The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-04-25
rHs NORTHERN PACIFIC.

fhs nsws = telegraphed that On Nom
Aay the receivers Of the Northsrn Pacific
VIII probably be discharged. This means
that the scheme OF Reorganization has
been 20 esnerally adopted - TO b practi-
cally beyond further question. An effort
was recenkly made BY . portion OF the
stoclkholders to prevent the protective COM
mittae asserting TO the new scheme be-
cause their interests were not sufnciently
protected, but It does not seem to have
been successful. The bondholders OF the
several caasses and the stockholders have
Ill been taken ct least nominaily into &C.
count. and have been represented In the
courts and the scheme Of consolidation
Shows that each Of their interests received
sf least formal attention.
1t VIII now become . question whether
tho interests Of the people living along
the line Of the road. and whose produce
tion and consumption employ its rolling
stock and furnish IT. revenue. are TO be
treated with such consideration as not
only 10 make . profit for the railroad.
but enable the shippers to transport their
commodities at rates which shall enable
<hem 70 obtain . fair return for their labor
and capital. Everywhere property Of all
kinda has shrunk from Ats fictitious to its
ssal value. and the people Of the West have
ohsrished tho hope that the water would
b. squssasd out Of the Northern Pacific
capitalisation and fts tributary commerce
b called upon to pay no higher freight
rates than would sufKice to furnish . rea-
sonabls interest upon the money actually
invested. or. perhaps It would b moro cor
rect to say. upon tho actual value Of the
road.
The chairman OF the reorganization
committee may have been successful In
devising . plan which viii give more or
less satisfaction TO the holders Of the
company's stock and bonds. but there Is
nothing very reassuring in It to those who
are compelled to use the road. 1t Ia true
that the fixed charges are for the time
reduced. but the only inducement held out
70 tho stockholders II that those charges
Shall be increased - the profits Of the road
warrant. and the capitalization has been
30 much increased that apparently the
trashc Of the road win be strained to pro-
duce such returns AZ will afford the
stockholders. rs well al the bondhol1ers,
the interest and dividends they are now
again led to expect
II those interested IN the road would
In return for being permitted to retain the
present fictitious capitalization be patient
for few years and assent to a policy
OF development along the road. they would
in the end be the gamers. That policy
should he 10 offer liberal Inducements to
settle on railroad lands along the line on
. systern Of easy payments and to so reg
ulate rates that they should not be out
OF proportion TO those In the Eastern
states. thus offering Inducements for an
increase In the quantity Of freight sen, to
market. Any attempt TO levy rates which.
with the present limited volume. would
yield revenue sufficient to pay dividends
on the enormous capitalization can only
result In checking development along tina.
road and retarding the progress of the
whole territory tributary to a.
1t Is these considerations which seemed
20 mako Il wise. for two or three years,
TO leave the road In the hands Of capable
receivers responsible to the courts for
their faithful administration Of It's AZ
fairs It seems that this Il not to be. but
responsible men in the government OF the
road have made promises that tfe inter-
ests OF settlers along the line shall be
protected and fcssercd. and for the pres
ent there is nothing to be done but be
patient and hope for the best.