New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-01-11
PLANS FOR BETTER RATES.
RAILWAY PRESIDENTS AND BANKERS IN
CONFERENCE.
CoMMIssIoNERS-A BIG GATHERING OF
BIG MEN-NEw MEANS FOR PRE-

ACTION APPROVED BY INTERSTATE COMMEhCt.
CoMMIssIoNERs-A BIG GATHERING OF
BIG MEN-NEw MEANS FOR PRE-
VENTING CUTTING.
An important conference was held at the house of
]. Perpont Morgan yesterday between presidents
o. the principal railroad companies and representa-
lives Of the leading banking houses of this country
and Europe. At previous meeting on Tuesday, OF
presidents Of railroads of Chicago and ST. Louis,
Charles Francis Adams, of the Union Pacific; VIII
lam b. Strong, of the Atchlson, Topeka and Santa
Fc, and Frank S. Bond, of the Chicago, Milwaukee
and St Paul companies, were appointed committee
10 prepare plan for permanent organization and to
confer with the Interstate Commerce Commission In
regard to the legality of tho proposed plan con-
sulation between the committee and Messrs. Cooley,
Morrison and Walker, of tho National Commission,
and general acceptance of tho invitation to the
trunk line presidents to join In tho movement for
the maintenance Of rates resulted I'm remarkable
gathering
OFFICIALS WHO WERE PRESENT.
Among the railroad officers who were present
were Presidents w. b. Strong OF the Achison; Charles
Z. Perkins. Of the Burlington; Marvin Hughtt. Of
the northwestern; r. X. Cable, OF the Rock Island
Jay Could Of the Missouri Pacific; Charles Francis
Adams, OF the Union Pacific; A. b. Stickncy of
the Chicago, St. Paul and Kansas City, and o. d.
Ashley, of the Wabash The St. Paul was reprc
sented by Vice-Presldent Frank S. Bond and two
directors; the ST. Louis and san Francisco by Vice
President H. L. Morrill, while George ]. Gould, act
Ing president OF the Missouri Pacific, supported his
father
The trunk line railroads represented by
Presidents George b. Roberts, of the Pennsylvania
ohauncey NJ. Depew, of the Ncw.York Central; John
King, of the Erie Charles +. Mayer, of the Balt-
more and Ohio; Samuel Sloan, OF the Lackawanna
and T. p. Wilbur. Of the Lehgh Valley.
The representatives Of the banking houses wero
besides Mr.. Morgan. J. Hood Wright Of DreIel
Morgan Co.. John Crosby Brown and Charles L
Dickey, Of Brown Brothers & Co., and o. w. Pea
body and George c. Magoun, OF Kidder, Peabody q
Co., the American agents OF the Barngs
PRINCIPLES OF THE SCHEME. PRESENTED.
Mr. Adams of the subcommittee, presented the
following report
In submitting tho accompanying plan OF organization
your committee desire 10 present brief report setting
forth the principles upon which It is based
1t has been manifest throughout the discussions which
have taken place at these meetings those attending
them desire. first and foremost strict
the provisions OF the Interstate Commerce act both
themselves and against all others
Whether that act In ia present shape Is in all respects
beneficial not is in the OF your committee bssde
the question: II is sufficient that Il Is law and that
such IL should bear with equal weight upon ALL will
not bear with equal weight upon all unless is equally
obeyed by all
Beyond this, your committee has considered that IN
mont known the Agreement Of Presidents the
January. 1889" They have sought to extend the
provisions OF that agreement Introduce into the
ent plan any features likely TO excite discussion That
agreement has therefore been Incorporated In the plan
submitted without change.
Finally. they have sought introduce in the sImpos,
possible form the machinery necessary the
forcemcnt OF the Intestste and the
time mako the agreement OF January 1 effective. To
this they propose organization and the
NJ
IT. therefore. under the rules OF the association now
recommended, company member Of the association.
should, through It's officials mc consider Itself
wronged the for 10 pursue VII! b. appeal
the association for justice 10 ITSELF and the punishment Of
tho Delinquent and until tho association falls Of its
pose. the complainant will be debarod from cndeavornR
to secure for itself what II consider its rshiA
In order eneetually 70 secure those results t Is
proposed that the association be formed should b.
Association Of Presidents the end that the highest
oeials OF the various companies may b. made responsible
another and thereby DO held 70 strict and
personal account
FEATURES OF THE PLAN or ORGANIZATIONS.
Tho report Included plan OF organization which
had been approved by the Interstate Commissioners.
II provides for an association Of presidents Of rail
road companies for the double purpose Of enforcing
the provisions OF the Interstate Commerce Act and Of
securing complete reports OF all competitive traffic
subject to that law. Tho association n 10 have
board Of managers consisting Of accredited repre-
sentative rom each company. This board win meet
monthly and whenever required by written call
signed by the chairman or three members IL VIII
appoint rate committees for the freight and passenger
departments whose duty will bo to consider pro
posed changes In rates on traffic. Whenever there
Is any difference in either committee the question Will
DO left TO arbitration. Division Of through rates
trafic to be arranged through the association and
bidding for business by OF private concessions
stopped Tho board Of managers will establish rules
10 limit needless and reckless outlay I'm striving 10
obtain business either through separate agencies
the payment of commissions.
To insure the carrying out Of established rates
auditor win have authority 10 examine and check
station accounts receiving and forwarding books
and all books, accounts and vouchers kept In tho
auditors Office Of each company. No vouchers which
might tend to reduce established rates influence
tho direction OF traffic VIII be allowed. Tho auditors
OF the several companies cannot pass way bills, ex-
pense bills, other vouchers which might permit
diversions from the authorized tariff and the agents
at all stations must report 10 tho auditor Of the
association. The correctness Of reports must be
certified and In case OF charges Of inaccuracy the
officer believed 10 DO familiar vita the transactions
may be examined under oath. One officer OF each
company viii be held responsible for tho strict main
enancc OF rates and rules established by tho assoca
ton Tho penalty for any violation Of tho Interstate
Commerce Act Of tho rates and rules OF the
association VIII DO me OF not less thah r-Oo lor
each offence and the report Of the findings TO the
Interstate Commissioners. Employees found 10 be
guilty will DO discharged.
The executive board, which will determine all ques-
lions that cannot be settled by the managers Will
consist of three experienced men. They must be
elected unanimously, but either may be removed by
two-thirds vote One viii be chairman and the two
others will be vce-chairmen OF tho freight and tho
other Of the passenger department Tho president viii
hold stated meetings the second Tuesdays OF Jan
uary April July and October OF each year, and special
meetings may be called at the request OF two pres-
dents or Of the executive board.
APPROVAL OF THE COMMISSIONERS.
Tho official report Of the conference published by
Drexel Morgan d Co. states that In presenting these
papers Mr.. Adams, behalf Of the committee, mado
the following verbal report of what took place at their
interview with Messrs Cooley, Walker and Morrison,
lnAn Con CnmmlaaInn