cont bonds aro gusraus teod by tlio Chicago & Northwostorn, nor tho koveral Tinoa which tio' Gompany are now builaing, such an tho Trompoluau, whose bonds poy 10 por cont inforest; tho Tows Midland, whoso 8 por cont bonds have rocents Iy boen privately fiegotiated ; and the Lino from Madl- #on to LaCroass, [Tho Directors in the Ohleago & Northweatorn Ratl- roud, as 1n tho Erlo, are olactad for ono, two, and threa eart, It 16 duo to somo of tho prasent Board to stata hat thoy wore 1ot partlua to theas original Isud-grant swiudies,) “Cho oxnmples that have been cifed iu this and tlo ‘previous circulars aliow how univoraul hye beon (he CORBUPTION IN TOE MANAUEMENT OF OUN RAIL~ 2,300,032 10ADS, Theao all reault in an excesalvo cost of the works, and {atl In tho oud, wholly upon, tho ooy, Upon 'aucl cosls, divideuds and Interost are souglit 'to bo paid by oxcoustvo rates of cliargos, Thio pooplo, consonuently, suffer ust in ratio us thouo proying upon them grow rich, Binca writing tho abovo clxcular, T havo boon favored willi n communication, signed by ‘Samucl Durton, and addrossed to “1ho Livklors of tha capital wtock and coukoliilution cortificates of tho Now York Coutral & Hudson Tiver Hallrond,” M, Barton is o noar reln~ tiva of Com. Vaudorbilt, aud ‘unquestionabiy speaka by nuthorlty, ' By Ll T am charged wil willfal fulsification froms pocunisry motives, I disclaii, ute torly, luving suy_futorost whutover, directly or’ in- directly, i Now. York Gontral tock or #orlp; mnor Layo Llind, for i loug time, Mr, Narlows ro 1 thnt of tha Iawyor who ualdl % 1 hud no_ovidence to olfer in defonsg, but should procead o ubus 4ho_plaintiir t0 the bost' of Liw abilfty" T statod that of all tha ateriugs uol dallar weiktinlo tho roud, This 1n o= nfod, Comuodoro Vandorbilt might na well haye do- nfod tho s of thio eortiticates thomsolyou, 'Cho puks 1o havo & right (o iek you how tucl mousy you (il for tho milllions of cortificatus fustied to youreolf, 1€ you pald nathing, did tho yeolplonts of your butnty, aud Who Wore fn your scorot, pay anything? € uallis Ing wun paid, thoi thoae cortlicatos Woro o stook divi- dend ; and, uch beingy tho caso, have you paid the § por cnb Governuent (ax on thom? 1a nuything ro- colyed o thess cortitlcates by way of dividendsy If 80, how much, und who pays? By what authority did YOU w1y your Huard, susioned by your Wavews (0 8 Duldnight scuston, - TLAGE A PENETUAL MODTOAQE Of $44,426,30 upon tho cawmmerco of thy sountry, withe 5 out tho oquivalont Lo the publio of a dollar 7 All this, Gommadora, was done at your bohicat, In your dofensc, you cito your managoment of tho arlom, auothor most oppreasivo monale. Iaid mot refor o it} roserving It for anothior cireuinr, But, a8 you lavo brought 1t i, willyau anawor n fow quen: tiona horo? Did you 1ok, whilo n Truatoo, iasin to oursell a largo nmount of il bonda at 60 por’ cont on lio dollor7” 1iwve you nob ainco sssuming coniro] of thin propeety, ndvaneed the inrlff on milk from jg to 13¢ centa por quart,—a 300 por cont acditionnl frélght At on opa dlom alona? In this the way you hive atamped your individualily, oconumy, sud genins upon the Iarlom Joad ? 'Mr. VandorbiIt lins lind ohatgo of tho New York Cone tenl Rond for throo years, According to Mr, Darton, and tho wworn statemont of the oflicors of the rond in 1867, ho s, in that timo, ndded only thrao lotomo- tivea to tho number fu uso prior to '67, In a fulure cireular, T proposo to show tho oxact valie of the ime ‘provements lio han mado on thi Thio ainco oblaining control of it, and tho amount of additional stuck hu lios dnaued nudl racelvod tho motioy for, Mr. Barton dnwlala upon Mr, Vandurbiits wonderful abiliticn as n rafirand man, No ono denies this, Dut, Wilh his utold mililuns boforo hio hiad anything o do witl thio Now York Qontrul, wold it not Luve been miure graclous aud morltorlons {n bim to have turned Lida tranncondent abilitics (o tho REDUOTION OF TIE GOST OF TRANUTORTATION, nnd to llovinta tho burdona that now press ko howvily unon {lio commurco of tho country, aud upou labor? 1Bt tlio ainckholders iave mo shuso o somplaln of Mr. Vondorblits mansgomont 19 f00 ovident fo havo necdod tho proof Mr. Barton dednces; but it 1a tho paoplo, nud not their Gorvants, who should roap the ouofi{a resulting from such good mnnngoment, Thoy cronto tho trade Of oo groat highways, aud, ns that {rado ineroaseu, it 8 not o corraspondiny incloaso of derip capital, bt n correspoudiug reduetion i trolght- charges, tht thoy, whom the ronds aro Lult nnd rum to korve, Linve o 1ight to oxpoct, Circular No. 4. MILWAUKEE & ST, PAUL RATLROAD, The mancgers of railronds huvo o grent many difYer- ent ways of robbing tho peoplo, Com. Vanderbilt does not bulld raflroads ; ho buys inem ; doubles, Ty his watorings, tholr_slivra capiial, and doubles s tho eamo way hia _profits—provided, always, hio can aske tho people pay dividenda on his watorsd stock, Thig fa tho moasuro and scops of hia wonderful goniua nan rallrosd mon. In tho Cbleago & Northweatorn thorowas n different rolo. Conteactora and speouls latorg (outsidera mainly) mado the money hove, Thoy found pliaut nnd. supplo Dircclora o tako thio ahella and giva thom Dack tho oyutor, Tho pube lo, unfortunately, has. lo pay