The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-08-14

the rehabilitation cannot be the less
that. In revenue assuring Murray's is
acceded the premier with all Cow,
ems unapproachable skill In the ma.
nipulation OF things legal. the rare
honesty, frankness and directness that
won such perfect trust In him. and
above all. his most unique unselfish'
ness. without earned money coming
In in greater volume than the de.
mands necessitated its going out
there could be no more hope for the
company after than before the recelv,
ership. No one knew better than
Cowen-no one as well--that unless
the old twisting and turning, the
scheming and shamming. and the un.
ceasing makeshifts that had, in real.
ity, characterized the greater portion
of his period of service with the com.
pany, were all done away with the
jig was up. For long years his had
been the shoulders upon which rested
the burden of the company's being
one thing and masquerading as anoth.
err, and the man was worn out. So
was the company. When Murray
came both were at the tether's end.
Cowen freely acknowledged 1t and
Murray had his whole hearted, typi.
cally self-abnegating support to the
last. With the maturing of plans.
after the receivership had been per.
fected, Cowen found the way through
which the laws intricacies could be
simplified to the point of the produc.
ton OF the cash, and Murray inspired
Its use where 1t, would do the most
good. Between thirty-fve and forty
millions of dollars were expended on
track. motive power and rolling stock,
during the receivership period.
The company reorganized within It,
sell. by interests in every way friend
ly, the presidency reverted back to its
emergency holder prior to the receiv-
ership-Cowen as receiver practically
continuing as president. Murray as
co-receiver likewise remaining as vice
president in fact. There was no swap.
ping of horses mid.stream, either go.
ing in or coming out of the valley OF
the shadows. Whatever the specula-
tive participating in the reorganization
1t soon disappeared, being replaced by
the large and conservative representa-.
tion of the Pennsylvania Company.
Not by an actually controlling pre-.
ponderance through a majority hold.
ing but sufficient to preserve relations
conducive to mutual welfare.
When Hill, of the Great Northern,
with Field and the elder Armour,
bought SO heavily in B. and o. stock.
he remarked to the writer, ut is the
greatest bargain ever thrown upon the
railroad counter" This, 1t shouIu ne
remembered, was not until Murray
had made the fact evident to the
shrewd veteran in transportation veri.
ties, as also. to his equally sagacious
associates, themselves versed as few
in demand for. and use of, rail transit.
The bargain had been a greater one
when the stress came that precipita.
ted the bankruptcy proceedings.
Could capital have been made to real.
ize-which 1t couldn't-the chance of
fering, the big-turnover was within
grasp without court Intervention. Lit.
tie fellows haven't any monopoly Of
bemoaning the failure of foresight to
equal hindsight. However, all's well
that ends well. ,Capital-speculativ
at least-might not have been as dis.
Interested as the Court, or as amena.
BILE to representation In the interest
of the greatest good to the greatest
number The policy of the court ap.
proved has been adhered to through
succeeding administrations. Governs
of course. Loree,s, naturally, and now
Murray's to whom 1t is as coming
into his own.
Years, In number to demonstrate
results, have elapsed and their i'm
port is convincing. Round figures
while imposing-as assuredly the case
where income approximating seventy
millions may be brought into play
really lack point in Interpretation
Railway systems, these times, are OF
such magnitude that volume, merely
may not mean much as basis of com
parison with the days agone. Mile
age tells the more definite story.