Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1892-11-25

transient advantage. and something morn
permanent later " Il should prove at
tHinRhle. That this IL tho Immediate pur-
pose seems the more probable from the
fact that the arrangement was made at
meeting held TO consider measures for
insuring harmony pcndiug the harvest
OF the great fair traffic aud 10 prevent
It's profits being wasted through reckless
connection. There appears 10 be moth
lug IN the compact to certainly prevent
the outbreak Of cutting which has 80
far brought all attempts AT regulating
competition to nm inglorious end. II any
penalties are provided, they can have
little or no force, for being Illegal they
cannot be enforced al law. II can 10
nothing more than IAN agreement be-
tween gontlcmcn." and although the gen.
tlenien IN this Ease have had experiences
that should have deeply impressed them
with the importance Of maintaining good
faith vet the idca Of "honor" that pre-
walls among this particular order OF sen.
tlemen is not worth much ~ guarantee
OF Colnpacts. There rs, however, one
good reason for hoping that these en-
gnecments may be kept for the tran.
silent period here supposed; for ns all
the roads will have their full capacity
taxed TO the utmost TO provide for the
millions going to Chicago and for the In
crease in high class freight. there eau be
no rational motive for cutting rates. Ii
is certain. that II the agreement stands
any chance Of proving permanent, II
will be OF immense value to the trunk
roads, for their freight rates arr now cut
down TO cxtravagantly low figures. goods
coming under the 40 ccuts rate being CA
tensiyely carried at 10 to 30 cents
This news, though incumpletc In its
details, had the immediate eject OF
Strengthening railroad stocks md stayed
the selling movement which had arisen
from the foreshndowings of the new
tnrin policy, II remains to be seen what
effect his atciou of the Eastern roads
may have upon the Western. The latter
have been DESTROYS of rcsorting TO u pool
ing arrangement. but have not Ind the
courage TO de 80 In opposition to the I'D
verse decision Of the Federal commits.
sion. Perhaps the precedent NJ the East
ern managers may stlnen their nerve
| In amy event the Worlds fair viii be- II
| gICnt boon to the railroads. and that
| consideration can hardly fail to act MS
! AN important Offset TO the unfnvorahle
| influences which nr expected 10 prevail
| during the period of transition to the new
tarin policy. That Wall street constructs
the latter factor as uniavofublc to the
value Of railroad securities there can he
| no doubt. IN view Of The selling move
ment Of the last few days which can he
! attributed to no other cause That intlu-
cnce may not causc any Immediate i'm.
portant decline In stocks, for there are
countomcting factors In operation, but
II may be expected to NJ least check ad-
yancing tendencies arising from other
causes. The situation. taken as a whole,
will bear careful watching. for II IL a
complicated and by no means transparent
one; and we therefore recommend to
our friends huying on concessions only
aud for brief turns, until the prospect
becomes more distinctly assuring.
HENRY CIEWS.