for tho sella tha full pricc of {he bivalve, in_ tho increased rices upon_ whatover thoy oaf, driuk, or wear, For “ovory. " blundar, for “ovory' act 6t " wnfaithe Tulnoss of fraud, TIE PEOPLE PAY THE PENALTY, Ttmaybo ol tho samo fo tho partlos bullding or owning o road, whether it cost $50,000 or $100,000 per mile, To tho publin the differonce I that botween the amotnt of dividends pald on these s, Tha methiod with {ho Milwaukoo & Bt. Panl mansgers has boen Aifferent from any of thoso named, The monvy mudo Lioro Ia by au {nsiido # riug who build and buy raflronde, and soll thom, ot thelr own prico, to tho ona thoy control. Thia is n safo and casy way, but contrants poorly with tho brilliant offrontery of Qom, Vandorblll, who desplees and defios publfo opinion. ’ Everybody fecla it to bo o mean and sneaking thitig for A B, s con- tractor, to eell hin wares to A B3, an railroad-Director, bocuitys o offonder can 80 carly cover hinizall that dotootion or punishment—romoval from ofice, which 15 tho ponalty mowt fearcd, becatse it removes from ortunities to plunder—ia almost impossible, Tho Milwaukco & 8t, Paul Road ls o patehwork, mado up of ol kinds of matorlal, aud talien fn at PRIGKS WIIICI DIEST BUITED ITH MANAGENS, What tho soveral portions coat it {s {mpossible to {atlyna oy aro all lumpod togolber in one maer.” It 15 equally finpossible o tell what tho eovoral piscos carn, of what they aro worth, Ono of thoac, tho MeGrogor & Yaukton line, which hnd o Isnd-grant of 1,690,000 nores, 18 now bolng bullt by & # ring con- trolled by Milwaukeo & 8, Paul Directors, and, 0s fast na bullt, turnod over, without equipment, to tuts Qompany, _ miutis " tho Iands and ‘st twico its cost. Alroady 126 milos havo boows buflt, Thieland that will, in this way, bo secarod to tho * Ring" will bo worth,’ probably,” $10,000,0001 Tho road 15 being bullt through a country almost 'des- tituto of populatlon, and cabuot, for & long time, pay ‘much, If uny, moro than running oxponses, Another Iand-grant lino, which now Gomposes o portion of tho Milwaukoo & Bt. Prul Road, wos tho Minnesota Central, The land-grant calls for 043,403 uores, This link was put_into tho consolidated Come pany at tho prico demanded by the “Ring" who buile it, and after they hind soverad from it tho lands, to bo eonflscated for thelr own bonefit and use. Avother Jund-grant road whiul the Milwankes & 8t, Paul Ring havo got hold of fa tho Hustings & Dakotn, ‘which is entitled to a grant of 550,000 ncres, Oftlhia Mn 60 miles aro bullt, It is fair to prosume that this m:fii 11 to ba built oud put upon tho Milwaukeo & 8t. Panl 1n the same manuor a8 have been tho othor land-grant Iines nlready nomed. Anotior, O tho same, “Ting® are buflding a direct Tina of rosd upon the banks of tho Miusisnippi, from Bt, Paul to La Ororso, 1o bosold to tho Milwaukeo & 8t, Paul Company when the ralla arolaid, Thislan rival lino to ono already in oporation, and belonging to the same Company. The two are perallel to each oth- or, aud will competo matnly for thio same traffie, thdr road,thio Wout Wiacousin, miow belng buil i - othor railroad company, will alko bo paralfol to tho twa named, When nam&\leled, which {t apcedlly will bo, there will bo threo rouads competing for a businesa only aufliclent to -ur‘{mrt oue, Another magnificent oporation, and fn which vast ulus for rafironding wa showil, was the loaing of gl‘x’u ‘Western Union Rullrond” to the Ailwauleo & St, The former was Paul, A THOROUQILLY NROKEN-DOWN CONOTTN, novor haviug pald doliar, either in_intorest or divi- donds, By (ho Iust annunl roport of this Company, ‘mado for 1808, it shuro capital was put down at 8, 07,600, $th fundod debt at $4,000,000, and it floating debt at'$1,900,4401 Tho gross atl not cornings for four yoard aiter lta opouiny wero statod an fullows : Grosa carnings, Net carnings, $688,247 815,054 149,700 715,013 193,850 758,780 149,150 @n for tho fonr years averaged $197,- 008 nnnually, But, with_thoso earniugs, tho Company becamo cach year all tho moro involved, It fi not probable thnt & singlo dollar was carnod tiat could bs mudo applicable, either to futerest or dividouds, The roud might: lorally o Eaid to start from nowlere, and fo run fo nowhero, It 4 growing worss nud worse vyery yoar,—bolug gronud fo powder by the Obleago " & °Northwestorn and - other rival lines, But this was just the feld for GRAND DISTLAY OF RAILIOAD AKILE., A portion of the Milwauked & St, Paul Iting bought up a controlliug Interest in its stock, and nald it to thuir Compuny,—Or,rathior, oxchanged stook for slock, to tho amount of $1,507,600, whoreby mald Company Dbecomo possessod of thin wonderful proporty, T b lavo thaf, 0 p part of tho transsotlon, thio bond-lold- or8 consonted to reduce thelr bouds t0.