The Topeka state journal., 1897-10-13


wisconsin Central NEUTRALITY-SUSPICIOUS.. S57
Baltimore and Ohio Southwestern 933
Total mileage ........................5O 80 $50
Nearly all the great trunk lines in this
country are now practically controlled by
the great New York fnancier, J. Pier
pont Morgan. 1t is the most colossal
combination of capital on record. Within
a short time all the aveues and outlets
of this country to the sea will be directed
by one man and one mind.
1t IS a contamination of a scheme that
has engaged the attention of our great
railroad magnates for some time past
Since the enactment of the Interstate
commerce law railroads have been un-
able to maintain rates. Competition has
forced them to keep the tariffs within
comparatively reasonable limits, and it
was impossible for them to earn enough
money to pay dividends on their watered
stock Railroad traffic associations that
We're formed to secure the maintenance
of high rates failed to fill the bill and
when later on the powers of those asso-
Citations were enlarged so as to practically
transform them into pools the United
States supreme court stepped in and de-
clared such organizations to be illegal
A fight is stin being made by the Joint
Traffic association for existence and the
question of its legality will be determined
by the United States supreme court dur
ing this month.
In view of the decision rendered bv the
supreme court in the Transrnissourf
Freight association case all hope of a ia
vorable decision in the Joint Traffic as
sociation case has long since been aban-
doned by the eastern railroad magnates.
But even if the supreme court should
decide that the Joint Traffic association
is legally constituted it would not change
the situation in the least. Railroad mag
mates have long since reached the concIu-
sion that neither the Joint Traffic associa-
ton nor any other traffic association was
Of any use unless pooling was legaIized
by congress.
The failure to secure favorable Iegisla-
tion during the last few sessions con
WINGED the railway people of the useless
ness of making further efforts in this di-
rection, and they concluded that their
objects could only be gained by a gen
eral consolidation of all the big railway
interests in this country.
The scheme of placing all these inter-
ests in the hands of J. Pierpont Morgan
was suggested several years ago. when.
discouraged by the constant violations of
agreements to maintain tariff rates. the
presidents of the various roads met on
board of ]. Pierpont Morgan's yacht in
New York harbor and adopted the far
famed gentlemen's agreement This
was a pledge that any official no. matter
how high in rank. should be promptly dis
charged if found violating an agree
ment.
Rates continued to be cut. however just
the same as if the presidents had not
pledged their sacred word of honor that
Ia tes should be maintained
On that occasion the suggestion was
made that the leading railroad cornpanies
between New York and the Missouri river
relinquish the financial control of their
roads to the firm of J. Pierpont Morgan
& Co., and that the officials Of the vari-
Gus roads should be responsible for their
conduct to J. Pierpont Morgan The
power thus placed in Mr.. Morgan's hands.
it was claimed. would enable him without
much effort to whip recalcitrant roads in
to line.
Conditions. however, were not ripe then
for the consummation of so colossal a
combination. and but few of the presi-
dents were then willing to place so much
power in the hands of one man.
The seed thus sown fell, however. upon
fruitful ground. 1t has sprouted and
grown until today the great consolidation
scheme is found to be practically an ac-
complished fact, and ]. Pierpont Morgan
Is the master mind who controls the
roads.
As viii be seen by the above list of
roads. Mr.. Morgan now controls every
thing between Chicago and New York ex-
cept the Pennsylvania and the Baltimore
and Ohio.
No attempt will be made to get the
Pennsylvania under his control. That
this company viii work in unison with