The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-07
WANT A POOLING LAW.
Freight Traffic officials Think They
Need One to Maintain Rates.

CHICAGO, Nov. 6.-Freight traffic officials
of the Western roads have given up all
idea of having rates restored to a normal
basis in the near future, and the officers of
the Eastern lines are about of this opinion.
1t is generally conceded that as long as
there are so many roads on the outside of
the associations there is very little prospect
OF the rates being put upon a basis where
they can be maintained for any length of
time. Many of the traffic men say that
the only salvation for the roads is the pas
sage of pooling law by Congress at it's
next session. Without this they think it is
impossible for them to maintain rates. With
all of the roads in a pool they claim that
they will be able to keep to the tariffs much
better than they are now able to do. The
present state of Generalization in freight
rates means that there will be a hard fight
for the pooling law when Congress meets
again.
The Western roads are from now on to
make a struggle for their business from
Colorado. They claim that the low rates
made by the Southwestern roads have taken
from them to the gulf points a large amount
of traffic, and the reductions made yester-
day are but the first of a series if they
find 1t necessary TO make deeper cuts for
the purpose OF keeping their business up TO
the amount that 1T was before the South
western roads began TO cut into IL by means
of their low rates in connection with the
steamship lines from the gulf ports to New
York.
All the leading railroad men are greatly
pleased at the stand taken by the mer-
chants of Chicago and New York against
the ticket brokers, associations in both cities
having within the last few days declared
that it was better to do business with the
roads direct than with the ScalperS. The
railroad men say that this action of the
associations in both cities by the leading
merchants shows that the trend of senti-
ment is coming their way al last, and that
it will ultimately result in the adjustment
of the broker. If the low rates that the
roads i'm the East and West have made for
merchants who desire to visit the COM
mercial centers for the purpose of pur-
chasing their goods shall have the effect of
doing away with the brokers, even in
small degree, the roads will feel that they
have made a great deal of money by making
the low rates for the business men,
Union Pacific Directors Report.
WASHINGTON, Nov. 6.--The report of
the government DIRECTORS of the Union Pa
cifc Railway Company for the fiscal year
lust ended has been submitted to Secretary
Bliss The report goes into detail as to
the proceedings that led up to the recent
sale under foreclosure and under date of
Sept A. says from the then expected realiza-
ton from the foreclosure sale of it's rail-
road property and of the sinking fund of
$45, 754 059 it would follow that the loss of the
United States would be about 49, 0o0, goo. The
government directors repeat their APP
prevail of the course of the Department
of Justice in accepting the proposition of
the reorganization committee and in the
foreclosure proceedings AS the govern
ment directors have always been firmly
convinced that the ownership of these rail-
roads by the government would be most i'm
furious to the people. would result in gross
inequalities and determinations in favor of
the territory served by them and would be
a prolific source of political corruption. they
find themselves unable to consider the sub
ject from the point of government owner
ship, the report being addressed to the sim
gle question of realizing the best financial
return to the government for the invest
ment. 1t is doubtless true, the report says,
that the reorganization committee and the
depositors of bonds and securities under
this plan will realize a large profit and
larger than was expected by the original
proposition.