New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-29
INTERESTED IN MR.. GOULDS STATEMENT.
WALL STREET MEN ON THE WATCH FOR WESTERN

INTERESTED IN Mr.. GOULDS STATEMENT.
WALL STREET MEN ON THE WATCH FOR WESTERN
DEVELOPMENTS OPINIONS RUN
The statement of Jay Gould that meeting OF tne
Western railroad officers would be held soon prooaoy
next week, has put Wall Street on the aert' Mr.
Gould reported yesterday to be circulating call
for a conference for the signature OF prominent ra
road men and bankers. There were some OF the lead
ing men of this class who had not seen such cal
but the common belief is that IL will soon be issued
J. Perpont Morgan said that he knew OF no call, ana
Colonel John j. McCoOk who has been interested In te
negotiations for the proposed railway agreement, ae
scribed the situation as not sufficiently shaped TO
warrant discussion at present. k h. CaDie' preSocao
OF the Chicago, Rock Island and Pacific is expected
to arrive In NewYOrk any day, although MS lriehus
here do not expect him to until next week.
Roswell, Miller president of the Chicago, Milwaukee
and st. Paul, reached the city yesterday His Vislt
ne says, is for the purpose OF attending regular
monthly meeting Of the Board OF Directors, out nc
will remain here about week. The negoustlohs Ior
the intended reformation Of Western railroad methods
are still making progress however and INFORMAL us
cussons of the features of the proposed agreement are
almost constant among many of the persons inter
ested
President Miller, Of the st. Paul, was seen at his
Office by Tribune reporter. Mr. Miller said that he
had come On to attend meeting OF the board as ne
had not, from pressure OF other business, oeeh aOie
to attend some recent meetings.
"No / have not seen Mr.. Could" he edded In re-
ply queries, and don't see why should see hih
know Of call for general conference, although
YOU are of the meeting to be held III chicago In
December Of the traffic officers of the Western lines
TO arrange for higher rates. The ST. Paul road Is In
favor of any project that will assure improvement
But any agreement must embrace the principle OF
absolute arbitration, or it viii fail The dnculty Is
that some of the roads object 10 arbitration Without
that provision asreement-eXcept possibly rs q
maAeshift-can be successful Another vital point is
that provision must be made to protect the weaker
lines. The only plan seems TO be to turn over ton
mage under a division Of competitive traffic. That
is already done in the southwest have
strong hopes, however, that Congress will modify
the Interstate Commerce law to permit
a pooling OF business. About the best pooling scheme
devised was that which allowed money settlements
among the roads. Let the law be as strin-
gent as possible in prohibiting and furnishing
improper methods Of obtaining traffic, but allow
the roads divide their competitive tonnage and settle
balances in money. Under the old system the diff
Guilty was that Immediately after all agreement was
made the roads would begin to secure business by i'm
proper in order no establish claims for larger
percentage Bot With the Federal law modified to al
low pooling, the weak roads, which must live, could
be protected and every line would be interested In main
tanning rates and seeing that the law against improper
methods Of procuring traffic was enforced The objec-
ton against the plan Of turning tonnage to road
that is deficient in its proper proportion is that business
may be permanently lost when it is transferred. Set
Elements in money satisfactory to both strong
and weak lines, and where a road cannot compete with
another at equal rates 1t devote itself 10 It's Local
business and receive cash from the stronger line fol
any deficiency On competitive traffic"
Respecting the Union Pacific Northwestern contract
Gr. Miller said "The situation now is that the Union
Pacific has virtually agreed to put the ST. Paul
equal basis with the Northwestern. The negotiations
have been going on for three months and while
no contract is yet signed, it understood priOi
to the change In the Union Pacific management that
discrimination would be made against the ST. Paul
An exclusive contract-whch was what originally
made between Union Pacific and Northwesern--cannot
In the nature Of things live. No, there has been
recent change in the relations between the st
Paul and the Northwestern. Our competition ha,
been hot, but at no tme-n0, not for years
has either road resOrted to improper methods
Our lines are so inerlaced that it would bt
suicidal for TO rates. We have
fought for business but upon legitimate lines, ant
the best man got 1t. The two roads friendly
but there Is no closer combination between them thai
= contemplated"
The relations between the Northern Pacific and thu
new manass1nent ~ UAion Pacific are Anown Il
be close. Tie recent troubles of the North American
Company, which controlled the Northern Is..gc have
led to reports that these relations might be made
still closer by legal ties. A Washington newspaper
commenting on the retirement OF IharIes Irancs
Adams limited recently that consolidation of til,
two properties was not unlikely TO be the result
"such move it added, would simplify and contro
the railroad situation, quiet the disturbing element
and restore the general confidence which
has been shaken 1t in no sense renounces the stat.
Of Washington. II such arrangement is made eacI
company would lie enabled TO Its financial strength
70 develop It's territory undivided by costly at
tempts al paailellns IN regions aiording traffic fol
only rUad."
An intimate friend Of Mr. Willard said that con
solidaton of the two companies improbable ant
fmpracticable.
THE North American Company Is stu the larges
stockholder Of the Northern Pacific. The largest
Ing during the recent depression has been By Europe
and that simply Mr.. Willard. / have no doub
that the Rockefeers have added to their holdings, bu
John D. Rockefeller has been large stakeholder for
long time and has been satisfied with his representa-
ton in the board have very grave doubts whethe
those interests have united with Mr. Gould in any at
femhi at uniting the road with the Union Pacific Tina