$3,600,000, Up- o i mum o Mtlwmien 1, Paut 1 o pay t tho rato of 7 par cont, $216,000 annually. In addition, it pays dividends ugon tho stock Isaued fu oxchango for that of tho Western Union, at the rats of 7 per cont, and smounting to $105,625 annully, Tho toial rental uid for tho Westorn Unlon Road, nsaime g that tho Milwnukeo & Bt Paul continucs to poy dividouds, amounts to $345,535 anuually,—and al thia for o proporty tho not earuings of which wore not sutllolent to koep tho Company on ité logs, Dut, ovon with the nut carnings clumod (of $17,008), ho Aunusl balanco agalnst tho Milwaukeo & Bt, Pal, rosulting from tho transsction, nmounts fo $218,817, 'No portion of the lincs of the two ronds came within 20 shiles of oach othor, Thoy run, in fact, {n opposite directious, Their onstern terimtni, ‘on Lako Michigan, woro mors £han 20 milos apart ; helr weatorn, on tho Mississippl River, woere 200 miles apart, Tho interests of tho two ‘Companies wore nedther mutual nor antagonistis, Tho Bt Paul, as far s any benefit was to ba derived, might a8 ‘well nvo Joasod the Toosao Tuunel or tho road of the Boston, Hartford & Erio, Ta it to bo wondered at (lint rerip dividonds ot tho ordor of tho dny with tho Milwaukeo & SL. Paul, in splto of tho boust of {15 Dircctors, in thelr report of 1809, thiat, “having completed thelr improvements and pafd thiorefor from tho earnings of the road for 1806, the polisy of the Diroctors in future will be to divido the not carniugs in casl to tho sharo-lioldors,” Tho noxt dividend mado was a proper commantary uron all thoso high-sounding but liollow promised, Toe not carniugs of tho Company, instesd of balng applicd to cash dividonds, Luva boon, and must by, usod to sustain tho worthldsa rallway property which tho mansgors of this Company Luvo purchnsod and sold tok, "Whon dividends ore carnod and paid in caeh ou tho common stock of tho Milwaukeo & Bt Paul Raflroad Ly tho presont monagoment, the il Touniwn will not bo far off, By tho declaration of dividonds in_stock, all the loasos resulling from snlsconduct and frouda aro sought o bo thrown upon tho people, 1 INOREASED OHARUES FOB THANSPORTATION, Tho only way to moot and correct uch abusos 1s by a Inw which sall, by tho severcst pennltics, prolihit sltogothor ecrip dividonds, “hoso already declared by the Milwaukeo & 5t, Paul amount to $4, M'.',B{'I.—é:; sy 7 yor conton which tha pooplo arafo bo tax: §23,035 unaually, o this" Bekitious ‘Sepltal fs fo.bo addod the mum of 1,607,600 of capitul isuued to tho Wostorn Unfon, making o toal watorod: capital of $1,700,347, 1u uddition to that pald in tho purchase of Iand-grant lines, I Judgo, howover, thet such divi- donds are about played out, evon fn’ the Milwuukeo & 8t. Paul, 08 the laat ono of 'the kind causod o fall of 80100 10 cr cent {n ita stock, It wos & trunsaction too burefacod for even & credulous public,—it was @ fur- thor wataring of that which beforo bad neithor con- sistonoy nor color loft, “Iho Gompay oponed last yoor 100 miles of now line, Tt ncroased Ita nhiro capdtal in tho ncantinio $5,28,¢ 600, and {ts funded dobt 1,050,082, Tho sggreguto of thieso for 1800 was $34,604,413 ' fur 1670 1t wils $40,55,« 854, Tho Iucreaso wus §0,30,341, or noarly 20 por tont, “Tho lueronso of carninga was from 7,160,008 to §7,420,+ 01, or at tho rato of ittlo ovor 2 por cont, Thia {a tio Wby Watorlug works : Inorease of capital 20 por cont ~—af oarniugs 3 por cont, Nor fa ihis the only wa walerlug works, ~On thoso roads, whoss capital_stoc Lns becus Taroly wiatercd by (o a0 of sdditioual stock nud berlp dividends, LVERYTHING 18 MADE SUBSERVIENT £o tho ono nocessity of soouring suiclent not carnings 10 poy th promised 8 por cout on theuo Miogal lsatod, Nol ouly aro tlio cliurgea of (ransportution ad- vauced, but the expensos of the road aro _curtallod, and un oconomy practiced, profiable, to tho holdora’ of tho fraudulont etook, buf porllons to the traveling public, First-class' mon, unwilltug o givo thelr ervicon ut loss thau thelr fuir wmarkot-valug, ure roplaced by ignorant wnd inforior workimou wlio coutruct to do doublo duty for hal¢ Wagos § u hrakoman §s divchargod horo, nud & flagman thoro ;' passongur tyalus are pormitted to malto uyp lost Linio Ly runnlug at full spoud over draw-bridges—no mttor how dark and frasty tho night,—ud {0 mwot Leavy feolght trafu whilo thoy uro crosuiug tho samo structire, Tho worn-out rauning gest Yiuids to iy froab; an axlo Bnaps ol cars junip the track und block tho way of u lato und rapldly-appronching ex- fesa : thora i 1o ano (o Lual, down’ i Whits slgual- ght Which proclatma all tighit | o fearful collinion fa thoresult ; tho ofl fa dguited snd i’ turn fires tho prssonger cary ; {ho brld uco, uhublo 40 stand tho apd no_doubt go—n weak woodon lrige Welyht and jur—gives woy, VIVE-AND-TWENTY TOASTING HUMAN LEINGE @ro daliud on kud undor tho ico thiab voverd (o riyor btow, Dl theao ato uunvolanbo acollonts, These lJompanies koep as many employes as OAD,; Col- SIAToRE Witk Fhir dividandeobitgntions, sad. oa thons obligattons Incronso, oxponslvo aafogiiardn must bo dis pensed with, ovon though o frightful incronso of tha daniora nitchdiny ofhway.travol be tho romit, Of ol tho variation of trauc ahd mismnasgoment, thero i1 nono do dangorous and fatal na for Diractors of ralirouda to engago - tho conntrifion ot purclinno of theso works for tho prposo of folsting thiom, at tholr own prico, upon thoso thoy conrol, Tho ohly quication conaidored fu aiich caacs fa tho abilily of tho Companios to lako and poy fer thiom, Now, ho road lionid bo bulle (oxcept san privlo iitorprid) wioeo thora n not 1ho promiso of n fair rolur upon ita cost, ‘Whoro the partios building nre responaibla to thome solves alono