New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-26

TIE PRESENT POLICY AND MANA"LMhNi
TO BE CONTINUED ANOTHER YEAR.
MEETING OF TIE STOCKHOLDERS ro-DAY-FNcTs


in Boston to-day. and that there VIII "c no
change in the officers of tho road Last year, II
will be remen bered. = movement lcd by the rep
r''scntatives Of Tie foreign stockholders 10 ous'
what called the Gould management was al
most successful. and only defeated BY the clever
tactics of George Gould. who at the last mo-
ment, appeared with proxies enough 10 coh'roi
the election. Disrust of thc Hould-Sage m"th-
DDS on the part Of the foreigners the occasion
Of the demonstration II failed because WI
Frederic H. Ames and tile Boston stockholders
though under obligation 20 support the ola
board felt that they could not desert ana leave
IN the lurch the who had come to the COM
pany's relief and rendered II such ncacniaplc ser
VIZ" IN rs time OF distress.
Nor did they share the foreigners dstrnst OF
the Gould management though they could not
conceal from themselves the tact that chang"
In the management would have the effect to M
prove the company's credit, ana ada largely -
the market value OF lis securities. III" ioIrlgn-
ELS suspected that : II H. Clark, ~ general man
ascr of both Union Pacific and Missouri Pnclhc.
would play into The hands Of jay Gould, whose
holdings Of the latter largely III excess OF the"
Union Pacific Interests. and that Union Pa'ii'
would he sacrificed for the benefit Of It's riEal.
II is very much 20 Mr. Clark's credit that ;hc
Boston stockholders. 70 whom H., was no stranger
he having been their general manager for several
years before Mr.. &. +. Adams became president
had entire confidence both in his ability and
loyalty. Still more TO his credit is 1t that lis
management OF the company during the past
year has not onv d.-armcd all opp9sltiJn, tut
has changed entirely III" attitude of his last year :
opponent, 20 that they among III" mos;
urgent of thos" stockhodcr' AZ who's" request NJ.
tlar, some time since severed his connection with
thc Missouri Pacific IL order 10 give all his Time
and attention 20 the Union Representatives. Of til"
foreign stockholders made thorough "Nainlaa-
tion Of :hc affairs Of the company and the phys
cal condition of the road some months ago, and
the result WAS to fully establish their confidence
in the present management.
The les; testimony 10 MIR Clar's efficiency.
however il in the figures Of the annual reports
for tho Last two years. IN 1891. with ii ~ %
IN gross earnings OF Sj2I.l7o. thcr vas A.. IN
crease in the Of 81 >l.93N.l@ Tie annual ic-
por, submitted today shows an ircrca~" il gro =
Of 81 .0is, ;3j, and. what i. remarkable, 'ol-
-llcriry 'ho large decrease til piece in year. Il
FURTHER dcor,a~, of >IcG.ios IN op'r.tin. cy-
--nses That TIN, reduction = no e.. ..ad n
the cost Of til impairment, al physical co'lro Is
is shown hY an increase Of S;le3.>'i in rail -
n"wal>. \ decrease Of SOL pa IN the item Of
repair % freight clis Is ildn - cyidercc 81 -
tcntion 10 the dc,ails Of operation. b, which
collisions are lcss common tian formerly There
IS also y saving for the year Of s20j,+,I III tar
item OF locomotive fuel IA Incrc o. ; o.
500 in tn item OF foreign a,".ci's, on the other
hand, J. significant a. showing th" tcnd' n"v oi
competition 10 increase Oh; Of ali roasonnh"
proportion the cost Of soliciting and pro"ufing
traffic. tn" unre' sonabcn"-' OF ia" camoT IN
the Western States ioi cheaper rates il shown by
the fact thar the avcras" freight iat' on Ill ia"
lines OF the y stem - - cots p"l ioI pr mnr
and the average passenger lat" litilr les than
II cents per mile. These hgur'> Indicdt" the
pre- iso weight ol Oh" oppression under which "a"
poop OF that section aIc groAnin-.
