New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-15
THE BEAR MOVEMENT BEGINS.

iiI. BEAR hpN fMfNl l'i>Pi-N'N
The stock had reached its highes, point in July
1881. when it sold at 1874. Considering that the
company was tangled up in a quarrel with its part
ner and largest creditor and that the other party
the quarrel had the advantage Of the sovereign
power by which ii could alter and amend contracts
or make new at will. the price seemed hish
II was also to be taken into account that rival
trdnscontncnta lines were Fastening to compile
tor. In the general depression which followed
President Garnelds assassination the stock had
fallen from 1872. To- below par. ~ the opellHs .!
Congress in December 1882 it was 49, The hrst
carly in the session. in both Senate and House. re-
ducng the rates of freight and fare one OF
Following these cane several bills amendatory to
the Thurman act increasing the slnklhS-lu iu r.
quirements. and number OF resolutions oil NV VS.
price of the stock in accordance with the plans on
the bear operators Nothing came OF the Ie, era,
other of the companys affairs but they GQn nrI
ing the company making it appear that Congress
bent on hostile legislation and 50 deprecla'in,e
the stock. The Commissioner OF Railroads IN MS
annual report had called attention to the failure
Of a reminding measure. but the company did not
make any effort in its behalf. Its attitude was
on the 2Gth of April 1854. the Pacific Railroad
Committee reported bill increasing the exactions
Of the Thurman act from - To - per cent OF inc
net earninss This move sent the stock I@wh In, ~
G2s Not satisfied with this the author Of inc niii
when II came up on the lNth OF June iolo"ins.
moved To increase the requirements to - per ceni
of net earnings. Ills Amendment MAS adopted ana
the bill passed the House. Then the stock went
rafting down 10 -. ana the near combination nal
made money in selling il short than all me
profits Of the builders OF the road Had TINS Pr
become law, th" company .woulI naNo o,, '"l''i
short OF It's hNcl ch"rses IN I'M 10y ST,'' niu
were now betting on-a rccciv"rship; iheI' WIS
slai. .whauEing craftsmanship for YOU!
In the senate. meantime. on the 2lst OF January.
ISL Mr. Edmunds had introduced the first fund.
ing bill. II drawn 10y the Commissioner OF
Union Pacific roads. In the committee hearings on
these bills the bear combination was ieifcs'htrI
lobby. while the Union Pacific. represented onI\
by It's regular counsel In the committee rooms ana
occupying only defensive attitude. seemed ut
terly paralyzel Through the nrwsr4pcrs WORKING
in the bear interest the public va daily recnVin-'
old game Of corrupting and browbeating congress.
that the lobby swarmci with iis creatures. WIN
viiual or CORPORATION with interests involved which
warranted the employment Of lobby. Yet an ne
neys in hotn branches OF Congress. with iobhy
agents from the Western states os'onsby IN
Washington other husin ssS. but pullins ~"
wi ,,,,rrs snJ snrrulators ami pro.cs-
r Scornor,,on i, was Inc swell mob crying
'stop thief"' in hot chase after friendless lo'r
devil with a bad name Meyer was created thinS
more HELPLESS Than this v-retched corporation with
II should he observed that mono OF tins h0StlHF
legality Of tho ., per cent eXaction. IL had p"id
This The mon pachc had refused to do pcndint
The decision Of the question ny the cont,, uppn
was no way to recover the amount even II tAc az
clson in the company's favor; inc tracks IN
the Treasury Department ran AL one way some
what 10 the surprise Of the Union Pacific people
WHEN tho Senate Funding bill was r"por ~ rom
Union Pacific being left ont in the cold This was
on the 10Th Of April the House bin tighten.n1
the squeeze on Union Pacific having been reported
fhrse DAYS before. Things were gong on Nv I'm