New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-15
UNION PACIFIC.
A CHAPTER OF ITS HISTORY.
4 DROP OF OVER 100 POINTs-How CONGRESS
HAS WORKED-THE CONPANY's Gov
u, u
ERNMENT PARTNERSHIP

HAS wORKED-THE CONPANY's Gov
ERNMENT PARTNERSHIP.
The death Of Frederick L. Ames a few weeks
ago took from the Union Pacific Railway company
its wisest counsellor its strongest financial prop
and it's most steadfast friend. 1t was by the
pluck and energy. the courage and faith OF MS
father and uncle Oliver and cakes Ames. that the
road was built. He had a family pride in it. and
for this reason retained to the time OF his death
practically unbroken the large interest IN inc
stock which he inherited from his father-havlng
been always one of the largest stockholders. There
was a touch of hlial devotion in his constancy TO
the enterprise In which his father was so deeply
interested. He was an 'insider who never TOOK
advantage of his opportunities TO speculate IN the
stock OF the properties he managed. lie held IL al
13l and continued to hold it at ia somewhat rare
railroad director. His death may almost be said
to have left this enormous corporation without a
head The Street" began talking OF n re-
ownership for ii. which has now been granted IL
was not the first time such talk had been heard
The company has passed through many stormy
periods and several times been on lee shore;
though never until actually in the hands OF a
receiver
There several features in It's history in which
Il differs in a very marked degree from any other
railroad that built or ever will be. It's
relation with the Government. was first that or a
spoiled child for whom nothing was too good; art
Ndfu OF "A WlCkPu ScdnecTdCt SVudhN'i'"> Ms '"'
money and cheating everybody else out Of theirs;
a disreputable outcast for whom there moth
ing but kicks and cuffs. SO that for nearly all Of
the thirty years during which the loan which 1t
had received from this paternal bencfactor mas
been maturing. the bcnefactor has never ceased
to denounce it greedy monster and unscru
puous fraud. and by every means. upon every
possible occasion to cripple and disable 1t. For
twenty years the United States Congress has pre-
scented the somewhat unusual spectacle OF cred
itor striving al every opportunity to bankrupt his
largest debtor and make his securities worthless.
In all the legislation of this period you may look
in vain for a single act that has not originated in
bad temper and resentment or been set on foot
for purely speculative purposes. Let whoever
thinks this assertion too general or too sweep
ing make the search 1t is fact never much
talked about but always well known. that because
of this attitude Of Congress toward the company
nearly all the Washington speculative accounts in
Union Pacific the shor; side.
The famous bear raid led by Woerishofer & Co.
in 1Ss3-S4. which drove the stock from above par
down to rs. very largely aided by the willing
ness Of Congress to listen to any proposition 10
cripple the road tie it down while its Compel
itors paralleled 1t. tapped its tributaries. and
hemmed IL in. This partly due 10 the dema-
gogism from which, historic accuracy requires 1t
to be said Congress is never absolutely free: and
to the unpopularity of the road and company from
various causes. which made it always safe for a
public man to vote against its interests and very
dangerous TO seem TO favor it, Other causes con-
spired depress the stock and help the bears.
one Of which was natural and legitimate: to VII
the completion Of competing transcontinentaI ms
which put end TO the Union Pacinc,s monopoly.
and by dividing the business and reducing rates
changed the entire aspect OF the situation. But
Congress was the potent factor; II was upon the
fell with 0 such rapid IA Wide fluctuations as made
the short w aisted speculators head swim. II is
interesting to note that when this raid began ne
late Mr.. Gould for whom. az well as Tor soiid
SCOTS ..antlered monarch "snufYed the tainted
gale" and before the headmost foes appeared ,
his books Of L.. p. stock had cleared. and
stretching forward free and far had leit IL scat
tered wide at par.
His was so good a to conJure with. how
ever, that long after he had gone out OF partner
ship with the Government, as he expressed j.:
the bear lobby at Washington and the newspapers
in the bear interest kept dingng away at Congress
to punish Gould by driving Union Pacihc into a
receivership There was always something funnY
Could into hole and then dancing mp and down
excitedy over the hole while the why little man
sat looking at them from the top rail or n neigh
boring fence. He had such a way or not belns
great deal Of honest Indignation against MI Could
was wasted in the newspapers md in III. lobby al
Washington during the X1.IXth Congress. the sole
purpose Of which to get Congress mad enough
had some time been a stakeholder. II seems ride
ulous doesn't It? Not than the general
line Of policy pursued by Congress in relation TO
the Pacific roads. From the time II made the FIRST
and purposeless investigation OF lSI II has dona
nothing this subject that was not ridiculous.
The raiders of 1884 had every reason 70 believe
that they could without much difficulty stampede
Pacific railroad legislation they might take a no
ton 10.