The New York herald., 1869-05-28
tho New Board Of Directors OF the
Union PaciHc Raiiroud.

Union Pacido Railroad.
The late Vice President Durant and active
head centre of the Union Pacific Railroad has
| resigned, and also the late efficient treasurer
ofthe company, Mr.. John J. Cisco. Mr.. Durant
says that since the organization Of the COM
pany, having sat much personal sacrifice de-
voted my time and energies to the promotion
Of Its interests, my private affairs demand my
attention, &c. Mr.. Cisco says it was never
his Intention to remain in the direction of the
road after It's completion, and the "decision of
the stockholders to remove the Office of the
company to Boston renders II necessary that
the treasurer should reside there" and so no
resigns his position as treasurer. On Tues
day last there was q meeting at Boston under
the recent action Of Congress, at which new
Board Of Directors was chosen, largely made
up Of Massachusetts, men, and this new board
subsequently met and reelected Oliver Ames,
of Massachusetts, President; John Duff, of
Massachusetts, Vice President; j. NJ. S. Will
liams, OF Massachusetts, Treasurer, and +. S.
Rollins, of New Hampshire, Secretary and
Assistant Treasurer.
1t was stated that in consequence of the &c
porte injunctions Of Judge Barnard and the
numerous processes which he issued at the
suit Of Fisk it was advisable to select a
large proportion of the directors from Massa-
chusetts in order to be freed from such suits.
1t would thus appear that Mr.. Fisk, through
his embarrassing prosecutions of this company,
has brought about the removal of its head
quarters from New York, where they properly
belonged, to Boston and the control of Massa-
chusetts men. The stakes for which we pre-
sumo the Erie man has been playing in all
these lawsuits involved the control of the
Union Pacific road; but unfortunately, he had
secured q foothold too slender and begun his
civil engineering too late to accomplish any
thing. Had he discovered in season the FEAST
bility, the inevitable and speedy completion
and the SURPRISING Importance Of this Pacific
road things might have been so managed as to
make 1t an extension and feeder Of the Erie
line. But the opportunity was lost, and these
lawsuits, we fear, have not paid and will not
pay to Erie the cost Of the gas and candles
Durant had Congress to back him, and in this
business the Albany Legislature was nowhere.
We have shown heretofore that this Union
Pacific Railroad management, including the
Credit Mobilier, has been magnificent specu-
lation on tho grants of United States lands and
bonds. Compared with the grand financial
profits In the construction Of the road, this en-
terprise is wholly unparalleled. The govern
ment bonds granted, we understand, leave the
company surplus Of millions over the costs of
the construction, and the road has been making
money from the day It's first hundred miles
were completed; and 1t has still in reserve the
thousands upon thousands of acres of land on
both sides (alternate sections) to meet its
future necessities. Now comes the business
Of operating the road. The temptations to
make it graaping aud extortionate monopoly
are very strong while the checks and balances
held by the government are comparatively
frail. More legislation will be needed from
Congress in behalf Of settlers and the Treasury
on the government alternate sections along the
line, and so far as Congress has reserved its
power in the regulation Of charges for freight
and passengers within reasonable limits. The
new Massachusetts, directory, meantime, will
please shape their course accordingly.