New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-14
TNION P1CIFIC.

ryION PACiFIC
The action by which the mon i"ci"c H'''
wav Company was yesterday piac'u III ''''
hands of receivers was undoubtedly WIS., an"
for the best interests of the corpora"o" """
tho holders Of its securities. Inc iinh''uia'e
cousc az the ombarrassmcnts when precipi'
ta,od This sion was. Of course. the large iallihS
off in gross receipts owing 10 u'c o"''"o'' "
nro.s;on i, the states travcrscd by the com
,o,v.s limos and the inability Of the manage
mont 20 reduce operating expenses IN any
commensurate degree Back of THIS however,
were conditions and causes that can DO deulii'c'
" traced to blundcrs in the legislation III WHICH
,ha comnonv had its origin the worse 'hah
hlrrdors NJ thc builders Of the road. thc utter
lack of sense or Judgment or COMPREHENSIVE"
90 ,r, .;,u,tion which has characterized every
interference with it by Congress or the toy
eminent. and finally the dcterfH'h'''o" vi INV
ci,iy.ns Of the States which owe most OF thcir
prospcrity to the cnterpris" 10 hamper anu
h,ross II and drive il into bankruptcy us HIS
,orv is curio,lsly interviewer win the poii'icS
Of the Nation and of all the States IL 'raVerscs'
Its original purpose Wls to strengthen the
,ll.rioucc Of the Pacific States 10 Inc mon
=, ,;,.,i,., tbon into closer touch with the
Fast and North Mr.. Lincoln was deeply in
tcrcStcI in its success on TINS account i'S
nr,icctorS were drrdcd rs visionarles uh'il the
work WAS Completed almost cahohiZ'h Wh'n
,hcv succeeded. and Immediately ai'erWa'"
damned TO everlasting infamy wheh IL WIS
r,uud that. being quite human, they had i'de
a LOT of money ont Of H.
,I,nt mn
,hc football Of spectators in the street an"
dcmasogues in Congress. ana the hc'pieSs pre-!
of the people along its lines whose 'hrinS huu
been increased in value by it huhdreu'io'''
but who insisted that il should carry 'heir Pro"-
nets ,o market for less than the cost Oh h""'
inc because The original owners hau receiVeu
an enormous land grant and pock"'ed large
nronts out of the Government Subsidy ""'
ever hereafter shall examine c;rriui'! '"" III"
n,rtallv the history Of the relations "i the nov
crument To this company from III" uiiie
,.r,nt,l a charter containing two conspicuous
hIunders +, thc day in March. 1884, when IL
concentrated SlOOO 600 To make an investigation
which revealed nothing will find that not one
stem has ever been taken with cither III III
,,llicout purpose or an honest motive Inc
Gr~f
nents Of interest were left Ambiguous has cost
hundreds Of thousands of dollars Wiii' '"'
strange omission To attach the sam" op'ioh W
tbc Pacific Railroad bonds as To al o'her '"N-
erpmcnt iss,ies has cost the company S"V'rai
millions. That the company has suffered from
h,l uon,scm.ut and been used by spectators
FOR dishonest purposes cannon W "''''''
Whether there has been more crooR"heSS !"
its history than in that OF most o'her great
railroad corporations is an open question: 'h'
thing Is certain it has been male 10 Suh'r
marc for H. For the Government ana congress
NJ ,ho United States have always held heavy
hand over II.
rh, company's debt 10 the Government ~
ohon, s5nooo0Oo. secured by second mort
cace. This and the first mortgage debt OF
nbou, s3ouoo~n will begin 10 mature in lso'
The duty Of dealing with this matter dcv"lv"S
upon the present Congress. ana cannon ~ Wv
I,vcd The placing of the property in Inc
hands 81 receivers and under the protcc'ioh "i
IA. courts should hasten action. Ihat ION
gross will treat The subject with III" Iool lu's-
m.nt and common sense with which men Ell
,.,cnl i'm ordinary business affairs manaG" such
matters is perhaps too much 10 expect Al
least il cannot make a worse middi" oi IL '''h
If has done heretofore. The gentlemen appoint
cd receivers are fully competent Mr.. M!hk'
the present vicc-prc>idcnt Of III" company -
NOR. familiar with It's affairs than any other
pcrSou in the management. Mr.. ;. II. H. 'Girh
* thoroughly acquainted with the details OF
,hr operating department. AMI The asso'la-
,iou with Them Of Government Director H. III
,.,. ,,J,r.nn .,ivcs the assurance that the in
frrcsis 90 the Government VIII not s'lier'