New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-05-16
AN OLD MANAGEMENT CONTINUED.
eroCKs.

WeOnek1hyI NAY lo-p m'
The stockholders Of the Chicago, Burlington
and Quincy Railway to-day held their annual
meeting at Chicago They reelected the old
board of directors. II the bond and stockholders
Of the company are satisfied with management
which in 1883, with an increase OF 2l7,S0o
- 90 per cent in the number OF passengers car
RED and o decline Of only COS, $50 tons t7l4 per
oent) in the freight traffic, compared with that
NJ 1887 produced net earnings OF only 81 906, 70e
against sllA78l66 in 1874 decrease OF
ssbul57. or over 81 per cent, and with
management which is directly responsible for
driving the first demoralizing wedge into the
whole Western system OF railways, In the autumn
Of lSs7-if they are satisfied with manage
ment responsible for such results, perhaps any
comments by outsiders are out Of place But
in the making Of history 1t does no damage
occasionally 10 leave landmarks as progress Is
made Under ordinary conditions the reelection
of the old beard OF directors OF the Chicago
Burlington and Quincy Company would justly
be regarded as q bear point. II has been 30
regarded by the speculative friends OF the man
aeement, who have increased their short INES
In the Western list on the assurance OF todAys
result. Bot during the last year there has ocon
a healthy growth Of public sentiment as 10 the
duties and responsibilities of trustees which con-
reCkleSSutSS u NbI'olii "AN ''N0 A-NNN
state Commission is moving 10 enforce the law
and to apply the penalties for Us VIOLATION
WHAT WAS DONE IN STOCKS.
To day,s market ruled strong from the opening
10 the close, and for stocks generally some ad-
vance was established in the final prices. But
vba,svsr there is OF a "bullsh7 sentiment among
traders is held in check by fear that with the
closing Of the transfer books Of the Oregon ana
TranscontinenIal Company there will he a sharp
decline Of per cent in the price OF that stock,
and vet. despite that, the market develops an
undertow Of strength that is natural The eX-
,stinr "short" interest in the active stocks seems
10 be later than ii was even two months ago
Note the labor expended toward producing de-
nression The Atchison, Topeka and Santa Fe
Company last November issued an estimated
statement of the results for 1883: in January IL
issued an actual statement for eleven months to
November 80, and lately IL issued It's full annual
report for the year Of 1883. The two last state
ments only confirmed the correctness Of the No.
yember estimate, and YET both the January state
mant and the full report were treated as furnish
jna additional information; the figures were re-
bashed and served up with additional seasoning
20 suit the temper OF those operators who sod
the stock at 80 l-S long time ago. MS ana
the reports for 1888 are the records Of GEAR
In which managers ran wild in their ideas or
responsibilities and INDUCED In battle OF per-
sOual anim0SldeS. lDhb u phsJ anu seItltu
Now we have the Union Pacific and Northern
pacihc systems threatening each other with de.
struction The leading spirits on both sides
need 10 be warned that they are starting u battle
with other peoples money" at q period when
the rights OF proprletors are being more fully
exerted and when the commercial interest has
become tired Of huCtuating rates Ever since
the Oregon Railway and Navigation Company
was leased TO the Oregon Short Line Union Pa.
cihc) at stated periods the Northern Pacific people
have opened negotiations 70 complete the Joint
lease and as frequently broken on the negOtia.
tions In q sensational manner. These proposals
and Withdrawals never have failed 10 affect
the market values Of the stocks OF the companies
Interested So thas II finally had como TO be I'M
derstood that stocSiobbing has been at the bottom
Of the periodical playing Of fast and loose, The
lease OF the Oregon Railway and Navigation
was made under the special authority OF the
State OF Oregon, asd Is believed 20 be impreg-
nable except through the bankruptcy Of the
u. p Co. The Northern Pacific. IL II joins 10
the lease az all, must do so at per cent. The
most astounding action OF the secretly reorgan.
lied board OF the Oregon and Transcontinentnl was
the amendment Of It's bylaws providing that no
one holding less than one-fourth OF the capital
stock OF the company could have access 70 the COM
pany's books. II was part and parcel with an
attempt secretly 10 issue 81 100000 Of preferred
stock for voting purposes at the approaching cleo
don. The general knowledge Of the secret actions
should be sufficient 70 defeat the schemes.
With other conditions continuing favorable the
general expectation Of decline In Oregon ane