New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-02-22
pocroREp DISPATCHES.

Ihursuay, feD, alp IN
II Is evident that all the dispatches sent from
Chicago for publication relating TO the Gentle
uci Agreement (which is the funny appel
hti given 20 an honest effort TO conduct travel
On business methodist are doctored for use Mt
n Stock Exchange. The following dispatch sent
Ia evening by one OF the prominent asserting
NJ sidcnts 20 & personal friend in Sew-YorS differs
materially from any Of the public dispatches pub
hsied this morning:
Meeting voted this afternoon 10 perfect the
OF cement and 90 on without the five roads, ana
10 meet their competition as body, and com
mi tee was appointed 10 negotiate with Mr.,
walker 10 be the arbitrator. Meeting adJourned
until tomorrow 20 give committee time 10 per-
feet agreement l believe the thing VIII go
Though, and increase strength under walkers
management"
what has been done az to-day's meeting
al this writing is unknown. but 1t is
probable that the dispatches 20 be published TO-
morrow morning OF the result of the meeting VIII
be as far at variance with the facts as those
which were published this morning.
For speculative purposes too much Importance
has been given to the success or failure OF carry
ing out the scheme for the formation OF the
In terstate Railway Association. large eAlsuhS
short interest has steadily maghlheu
az Importance with OF course, chance In us
favor OF failure and hope that failure would
make q market enabling the bears 10 cover tnelr
contracts without loss. Unquestlonably the e
scheme il successful, we stu beneVe III Will
be. and II strictly adhered 10, would remove one
OF tho dangers which always threaten holders OF
securites-tho use OF properties Tor the speeull-
tive purposes Of the managers But heretofore the
western railroads have been able TO make large
dividends and tho older companies TO pile up sur
pluses available for poor years without the aid OF
any such agreement MS Is now proposed.
Toward that end the roads which are honestly
managed now have the aid Of the Interstate Com
merc0 law, which they can help 70 enforce with
ont any agreement among themselves The rail
%av earnings OF tho last six weeks have clearly
demonstrated that is was simply a question OF
maintenance Of rates upon which their profits de-
pended Those increased earnings have been made
during q period in which the question OF final
agreement for an association has always been in
doubt. With or without an agreement, the whole
question of profit with such an immense
tonnage in sight MS there now Is Is simply ques-
ZION OF honesty in the management Of trusts.
The dsturbers of the peace during 1888 exhibited
little Of that quality, but they have been brought
TO q sense of their responsibility which they viii
not soon forget, even If the association scheme
should prove TO be an utter failure
WHAT WAS DONE IN STOCKS.
days stock market again was waiting
and subject TO the same influences, doubts
declined whenever they were attacked, simply
because OF the uncertainty OF the situation re.
garding the action Of the presidents at Chicago
and not because Of the sales OF long stocks. ex
ccpting such MS were brought out of tradery
hands by the forced decline in figures. III one
were 70 listen TO the gossip Of Wall Street he
would be led up TO the thought that the failure
Of this particular scheme meant the bankruptcy
Of every Western railroad That such is not the
belief OF the real holders OF the securities IL
eyinced by the fact that instead OF rushing In
20 sell what they have, they hold their hats for
the offerings made 20 fall into, The market
WIS ieyersh, with frequent small fluctuations
and when, they attempted 20 make purchases
they sharply advanced. The morning stock loan
market rejected p further enlargement of the
short interest in the granger stocks. Union
Pacific, burlington and Quincy, Atchson and
st. Paul were In liberal demand. The total trans
actions on me day amounted only TO 242, 700
shares ana the maj changes are generally small