The daily morning journal and courier., 1895-10-11
RAILRoAD PRESIDENTS MEET.
An Important Meeting to Consider the Re-
 ' sed Rates ArreemnnL


 vsed Rates Agreement.
 New York, Oct, l0-An important meeting of the presidents of the trunk line railroads and their principal west ern connections was held to-day at the rooms of the Trunk Line association on Liberty street. The committee ap- pointed last month to revise the pro- pose agreement for the maintenance of rates presented its report, and the presidents are expected to take action upon it.
 Tn committee of revision consists of President Thomas of the Erie, Vice President Hayden of the New York Gen. tral, Vice President Murray of the Big Four, Vice President Duncan of the Baltimore and Ohio Southwestern, Pres ident Seargeant of the Chicago and Grand Trunk, General Agent D. S. Gray of the Pennsylvania lines west of Pittsburg, Vice President Garrett of the Lehigh Valley and Vice President Hays of the Wabash.
 The work of the committee has been S~NASAs u AS SetiNl Oll SOOu dulHOIlN y, however, that the changes have not been extensive, though some important ones have been made.
 In its main features the agreement has not been changed As originally planned it provided for the organization of new association to be called The Joint Traffic associatio to which shall be subject all competitive freight and passenger business passing through points in the territory at presnt cov- cred by the Trunk Line and Central Traffic associa tions, except coal, iron ore, petroleum and one or two other articles.
 The affairs of the new association are to be managed by board of nine directors, in which each of the follow ing systems is to have one director: Grand Trunk system. Vanderbilt sys- tenn, Lackawannna system, Erie sys- tenn, Pennsylvania system, Lehigh Val ley system, Baltimore and Ohio sys- tenn, Chesapeake and Ohio system and Wabash system
 This board will have full power to establish rates, fares and rules for the conduct of the business of the asso- citation, and may appoint three com missioners to aid it. The board is to have control of rates also by fast freight lines and of soliciting agents, and may establish joint freight and 1 assenger agencies and clearing house. A board of arbitration is to be elected by the directors, to consist of three disinterested persons, who shall hold office from year to year. The 1 agreement itself is to continue for five years, and it is to be in the shape of a contract between the companies, signed by the president of each, and with the seal of each railroad corpor- atioh partly thereto affixed.
 Some of the changes made by the committee of revision, it is reported, re- late to provisions for the enforcement of the contract As originally provided a penalty of not exceeding 5000 might
 be imposed by the directors upon any railroad company violating the terms of agreement.
 It is also provided that each party to the agreement should pay into the treasury of the association 21a per cent of it's gross receipts from traffic con trolled thereby until such payments should make the sum of $50,000. This amount was thereafter during the life of the contract to be kept by each road l in the treasury of the association to
 meet expenses and any fines that might be imposed.
 | It is reported that as amended the association directors are to have au- l thority to impose such fines as they may deem suitable to any violation | of the agreement. Instead of paying 2h per cent. of gross receipts each company is to pay 1 per cent, and to | forfeit whatever balance may be to its l credit in case of withdrawal before the term of the agreement shall have end | ed.