Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1884-05-18
HE GAZETTE: FORT WORTH. 7ExAs SUNDAY. mAy1s

rangement that a fund should be pro-
vided by proportlonate contribution =,
aud that from the sum paid In by any
member n penalty assessed against II
should be paid; but Il would be easy
for such member, II dissatisfied, to en-
join the payment, or, In case Of Its fail
ure to take steps for that purpose, for
any OF its stockholders to do so. Penal
ties, therefore, cannot constitute reli.
ance.
The principal danger to be guarded
against is the cutting OF rates. In the
unregulated aud unreasoning strife be.
tween railroad companies this cutting
i not only carried on to AN extent thar
Is ruinous TO the companies themselves,
but II becomes disturbing factor I'm
all commerce.: and II IL perfectly cor
rect for the railroad companies to say,
as they do when defending pooling,
that unjust Determinations are nee.
essary result. The sort of competition
which Is 1.-THE life OF trade IN n war Of
rates, incites every agent to make se-
cretly and by every form OF indirectiop
such terms rs will secure the business;
II Is inevitable that these shall be with.
out uniformity, and that those who
push hardestand bargain most which
Will generally be the large shippers
VIII Ice most favored. Low rates.
when they can be depended upon for
any considerable time, increase the
prizes of grain aud other market com
modities In the hands Of producers;
but they affect prices little if at all
when II Is uncertain from day 10 day
and from hour To hour what they are
TO be, and consequently such benefits
as come from the hustile cutting OF
rates are reaped principally by specu-
lators and other large shippers. II il
doubtful II the shipping Interest ever
receives benefits equivalent to the
losses which the railroad interest snf-
fers in war of rates, and the benefits
to the general public will seldom equal
the Incidental Injuries. Nothing there.
fore can be palmer than the desirable
ity that reasonable rates should be
maintained with general uniformity.
so that they may be calculated upon
IN the making OF contracts and pur-
chases, snd so that small shippers as
well Ms large, the man who merely
sends his household goods M well as
the speculator in grain and provisions,
may have the benefit of them.
50 far IA thu steadiness In rates
WHINE w WV tVI'ut va ttlF IullTNNut, I I
Is also particularly desirable for rea-
son not often mentioned. II Is a great
misfortune to the country that 10
many Of its roads pay no dividends.
Though worthless to the stock holders
such roads have in the stock market a
speculative value. aud In the hands OF
sp, culating men the stocks become
mere implements of gambling, and
the roads are managed with purpose
alternately TO put uD and put down
the quotations on the stock board, that
the managers may make profit from
the sales aud purchases. IL Il beyond
doubt that larger fortunes have been
made In the manipulation of some
worthless roads with view TO decep.
tive appearances for stock jobbing pur-
poses than would have been derived
from dividends ,qnal to the current
rate of interest This IL AN evil, not
solely because OF its fostering the pre-
vnillug tence poy To demoralizing and
ruipous speculation, but also for the
further reason that 1t increases and
strengthens among the people n large
"A widespread prejudice against rail-
road managers "a men who CON
trive to accumulate great fortunes at
the public cost. Under the influence
OF this prejudice IL may well happen
that the charges railroad makes for
transportation, though barely suf-
iicient to ever NIL the items of ex-
pense. will be thought eXhorbitant by
the community, who see the members
OF the managing board acquiring
wealth through the ownership and
management OF the stock, Nor are
the community TO be blamed for this,
for they have right to assume that
all the profits made by managers are
derived from the earnings of the roads.
Thus Don-payiDg roads not only foster
speculative gambling, which IL one OF
the most demoralizing ofexisting evils,
but they also tend 10 excite In the
community feeling against railroad
managers and railroad property, which
gradually extends 10 embrace all
firms of aggregate and especially OF
corporate wealth; and this feeling in
any time of unusual excitement or dis.
trees IL liable to break out into uncon.
trotlable fury, and to seek qualification
In destruction. All property owners
and all law-abiding and patriotic PEG.
pie, are therefore directly concerned
In removing, 30 far as may be In theli
power, the causes which are likely "a
originate or TO foster such dangerous
tendencies.
But without the aid of the law to en-
force pooling arrangements, II Is not NJ
vet apparent that any scheme can he
devised whereby the cutting OF rates
can be efiectnalIy prevented. Enter
ing into pooling arrangement Is M
admission that unrestricted compete
ton Is destructive but when the pool
Ing agreement IL departed from and
one road begins 10 cut rates. the others
in self-protection must be suffered u
cut also. This ~ not enforcing the
pooling agreement: II IL destroying II
Possibly II the combination we're sufii
GENTLY extensive, refractory road
might be temporarily crippled, anc
thus brought TO terms by the others re
fuslng to exchange business with IL
but their power In this regard IL mucl
restricted by the law prescribing thu
duties of common carriers. Besides, 4
! road boycotted by others because IL u
cutting under their rates will be likely
TO have the public sympathy AZ a roat
suffering persecution In the public IN
: terest and this sympathy Will give Il
valuable assistance. II may well hap
pen, therefore, that an attempt at boy
c0tting will pI0vea mortlfying failure
II is certain that II could not be relied
upon AZ general remedy for tn
breach OF q pooling agreement.
BY these common arrangements
. though unprotected by the law, have
: nevertheless, done very much to saw
: railroad property from needless injury
: They bring into existence commits