New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-25

IN TRUNK LINE RATES AND AN ABANDON
MENT OF AGREEMENTs-A RESOLUTION
WHICH THREATENED GENERAL
DIsRUTTION-A NEW AGREE
MENT To RESULT
FROM CENTRALs
The completion of the new trunk line agree
ment by which a penalty Of $4,000 is to be I'M
posed for every violation Of the contract, VIII
be watched in railroad and investment circles
with intense interest because Of the critical con-
dition Of railroad rates. The agreement Is 10
go into effect April l. and lawyers OF emf
nence are carefully drawing it up so as TO rehuer
il enforceable at law and at the same time make
it perfectly in consonance with the interstate
Commerce law. IT Is realized by railroad men
that unless harmony can be maintained between
the roads there is danger, in view OF the les
sened traffic of the companies. that the most dis-
astrous war in the history Of the Eastern ROADS
is possible this summer The bankers and capt.
ta,ists interested as owners or trustees in the
railroads Of the country are eXertng their IN
euence to bring about a strict maintenance OF
the new contract Of the trunk lines
How near the trunk line ASSOCIATION "P
preached the point Of disruption was ho' N"0"'r
generally until yesterday. when the speech -
Chauncey NJ Depew president OF the Ne" -A'iN
CENTRAL at The meeting held on March To- was
distributed among the trunk line presidents i"'
parrsvIvania Railroad it is understood mo'eu'
through its representatives. for complete ADAM
donment of all agreements TO MAINTAIN i"'0'
This drastic proposition grew out OF the u'Ssu
- ~, porrsylvaria at the discovery that the
Chicago and Grand Trunk Rallroau h''o '"
o,n,,oct with the steamship line controlled by
la nv
90 secure n larger share of the passenger ou9i-
ness through Illicit payment OF COMMISSIONS -
.ooroshin agents The matter in dispute Was "
,,,,ou ono as regards revenue. but the Peilii'!I-
,ari. looked upon il as virtually involving '"1
,ho,e n,inciple or good faith in the trunk inc
agreements. President Depew opposeo INC -
,utions offered by the Pennsylvania ram ''u 80
an eloquent speech, which pointed Out NV $780,,
e,ars and losses that would follow 9'i'''7" Wy
On rates. Mr.. Depew spoke IN ms oes.' ca 49,.
manner. and the effect was powerful Inc p0''
no 60 strongly and vigorously preseH'eu WY
IT., nv every man present at the meeting
The result was the adoption oi -,
continuance of the railroad agreement anu
efforts to make it more binding ina" e'o'
MIR. pEPEWs SPEECH
The address of Mr. Depew at the ihee''"e
obtained in spite of his reiusai - man -. &C.
he
readers: ,,..h ras, enough il
the resolutions just offered ana 50 lads viii be
shall PaIb c courts. and We gentlemen VIII nav
frher duties here elsewhere l,iLbnlSers and
managg t4ese of many Of must nl some 9hfE
sources OF income Inc So" into acreemcnts which
Us pEed bv the executive oinCerS OIL an ,ines and
psniss which YER Trae Association Those asrse
mems have been secretly Noia,h dirferentials OF
Sde r ratcs as were supposed to DE suucd,a ~ th,
able them to secure ana We're not sufficient
greater ones were be allowed IN con 10 nav COM
these N% appears that competition
themselves one Of them mas a a. 70 RIM during the
win ~ his YEAR TO allow commissions OF ron from
one-haf OHe-hrd the T 19'e ne says it cannot
s mis- contract though it found no dii T MO-,
breaHs @ ali or nearly all. the differential lnes
are paying commissions on eastpou hcb Of faith
Ssse RESOLUTIONS are offered by the sironsesth I'M
ests in our associations The nrst 1rgeN and the
necag Of strong and weak lines on the 81 aa an
basis The second calls sn;Dg for ra tes feS''''S
mb nosition taken by the movers of these reso
uSns s is GgSel S sR1lsN the one
cannot manage these vast ana r3ncHies governing
ordinary agreements. . $500. s,oc,,bold-
Ne ali have obligatons-03ne TO our ,pese or
CARNATIONS years ego TO SOP , [ Of ali the
uhiC
railroads the United states ana Oa h,ness en- more
assault upon American credit ana o usIie' LEVIN
naintain that these Organizations have exertfG a
good influence: that tn n nn when Would have
loved if the associations had not been iorHeh 49,
benefit egwai 6n o OF the pccaares Of our bust
ness and seems to apply to no ocnr rr 1~@ charsc
WI, rates and yet returns which enable US to met
our charges and divdends-tnOse ol VI w" 1or ~,
dividends-easy. and have a large surplus loi ~
beterment of our roads, without taking me u5ua
process of charging it to capta aGcSu ~ o. rr cent
of the freight and locomotives ar, d" md 10
The business that is left at below cost ts'eau
OF taking every possible means 10 SonS bueiress
ar standard rates If that sort of manaseineio ,r
acerzed any i would be 6ankTuped and shut
The REGULARITY Of the railroad Is thdt ~ az, ~
far as it's physical properties are concerne-Just In
same when It's owners get nothing out OF as "idTn
its owners receive fair returns Now u!H ~ oarb
sTa s IS sI rs We are suffering from loss OF
traffic and the agony is enormously ms Ne ali
orr being nut upon the rack or cut Edlcs. "a -
know the present conditions viii not last year
know that If rates maintained our reduD ,,
in expenses would enable Us to retain ou' "s'
earnings. ,,.,,os. that We have been con-
a;dering this morning and which Is afectei DS |ne
irregularities, is. perhap5 10 Pr go C.hcaeo east
That Is ali there is Of it, The result OF passing
resolutions that all re a at once viii be
that bv next Monday will all be CARRYING paSsSA
gers ek oe from MONDAY for s. and week from that
we will be giving them a chrome ana paying ui a
sieeninr-car fares If they Will take our respective
lines Ii might get down quite so Dad as the
last. hut in two weeks il would get Where any
railroad that ran trains than were necessary
10 take care OF It's local business, TO accoMloudt e
tSe through would be running them at a positive
loss You could no; expect such condilions III
passenger TO exist twenty h3ui ;
without the decentralization reaching the freight
traffc and by the middle of April we would De IN
the midst of railway war equal IN us severity 20
ANYTHING which ever occurred In the country 10y
Easter the slight props now sustaining commence
and credit would be broken and ali hope of revival
of general business blasted.
WAR WOULD MEAN RUIN.
The only question would be how long II would
last and how many roads would have TO 90 to the
wall before 1t ended The method proposed Is one
way and the poorest way. 10 settle the question
7, ,s IN have an exhaustive railroad until every
body is used up and willing to come to any