for thelr binnders aud losses, no othors will bo undortaken, Such uy aro built will Lo eeanotile cally conatructod and managed, Lut, whoro tho pur- tos are rollovod of all witcl responsibility, uttor disas- terand ruln ara tho corlafn xoault, Tlioy novor stop until compeliod to do so by tho poverty of bunkriplo} of thoir victime, ‘Tho “Ring? in thio Milwaukoo Bt Paul aro fast gotiing to tho ond of thoir tethor, A fow mora additlonn of unproductive and competing linca, & fow mnoro dividouds in scryp, and all will bo up with'tlifs concorn, THE DIVERNION OF LAND-GRANTS from tho piurponca for whioh oy wora wido bas - ready bocoma n colossal oll, and should inunediately ongago thio sttention of Congress, Thero aro thrcy freat linios n Towa alon, frorm which {ts Tand-grana ave beon kovored, to wit : thnt made to (o Godaf Ttay ids & Missourd Raflroad, of 1,423,109 ncres; that mado to (hio McGregor & Yonkfon Ruilroad, of 1,636,000 acres, and that to the Dubuque & Bloux Oity Kafirdad, of 1,230,163 ncree, Theso granuts included 4,184,270 fcres,—un aron oquad o tiat of tlio Blato of ‘Mubsa. chuselts, or about 7,000 squaro miles, This {mmo domnin s now eld by sbsentecs, on spcoulation—p moat adious sud injurious modo of Lioldiug onr wild Inude, "All theen throo linen Luvo boon loased, Tho owners of tho lands, congequiently, Lavo no motivo but to got tho most, thoy can for thelr land-grants, which | hiavo beon wholly divertcil from tho objocts for which tloy wero made, Tho ama patties have reallzed ime menso sums from (ho_construction of tho Tonds,” At §7 per aoro for- thoso land thoy havo sn additionat profit of uearly $00,000,000 loft, ~Thia vast awm ia to o wrung feom thoswont of the blonccr, - In the e timo thoroads must romain without trafo tl tho landa arosold and soltled, Tho inloroata of tho ai- sontco owners and of the rallronds aro now wholly antagonietio, Hnd tho ralronds hield tho lands, they would have prowoted thoir carly scitlemont, nud would, of neces sity, linvo provod kind and bonoficont landiords, Tho abeontees oro cortain to prove MOST INDIFFEHENT AND BELFIAIl ONES, Oongrena_should imnediately Interposs in all puch osves, and focbid any furtlioe Hoveraiico of tho land- grants from tho lingk {0 which thoy woro made, Such o tan, to bo suro, 4 locking flio atablo-door aflor all tho beal Loraes havo been stolon. Whore tho geants Iiavo boon nisapproprinted, thoy sould, n ull cascs, boresumod, | Thord aro miny Valuablo frauta undis: pored of. Othors may yet Lo mado, All such grauta eliould bo tho basis of all secnritica that may bo foaued for the purposs of building tho roads, Tho modo of tholx sale, aud tho pricoa to ba_pald, should bo aoctte rately dofined, 8o that the grants, whilo thoy promots tho canstruation of rallroads, will, at the samo tmo, advance thio public wolfaro, Cixculnr No. 5 . OENERAL BUMMARY. Tiallrosds nro vosted with (ho right {0 foka privato proporty for public uso, . Thia_ prarogtiva of Governs ment i grantod thom §i cousidaration of their publia ulility, but ; 08 now conducted, . . THEY BARKLY PULFIL their benoficent purpose,. Labor und skill have ro- moved tho obstacles in tho way of cheap and eaey tranelt, and sot tho farmer gois no profit on his produats, nor tho merchant or manufacturer ou bis wares, 1t will bo secn by the following tablo that, of tho four ‘\r'unbk_tnflrnadl connecting this oity with the Far eu ‘Tho Now York Contral & Mudson Lag in- crensed ita stoek by watering, ... $57,670,700 Tho Lake Shoro & Michignn Southern lian fncreascd ita stock by Waloriig. ... v... 20,006,870 Tho Ohleago & Northwestern hos increased ita atock by watering ... cereeinee 8,810,610 And ita inanagers havo miads, Uy prodis oa construction . 12,447,075 And, by profits on land-gr 12,128,702 anta, Tho Mllwaukeo & 8t. Poul has stock by watering. Profita land-grants, Total....... $135,125,436 Tero ia ONE HUNDRED AND THAIMTY-FIVE MILLION ONE HUN- DUED AND TWENTY-FIVE THOUSAND DOLLANS in oxcess of {lio actual cast of theso ronds—cnoughs oxponded without waste, to butld and oquip o firat- clags, doublo-track road—stool rails and iron bridges— from Now York to Ounha, nnd with a Hiuo {o 8¢, Yaul, ‘The lings T hiave montioned in this scries of circu- Inra puss through tho woalihiost and most praductivo sections of thik country, from tho seaboard to Onaha and 8t Pawl, All whouso thom aro robbed by tho fow who own and conirol thom, Nor does tho ovil stop bere. If Com, Vanderbilt and his imitators can doublo tho capitnl of tholr reepective roads, thoy can trobloaud quadruploits fu_fact, thero fn no limit which thoy may not pass, Gov. Palmer, of Tilinofs, may woll ask, “Is tho croated greater than its croator?” Can privalo proporty bo soized on tho ples of publicgood; and thew, whon tho bonefits prownised aro about o bo roallzad, sholl tho purposes for whieh theso roads nro supposed to bo tmilt and run Lo totally fgnored 7 Aro thoso raflways, chnrterad by tho Stats, undor the bellof that {he peoplo nra o Lo tho gainors, and tho, commoreo and woalth of tlia whole country Inrgely and rapidly fncreased by their construiction and aporation, to bo appropristed by o fow rich, shrowd, und unprincipled men, oud vsed miorely s & means of ouriching themsolves 7 Stnll tho