, 1874-11-18
THE SARATOGA AGREEMENT.
MEETING OF TILE CHEAP TRANSPORTATION Assoo1A-

ordors to tholr agents to do this. '"'
| -
THE SARATOGA AgREEMENT.
MEETING OF TILE CHEAP TRANSPORTATION Assou1A
| TON.
Thu Journey Of Commodore Vanderbilt. Col
Thomas a. Scott. and Fl. J. Jouott to Baltimore
to inlueo Mr. Garrett, Of tho Baltimore Il Ohio
lla4.road. to join tho saratoga combination, haa
created considerable excitement At New York
business circles. Nov York papers, in
speaking of this mattcr, say that in
business matters 1t hnd been customary for
many years for Commodore Vanderbilt to re-
coive people who bud buBnoBs with him at his
office. and not for him to make q Journey to wait
| on them.
There is widespread apprehension that tho
combination has boon formed, not for the pur-
| pose Of reform, but to croate grand pool to
| maintain high rates.
At tho noetlng Of tho Cheap TRANSPORTATION
Association, held at Nov York On tho i4th, tits
| huploos received 6peclut attontion, aud the fol-
| adopted: A'1'"0'1'
~! In a' ASgust l4s convention Of railway managers
worthy purpose Of inaugnrsting rcforma in to man
agennt of al our trunk lines Or railway to lbs end
loraton, at tic same time sharaboldsrs recnvo
l"f comIrnsaton for their Investments, Thero vera
r9moss loaug about, however, that this conference
" 1auHay ma8natea waH not for tljB rufnuse, hut
ratnor TO arrange mora perfect combination to swclj
oneif fgyenaes M q tho expense Of tho public. paz
of tho papers: For once Co.ouodoro V.nIorbut Oo,
scott and the Erie peonle In har1nouy ali agree,
hs tst IL. ae c1ss = on them .ad must and
s%ylvsnia ~ and the Eastetn States. What he pan oi
thc campaign Ia no one but themselves know but Ii
wss rs esr whisporod is only huf true, It cannot be
ionE before the order y given 70 move Tho enenys
selves no uneaaness rolying upon tic law Of supply
.na dSana ths sagaeily of hs railroad managers
iii S as'a e.. 'qs La ss IT. .oSssa ss vsn 5 st
..9 Indications M lave not bos 'ary rossaurn sn
sssHeday sstare r. sno ih merchants of fer York wore
Of tho New YORK. Cenrn," Tho Erie, aud tls 'sPenn.
sylvania Central nhree men who hola tho wolfare Of
than any other three mon this conuuont-hsd mado
spocia journey to Dasinoro to ntlnea tho President
In an alliance which practically pooled ther esrninna
and loft them frrc to tako fron tho puhllc any a,,m
The Of Il ess Irea u sls 0
haa not hocn characterized by dsintercs.ed aid
public aptrtt which Nod make Tho possession OF such
t!aa cxtant it is evident thut the Now YORK Central
Hudson River Railroad did not cost lis stock aud bond
a's1s tes ssssS' *s 4hs f ss 'As sa.i
its stoek and bond hodsrs less. aud iis
tie Central las nos been ~ narno 81
watercd, but its liabilities arc now upwards ef siii
u9S,1V Al energies Of tho managers Of these grest
freight at point which Will pay dividends pon tleso
fictitious values Most Of tis imitation hss Ioen ao
at.nl. large surplus fluid putting Ii nio ,mnrays-
enta AMI then ssuing stock to represont tue value OF
money from tho public and ten fo,oys. ss ane gg
Public pay interest upon tho amount e1actcd Il IL
argued BY the aoog1Eta for this practice that s cur
but they ignore these essential points: that rnrosd
ia endowed with the right Of eminent tiomain.-tbo
puDo usc aud railroas thorcoro o%s aoe n 1Ss tro o
10 TIE public that manufacturing comnau;oa do |
no5 Agal' manufacturing corporations are not IKE
railroads. Natural uonoroea by virtuo OF their rery
formation and no one is Obliged 10 paronxo them Us
is ~ case with tho railroads. Bearing upon this pv1ut
th,s et bearing date isl: Ths ehlef lipss roI1t
Of saex to.sy wss Central Railroad stock, witch has
aoun bus changed hands; our rorsesenatiya inanr0
ing tue reason of this movement was told BY on4 Of
the most prominent brokers the street SUBSTANTIALLY
!he owner now without Tic Investment Of another
interest. In tue opinion Of nsay neous tbs II
N unnatural ssrain and cannot long 10 borne" Con-
policy o hc nanors ono on Raeosd hsss Sssn u
~ a1pls earnings to tncreaso the capacity Of
sma pe1iestpg tue soaa hut Mt Issuing stock to rop
ta msnayess when their road IL III perfect and con
'leted condition to redacs still further their rites Of
imorc but the whols country; and Il Il tne fsar Of
hts that Induces men like Messry Vxndarhilt scntt
I'D Jewett to journey down to Baltimore aud etgayor
cot1 or drive P9aaidont Garrett, Of the Baltimore
mo RAILROAD, Into combination with item. In tho
ranion Of your Committee tho tsemendopa do
olopmcnt OF our country In this ape OF coal |
ron, steam. aud electricity must compel a rcad.
nsihet of our transportation system In its relations
and u our city, unless Tia ,uaagars Of our eseat
mes Of railway adort m eutire new policy, or cur
lercAant4 take the Initiative III building IN iIDpen-
u excltatye freight road to tho VEST our commerce
~ Efadually he diverted to other distributing points
nlc do not ARyo to ay tribute to fictitious ce,uta or
ngs III the management of their transportation lines,
our railroads havs thu wietloa to accept nrescnt 4,
ss Tor tne sake Of irrespective Gau tho troubIe may
aferted and with tho construction tho o1eluEiye II
eaGAs Taro,d as hboVo noed, aud the improvement g
tie Efte Canal, tie coultnefce Of New York will be
Aa Tor many Year, to coma. Nc cannot epee this Il
rlet report however, without Auding 10 the fapt II
Tut tho trunk lines already III tie combination nos ~
NV great power and Tint it Is robsble that they will s.
Eert 1t to force outstanding ueH into tho alliance =
ach result, IN The opinion Of your Committee would
q public misfortune and wo therefore submit the
campaigning resoluttanA with tic hope OF encourage
tho hanagors Of outstanding liuea iu the iude-
eonthe whch they Lave taken, All Of which
7. ,. TnunpgR, II
J. F. HENRY, .
Ed MARTIN, "
u. +. DAgEn, | q,
JAMES HAlNEB DRAKE | !,
Committee on hallway TFanspostatiou ~
That the action Of tie managers Of the re
sFoaaa VINO have refused to cuter into combine et
~ %isa tho other trunk ncs meets WITH our hearty 2,
Irovs'. anu tAat fatlFaya which refuse to wutor u
eir stocks aud WHO operate them with tonae reHurl
tna n9bho Interest, deserve tho oolnmeudaon Of th
Rtsctrtd That, while willing to accora era IT, - -
III 70 capital actually Invested in railway property ~
deem tho capitaIzlnR Of glrt,tus earuinQa In ! CO
tI1,1tb1t |