The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-10-14
The Presidents agreement.

The Presidents Agreement.
Some of the New York papers were not
content with accepting the unsatisfactory
report of what was done at the presidents
meeting on Thursday. feeling that so i'm
portant a meeting VAS worthy of a more
extended synopsis. The New York Times
took steps by which it secured details
which have been so eagerly awaited, as
follows:
Yesterday the presidents of the Eastern
trunk lines and their Western connections
managed to get tbs new traffic agreement
into such shape that 1t received the unanl-
NOUS approval of the representatives of all
of the roads concerned. The document was
thereupon referred back to a committee for
1t will come before the presidents again
the latter part of this month. There were
no radical changes in the agreement made
at the meeting yesterday. Each OF the
twenty-five or more sections was consid-
cred carefully, and a few important and
several minor amendments were made. In
some instances two or three sections which
related practically to the same subject were
condensed into one. As regards its essen
same as when il first left the hands of the
Depew-Ingalls committee. Nearly all of the
changes made relate to matters of detail.
the most important amendment was the
insertion OF a clause directing that the
board of governors shall act in harmony
with the Interstate Commission. and en-
DOWCIilS Llt DOdlu ~ OiICi SditdotC y
wards for Information that will lead TO the
detection and punishment of any violations
Of the inserstate-commerce law.
1.-The agreement was further altered so as
to constitute the presidents themselves a
board of appeal in matters relating TO
freight and passenger rates.
"A provision was inserted that each mem
Der of the association shall deposit with
the treasurer $4,000 within twenty days
| after the agreement becomes operative. and
provision was made for receiving into the
association one or more additional railway
systems. This leaves the door open for two
or three rather lines. which OPP
crate in the trunk line territory.
Should this agreement become operative
1t VIII create a joint traffic association
were intrusted TO a central body OF rail-
way managers. A board of nine governors
will have absolute control of the making
and the maintenance of rates for the six
teen roads which are parties to the agree
ment. Each of the following-named rail
way systems will have one representative
York Central, Lake Shore. Big -Four. Mich
igan Central. West Shore and Penrsylvs-
MA MANI line Ssw G yord Trunk W.sisrn
Erie lines: Baltimore & Ohio system-Bal-
timore & Ohio and the Baltimore & Ohio
Ohio. Lshigh Valley, Wabash.
Provision is made for a board of arbitra-
ton, and each roads binds itself TO submit
whatever grievances Ii may have to the
arbitrators. whose decision shall be final
For the purpose Of giving the new ~associa-
ton cohesive strength 1T is provided that
treasury monthly l per cent. of it's gross
earnings after the first payment Of Sc, 000.
The fund thus created is ostensibly for the
maintenance and expenses of the associa-
tion- Actually the payments made by each
railroad company will be credited to that
company's credit the board of governors
have he power to deduct such fines as any
ompany violating the terms of the agree
ment may incur. The governors are re-
stricted as to the amount Of any fine they
may desire to impose. the maximum pen
atty being fixed at 5000.
THE board of governors is empowered
TO appoint three commissioners, who will
be the executive officers of the association.
The board is invested with power to estab-
lish rates. fares and rules for the gov
eminent of the association. and it's sched-
ules of freight rates-applying to both east
bound and west-bound trafic-shall be ef-
fective over all classes of freight. except
coal. petroleum., iron ore and a very few
other articles. The governors are to have
soliciting agents, and they have power to
establish joint agencies for freight and
passenger business: Provision is also made
in the agreement for the establishment OF
a railway clearing house. through the medi-
um of which a system of settlements be-
tween the several roads may be put into
operation.
The Grand Trunks New
In official railway circles. where Charles
NJ. Hays. general manager cf'the Wabash.
is we'll known. and his ability as a railroad
man well understood. 1t is thought that
the Grand Trunk people nave done wisely
in selecting him to manage their property.
I'm the eight years which ne has managed
the Wabash ne has accomplished much in
bringing that road into better financial
shape and improving its ply sical condition.
and the Grand Trunk opens another oppor-
tunity for him TO exercise his ability to its
best capacity. A railroad official who for
scme years was connected with the Grand
Trunk road says that Mr.. Hays will. when
he inquiries. find inefficient employees. most
Of them having been connected with the