Railroad Reorganization

Stuart Daggett's study of railroad reorganization examines the finances of American railway companies. One passage covers the Northern Pacific, the Oregon and Transcontinental Company and Mr. Villard. In 1887 the Oregon Railway and Navigation Company is leased to the Oregon Short Line with a Union Pacific guarantee, and, while these operations go on, the Northern Pacific adds a third mortgage of 12,000,000 dollars to its first and second, with dividend scrip paid in part and extended in part.

Another part concerns the Erie, whose single track and unusual gauge faced rivals adding third and fourth tracks, in a decade the text expects to bring the bitterest rate wars the country has known. A suit for the appointment of a receiver was brought in July 1874. A further passage describes the Union Pacific Railway Company beginning in 1880 from a consolidation, with stock and bonds issued in exchange for Kansas Central and Central Branch Union Pacific holdings.