The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-07-19
FOR A POOLING BILL.
New York Merchants Renew
the Movement.
CIRCULAR TO THE CHAMBERS.
It Urges That Pooling Is Blessing to
Railroad and shipper and Asks
for Endorsement.
CIRCULAR TO THE CHAMBERS.

Agitation for the legalizsng of railroad
pools and for passing a bankruptcy bill
on the lines Of the Torrey bill has began
again. and the New York board Of Trade
ana Transportation is now taking steps
TO bring these matters before the Fifty
fourth congress. Their plan is TO secure
the Endorsements OF the chambers of COM
merce of the chief cities of the country
and a circular letter signed by President
Darwin r. James and Secretary Frank 5.
Gardner has been sent TO the various
chambers, and received by that Of this
city, calling attention TO the report OF the
New York board. unanimously adopted at
the monthly meeting. Match Is. 1895. The
letter asks that the report receive the
consideration of the various chambers and
that the chambers call the attention of
their respective United States senator's
and representatives Sn the Ffty-fourth
congress to any action the chambers may
take. as expression OF opinion from COM
mercial bodies during the recess of con-
gress receives much more attention from
members than during the rush OF legis-
lative session.
The.committee on railway transporta-
ton. composed OF F. b. Thurber. John A.
Elmeniorf. Seth E. Thomas and Simon
Sterne, submits TO the board Its report, as
follows:
Your committee on railway transporta-
ton respectfully report that the Fifty
third congress, recently adjourned, neg
,ected the opportunity ii had 10 pass sew
eral important measures affecting the bus
mess interests of the country, among
which were a pooling bill, and the adj
justment OF the Indebtedness to the gov
eminent OF the Pacific railroads. The well
fare OF the commercial interests OF the
country is inseperably connected with
those OF labor and transportation. Trans
portation lines are the circulation of the
industrial and commercial body, and If
this Is interrupted the body is paralyZed.
The community of interest between the
agricultural, mercantile, mining, transpor-
tation and labor interests of the country
is gradually becoming apparent The
number OF railroad employees alone exceeds
200, and these 10000 men come in
contact with and their work affects large
proportion OF the population of the country.
The last report OF the industrial commerce
commission shows that we have 176, 46i
miles of railroad in the United States, with
capital of Sic, 900, 000 represented by
A,66s, 935, 900 of stock and "a. 504, 600 coo OF
bonds. the balance being represented by
miscellaneous securities The extreme de-
preston in this interest is shown by the
fact that s., S9, S34, 600, or "a per cent. of
the total stock outstanding, paid no dipi-
dends last year, and that of the stock pay
ing dividends. about per cent of the ag-
cent; about II per cent. of the ag-
gregate stock paid between 5 and
s per cent: about per cent of the
aggregate stock paid from per cent. to
per cent, and about per cent of the ag-
gregate stock paid from per cent. to
per cent. The amount of mort gage bonds
paying no interest was S492. 276.999, or 1888
per cent. OF the total of mortgage bonds,
and the amount of income bonds paying
no interest was 500. S64, 269, or $3.50 per
cent. OF the total income bonds.
The gross earnings OF the railroads of the
United States for the year ending June 80.
1898 was 81 40. 751 S74 while the net in
05s.03i The operating expenses alone for
that year were $50, a21 go.
These figures show the magnitude OF
the transportation business and its Inn
portant bearing upon all labor and all
other interests. Twenty years ago 1t was
feared that consolidation and combination
OF railways would bring exorbftant rate
charges. but the contrary is now proven
to be true. The danger is in unjust dis
elimination between shippers"
At the recent annual meeting OF the
National Board of Trade held in Washing
ton City resolutions as TO pooling were
unanimously adopted and presented 20
congress. They are In effect that
the board which represents tho ship
pers and not the railroads, approved of
the Patterson bill to permit pooling by
railroads under certain restrictions, and
believes that this bill would not abrogate
legitimate competition among railroads,
but would tend to prevent unjust discrim-
nations and promote the interests OF
shippers; that the competition OF water
transportation has brought railroad rates
down far below the rates in any other
country. so that unjust Determinations
and not high rates are to be feared.
The national board declared itself against
the government acquiring and operating
the Union and Central Pacific railroads
or any roads, as the stimulus OF private
interest was a vital necessity to railways.
The board recommended the passage of
the Reilly bin, which would facilitate ex-
tending the bonded debt OF the Pacific
railroads. It goes on TO say that both the
Patterson and the Reilly bin failed to pass
the senate, although they passed the house
by a large majority, and that this was be-
cause a few senator's would not believe
that the shippers knew what was for their
best good and taking advantage OF the
rules, declined to prevent the unjust dis
examination against tho smaller shippers,
which ~ now in effect
Had the debt Of the Pacific roads been
adjusted and bankruptcy bill passed.
they would have afforded an important
starting point for improved business con-