The record-union., 1894-01-27

cessation of suspicious rumors about
other roads and business and banking
houses. After these comes the industry
ana DoldnesS of planners OF new schemes.
lhose unfolded apply only to institutions
already IN operation, but they are in the
direction of economy, and that will
strengthen any establishment.
one Of these is the plan outlined by the
traffic managers of the Trunk Line Asso-
clatlon OF railroads coming TO New York.
This association comprises eleven COM
Daules, of which the best known are the
pennsylvania, the New York Central
the Erie, the Ontario and Western and
the Grand Trunk. They have formulated
ana have perfected in detail plan for the
concentration of the business of agencies.
Ii is a revival OF the agreement proposed.
but not agreed 10. of the Gentlemen's AS
socIatlon, at the head OF which was Jay
| Gould, and is calculated to unite agencies
In all places touched by all the roads.
Thus in Chicago all their associate roads
would have one agent. whose duty it
would be 10 secure freight and passenger
trailc. make terms as per schedule, and
distribute it among the carriers he repre-
sents, according to the quota settled upon
In conference. The saving would be
enormous. but the greatest benefit would
accrue To the companies from the elimi-
nation OF competition, and the abolition
of secret and dishonest special terms
with large customers. This underlying
principle of honorable cooperation was
what gave the name "Gentlemen'S'' to
the old unsuccessful arrangement and
the rivalry among the companies may
render this attempt abortive. But the
subordinates have agreed to terms. The
adoption OF the magnificent scheme de-
pends entirely now upon the mutual con-
hdence and ge-mindedness of the
Presidents of the companies. If it goes
through it VIII be one of many plans
looking to economy, which will assist
general resurrection of business.
The surest signs l have seen Of better
times, however, are the low stocks Of re-
tail houses in all lines of business. /
know some large houses which have be-
come aware that they are losing custom
through inadequately varied and incom-
plete stocks OF goods. However much
they may dislike TO order more, they ad-
NIT they must do so. Another encourag-
ing fact was learned accidentally in the
course of another inquiry recently made
by the writer. Cigar manufacturers have
ordered full force of men to go to work
IN their establishments on February lSt,
They, too. have felt the beginning of
revival of business, and their stocks,
allowed to run low, have been over
drawn.
1dFeHlHoIlCaIIyl would IKE to mention
another discovery made during my in
quiries among tobacco companies. Cigar
makers said that in the period of greatest
depression their business fell off in two
ways; first, in total sales measured either
in amount of receipts or in the number
of boxes of goods ordered; second, the
decline was heaviest in high-class cigars,
while the cheaper grades held more
firmly. They suggested that men
smoked cheaper brands of cigars in order
to economiZe and that this was So general
that it nearly held the sales of cheaper
grades steady. On the other hand, deal
ers in pipe tobacco have done better
business than before the panic. But
more suggestive of all is the fact that
cigarette companies have been practically
unaffected by the panic. The cigarette
nenG knew no panic.
To return to the thread of the letter. I
would conclude from what have seen
and partially said, that if new invest
ments are not yet ventured the basis of
general revival is sound. There is
better feeling. The reaction from de-
SpOndency is come in the form of cheer
fuIness, and even though it is not out
spoken 1T is unmistakable, and its outlet
III exertion is most healthy and most en-
couraging upon the fact that it is labOring
at economy on a great scale and with the
view to enlarged operations. j. l.. S.