THE FARMER'S WAR AGAINST MONOPOLIES. 85 



within the same State ; beyond its limits it leased and 

 operated nearly two thousand miles in addition, hold- 

 ing the stock and bonds of railroads, canals, towns, and 

 cities, like some vast Credit Mobilier ; it had, indeed, 

 no less than $20,000,000 standing on its books as 

 represented by these investments. In the sixteen 

 years its own capital and indebtedness had swollen 

 from $20,000,000 to $65,000,000, with a liberty se- 

 cured to increase them to nearly $100,000,000; at the 

 same time the system of roads which it held in its 

 hands returned a yearly income of hardly less than 

 $40,000,000, of which about $10,000,000 was claimed 

 as net profit. 



" If, however, as its direction had officially declared, 

 the corporation had no distinct interests to push west 

 of the Mississippi, the same could not be said of the 

 region east of the Susquehanna. In the closing days 

 of 1870 New York was suddenly startled by the an- 

 nouncement that the Pennsylvania Railroad had effec- 

 ted a perpetual lease of the whole famous railroad 

 monopoly known as the United Companies of New 

 Jersey. The rumor proved true, and some 450 miles 

 of additional track, besides 65 miles of canals and some 

 30 steamers, in all some $35,000,000 of property, was 

 by this transaction added to the vast consolidation, and 

 brought it to the shores of New York harbor. 



" It is unnecessary to consider how much further 

 this combination will carry its operations, or in what 

 they will result. The Pennsylvania road now controls 

 directly and as itself owner or proprietor, and wholly 

 distinct from its directors, more than 3000 miles of 

 track, claiming to represent $175,000,000 of securities, 

 and returning a gross income of at least $40,000,000 



