Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-21
Passive Submission to the Slowness Shown
The Railroad Meeting Reviewed by
Henry CIews-Money Matters
Are Decidedly improved.

ESPECIAL TELEGRAM TO THE DIsPArcH.i
New YORK, Dec, 20.-The past week in Wall
street presents another page of dullness, though
one also of gradual recovery in confidence.
The incidents connected with the late crisis
are still having their after-effects, but no
longer contribute any new elements of excite
ment, and the condition Of the market is one
of passive submission to the slow process of
recovery and readjustment.
The principal factor of the moment is the
meeting of railroad presidents and bankers to
consider proposed arrangements for uniting
the railroads west OF Chicago and west of st.
Louis in a compact that would put the fixing
Of freight rates under the absolute control of
board of managers chosen by the companies
concerned. 1t had been expected that the plan
would go far beyond the "gentemen's agree
ment," or any previous system OF cooperative
control, in the scope of powers to be conferred
upon the management and in the binding
nature of the obligations to be imposed upon
the several parties to the agreement. AS this
expected stringency was deemed an improve
ment upon the laxity of previous similar con-
'trlvances, street" opinion was disposed to re-
gard the experiment as worth at least a trial;
and, consequently, Mondays meeting of presi-
dents was looked TO with much interest and as
possibly atfording basis for increased conf
dence in large mass of railroad securities and
also a stimulus to speculative buying. The an
nounced results of the nesting, however, pro-
duced general Disappointment which was ex-
pressed in subsequent weak stock
market. The nature of the proposals
submitted at the gathering seems to
have Jailed to command confidence among
Wall street men. Although the proposed sur
render of powers of management was broad,
yet surprise is felt that there was no penalty
and no legal force to bind the members of the
organization to good faith. 1t is also regarded
as weakness in the scheme that no assurance
is given to the weaker roads that their inter-
ests would not be sacrificed to those of the
stronger companies, and that the members are
not to be bound to membership for period ex-
ceeding six months in advance. Some of the
more difficult and delicate points in the prob
lem were dealt with in indefinite terms, the i'm
preston left being that such matters were to
De determined by the management after the
compact had been consummated, which sug-
gested source Of possible subsequent dis
agreement IL is impossible to say how far
these defects may be dealt with at later con-
ferences, but the result Of the first meeting was
. more or less unanimous opinion that the pro-
1ect would prove to be of very doubtful efficacy
as means of regulating competition in the
large and important territory for which the
plan Is provided.
Judging from the estimate that Wall street
appears TO have put upon the new presidents
plan, IL is not likely to prove the immediate
stimulant to prices and to speculation that was
recently expected. AT later stage it may
Quite possibly be found to bring some bene.