Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1889-01-11

IA very important agreement has been
11tered into by the railroad presidents,
which promises well for railroad interests.
lt viii be remembered that an agreement
N1s made between the same parties on |
1hsfirst day Of the year; which was re.
ported to have been at once VI
elnted. There has, however, been
- combined effort to secure last
ing agreement, and q conference
s1as been held at which the leading
bankers again met with the railroad
pteddents, and report has been pre-.
pouted from committee of three, ap.
pointed at the meeting Of the first
1astant, which embodies propositions
enough to secure the desired end. There
nreeighteen articles In 1t. The fundamen.
talidea embodied In them is obedience to
t1e interstate law, and arbitration In the
Dettlement of differences. An associa-
elon 10 formed composed Of the
( presidents of each railroad. 1t is
ogreed that one officer Of each
rad shall be made responsible for tie
I preservation of traffic rates agreed upon
~ the association. Any charge of the
Z violation Of the Interstate act must. Re
satisfactorily explained TO the executive
board by the accused road, within ten
days, or it will be handed over for dis.
5 Cipline to the Interstate commissioners.
Any violation ofthe rules Of the associ A.
ton will be punished by fine Of not
less than $3.50. Divers regulations are
made, all tending to secure harmonious
Action by the companies, the observance
cf agreed rates, and obedience to the
United States laws I; which 1t Is declared
should bear with equal weight upon
All," whether it is good or bad, but
which will not bear with equal weight
upon all unless it is equally obeyed by
al. Among the agreements made is one
10 pay no commissions for business.
Al these stipulatiOns. have been made
before, and broken; and they would be
made again to be soon broken, but for
several facts. The railroads have been
1Hetty well reduced to their bare bones,
~ their speculative officers, and there
js not fat enough left to afford
any further profit to them in
injurlng their companies, and it has be-
come dangerous to do 1t, because the
stockholders are aroused and threaten
to turn them out. The bankers, who
have made their fortunes by floating
railroad obligations, are forced iy
! the investors to show some inter-
est in preserving their property.
! Drexel, Morgan Il Co., Brown Brothers
3 u Co., Kidder, Peabody q Co. were thies
great houses represented ut the railroad
presidents conference and urging their
unity. Mr.. Morgan declared, in behalf
OF the bankers, that "if an organization
can be formed practically on the
basis submitted by the committee,
with an executive committee able
70 enforce it's provisions, upon which the
bankers shall be represented, they are
prepared to say that they will not negc.
taate, and viii do all in their power to
: prevent the negotiation OF any securities
!. 1br the construction Of parallel lines or
the extension OF lines not unanimously
approved by such an executive COM
Mittee."
That is very important statement.
The executive committee of existing rail
pOads and bankers will need to be unani.
II mons before any large sum of money can
Il b borrowed for railroad building. This
Il agreement now made provides for such
. committee, and il the scheme is carried
out railroad building on any great scale
bas come to an end for awhile. The
present roads must wax fat and slick be-
1bne railroad contraction again flourishes.
In their presen. numbers there is no en-.
eouragemsnt for the building Of comp, I
ing lines.
When the railroad presidents unani.
0ouIy agree to obey the law it 1, evil
dent that they have reached an edifying
otAte OF mind and when they deliver
ehsmaslves iutO the hands of the bankers,
- veil ~ the interstate commissioners,
depth Of their humility is evidently
Il.