Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1890-12-09
Call Issued fer Meeting of Railroad
P.esidents


Call Issued fer a Meeting of Railroad
Presidents.
NEW YORK, December Sth.-J Pierpont Nor
gan sent telegrephic invitation 10 the Presi-
dents of all roads west of Chicago TO meet at
his house in this city on the 18th, tor the pur-
pose of discussing the railroad situation with s.
view of renewing the Presidents agree ment.'
THE UNION PACIFIC.
NEW YORK, December Sth.-Dow Jones Com
pany's Boston special says: We hear on the
best authority that the Union Pacific officials
are not disturbed over the financial condition
debt is much less than current reports credit.
II seems the alliance with Gould was formed
only after Vanderbilt and Drexel, Morgan &
Co.'S support had been refused.
Dillon has been interviewed by the CONNER
cidl Advertiser. He said The Union Pacific is
in no more danger OF a receivership than the
United States Government These runors are
the most nonsenscat that have been circulated
in Wall street for a long time. Who originated
them, or for what purpose, cannot tell but
they are absolute lies. The Union Pacific, under
the new management, IS getting into shape
The road is ali right. Its action will be salts
factory, and expect 10 see receiver in the
White House before there is one in this Office
Union Pacific was only one of the number Of
stocks the prices on which fell last week. These
temporary changes in the market are frequent
Nobody can account for them.
To remark by the reporter, sit was expected
when you became President that Union Pacific
weu go way up Dillon answered. Every
thing can't be done in one day. Neither Gould
nor any man can advance the stock at his pleas
ure. The Union Pacific is in such condition
to-day that there can be no lasting trouble about
its stock. That's all can say on the subject"
FLOATING DEBT OF THE UNION PACIFIC.
BosToN. December Sth.-Director Ames of the
Union Pacific says in an interview: "The float
ing debt of the Union Pacific wss fully ex-
IN last epsI has snd pesn
about Sl1 $4,000. Mr.. Gould knew all about
the floating debt when he enter ed the Directory,
and has discovered nothing new about l.. he
the January lst requirements, which are less
than 100000. Mr.. Gould expressed great
satisfaction at the appearance ot everything
connected with the property. He has no more
idea of receivership for the property than I
have for the Ames building. l do not know of
any scheme for funding the Union Pacific debt.
We can pay it when the railroad bond market
revives."
ADVICE TO RAILROAD PRESIDENTS,
New YORK. December Sth.--Ebs Journal OF
Finance to-day made public for the first time e
lengthy letter recently written by Chairman
Walker, OF the 1nters ate Commerce Railway
Association, to the various railroad Presidents,
on the general condition of railway affairs ard
a plan for reform in their present methods.
He says the present legislative attitude of
Congress and the States is injurious, but the
railroad difficulties are not wholly due to that
cause. The competition as it now exists among
carriers is ruinous-is simply war. This situ-
alton, he says, pleases the uprefecting public,
and the natural inference is that the railroads
are PLAY ing their adversaries' game.
He refers to the fact that during the past fii-
teen years about one-third of the railway milo
age in the United States has been reorganized
or passed through foreclosure proceedings He
does not believe this suicidal process is beyond
control; but says radical changes are required.
He points ont the wars in passenger and freight
rates brought about by scalping, secret agree
ments, rebates. etc., and says ninety per cent.
of all the tariff changes made are reductions.
He accuses them of systematic passenger-rate
cutting. ana calls it competition gone mad.
F.! Such wild and reckless methods are not in the
interest of the public, and are ruinous to the
railway systems.
He calls on the Presidents to recognize the
essential unity of railway interests and make q
new treaty based on disarmament
He says the first few months of the life of the
Interstate Railway Association is commonly re-
ferred 10 as period OF comparatively successful
administration among the Western roads. II
was really an armed neutrality. Every line
| maintained rs fighting force, fully armed and
equipped. The lines should rid themselves OF
the machinery for rate cutting, either open OF
secret. The fundamental principles of the As
| sociation should be the concentration of au.
thority and the unifcation of interests. A
| traffic division should control the actual hand.
ling of business. rate division should have
the exclusive tight to contract with the con-
Meeting roads in respect to the exchange OF
business, the division OF joint rates and with
shippers. AT all points outside of the Associa-
tons territory, joint agencies should replace
the 1nnumerable separate agencies row in
vogue. This might be extended ultimately to
| the competitive points upon lines of the mem
bers.
The work of the traffic division also might be
very properly embraced in the clearing house
idea, under which it would receive copies of all
billings. adjust accounts between the COM
panies settle all loss and damage claims, etc.
Under such a concentration of methods the
danger of rate-cutting, either secret or open,
would be substantially eliminated, the net
revenues of every line protected, and the pub
lie better served