New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-06-29
THEY THINK IT WILL HOLD.
RAILWAY MEN PLEASED WITH THE
PRESIDENTS AGREEMENT.

RESULTS OF THURSDAYS MEETING AND
WHAT is SAID ABOUT TT pIERPoNT
MoRGAN's INFIrENCE
Financial and railroad circles had a fruitful theme
for discussion yesterday In two incidents Of Thurs
dav. first the meeting OF the Trunk Line and Cen
trail Traffic presidents. and second. j. Pierpont Nor
cams dinner at the Metropolitan Ciub ior tnose
who were In attendance at the afternoon meetihg
There was a manifest retlcence on the part OF each
railroad man who was approached with question
concerning the meeting and the dinner Mr.. Nor
gan absolutely refused tell the names OF his
guests He said II was a social dinner ana lur'he'
than that he had no information to give out
The restoration of freight rates on both east ana
west bound traffic the full tariff schedules, which
,or.s ,lsce on July was the most tangible result
Of the meeting and consequently the main topic OF
discuss or The general impression has been 'ha'
the demoralized condition that has existed IN the
business of these lines for long time was due 10
the action of the executive heads Of the different
lines In cutting rates and there is also disposition
10 give these same officials. who have heretofore
been blamed a great deal of credit for efecting a
general restoration Of rates To J. Pierpont MOT
gan however a great deal Of credit is given for
engineering the meeting so that the pest fes"i's
were obtained The fact has become generally
known that the different presidents entering into
this traffic arrangement did not go into the agree
ment without much debate There has been good
deal of hard feeling engendered by this wideSpiea"
system of rate-cutting and personal recrim;natiohs
have been INDUCED in between railroad men VINO
became involved in discussion of the subject
Therefore II can be understood that very deli
cate subject taken up when an effort was mauo
to adjust this matter. IT was current gossip YES
terdoy that the meeting was lively one and that
Mr. Morgan, powerful as he Is In handing the al
frs of railroads had to exercise all his tact 10
er the business TO avoid direct bolt upon the
part of one or more OF those who were present
The benefit of the agreement. however II is salo'
Will be felt for years. and there is disposition IN
railroad circles to feel Highly eated over the re
suits obtained
Its sad by railroad men generally. and they have
received their information from the men who at
tended the meeting. that the situation to-day Is
hopeful than it has been for years Whiie
IL is doubtless that one or more or those VINO
entered into the traffic agreement did so under pro
test it is believed that the agreement VIII he OBJ
served to the letter and that result railroad
earnings will be materially increased from now on
The trouble to obtain such an agreement Is not
generally realized. and. strong and tight as the
combination apparently is, yet every railroad man
knows that 1t is not invulnerab.e. The last Inc
that an agreement arrived at a large shipper
went TO one OF the lines contracting. and said that
another line had offered to carry his freight at
reduced rate The fine to whom this representation
was made believed II to be true, and at once met
the cut There tribunal to ascertain whether
the Representations true or false. The result
was that the compact was broken before it went
into effect. Such thing is possible under TINS re-
cent agreement. but 1t is not probable II any such
representations are made 10 any one line, II Is
probable that a rigid investigation viii be made
before the cut is met. and then a general de-
moralization OF rates can be avoided
A good deal OF interest is being manifested 10
know whether any reference was made 10 the
Interstate Commerce law at this meeting ana II
the subject of pooling law was brought up. The
idea OF the Vanderbilt interests relative 10 a pool
ipo Ia Inv Nj.
published in The Tribune recently. when ne SAID;
THE Interstate Commerce law prevents one Inc
from discriminating against Its shippers. but where
there are ten lines the law does not apply. The
decentralization in freight rates as il has existed
recently. has been greatly Increased 10y the pro
visions OF the Interstate Commerce law, wh.ch pro
mnder ppSeh the railroads can make contracts With
proper penalties for their enforcement these con
prevail OF the interstate Commerce Compassion ana
subject to their control and revision ana mus ssd.
upon the operations Of the poo! Ihc mex, ,nn mS 10
meree law which makes the violation OF the law a
penal offence upon the part O. rr9ad ON az
There is a feeling among railroad men that causes
them TO decline TO inform upon one another In case
OF rate-cutting. which they DO not consider crime
II they believe their testimony VII send brother
or,clal prison. In place OF this provision pro.
pane 'S Siosny the la% Then the Officers
SmBs over n each one in 1 anxiety
the criminal organization and assure for me Coy
not break the law at will; or he would be so ex
pensive TO the company that they would nave to
II is said that while this subject was not touched
upon at the day meeting. az all the time was
taken up with The regular business. yet at MT
Morgans dinner at the Metropolitan cub in me
fY hs dnn ns IS not looked upon significant
view OF the fact that the presidents had already
formulated and entered into the agreement. 1t
mas sacn m a dinner u is said that no con
certed action was decided upon but mat the ag :
ta;ion started will probably LEAD to some acton
relative 10 obtaining legislation in the next Con-
gress such as Mr.. Depew has suggested.
The executive officers of the railroads represented
al the meeting Thursday began Yesterday send
ing out notices % their agents Out or towh IN
structng them to maintain rates In accordance
with the agreement. The belief % genera! that
the agreement. unlike some former agreement;
presidents who spoken 10 said that II VII
Be carried out. I'VE have something now that VIII
hold" was the remark Of President Depew. Of the
New-York Central road General Manager T. j.
Sergeant of the Grand Trunk Railroad. who l.
also president OF the Chicago and Grand Trunk
expressed himself we'll satisfied with the re-
General satisfaction EXPRESSED in railroad
circles over the joining of the Trunk Line Assoca-
tion by the Chesapeake and Ohio Railroad. as that
road has been an outside irritating influence all
In the stock market yesterday tho strength Of he
London quotations. which came IN early in the day
Wei as to the result Of the coal sales agents meet
ing also he'd Thursday afternoon
/ Pierpont Morgan is san 10 have expressed him
SET a. We'll Pleased with the action taken. saying
tics confidence in which word be thereby incre;t' J.
Chicago June &-Executive officers Of the trunk
lines between Chicago and New-York were quicl
to-day to take action in harmony with the resoln
tions passed by the trunk line presidents In New