dosiro of {ho Vanderbilts to bo wortl §100,000,000 cenublo thom to rido rough-shod _ovar (hio futaresth of the commiunity at largo, and treat with rufilanly con- tompt the just demands of thouo to witose horotofore quiot submisalon, under the infliction of a great wrong, they ows thelr filgotten gains ¢ ‘The timo has como when theso questions must bo ausywerod, LOW IATES OF TRANSPORTATION aro now a nevessity to all clasucu of tho peaple, and they muat bo had,” Vory littlo whiat fa grown within 500" miles of {lde-water, Tho great fiolds for thia stuplo aro conatantly moving Weat, and will soon bo 1,600 miles Infand, ~Corn 18 not ralsed for ozport withe 111 1,000 miles of New York, hy groat arlerios of conimorea can o longor o pormitled to remaln under the coatrol of despots, wwhoso will i law, whoso chargea havo no refereuco (o caut, whoso tixed’ purposo s fo gotall thoy can, nnd thofpay thomselvod at ncoma on praperty whlel Tiua cout thom nothing, with monoy fllehed from Lhoo who Iabor Lonestly for their broud, Tow can thie greut noccssarics of ifo bo transportod from tlie seats of production to tho markots, aud wiill Teavo o fair morgin for prodt to tho producer? Tho solving of this problom moans, for tho Last, choap fool; for tho Interior, o Xeasonnblo profit 10 labor; and, for the wholo couritry, tho turning to thiotr proper aocount of its Lllimitable reacurcea, ‘Cho forelgn markots, a8 well o our own, atoto bo cousidered, The prices of Lreadstuffa in ‘New York aro regulated by those in London, Tho computitors of tho Towa and Minnesota farmers aro (ho wheat-growors of HMungary and Russia, Tho railroads of tho two countrios named have, within & fow years, opened up immonso grain-growing districts, s produttive e one own, and el moro favorubly situated in roforenco to thlo foroign matkets, Wo havo nearly lost tho monopoly once possessed in our railways, in tho construction of which wo wworo far in advanca of all othor agrioultural notlons, Itis only £o bo rogafuod by tho roduction of thocost of tranapor. tatiou to point which will onablo us, o8 formerly, to undorsoll our rivals, and still huvo o' feir margiy foft us for profit. Thds maticr of frolght harges wonld rogulato eclf but for tho “ Vanderbilt aystem " roforrad to, THERE OAN I NO REFORM whilo men of much unlimitod. rapacity, mon eo lost to whnt fs rogarded as fole and honest deuling Lebweon man and man, men who nover bufld rafiroads to got a falr return’ of thelr outlay, but them to uso ua & weaus of opprossion and cxtortion, control our groat uvonues of trado, If it s dotormined that Bir, Vanderbilt, bis family, snd o fow clioson friends are 10 havo $4,000,000 annially out of the peoplo of {hfs Blato, without nuy equivitont, by oll means lot o 1aw be passed to that offect, that tho “burthen may bo borno equally, ond tho local intercsts nlong tho Lo of tho road not bo made to euffor oxolusively from thia unjust exaction, Tho imiprovementa mado in tho meane of locomotlon ure duily and hourly lesacning tho running oxponses of our railroads, but this soving ia roprasontod by s e of bogus atdsk, not s redus. tion in the coat of transportation, Tho taunsge moved last yoar oqualed 160,000,000 tona, In 18511t did not oxceod 5,000,000 fons,’ Thin ant incroase s (ho ereation of our’ railways within thio past twouty years, Tho quantity moved showatho piiniary impostinco e this wibloot,' If & vaving could offcited equal to 60 couts por ton in thio movement of this frolght, tho gain to the wholo conntry ‘WOULD DE $75,000,000 ANNUALLY, Thore wero ratsod in tho United Statcs, tho ast oar, 1,000,000,000 bushicls of corn, Ono ceht por ushol saved on this q\uum{ would equal $10,000,~ 000 ; 10 conts per bushel would pqual $100,000,000, 1 10 centa por Lushal could be sddad to the profits, tho ‘production of this staplo would doublo in quantily in 3o yousu—doubling to teadlo of (he wollroads, aud adding largely 10 tho business and wealts of (ug country, THow much must the rato bo reducod to_ givo this proiit of 10 conts por buskul on corn grown 1,000 miles from Now York? Only about 3 inilla pot ton por milo, or 1-10 of & mill por bushel yor milo ] Tho ratl- roads namod could 1ot only roditce thols ratea on corn 3 mills por ton por milo, BUT THREE TIMES TIHNRE, and sl havo sbundunt wurgin for profts upon the louest costs of tho rond, 1t is mot necossry to go far for {le proof of ibs, Grain can bo sbipped by tho Da'timore & Olifo Rallrond and its connootions, from &t. Louls (o Taltimore, 18 to 20 conts por bushel choapor thun to Now York from 8t Louls, by way of Lake Blioro & Michlgan Southern aud Central & Hudson 1talroads 3 and tho samo rond carrlod fivst-clues frolght, (o pas winlor, 50 cents por 100 pounda cheaper from Dalti- more lo Ohiongo wid Bt Louts, than tho olhicr two lizios charged trom Now York to Ohileago wnd Bt, Louls, itho Biaitior & Ohio Noad pussca for o loby”die: tanca (hrough oud ovor monnlains; its tuuncls ma gradea ave numorows, and tho Iuttor heavy, uud e youkduyoxponaos ueciasarily largo, 1t was dn objoct of pooullar iversion duriy tho witv, and sutfored con atantly by the destruction of ita track, beiducs, roling. stock, &o, Its losacs by freshots havo beon froquent and loavy, und yet it pays an 8 por oout