The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1895-12-19
GREAT RAILROAD POOL.
THE MOST GIGANTIC TRUST
EVER FORMED.
Capitals Colossal Combine-The New
Traffic AssociaI ion Embraces All
the Leading RaiIroads-Some
of the Possible Results.


the Leading RaiIroads-Some
of the Possible Results.
New YORK, Dec. 12.-The greatest
trust of modern times is receiving it's
finishing touches today by the rail
road magnates in the new Traffic AS
ISOLATION who are in session in this
city to appoint board of managers
and elect three arbitrators.
This association embraces all the
railroads between Chicago, st. Louis
and the Atlantic seaboard In the
face of this gigantic com moination of
capital all other trusts fade into
insignificance. This pool represents
more than 81 500, 600, 900 in capital.
The affairs of the association are TO
be administered by a board Of man
ayers, board OF ar6itrators and
board of control. The association
will nave Jurisdiction over all traffic,
passenger and freight, to, from or
through the Western termini of the
trunk lines, but traffic to or from
Florida, Georgia, North and South
Carolina, Virginia and West Virginia,
and coal, coke and iron ore, mil
| cedar, limestone and petroleum are ex
cluded firm the agreement.
The board OF control is composed of
| the presidents of all the roads, and it
| fixes the salaries of commissioners
| and employees. The board of manag-
ers consists of nine men, one appoint
| ed by each of the nine systems EN-
| braced in the trust The managers
| pass on all applications for dIfferen
tIals and for changes in rates, rules
and fares. Their action upon all
| questions except as TO rates and fares
are subject to appeal TO the arbitra-
tors, but upon rates and fares the
only appeal is to the board OF control
Any violation of the agreement is
punishable by a fine.
Three Commissioners of Arbitration
will be appointed by the managers
the decision OF a majority of whom is
hnal. The agreement is for five
years from January l, 1896. The i'm
portance OF this organization is be
yond estimate. II it stands the test:
Of law it will work revo utlon IL
transportation interests. The stateo
| object of the combination is to make
the stocks and bonds which represen,
this fabulous capital pay better divi
dends. The promoters OF the enter
prise deny that they contemplat,
raising rates But IL it is reasoned tina
when maintaining rates means com
pelling railroads that are carryin,
passengers and freight cheap to ad
vance their rates to the level OF thns
which are not giving the servic
cheap, the effect is substantially al
increase of rates.
|, The six railway "Kiugs" responsible
for this scheme are Chauncey NJ. De
pew, of the New York Central; San
, Sloan, of the Delaware, Lackawaan
and Western; George B. Roberts, O
the Pennsylvania; M. r. ingalls,, q
. the Chesapeake and Ohio, and Cinc.n
natl, Chicago and ST Louis; E. Z
J Thomas, of Erie: Sir Charles River
e Wilson, of Grand Trunk.
The combination will give WilliaI
!. | r. Morrison, chairman of the lntel
+ State Commerce Commission, chanc
e that may land him in the PresideI
3 tial chair in 1896. This pool can by
S stroke of the pen raising rates impos
greater tax on the American peopl
s than any Congress with decent n
: gard for its needs would dreal
e OF levying. If the trust can success
4 fully overcome legal obstacles, it will
3 it is said, do more to hasten Cover
II ment ownership Of railroads than a
y | agitation could do in ten years.