The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-01-11
NO 0M0RERAILR0ADW WARS
A BLOW ALSO AIMED AT PARAL-
LEI LINE SCHEMES

Pierrepont Morgan Makes State
ment for the Big Bankers.
New YORK, Jan. Following is a de-
tailed account Of the action taken by the
BANKERS and presidents of the railroad lines
west of Chicago and st. Louis at their meet
ing in j. Pierrepont Morgan's office this
morning. The meeting lasted about three
hours, and there were present at it j.
Pierrepont Morgan, j. Hood Wright, rep
resenting Drexel, Morgan 81 Co aud j. S.
Morgan & Co.; Charles D. Dickey aud
John Crosby Brown. for Brown &
Co. and Brown. Shipley & Co.;
Col. o. w. Peabody and George C. Ma
goun, for Kidder, Peabody &y Co. and
Barring Bros. & Co.; w. B. Strong, presi-
dent of the Atchison, Topeka and Santa Fe
Railroad Company; c. E. Perkins, presi-
dent of the Chicago, Burlington and
Quincy; R. E. Gable, president of the Chi
cago, Rock Island and Pacific; Jay Gould,
of the Missouri Pacific railroad; Charles F.
Adams, President of the Union Pa
cifc; Marion Hughitt, Of the Chi
cago and Northwes ern; A B. Stickney,
of the Chicago, St Paul and Kan as City;
o. d. Appley, of the Wabash aud Western /;
C. j. Paine, director of the Chicago, Bur
president of the Chicago and North West
ern; F. S. Bond, vice president, and Peer
Ge edes and w. T. DickeY, directors of the
Chicago, Milwaukee and st. Paul; George
j. Gould, vice president of the Missouri
Pacific; H. L. Morrill,, vice president of the
st. Louis and Santa Fe; and Gel. John Nc
Cook, counsel repre- senting bankers.
There were also present by invitation
Chauncey NJ Depew, president of the New
nIL q 1d Ind raj
George B. Roberts Of the PENIS lvauia
Railroad Company; John King of the New
York, Lake Erie and Western; Samuel
Sloan of the Delaware, Lackawana and
Western; Charles F. MAYER of the Balti-
more and Ohio railroad; Gen. Orlando
Smith, vice president of the Baltimore and
Ohio railroad; and 4. II. Wilbur of the
Lehigh Valley railroad.
AN ASSOCIATION OF PRESIDENTS.
The committee of three, appointed at the
last meeting to perfect q plan of organizs-
ton and confer with the interstate COM
merce commission, submitted their report,
with an accompanying plan. The pla
provides for an association of presidents, to
be known as The Interstate Railroad Asso-
ciatiOn,n whose implied object shall be the
enforcement of the interstate law and the
establishment and maintenance of rates. One
officer of each company, the president of
II.
be held responsible for the strict mainte-
nance by his company of all the rates and
rules established by the association; and he
shall not be at liberty to depart therefrom
unless by authority in writing of the exacu-
tive board.
After general discussion, in which the
trunk line presidents participated, the fol-
lowing resolution was unanimously passed:
Reso;Oed, That the fundamental principles
ntasl,;n Bron
Enforcement Of the interstate commerce law
and arbitration of all differences between the
companies, be and are approved, and will be
adhered to in perfecting the proposed organiza-
tion.
THE TRUNK LINE PRESIDENTS.
The following resolution, moved by Mr..
Depew and seconded by Mr.. Roberts, was
unanimously passed by the tru k line presi-
dents and handed to the chairman, with a
request that it should be Incorporated in
tho proceedings of the meeting:
ReSolUed, That we are heartily in favor of a
strict enforcement of the interstate commerce
act; OF the maintenance or reasonable rates, Of
the principle of arbitration and the formal ion
of an association to enforce these objects under
the general scope Of the report of the commit
tee Of the presidents of western roads; and that
the trunk line presidents should meet at the
earliest possible date TO form an association to
carry these purposes into effect.
PAYMENT ON COMMISSIONS
The following resolution relating to the
payment of commissions was also passed
unanimously, excepting Mr.. Gable, OF the
Chicago, Rock Island and Pacific railroad,
who objected to voting until his competi-
tors not present could be heard from:
ResoIUed, That the payment of any sum of
money by a railway company to the officers or
agents by another railway, either in the form
of salary or commission, to influence passenger
business being subserSive of discipline, and
n { mr. &c a
approved; and,
ResolUsd, That the payment to persons, not
exclusively in the railway service, of commits
sious for sales for tickets fosters dissension
dsturbs established rates. and is therefore disap-
proved
DEATH KNELL TO NEW LINES.
The greatest Importance was attached to
the announcement made by Pierrepont
Morgan at the close of the meeting in which
he intimated that the banking inter asts had
joined hands to prevent further railroad
construction. Prior to the adj urnment he
said: I'm regard to the remarks made in
formally by Mr.. Roberts about building
parallel lines and the position Of the bank
ers thereto, l am prepared to say in behalf
OF the Houses represented here,
that if an organization can be
formed practically on the basis
submitted by the committee, with an execu-
tive committee able to enforce it's pro-
VISIONS, upon WnlCn ia lkefS snail be repre-
sented, they are prepared to say that they
will not negotiate, and will do all in their
power to prevent the negotiation Of any
securities for the construction Of parallel
lines or the extension Of lines not unani-
mously approved by such an executive com
mittee.n
T meeting then adjourned until 2
o'clock for the purpose of discussing aud
perfecting the proposed plan.
THE PLAN INDoRsED.
In accordance with the adjournment
the presidents met at the Windsor
hotel at O'clock. All the western
roads represented at the morning session
we're represented at this meeting. The plan
of organization reported at the morning
session was then considered section
by section, and after certain
amendments, none OF which affected
The general features OF the scheme, was
recon uended for adoption and ordered TO
be elgrossed ready for signatu O. A com
mittee vas also appointed to obtain the sig
natures OF the various companies not repre-
sented at the meeting to tho agreement.
The meeting then adjourned to meet at
Chicago on the call Of the chairman.