New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-31
THE FURRY OVER.

There will be no panic on account or the Su-
preme Court decision in the Trans-Missouri case.
So much seems reasonably certain. AT the con-
ference of counsel for the Joint Traffic Associa-
ton Yesterday 1t was decided that the associa-
ton need not dissolve or suspend operations. as
some railway managers and considerable num-
Der Of persons here and in Chicago who had
been selling stocks short declared was inevita-
BILE The conclusion was reached that no such
necessity existed but that the counsel for the
association would Join with the Government in
urging as early a hearing as practicable by the
Supreme Court upon the appeal in the case al
ready pending With their concurrence the At
torney-Genera will make a motion on Thurs
day 10 have the case advanced SO that 1t can
be heard at the present term. Meantime the
association will continue to act pending the de-
termination of the question as to the legailty
of rs organization. In the opinion OF counsel,
there IL good reason to believe that upon fuller
presentation OF the arguments In the case the
Supreme Court will see cause so To modify the
apparently sweeping character of its earlier de-
cision as 10 Justify the existence and egalize the
operations Of the association. However that may
he il certainly seems to the lay mind much
wiser course for the association TO proceed de-
Uberately and await the decision OF its own
case than TO act precptately in furry OF fright
over the unexpected result in the Trans-MiSsouri
case
The continuance OF the association. If it does
not avert all danger of the rate wars which have
been threatened. at least pOstpones ii and afrords
the opportunity meantime for the railway man
ayers to take a calm and comprehensive view
OF the whole situation IT would be very
il of pyDprpuce
and such wide knowledge of men and OF affairs
should confess themselves unable to cope with
such a situation as this. even II it be as dis
couraging in all its aspects as their early fore
holdings set forth. 1t would not only be strange;
1t would be a confession Of weakness little short
Of shameful. Much may be pardoned to the
sudden shock of surprise that the first announce
ment OF the decision gave them. under which
they threw up their hands in a despairng way
and declared that nothing now could prevent
the Initiation OF disastrous rate wars which
would not only destroy the value of railroad
Droperty but would be runous to all the bust
ness interests of the country They We're mo-
mentarily panic stricken. and In the stress Of
sudden fright could see nothing but an impend-
ing financial disturbance that must result in
National calamity. They needed time to think.
public will not In the circumstances hold them
to a too rigid account FOR that II only. now that
they have breathing spell, they do set them
selves to thinking, and thinking very seriously,
aot OF the greatness Of the peril, but OF meas
ures to avert 1t.
Fortunately, the furry which their indiscreet
1tterances started, and the alarming intelligence
hat some railroad In the Southwest had cut
rates on eggs contributed to swell, is over for
he present. All the traffic associations have
not gone to pieces; the traffic managers, released
from the fear OF penalties for violating agree
ments, have not begun slashing rates and wreck
ing the properties they are paid to handle upon
paying and profitable basis, and there is no
immediate occasion for any such suicidal out
break. The speculative persons who sell what
they haven't got. and find profit in depressing
values on that account, have had their little fun