New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-15
CHAPTERS OF UNION PACIFIC.
WHICH CAST DOUBT ON THE LIKENESS OF
RAILROAD MANAGERS TO ANGELS

Boston Dec. 14.-The revolution in Union Pa
cifc was so sudden and complete the change in
thu MANAGEMENT was so important n factor in
financial situation which undergoing at the
moment the scvcrest strain and manifesNy verg-
ing toward a monetary crisis Of universal area and
stupcndous consequences. that the actors in IL
and the sequences of events that found in II their
elimination may be deemed worthy of something
more than passing consideration by the student ol
Affairs Broadly stated, indeed. the railroad ques-
ton has long been, and must long continue, the
most potent factor in every financial sltuauOh'
The first COmpleXity in the marvellous machinery
of civilization is transportation. II is the nfst
need of the savage, who is more sklltul In max
ing baskets than in raising corn-the means OF
getting his baskets to the place where ne can
barter them for corn. The essence OF commerce
is not in products Themselves. but in hauling
them TO market.
The prime cause of existing strained condi-
tons according 10 the financial writers. Is lack
Of confidence If confidence could only be re-
stored usnrious rates for money would cease,
nrces would assimilate themselves more nearly 10
values and business would resume its ordinary
channels Everybody SAYS. as he draws his money
ont of the bank and putS IL in his s'"cklha' Al
that is needed is confidence But why shouu
there he any lack of confidence IN railway St
curities in which shrnkaGe first began ana wIich
have suffered most by depreciation? DurlhS
this whole shrivelling process there has not been
q month in which there has not been a showing oil
crormous increases in gross and c0nSldeIaoe,
+bouob bv no means proportionate, increases III
no, earnings If these reports were true, ana
generally accepted as true. why should railway
shares he selling to-day, with increased net
revenues. larger facilities and more promising
fnture. al twenty. thirty and forty points lower
than year ago? Can there he any reason lor
Il other than that il is another fultlment of the
saving of Esaias the prophet, Lord VINO main
believed our report - There has been. TO De
snrc an enormous issue of securities during the
last eighteen months. and some part of the trouble
IS due no doubt 10 a glut In the market from TINS
cauSe But not all of these SnVe been foated;
nr,bablv half of them lie in Company treasures,
ord # tho COMPANIES issuing them are doing the
nro6tablc business they report, the fraction IN the
hands Of the public should not affect confidence
in shares.
Ordinarily the phrase lack OF conaecnce IN
its commercial sense means simply dlstruSt OF
mons ability 10 meet outstanding engagements
:, does not necessarily imply suspicion Of DIS
borestv II is submitted whether III the ssse
rrder consideration il is not used IN more
sneci6c and concrete sense. implying, not simply
doubt of the ability of an obhgor 10 meet opllga-
TONS Incurred with honest intention, but a sus-
nio,or tLot the representations upon which the
OBLIGATION was incurred were false Lack OF COLI
fdence in the former sense Is somewhat ulHuseu'
relates 10 conditions more than to lndlNlduaIs' III
the latter sense it is personal and offensive.