The times. [volume] (Richmond, Va.) 1890-1903, 1897-03-27
THE JOURNAL OF COMMERCE BLOWS
BOTH HOT AND COLD.

There is certainly much prejudice
against all sorts of industrial combina-
tons. But. then, the great body Of man.
kind is often led away by tboughloss pre-
JUDGE. and though it may be very UNI
popular TO say so The Times has no sort
or hesitation in declaring that il is an I'M
alteraDe advocate of cooperation Of re-
sources and efforts by individuals in bust
ness. That is .he redress furnished by
nature for the destructiveness Of COM
petition caused by steam and electricity
when under no restraint. The Times does
not undertake to define or TO defend
trusts" whatever they may be. but it
stands for the principle Of liberty Of free
combination.
The New York Journal OF Commerce.
which ought to be the leader of intelli-
gent thought in matter affecting the busi-
ness interests OF the country, most
strangely makes savage and unrolentng
war upon such combinations amongst
business men for their own protection.
and for the advancement OF their own
| interests as We have indicated. 1t de-
nOunccs every agreement amongst ciu-
zcns which it thinks may put any re-
straint upon intercourse and trade.
though absolutely essential to the bust
ness. Nevertheless it is strong in its
condemnation of the decision made by
the Supreme Court Of the United States
last Monday, in which it broke up the
pooling agreement amongst the trans
| Missouri railroads, ana in two articles,
upon successive days, the Journal Of Com
merce advances most cogent reasons why
the pooling arrangement should have
been sustained, some of which we Will
copy.s
Discussing the great disadvantage at
which small shippers are placed under
| indiscriminate rate cutting, it says of
the decision made by the Federal Court
of Appeals in New York when il sustain
cd the pooling agreement.
There was Il general expression of sat
isfacuon with this decision on the part
| OF shippers, because what commerce. pri-
mauly and chiefly. demands Of common
| carriers Is that rates or transportation
| shall be at once reasonable. stable and
| equal. The Interstate Commerce law
has certainly failed in bringing about
either stability or equality. and it has
| Ions been perceived lhtt short of a bind
ing agreement among the trunk iiEes.
rates were likely TO be just what the
| freight agents and solicitors OF the most
needy or least ccrupulCus OF the COM
| panlcs chose 10 make them. The decision
of the Supreme Court in the Brown case
| has put q weapon in thu hands of the
Interstate Commerce Commission which
IS being effectively used FOR the suppress
sion OF secret rebates and discounts. But
il Is only 10 the cooperation of the IGil-
roads themselves that there can be any
| permanent security that no discrmina-
| ton Will be made 10 the advantage of
large shippss nd the detriment OF small
ones IL was by the urregulated compe-
| ttlon and the corrupt fayoIitism OF rail-
| roads that monopoly was first fostered in
| this country. and in the suppression OF
these the progress OF monopoly is at
| ieast made more difficult How far the
decision OF the Supreme Court appears to
modify the right OF railroads TO combine
| for their own protection and for the bet
ter enforcement OF uniform rates we shall
consider in another article.
In the subsequent article II says,
1T has long been recognized that In rail-