The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-03-08
FROM NEW ENGLAND.
Union Pacific Railroad.

UnioH Pacific Hatroao.
Continued from the Third Edition.
''Since the opening of our road we have been
seeking 10 secure the transportation of teas and
silks of China aud Japan, and arrangements
have recently been made to secure a large por-
ton of this business overland, aud we expect
during the coming season @ very large increase
of receipts from this source.
'The great mutations which have taken place
In our securities in the months past perhaps
demand some explanation. After we had saved
the Government millions upon millions on the
cost of transportation over the plains and to the
Pacific; after we had done away with the neces-
sity of keeping soldiers for eighteen hundred
miles to secure the safety of emigration and
trans continental trade; after we had opened the
vast interior to settlement seven years earlier
than required of Us by our charter the action of
some of the departments of the Government
became SO hostile to us as to shake the credit of
the corporation.
'"The Treasury Department first refused to re-
ceive United States Pacific Railroad bonds as
basis for banking and thus lessened their mer-
camille value 1t next selected aud set apart
these bonds in its monthly publication of the
public debt as if not portion of the debt of the
United States, but of our road exclusively, thus
apparently indicating its responsibility. and
thereby again lessening their value Then pub
ished monthly not only the Indebtedness with
interest," but the deficit of the interest, as If
due by us and left unpaid, and
then worst of all and hardest of all, withheld
from us our earnings In the transportation of
etters, newspaper packages, and of army and
navy all of which we had hitherto been paid
one-half of as under act of Congress. The
Treasury Department was fortified in the last
| act of injustice by an opinion of the Attorney
General. These repeated blows against this,
the greatest work of the age, so Unexpectedly
directed, sh ook our credit for time, for it was
| soon seen and felt that no corporation could
Withstand such attacks, and hence the wide and
wild variations in the market value of our
] securities.
| Thc Judiciary Committee
| of the United States Senate every member
except one, Offset their legal opinion, that the
| interest was not due, against the opinion of the
| Attorney General that it was due, and every
| other committee in both houses of Congress,
| before whom the question was brought, agreed
with the Judiciary Committee of the Senate
Both houses of Congress finally reversed the
action of the Treasury Department and of the
Attorney General the House of Representatives,
without division, and the result is the restora-
ton of the credit of the company, with great
advance in all its securities.
OLIVER AMEs,
President Union Pacific Railroad Company.
After the reading of the report Hon. James
Brooks, OF New York, was called to the chair,
and the meeting proceeded to elect directors
tor the ensuing ear.
The whole number of votes cast was 1902 539
which were unanimous for the following ticket:
Oliver Ames, John Duff Elisha Atkins, Oakes
Ames, Gardner Dexter, and Il. e. Robbins, of
| Massachusetts, l.. 2. Morton, James Brooks,
Sidney Dillon. and Andrew Carnegie, of New
York; Thomas A. Scott and j. Edgar Thomson, OF
Pennsylvania; George M. Pullman. of Illinois;
| G. T. Bushnell, oil Cincinnati; and G. NJ. Dodge,
| of Iowa.