St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-16
MUTUAL PROTECTION.
Important Meeting Of Rail-
way Presidents in New
York City. Y
The Gathering Presided Over
by Banker j. Pierpont
Morgan.
New Association OF Western
Companies to Be Formed
at Once.
Full Text Of Resolutions
Adopted at the Business
Meeting.

anu H1ucl-talkeu-OI UeetlIS Vi repre-
sentatives, mostly presidents, of rail
roads west of Chicago and st. Louis was
| held to-day at the house of j. PierpOnt
| Morgan, the banker. No. 2l9 Madison
| avenue. The meeting was called fol
! half-past 10 o'clock. and for some time
| before that houl and a short time after
wards, brougham after brougham, with
| fine horses, coachmen and footmen
rolled up to the door, from which
alighted the railroad magnates who had
| been hidden to the conference. The meet
lug was presided over by MIR. Morgan
and Samuel Spencer acted as secretary
The meeting lasted until in the after
noon. The following companies were
represented.
chicago d Northwestern by Marvin
| Hughilt. president, and Ii. X. Mex. Twomb-
| ley, vice president; Chicago, Burlington 4
| Quincy, by G. E. Perkins, president,and Gen.
Fame, vice president; Chicago. Rock Island
! d Pacific by r. II. Gable, president; Chicago,
| Milwaukee X st. Pau. by Roswell Miller,
president, Union Pacific railroad by sidney
Dillon, president; Missouri Pacific by Jay
Gould, president; Atchlson, Topeka d Santa
Fe by Allen Marvel. president and Col. j. j.
McCook; Wabash railroad by o. ID. Ash
ley, president; Chicago, st. Paul d Kansas
City, by j. NJ. Egan, president and A. b.
Stickney, Illinois Central, by Stuyvesant
Fish. president; Southern Pacific, by G.. p.
Huntington, president j. Z. Stubbs, vice
president; Denver q Rio Grande. by George
Capped, chairman of board directors: North-
ern Pacific, by 4. F. Dukes, PRESIDENT; Rio
Grande West, by Gen. w. j. Palmer, pre- l.
dent, and George F PEABODY, director; Great
Northern, by j. j. Hill, president, j. Ken
nedy Tod. director; Iowa Central, by Russell
Sage, president
The following gentlemen were also
present:
John Crosby Brown and Howard Brown
Potter, of Brown Bros. d Co., and George
c. Magoun, of Kidder, Peabody & Co.
The preliminary agreement, as pub
lished i'll this mornings papers and re-
Gently signed by several OF the COM
panles represented, was presented by
Jay Gould and read. A general dis
cusson then followed as to the best
means of carrying out the objects
sought to be accomplished by the meet
ing. Mr.. Morgan stated that after a
long consideration a simple, but COM
prehensive, and, to his mind, effective
plan had been agreed To by the Wander
bilt and Pennsylvania lines for their
mutual and competitive interest, and
that based upon that plan he had VEN
tured to prepare paper for the cOnsid-
proceeded to read, as follows:
dissolved, T. hat the presidents here assem-
bled agree to recommend TO their respective
boards of dill ectorS the passage of the follow
ing resolution:
Whereas. 1t is to the benefit of the public
and of the railroad comuanies whose lines
are situated west OF chicago and It. Louis
that they shall cooperate closely with each
oLher i'll the management of their properties
tor Inc purpose of securing uniform, reason
able and stable rates for transportation, and
such economies III the operation of their
properties for the better accommodation of
The public as Will insure equlta, le returns
upon the capital invested; therefore, be il
Resolved, First-That new association
shall be formed between the several COM
panies whose lines are situated west of Chi
cago and ST, Louis, or such of them as may
now become or may hereafter be admitted as
members thereof.
secondhand the affairs of the association
shall be under the management and direc-
ton of an advisory board, to consist of the
president and one member of the board of
directors of each company.
Third-That The advisory board so cOnsti-
tuted shall have power to establish and
maintain uniform rates between competitive
points, and TO decide al questions of COM
mon interest between the members of the
association. IT shall have entire charge
through prolerly constituted representa-
lives OF all outside agencies for the securing
OF traffic al competitive points. If any officer
or representative of any company shall au-
thorize or promise. directly or indirectly,
any variation from established tariffs, he
shall be discharged from the service with the
reasons stated
Fourth-Ihe rates established and the pol
icy adopted by the advisory board at any
time shall continue in force, and be binding
upon ell companies comprising the asso-
citation until altered by subsequent action of
the board.
Fifth-A vote of at least four-irths Of the
members of-the association shall be required
10 make its action binding upon oil.
SiXth-ThaJ the advisory board shall ap-
point proper arbltrators commissioners and
other representatives. and adopt bylaws TO
carry out the purposes of the association.
Seventh-That no company Withdraw from
the association except after ninety DAYS
written notice by resolutions OF the board of
directors TO every other member of the asso-
cation, with the proviso, however, that the
association shall Continue for at least six
months from Jan. !, 1890.
Eighth-Ihat under existing conditions il
is expedient for this company 10 set in oper-
ation The policy and plan indicated in the
foregoing as early as practicable.
Nlnth-That the president and Mr..
one of the directors of this company, be and
they are hereby appointed to be the repre-.
sentatives of this company in such advisory
board with full power to act for this COM
pany i'll carrying the foregoing preamble and
resolutions into full effect.
The action proposed to be taken by
the various boards as suggested above
then became the subject of discussion,
and after long debate and consideration
was finally adopted by all the corpora
tions present voting in the affirmative
and none i'll the negative, the Chicago.
Kansas City d st. Paul declining 10
vote, desiring time for further consid-
| GRAFTON. The resolutions as adopted are
binding upon the fifteen companies vut-
| ing In the affirmative, it being under
| stood that the following three should be
| invited to JON: Chicago u Alton Rail.
road company, Kansas City. Fort Scott
| d Memphis, Missouri, Kansas d Texas.
! The following was then adopted:
| Resolved, That Roswell Miller. president
| of the Chicago. Milwaukee Il 81. Paul Rail
| way company, should act as chairman of tbs
| adjourned meeting, with power to Call the
| first meetIn- OF the advisory board after :
| ceipt by him of notices of the action of the
| several boards of directors upon the fore
| going resolutions, such notices 10 be sent to
| him at Chicago.
Resolved, That 1t Is the sense Of this meet
ing that the several boards of directors be
called together 10 act upon the resolutions
| above adopted on or before Jan. l, 1891.
| The most perfect harmony prevailed
| at the meeting, and 1t was considered
| by all present that the action taken was
| great stride towards securing consery-
| alive and effective cooperation between
| all the companies, in arranging to vest
| absolute power in one body of men con-
Situated as the advisory board will be,
and acting with full authority for ali
companies members of the association.
Such body, better than any other, can
be relied upon to act, under all ciIcum-
stances. with deliberation in the inter
est of the public, as well as the rail
ways, to provide for strict economies in
the administration OF the properties,
and to make suitable provision for the
proper protection of all the lines con-
cerned, whether strong or weak. A