St. Paul

For about two years, the future of the St. Paul R. R. has provided a ready subject for debate and conjecture at Wall Street luncheon tables. Most people thought the great Northwestern carrier would escape a receivership, although by a narrow margin. To many, therefore, the receivership (TIME, Mar. 30) came as a surprise.

Last week, an enterprising "star reporter" of Cyrus Hermann Kotzschmar Curtis' newspapers began a series of feature articles on the failure of St. Paul. But, despite the considerable advance publicity concerning wonders to be revealed, his articles have so far revealed little or nothing not known already, and arrived at no definite conclusions. One article created the impression that the road could have been saved by Government intervention. This was subsequently denied by high officials in Washington. To summarize the fundamental causes for the St. Paul collapse would require much analysis of a statistical and eco nomic character--heavy fare for newspaper readers. The occasion for the failure was provided when the road's bankers refused to refund the maturing bonds which forced the insolvency. This action can, in turn, be interpreted according to the taste and fancy of the interpreter. The next Congress may wel: make a special investigation of the situation-- as usual, somewhat late in the day.