New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-19
BROKERS EXPECTING A TUSSLE.
WHO CONTROLS THE PRODUCE EXCHANGE :
A FORECAST OF J. II. HERRICK's REPORT On DIS
ELIMINATING FREIGHT RATES

A FoREcAsr OF T. IT, HERRICK's REPORT on DIS
ELIMINATING FREIGHT RATES.
There promises to be one Of the lvelest general
meetings of the members of the Produce Exchange OF
Monday afternoon thai has been held on that noor
The result will virtually settle the question whether
Pres dent Alexander E. Orr President J. ii. Her
rick holds the balance OF power" among the mem
bcrs. 1t is to be q meeting called by the board OF
Managers to consider report OF a committee, OF
which Mr. Hcrrick is chairman, appointed on Sep'eu-
Der 10 last to look into the matter of DISCRIMINATORY
by the railroads to the benefit OF Western cltles anu
against tho interests OF the seaboard
1t was learned that the report called attention 10
the fact that for several months with bref Intervals
Of relief, the produce export trade OF TINS por. mas
been almost parayzcd that the railroads OF inc "o''
by arrangement with the transatlantic s'ra">n'p
lines have been issuing through bills OF iahing ior
the sbipuient OF products from western points 10
European ports at a less freight than that at whch
the same good. could shipped to the scaboard cities
and thence to Europe, and In many cases TINS mas
been less than the local rate ID the Atlantic seaooMd
This is deared TO greater injury to large section
Of the country than slavery had ever BEEN and I'M
less the Interstate Commerce law is construed
to prevent such shipments, many large houses In
New-York will be compelled to go ont OF business.
When these through bills Of ading came in vogue,
the NewYork Produce Exchange recognizing that they
were a menace, not only TO commercial supremacy OF
this city, but also to the trade Of every city on the
behalf Of the Exchange to the Interstate Commerce
Commission. and to present proofs OF
the repeated violations Of the law, and demand
protection for the commerce of the East. This COM
mittee entered into correspondence with the Com
missioncrs and held many conferences with the pres-
dents Of the various trunk lines and traffic associations
by the latter gentlemen they were received with many
assurances OF friendly interest in the object sought 70
be obi aimed, but by absolute failure 10 consent 10
the submission Of friendly suit TO the Commls-
siOners
The evil complained of, however, suddenly stopped
OF course the committee assumed that their Efforts
surprised learn that while new contracts were
made for such shipments between October 10 and
December 1, yet prior to the former date, contracts
had been made by many OF the railroads with me
largest Western shippers, running to the first or
January of the present year. And since this latter
date business has been carried so openly that
II Is accepted matter of course here and no
merchant expects TO do an export business Tor an
indefinite period.
property is, by this method rendered totally unpro-
number Of several thousand made de. and business
on the Produce Exchange has declined that MEM
berships that sold readily at nearly 60 900 each
now 90 begging for buyers at 81 800.
Flour Is cheaper to-day In London, Liverpool or
Glasgow Though manufactured In MlnneapOlis than 1t
IS In Ncw-York ard a thousand can be cited
where this discrimination has been productive OF the
most fragrant injustice to the merchants and people
OF New York. No doubt BOSTON. Baltimore and other
seaboard c'fies have suffered In a similar manner,
though possibly to a less extent.