New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-30
RAILWAY INTERESTS.

TO SUBSCRIBE FOR UNION PACIFIC BONDS.
Subscriptions for 81, 100000 Union Pacific, Lin
coin and Colorado Railway Company first mortgage
bonds will be opened at 10 O'Clock this morning at
New-York and Boston and simultaneously at London,
Amsterdam and Hamburg The indications are favor
able to the of the negotiations, for subscrip
tions commanded 1-2 per cent premium at Amster-
dam and were quoted at premium OF Id 10 ia
per cent in London yesterday. The applications Tor
the bonds in the United States have been very large,
and at Boston alone the bulk Of the ISSUE These
bonds are guaranteed Internationally by the Union
Pacific Railway Company, but the legality OF this
Endorsement has been questioned by the recognized
organs of the bear faction in Wall Street. The sue
of the public offerings Is the best contradiction
of the speculative doubts. At the office Of Blake
Brothers Il. Co., the New-Yc9k house which bought
the bonds in connection with the Boston firm of Lee,
Higginson & Co., 1t was said, simply
"We bought the bonds few weeks ago. and the
Union Pacific Company has the money for them.
1t is hardly necessary to say that we did not buy
them until our counsel, which is about the best in
Boston assured us that the guarantee of the Union
Pacific was absolutely safe. The bonds were part
course had perfect right to sell. We bought the
bonds on the Endorsement of the company, as we
might buy mercantile paper with an undoubted back
ing. There is difference between the two trans
actions"
THAT RAILROAD COMMISSIONS BE ABOLISHED.
Chicago, Oct 90 (specaD.-w. B. Hamblin. general
freight agent of the Chicago, Burlington and Northern.
while his recent trip TO the Pacific Coast, was
asked about the prospects for the building of new rail-
roads and branches He said 1t was poor aiding:
The aggressive raids made upon all railroad enter
prises by the Federal and various State railroad
commissions have not only affected unfavoraby the
standing of railroad securities In the market but also
are actively operating 10 discourage new ventures ana
the improvement Of existing properties. The present
general concentration ard withdrawal of capital, so
far as railway circles concerned. attribute not
so much as some do TO any expectation OF VIDE
spread activity next year, to the weligrounded
fear of disastrous interference with transportation COM
panies on the part of the State or National Govern
ments This condition of things might be remedied
by the immediate abolition Of all State and Interstate
Commer.o Commissions. consider them wholly
false in principle and pernicious in practice. iegau
a railroad company entitled to the untrammelled
control OF its affairs in precisely the same manner
as private business of any kind"
When it was suggested that the people should nave
some protection against oppressive combinations ana
exorbitant pool schedules, Mr.. Hambln replied
"The arrangements by which, through combination
uniform and good prices secured for the service
and products of capital extend to all lines of business
and are the possible arrangements, both for the
seller and the consumer, the transportation company
and fine shipper When excessive competition pro
duces cheap rates and prices, the general condition
of business is unfavoraby affected, ana inc losses
sustained eventually be made up by correspond
ngly higher prices. Cheap goods means cheap laoof,
and as each consumer becomes in his turn producer
On his spccal line, he is interested In having hlgh
prices, as it insures him larger profits"