The sun., 1889-01-27
The Boston Railroad Idea.

We learn from Boston that the dissatisfac.
tion of the stockholders in the various West
ern railroads, whose mismanagement Is so
largely conflded to Boston talent, has now
reached proportions OF formidable charac-
ter. 1t seems to be conceded that there
must be q change In the management Of the
Atchison, the Chicago, Burlington and
Quincy, and other roads which have been
administered according to the Boston idea
of railroad management, which implies the
running OF a railroad for the personal graft
fication and intellectual excitement Of its
officers, without any particular reference to
the interests Of the people who own 1t.
Certain of the shareholders Of the Quincy
road having in their distress clamored for
bread, the President Of the corporation and
the Chairman of its Board Of Directors have
furnished them with a plentiful diet Of
rocks. widow wrote to Chairman JOHN
III. FORBES as follows:
II sent draft usual for the dividend my stock,
O.. B. R, 20 shares, which has always been sl4o
II was returned saying should be $40 This was the
nrst intimaton had OF . reduction Of interest am
greatly distressed over It Last built small
Inexpensive house. hoping BY economy to BIO able to keep
my homo and live upon the income Of stock, which
Is every dollar possess am widow with poor health,
no family, and abls to do anything for living.
Ny homo Is very necessary to mo and am anxious to
teepit
~ aware that trespass upon time. and per.
haps patience. when ask you to be kind write
me your opinion in regard to the stock Ihave always
voted YOU and know Of no other name to apply
for information"
Another stockholder wrote also to Chair
man FORBES:
s''My income has been much reduced by the reduo-
Hpp and that OF other investments that II lose
What have in the c., b. and Q shall be left almost
psnnilesa Ihave told that the directors
have sold out and tho fear is that the strikes
tnued this winter the road will into the hands of
receiver Igave high price for my twenty-five shares
II ose them 1t will be Of more consequence to than
tomapy others
81 am old to my living. and have NO relatives
that could take care OF me-"
Now. what does Chairman FORBES reply to
these very necessitous persons. types of In
vestors who are the helpless and natural
victims OF bad and dishonest management
He says 1t is not his function to act as SPY
Of the stock list. and that therefore, he
knows but little as to who is selling and who
ls buying. and he bids the widow to comfort
herself with the reflection that "all stock
holders should remember that dividends are
dependent upon earnings after paying in
terest, and should not count upon the same
steadiness In them which they have right
to expect in the payment OF coupons prom
tsed for interest"
1t Is conceivable that tho halt, the lame,
the blind, and the decrepit. who have for so
many years had their little savings locked
up In Quincy stock, should be angry with
tho Chairman Of tho Board OF Directors for
his reply. But 1t would be useless to be an
CRY with Mr.. FORBES. He has made the
best reply that he could-the only reply, in
fact, that he was competent to make; and
there Is no doubt that the widow, and all the
other stockholders whose plight is like hers
should refuse at the coming election to vote
for Mr.. FORBES or for his colleague Mr..
PERKINS. or any one Of the several aged and
respectable utilities who compose the Board
bf Directors OF the Chicago Burlington and
Quincy Railroad.
One OF the Quincy stockholders. who be- |
longs to very different class from those we |
have quoted as writing to Mr.. FORBES. sent |
recently very sharp letter to President |
PERKINS. to which that gentleman replied |
with . very respectable and conventional |
argument designed to explain that, mas
imuch a. his neighbors were engaged In |
k0oo2Aa8 oAs WV . 6Aooo III SACu aOubCbs JucI0 /
was nothing for him to do but to smash his. |
Mr.. PERKNs's reply is skilful and evasive,
and fails wholly to touch upon the real
weakness Of his own management, which
lies in its connection with the Chicago, Bur-
lngton and Northern Railroad. He does not
explain the relation Of the Quincy road to the
blackmailing parasite that he has built up
bnd maintained by its sidei he does not ex-
blain the traff1o agreement whereby the Obi
pago. Burlington and Northern is enabled to
mako rates for the entire Northwestern sys-
tenn, nor how o corporation. notoriously COR
rupt In Its management. and built In the
beginning for a corrupt and unlawful pur-
pose, is permitted to run its course when at
the same time the corporation against whose
interests 1t 10 maintained has 1t In its power
10 kill 1t utterly. II q natural and proper re-
|etion existed between ths Quincy road and
II