dividend, aud sbowy, Dy'ia roport of 1870, u surplis of $1,875,00 “inyentod m tho varlous brouch nnd_contscling goads, sl tho grontor improvenignis which it i Doon continuously coustruoting on the main line,” Ha mucli for 100D AND HONEST MANAGEMENT, Tho oxorbituut chivges on the prinoipul trunk Unea runulng from this city West uro dully and huurly driving (rude from Manhattan Tuland, and bulldhig up {hio nolghhoring tanrkats of (ho ceaboard, 1¢ i no unl{ tho produce Bowing from the futurlor to the s that {4 thus eiy divertod, but the Now York sugar wipl othor manufuoturery find thowselves unahle to cumpete with thuso of Doston, Dalllmore, Portland, aud othier pluces, becauso Lhy Juttor uyv, by {uolr facills tles for cheaper transportatio bl - do_;lloll "mfih pd pol n Wost onabled to un. tea0 ratlroad fratda and mvindles aro not oxelu. alvoly confite Lo th old rondy, bt thoro aro rorios of now Tics, slarted by tho morcst financinl advontrors, who build tho roadw, rob thom of tiiclr Iand-granty (it they rocolvo miy), morligo ot to i Cxtont of twico thiclr cost, and thon uwue, fu nddition to (s, stocl oqual 1o niwny fuwancos 66 tho mwount of the "Iho remedy for such wrongs and abuncs s thoso Hos I logislntlvonation. Wit 0o muanmers ivlo s e Nowy York caro ubont tlia pricea that tho pooplo pmy for ttia {ransportation of thir yroducts? Nothing, oxcopt Lo get tho highest rates, They aro abscnleos, and hiavo 1o Intoreatn tobo appoalad (3, nor ean ey bo renched on nny gronnd of public considcrutivs, Tt tho Btates thint gavo thosa corporations tiole oxe Istenco can REGULATE AND OONTIOT, TIEIN ACTION, In tho words of o potition now Lelng exteunivoly cir- culated and signed in this Blate, rafiraads aro public ighwags, constructed for pubifo nieo, and_tha pubiis a0 entitled Lo alk tho bonofits resultitg (horofrom, bo- youd thio adequato compansationdua thefr conatict. oru and operators, Upon thin ploa wero {hofr chare ters kod for, for tlls purposo wera they muthiorlzod, and soind pofloy will pormilt o dopartira from ihis principle, Tt cortatnly will not do to let raflroad core porations, eingly or i combiuntion, usiyp tho legit- imato fanctious of Governmont ot unjustly oppress the people, Au organized effort to corroct thieso abunes fa do- mandod, Thia peoplo sould, therefora, el {hotr Loglstatures to puss Iaws to reguinte thio 1alca of faro aud transpors tation on every rutlrond operated by steam within the limits of thelr respoctivo Btatos, anil make tho snmo ns ‘lnlz:zml:x’(‘fmyfl‘ 8 may u:w' m‘:} 5o Ilml( x'n lio amount cot= natance moroe millcie pay an annual dividend of g L FI0IT PER OENT 0N THR AOTUAT, COST of construction and wupmmn. aftor paging operating oxpouses ; and resorving suflicient to keep tho ronad, dopote, Lrldges, and rolling stack 1 porfoct ordor } and providiog tkat il in cxcess of this shall go into {0 Lreanury of the State, for (ho uso sud ‘benallt roof, Also, ta pss o Iaw authorizing the appolntment of Commisalonera to muporvino th opaeationn of thoos rouds, {0 oo thiat. thoy aro mada aafe, and that tho Iwya i rogard to thom ato confed vifh, Alao, Thnt no raflroad company or cor- poratton ehall bold . on pogsees. any property in real ostate, mavo o8 &n oaal. ‘meut for publfo usc, Also, prohibiling, under povero ponaltien, any officor or omployo of puch roada from being pocuninrlly ine torested in nuy business dono upon (ho road wliere~ with they nro comnocted ns officor or employo, sava ondexcept whera tho proceeds of puch busiticas govs into tho (reasury of eald road for the mutuxl benent of all tho stocklioldors, And fo cunet such othor laws &3 will curo tho ovila complained of, I THE MATTER OF THROUOI FREfONT, tho Federal Govornment conld, aud_sliould, {uterfero, I vivtuo of tho powar It possedea to regulale thocom merco betweoon tho States, Such nction would at once bring tho managors of ronds to {hielr senses, Insload of sponding their wholo £imo In Now York, manipulnting the market and. mue turiug schomes £or Logus laaica of slock, they would bo found, whoro thoy" sliould nlways bo, upon tho Haes of thioir respoctivo ronds, making thofe dlvidonda out of savings, ont of good manugement and acone omniea fntroduced, and of which thioy (omacives would set tho oxampla, ' Tho Pcnnlu’l ropréhéatatives canuot rofuse to grant protactlon ngstuat tifs wmuxpaiion by individils of o powar lo tax nud oppross tho publis for private goin, which evon {ho Fedaral aud State Governmonta would not dore {0 exorcise. W aro told by ono of our prom- inont and widoly-kuiown publio speikers that wo binve 0 Legialatures s that our legialators aro bought and 80ld by tho rfiway corporations as muttou Ia bought nd sold (n tho market ; and_thnt the timo will noon coma wlien thio controllern of the gront ling which spans 1hus Continont, connecting Now York and San Franclre co, will hiave aéquired such wealth and influonce that Congresn will sit merely nn A COMITIER T0 NEOINTER THEIR DEGRERS, I tho presont Slate Logislaturen vofuso to grant tho relief required and demanded by their coustituonts, ‘oo ean snd muet bo found whose support of the in~ terauts thoy aro clioson to. proteet eaunst bo “ bought by “fho_paoplo of the wholo country aro the sufforers from this infumous monoyioly ¢ thoy lisve the romedy in thelr own bunda, sud uhould apply it at onco, PERSONAL, THE orTY, H. W. Fronch, of Boston, i8 at tho Paciflo. W. I, Curtiss, of Buffalo, {s nt the Briggs. ©C. 8. Blocke, of Naw York, ia at the Briggs, J. T. Wood, flk‘ Columbus, is at tho Gardnor, 0. P. Morgan, of Salt Lako, {8 at tho Pacific J. 1L, Smallwood, U, 8. A., is at tho Shorman, Henry W. Roove, of Now York, {a at the Gard- ner. It is rumorod that Old Btoroy is losing his wits. @. M. Bticknoy, of Minneapolis, I3 at the Pa- cifie. 