The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-11-29
Something More About the Grand
scheme.

CmcAGo, ILL.,, Nov. -. 1t Is ascertaincd
here today that the plan which has been
made public Of forming a huge railroad
combination 10 embrace all the territory
west Of Chicago and S. Louis, with clear
ing.house for competitive business aud a
commission Of presidents 10 control rates,
Is, after all, only one Of the plans that
were considered at the New York confer
cnce, and is not the one that was formally
adopted. The plan that received the most
favor, In fact, was a much stronger agree
mcnt, and more severe In It's restrictions
M 10 the use Of tho rate making power.
J. W. Midgely, who was present at the
conference in the capacity OF an adviser.
said today This plan is ono Of several
that were considered. am positive that
II will not be adopted, for ure reason that
IL is not strong enough 10 answer the pur-
pose for which il was intended. Aside
from the arbitration feature, II ia but little
different from the agreement Of the West
crn Freight Association. This talk about
trusts ~ applied b. such mn agreement II
the shocfcst nonsense. The truth II that
the railroads have become desperate nj the
prevailing condition Of affairs. Somoihing
must be done or they will be driven 10 the
wall
"The meeting NJ New York represented
the financial Interests Of these roads II
was composed Of men who own the prom.
orty aud who believe u should yield some
return. They were determined, II possible,
20 sayo the railroads from bankruptcy
"Thc Interstate law pfohibispooling mr.
engagements, and Of couu" Il was necessary
tO devise some other means Of checking
the decentralization"
Mr. Midgcly faid II lhc present condi.
tons, which were In The main attributable
to the operation Of the Interstate Law,
should continue two ycan longer there
would not be a solvent railroad west Of
Chicago When asked Il there was any
movement on foot 20 petition Congress Tor
a repeal Of the act, he said. mo such
movement has taken shape ~ yet and no
appeal will be made b. The present Con.
gross. II ~ not regarded M the most
favorable time 90 present such a measure
between two administrations
The projectors Of thc new schcmn for
the maintenance Of rates, Mr. Midgcly
said, were agreed upon one point and that
was the subordinate officers of the rail-
roads must be- deprived 81 lhc mio-making
power, and that auy assumption Of this
power must be punished by dismissal.
Before the plan was completed 10 WIS sub
miticd 10 the president oi the important
Western lincA FavDfublr replies have
been returned by tie presidents Of the
Union Pacific, the SucknCy system and
the Chicago, Milwaukee q - Paul, while
President Cable, Of The Rock Island, has
gone 10 New York 10 personally express
bis views on the subject
President Marvin Hughiu. Of the Chicago
4 Northwestern, was today asked II ho WIS
favorable 10 the scheme. lie replied.
II know nothing about 70 except what !
have read In the nCwlppgr. ! am not
prepared 10 say anythiug a. tO iis merits or
o. 10 Tie probability oi Boz being adopted.
Tho Chicago q Northwestern HASN'T bceu
represented OF any conference nor has u
been cOnlultcd on iho question Of q new
agreement We are present PARTIES 10 the
agreement Of the Wostcn Freight Asset.
alton and also tho pass niger agreement,
and have no present intention oi going
into any other We slll. ccfthnly not 20
into amy now plan until We have thor.
oughly considered II"
Vice President Stone, Of the Chicago,