Tie .IosS earnings Of III" system for irs9 Were
,ij.o2j.l 90 surplus above all clare. s!,oa'-
80, or a .ttle over per cent on IA" stock. Ihl'
i an Inci'd~r OF ~ .cui..lG ofcs 1891 and -,
3lI, 5gJ over 1880 \ sufficient answer certainly
the Ncor" # ability OF fidelity 10 the interests OF
ia" company
OF the Increase the largest part i from tive
lines in Nebraska and Kansas. the Denver am
Gulf, inclusive OF the Fort WoIth, contributing
thereto Sls-,jG?. fhc OREGON short Linz" ~,
tom, Including ia" Navigation Company. show:
n dccIca~. from 1891 of ST. 1886, due 10 In,
falling on ~ business III ~" section tIavci rd
by It's lines which has 80 s"n-Ibly Affected tho
earnings OF Northern Pacific. Depression II
the mInin. business owlng 10 III" low price oil
silver caused large falling off in earning, Of thu
Short Line proper. The operations OF III" Short
Line system show d"iicii OF Ssl7,'sl, an IN
| crease of Sil O.C33 over 1891.
Events have shown the unwisdom OF the oIc9or
| Navigation Company purchase which was on" o
| the last acts OF IL" Adams administration an'
! the Immediate cause Of lis downfall. Had there
hccn little lcss haste and more disposition tC
| reconcile differences between 'hc Union and North
crn Pacific companies, the Navigation propcriic'
| might have been secured on loint .eas, AZ poi
! more than per cent rental, possibly less
| hat ARA n.rmcnt would moreover have prevented
| rivalri,s and unnecessary extensions which hove
! proved well nigh disastrous 10 both companies
| The Union Pacific IL no;v bound by II per CEN
| rental Of H." Navigation lines which II ",nno
escnp" 50 long as il is solvent. further ms
| take was made III purchasing MAJORITY OF ,h'
| Navigation stock though II t"rmci AZ the fin'
good policy TO purchase per cent stock AZ -
| and provide from the dividends sinking FUN
| for the extinction of th" debit incurred In
| the disasters of 1880 upset all calculations
The enhance of the Gould management and th'
| singularly ill advised move of Mr.. Gould I'm
| mcliatelv aftcrward in attempting 10 annul I'M
| Omaha Bridge contrac upon frivolous protest
| led the public TO suspect that whenever IT suites
| his purpose he would refuse 10 be- bound ~ th'
Oregon lease So though all lawyers agr"' tha
| there is no possible loophoc for breaking 'n'
lca... Navigation stock fell in 500 from los u
| April TO 90 i'll December on dstrust OF MI ''9n,'
and has never reached 90 since. The stoch heI'
! IN trust. all other securities Of the company an'
| It's credit in the market went of with stump
MIR. Goulds attempt a. sharp prac,lG' III ,;r ,m
bridge matter caused losses direct ana ih'if''
that can hardly be- computed r..;s
| The restrictions placed npon the | mon racine
| b. Congress have driven the company 10 ciic1i
tous processes IN the building Of the branch me
| necessary TO maintain is existence, TIT .Hi
| reason, in the Of the Oregon snort i'he
| there has been from the beginning an amos
| ineAtrcablc tangle Of accounts. Inc report u"
| 1892 represents the Short Line as debtor to III
! parent company 10 the amount OF about S'u"''
| 600. II j. open 10 question wh'tn"r u rcaii ,
| mcnt Of accounts upon rasonaole '9"S'i. Wv,
| Of the original traffic agreement wohiu nov ''rl
| ously modify this statement. Shohld the oii
recommended by the Commissioner OF Railroad
| and reported last session in the senate, providing
for the appointment Of commission WIN l1i
! power TO arrange n settlement oil the drpi I" 'h
| Government, pass the minority stockhou"rs %
| Short Line would he likely TO ask 10 br hear'
| upon the subject
AZ the close Of 1891 the amount OF ,oll'.cri
Trust per cent notes outstanding was - -. "
| 600. This reduced during the year '" 81
| $4,000 and the trustees had in hand an n'nl
| vested balance OF $970,031. when mas since peer
| invested making reduction 10 care oil apon
| $500 900 in the amount outstanding. lnclll
| ing the $4,000. 900 notes, ~. 'v".O"o III 'ohu