7. K. Bmall, of Now Orloans, ia at the Sher- man. A, H. Howard, or Grand Havon, is at tho Brigzs. Col. G. V. Dickey, of 8au Francisco, ia at the Pacifle, R. R, Milos, of Logansport, Ind, is at tho Garduer. Con. D, I. ITill, Bido Briggu. Col. L, A, Edwards, Sido Brigga. Tho Enrl of Rosaberry, L Eng. el ry, London, Eng., Is ot Col. f, 8. Hawks, of Now York, is at tho Com- morclal, The Ion. T, H. Sampson, Commorcial, The ITon. J, fl.l Jolmson, at tho Commercial. Col. Charles 11, Doan, propriotor Matropolitan Hotel, of Peoria, i at thg Wost Side Brigx;'n. Edward A, Proston, Presidentof tho Travelar'a Insuranco Company of Ifartford, Conun., is at tho Pacific. of Akron, O., {8 nat the West of Alton, is ab tho West of Tows, is at the of 8an Francisco, is IN OLNERAT. London jewelors are buying up the jowels dis- posed of by Engenio, 'L'hoy anticipato that thoy will bo eatlod in' when she resumos, Don Antonio Lopoz de Santa Anua, the old Moxican Gonoral, now an exilo, is passing u mis- erablo lifo, having suuk from opulence to tho most completo poverty, Senator Willinm B. Allison and Indy arrived in New Yorlk Whurgdny, returning from a weddiy, tour in Burope, 'hoy are in good health, an will reach Dubuque this week, W. W. Billson, of Duluth, has beon appolnted Unitod Statos District Attorney for the District of Minnesoln, vico 0. X, Davig, resigued, Jr, Dillson formorly resided at Winons, and from thonco removed to Duluth, o was State Son- ator in the Logislatura or 1872, Gail Hamilton knows a woman who ' ean spork Grook as naturally as lflgu squenk; to whom Latin is no moro diftieult thuu to biack- bird 'tis to whistle ;" who dreams in Gorman and thinke in Fronch ; who yet embroideys her own capes and gowns and thoso of hor frionds, 1. A. Babbago, the dofaulting Dubuqne bank- er, publishes a card, which commonces as fol- lows ¢ * TheJmh two woeksT have boon crushod to earth, and my montal ngony has been fn- tenge.” " Yot Baggnago's nutrition was splendid uutil bis robbory was discovorod. Among the mombors of tho Wyoming Leglain- fure aro *“Dlack Juck DBill," " lralie Joo," ¢ Blim Bam Bhuw,"” and * Grizzly Graham." I'ho Bpoaleor will aleo have to recogmize tho gentlo- man from ¥ Ion-foot Claim " und the gontleman from “Buffalo-horn Corners," The magnificont farm of the Ion, 8. 0. Pom- eroy, in this county, togothor with his Iots fn this city, hava boen attaohed by the propor oftloors, on auits brought by croditors at Topeka ang olsowhore. Ono largo itom is said to bo that board bill of Inst wintor.—.A{chison Patriot, Tho Rev, Dr, 8. I, Primo, who has figured so largoly in the world-ronowned Evangolical Al- lianco ns ono of ita Bocrotarios and _prinolpal orators, iu_tho fathor of Mr. 8,'T. K, Primo, ‘whom the Republican papers of this city have aujoyed vilirying so contemptibly, 1o comes of slock tho latohet of whoso shoes thoso dofamors are not worthy to unloose.—~Dloomington (Itl.) Anti-Monopolisl, Congrossman John MoNulta has ro fer counto- nancod tho salary-grab us to pocket his forward pny of 625 por month for wervices ho has not yot rondored, and as sslary of un office into wlieh Lo hay ‘novor Leon #worn or ontored upon itn duties, In his actions ho has indorsed {ho salury-grab, und is deserving of cousure.—Clin- ton (1UL,) Register, Qoorge Wilkos anya; “Tho conntry knows that wo porsonally ofrceted a reconviliation bo- wWwoon Con, Qrant and CGon, Butlor ; but it doos not kuow, though wo may au vwell toll it uow for the flvet time, that Gen. Butlor, altor this rocon- oilintion, telegraphod to us frows Waehingtor {o knowifwowauldlike Lolinve tho mission to Brazil, and subnoquently arkod if b woutd o egrecsblo to i to flll a vacansy which would bo ovented for us in tho Nuvy Agonoy by the romoval of Mosos 1§, Qriunoil—~both which suggestions wo do- olined," ——— ‘Tho Klighest Mo tain, % the Editer of the Hoston Advertis ‘Tho dispatehes and totters vocelved onrly In the Boason from tho Hn?’dnu oxploring oxpedition gave the impression that tho lighest mountuing within tho llmlts of the United States were in Guolorado, nonr the boad wators of the Arkansay Rivor, Hubsequent roports huve not gonfirmed Ly [mprossion, tho highost polnts haylng boon found not to oxcced 14,800 foot in altitndo, “Lhoro ars sovoral polnts higher thau this in the Hiorra Noyndn, a8 " has boon establisked by the Inhra of tho California Stato Gaological Birvoy, Tho names of Shastn and Tyndall will 10cur at onco to thowo who lavo road Olaronco Xing's: Mountaingoring, The liighost polnt of all, Mount' Whitnoy, has boon ostimnted nt 15,000 foot in lmlgfht though its snmit Lan not boon ronched untfl this scnson, O tho 6th of this month, no- cmfllnf to advices racalvad this morning, a*suc cosaful