The record-union., 1896-03-07

4" 'Second-The failure of the fund to
earn compound interest at > per cent,
as had been expected
Page 3d. same volume: 1T appears
from the evidence and from the reports
of the Commissioner of Railroads that
the Central Pacific Railroad Company
has discharged all the obligations aris-
ing out of the Acts of 1862, 1864 and
1873 Thurman Act respecting the
transportation applicable to the interest
and bond account and applicable to the
sinking fund account, and also the re-
quirement calling for additional pay
ments to the sinking fund until the
amount of such payments should equal
25 per cent of the net earnings.
page SO, same volume: The sinking
fund does not increase at ) per cent.
per annum or at 3 per cent. In fact, it
has lost money and is to-day worth less
than the principal originally invested ,
"Why not tell the truth about these
things? There is ample room for di
versity of judgment as to the policy of
refunding and our people gain no credit
abroad by the intolerant attitude of the
press toward anyone who claims the
rights of private judgment which be-
long to a freeman. The situation is
made still less creditable when intol-
erance and falsehood appear as twin
furies, scourge in hand, to direct de-
bate in a matter which requires the
freest and calmest judgment.
1.-THE method of the anti-funders and
press here has simply had a repulsive
effect in Congress and the East, where
people are not interested in personali-
oh hp CT fraf n
s.The Cali of the 10Th of February,
commenting on my Post interview,
admits the Vanderbilt scheme and sup
ports it because: We should witness
an absolute destruction of the Southern
Pacific's monopoly and adds that one
thing which retards development is the
high charges of the Southern Pacific
in the exercise of its power as mo-
nopoly.'
'In the same issue of the Call is an
interview with Judge Mcguire, the able
leader of the anti-funders. in which he
accuses Huntington of admitting that
the Southern Pacific Railroad gets its
business in a competitive field, and says
that by cutting under the rates of the
Central Pacific, is thereby diverting
traffic from the Union Pacific to the
Southern racine.
"The Judge is correct. The through
rate to Mississippi points and the East
is not possible of control by the Central
Pacific That rate is maze ~ the Union
Pacific and its Eastern connections,
the Chicago and Northwestern and the
other Vanderbilt lines. But by the
Southern Pacific Huntington controls
a through rail to the Mississippi, and by
and makes a competitive rate to the
river and to New York, Of which Cali
fcrnia has the benefit. He also uses
the Central Pacific to distribute San
Francisco trade from here to Ogden.
1T is a recent incident that Mr.. Curtis,
traffic manager for the Traffic Associa-
ton. and the officers of the Southern
Pacific visited Salt Lake City and tried
to break the blockade which is main
tanned by the Union Pacific in the in
terest of the Vanderbilt lines, which ex-
clude the Pacific Coast from that COM
merce in the interest of the manufact-
urers and wholesale trade of the lakes
and the Atlantic seaboard.
.It is to be regretted that these i'm
personal matters are so little consid-
cred, because violent and usually un-
true personalities have so largely dom
mated the discussion.
1--WE have a recent illustration of the
impolicy of the course OF part of the
press of this city, in the defeat of char
ter repeal in the Kentucky Senate
From California that repeal was advo-
Gated as a measure of revenge on the
lines of merely personal malice, and it
failed. Unfortunately for the honest
and well-intentioned anti-funders, the
advocates of their side make the same
sort of case before Congress, and iden-
tify it with reputation Of the first