The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-08-21

and botal decentralization and Bankruptcy
stares many of the lines in the face
Under these conditions it is not strange
that the officers should attempt some
measures to not only repress and con1ine
their own agents Ito the observance OF
orders, but that some action should be
taken to secure legislation protecting
them against THE competition OF foreign
roads and interruptions shippers who
use every effort and means known 10
the TRADE To beat down the agents and
overcome their better Judgment. ANY one
who is familiar with the methods en-
ployed to make one railroad agent be-
lieve that his competitor Is taking busi-
ness at lower figure than he is and
that tariff rates have been cut to pieces
can readily understand that companies
driven 10 the wall by tremendous tom
mage at unprofidable figures should make
some effort at combination or trust
that would make Vt absolutely impossible
Dor such state of affairs to exist, Who
wild deny that railroad companies have
not the same right to reasonable profits
upon their business and protection
against wrong that THE individual mas
1t is admitted that great wrongs have
crept into the business relations betw
railroads and shippers, but the wrongs
have mot all been on one side.
1t has not been shown, as yet THAT the
attempted combination by the trunk line
presidents is anything more than to pro-
tect their lines from further demoraliza-
tton or that am increase over the low
rates already in force on these lines
would not be within the legal limits and
perfectly just and proper course, for
them to pursue. The tendency of the
times and the hopeless ENHANCEMENT of
the large transcontinental railroads
point Ito combination and the formation
of trusts which will enable the roads to
more economically handle their property
and enable them ito earn profits upon the
low schedule of rates forced upon them
by statute. Some of these combinations
would be perfectly just and right, while
others might be most harmful to the
interests of THE people. 1t has already
been shown in these columns that the
joining together of lines of railroads, thus
forming continuous railway from one
point to another, as for instance in the
case of the Union Pacific and the various
auxiliary lines in its old system making
a Through route from the Missouri TO the
Pacific northwest is combination which
would naturally secure better service and
lower rates for the public. On the other
hand the consolidation of parallel rail-
roads, such as is proposed in the present
effort being made to reorganize the
Northern Pacific railroad by combination
with THE Great Northern, is an instance
where such combination of interests
probably would not be to the interests of
the public. The joining of such inter-
estS would wipe out of existence, en-
phatic statements of railroad magnaEes
to the contrary notwithstanding, just and
reasonable competition in THE territory
served by both lines. Furthermore, 1t is
conceded that the Northern Pacific, which
Is land grant railroad, should not now
be in its present state of financial diff
Guilty. Had the land department of that
company been managed differently II
seems most probable that such profits
could have been made during the earlier
periods of its existence, while the coun-
try was still thinly populated and local
traffic amounted to little or nothing, as
would G1ave carried it over the times of
depression of '93 and '94. However this
may be, one thing is certain, and that
is, that this railroad is peculiarly a rail-
road of Uhe people and owes 10 them
obligations which can hardly be carried
out under the combine proposed by j.
j. HEl of the Great Northern. In an in
tervlew in Seattle the other day., Silas
w. Pettitt, general counsel for the North
ern Pacific, now in attendance upon the
United States district court at that point
in a suit instituted by Brayten Ives to
oust THE present receivers of the Northern
Pacific, with the ulterlor object of de-
feating the Adams-Hill reorganization
scheme, says: "The proposed Adams
Hill reorga nization has never been ex-
planned in detail because it was SO out
rageous that 1t was thought best to give
1t to the public in broken doses. The
scheme proposes Ito give "a second mort
goge bondholder per cent bond in
stead of a 6 per sent bond; to give a
third mortgage holder 8 per cent bond
Instead of a 6; and to give to the con-
solidated bondholders ~ per cent bond
Instead of "a per cent bond That is to
say, THEY offer Ito give for $1,000 bond
$500 bond bearing 3 per sent interest ana
also three Shares of stock. This
is. ala near as the plan has ever
been published, but in itself II
shows THAT tine Adams committee has
the interests of Its constit-
uents in agreeing TO subject bondholders
whom 1t processes to represent to
ruinous sacrifice"
The trial of this suit for ejectment OF
present receivers, which will take place
in few days i'm Seattle will be watched
With the greatest interest by the generai
pubic. 1t is hoped and believed by many
of the public that some organization
scheme wifi be evolved which will place
the Northern Pacific on its own basis,
Independent of other concerns, as THE
interests of the public seem to demand
Let the railroads and the public both
live. There are rights and wrongs on
both sides which can certainly be met
on Ehe common grounds of equity.