ancent of Mount Whitnoy was mado by Chnrlon Ttabo, of tha Californin murvoy, and ita height detatimined, by monns of tho bavomoter, to ho 14,808 feot, 'fhicre nesd bo no longor doubt 8 to whovo tho highost mountain fn the United Statea ln, W. 1L, PrrTRE, —_—— Derkimor County Dairy Mavicet, Lrrtie FAts, N Y., Oct. 18, 1870,—Tho rmarket thla woelc han hoon activo, with an advanco fn prices ovar {liosg of Inat week, '“Tha delivory of farm dairies amounted to about 600 boxes, and aales woro mado a¢ 123 Yo 1o, only fow lots ranltzlu tha latlor Oguro, wliflothe bulk of salos may bo quoted nt 1o, In fuctoties thevo was s Iargo represeutation, tha ofs foringo boing In tho aguroqnio from 12,000 16 16,000 0Xo% about 8,000 of which chinniged Larlds, Altiotigh rates wero fully 3o abova thoso of lnat weel sl mony ecllors, Laving - Soptember cleesy of flno quality, unwilling to wero ccopt tlo givlug prict brlcsinig that ' ho mrkel for aitch gooda miual fmprovo, Tho top prico won 130, though i1 a fow Instatces 141/ was paid, Probably, 101450 hind boon feeoly offerod, from 10,000 to 13, boxoa could hinvo been bought,’ Bomo “of tho fanoy factorlas, Liolding over, ato Loping to realize 160 for cholce lois of tho Septembor 1nnke, noxt week, Wa giva tho loading transaationn st Tittio Fails an follaws Argusvillo, 100 Loxes at 140 ; Arnold Brow,, 50 at 135 Barto i}, 160 nt ldie; Brocketls Dridge, 150 at 1430 ¢ Brockway, 280 on' commission ; Drookman's Corners, 95 nt 1370 ; Cannjolinrle, 200 at 1403 Ohri man, 80t 133¢c ; Cold Creek, 100 at 140 ; Cramor Qornors, 4 nt 13340 3 Dairy 11ill, 160 at 1a4(6 ; Dantibe Cold “Hpring, ‘100 b "14}0: Empiro Cheddar, 1330} _ Fairtiold Associatlon, 250 nt 14ic; Old Faire fleld, 250 at 14360 ; Tiat Oreals, 176 at 13¢0; Hendare ®on Arsooint(on, 100 nt 14 5 Hil, 100 at i(B' 3. D, Ivos 600 at 14o; oy, 70 at 14o; Ilock & anlll, 00 ot e; Husnelivilfo, 100 at 133(0s Sykers Cornors,’ 60 ay 1c; Dalioln Gentro240 ot 14%c; Nowport,240 st 16%c; Nowvitla Asaocintion, 150 nt 1430; Norway Asgocia= tion, 60t 143¢c; Palno's Hollow, 340 at 1403 Palatine Unlon, 101 August cliccss ot 133(c; Sterling Oreek, 140 ot 14c; Behuyler, 100 ot 1403 Siate il 840 at Mo ; M, 8. Smith, 908t 1do; Stnara patent, ' 300 ot 184, Blono "Arabla, 103 ot 14c; Btratford & Balishury, 100 at 143e; Turnor & Wildo, 70 at 4c; Whilo Crock: D0at 144c, Butter continucas to como forward quite frooly, nud sales woro mado at 32@30o, aacording ta quality, ; At (lio Merkimor Villag markot the shipment of ehecas amountod to about 9,000 boxos, Farm lots of 0ol quality brought from 12 to 12)¢c, aud fine ta ucy from 18 to 190, Taotoriea wout ab 18} to Ko, At ho Utica City mavkot trado was quite drisk, with snles amountiug ta about 4,000 bozes, Tho rango of pricea was froia 10 t0 14X(e, tho rullng fguro for fina g 4o, “Iho wothor fn Herkimer kas boon warmand plessant, but praturago Is reported to bo poor, and tho hords in gonscquetion are yiclding o small ‘quantiy of milk, Tho fall-mako of cliecss will bo much less than {hat of Tast yosr, and will fall belew tho syorngo of the last fow y0ara, The price of cow and stock to bo turned is vory low for this soason of tho yasr, SPECIAL NOTICES. Tho Confessions of an Invalid. Publishod as.a warnln, mon and others who |\nfi:r from Norvous Dobility, &o. P o::!:hlt‘znlaunméqd lllm‘_lnlls. Hllm)l%nz tho npans of 116 MAYFATR, Box 155, Heasign, Mo yo NVATHAN: SILKS. o Black, Coloed, and Faney SILKS. -In_consequence of the prege ent decline in values, we will offer from to-day choice lines of BLACK SILKS, Reduced from $3.25 to $2.75. Reduted from $2.75 to $2,25, Reduced from $2.25 to $2,00, Reduced from $2.00 to $1.75, With an clegant assortment of Faney and Plain Colored Silks at ‘a like reduction, and offer such umugual and at- tractive “Bargains” through- out our stock as will well re- %).ny attention and examina- iom, Chas. Gossage ¢ Co., 106, 108, 110 State-st., 60 & 62 Washington-st. NEW PUELICATIONS. THOE NOVEMBIR GALAXY. A BRILLIANT NUMBER, . 1at, A New Serinl by Justin McCarthy, sathor of ** A Talr Snxon, " bogins in this Number, callod LINLEY ROCHFORD. ad. Becretary Welles contlnuos his articles on Mz, Lincoln and Mr, Seward. 34, THE STAGE AS IT WAS 18 CONTINUED. 4th, Artiolos by Richard Gyuut White, DoForeats Robeccn Hardiug Davis, Junlus IHeurk Browne, enry Jautcw, Jr., which appear in the' NOVEMBER GALAXY, combine to mako 1t a very rilliant numbor, “A model periodieal ; acredit to American periodical literature” --Philndelphin Presy, PRICE, 35 CT8, PEIL NUMBER, Bubacription prico 84 por yoar, SHELDON & COMPANY, G677 Brondway, N. ¥.' REAL ESTATE, Acre Property. Two fine acre tracts in the vicinity of Humboldt Park, will bo sold at 8 bargain if takon this woel. ¥ Also, a dosirable ten acro picce adjoining Irving Park. | Sevoral half aore lots in tho Bouth Shore Subdivigion (Hydo I’ifig). ‘W.J. ONAHAN, 112 and 114 Doarborn-st. See Here, Real Estate Agents! orke will Lo upt_ T want to sl m?fif){?l‘;"'lv’.\‘m:'."s‘nlnfx’fi{|»|'xx||1o- ..l: Chidiwo, Targe farw, woll lovatud, " I you I '1|u|h|‘r‘m DISSOLUTION NOTIOE: DISSOLULION. ud th rtnors) u.“fi'.‘:,&‘&’fg}'.’z';l. :flf#‘-::;.'.‘:‘fl-u;n‘fu’n'."zfl 1 Alis. ON, 1, Viteotu il hills uow dua, e hicage, Uot. 18, 1, B, ~Davl