New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-24
4 BLOW AT THE ROADS.
THE rRANsMIssouRI FREIGHT DECISION.

DISCUSSION OF THE EFFECT OF 1T ON THE 'oiN
TRAFFIC ASSOCIATION.
The great importance Of the United states
Supreme Court decision against the Transnis-
souri, Freight Association, although the freight
association has been dead for three years "
conceded by railroad officers. The decision
threatens other railroad traffic associations ~
Guiding the Joint Traffic Association. the men,
bership of which is composed OF the Trunk lines
and their immediate Western connections
George r. Blanchard, the Commissioner OF the
association, yesterday declined to express an
opinion on the Transmissouri decision.
The effect of the decision in Wall Street was
considerable. II caused a general dechhe III
the prices Of stocks whereas before the tendency
of values had been distinctly upward Inc
opinion was expressed in some quarters tha' inc
decision was the most serious blow that hao
been struck at railroads since the passage OF inc
Interstate Commerce act 1t was thought ho"
ever that the decision might force moulilcd-
tio7 OF the existing law by showing that II
was impossible for the railroads TO live unoer It,
In the Transmissouri case two questions
were involved. VIZ, first, whether the sherman
Antitrust law applied to common cairie'''
and second whether the railroad agreement
violated the Antitrust law The Court seems
however, will have to be made out against each
individual railroad association and tried on us
merits. The application Of the Transmissouri
case TO the Joint Traffic Association will be de-
,ernnired first There were two decisions In IA
vor Of the Transmssouri association previous
10 the final one against IL. There have Deen TWO
decisions in favor Of the Joint TRAFFIC Assocla-
ton II the final decision is against IT, the
association will not go out Of existence pul
will reOrganize.
A lawyer of experience in railroad affairs, ex-
pressed his opinion as follows
The decision by tho Supreme Court in the Trans
missouri Freight Association case yesteraay ma, mas
rafurally directed attention TO the Government
case against the Joint Trafic Association whiS en-
and which the Government VIII una9up'euIy "a
TO the Supreme Court The declsioh Eest =, ~
sherman Antitrust law. but the question as 10
whether or not the court has held that az cor
nor be determined until the full text of the de,
csion is received The courts nave adwd 6 IN
they have described being Illegal contracts IN
restraint Of trade and the GGesonb as n 20
been decided upon the ground as 10 whether Oe
ng'; ma emo After the sherman law was
passed the courts held that as this ruling upon o,
Maintained the words in the sherman law, con
tracts IN the restraint OF trade cl,dry
cal contracts in restraint of trade. me ifnPortant
point now is and il is very far-reachlne one IN
i,s whether not the supreme
decided that all contracts in restraint or trace ar
.lcpal or whether there was something III tlc
Contracts of the TransmissOuri Freight AsSoCld,,
lion which brought them under the neaH OF IIesai
or unreasonable contracts In restraint Oh 'i"u
Cbauncey NJ. Depew who is chairman Of the
BOARD Of Control Of the Joint Traffic Association
said Yesterday that there was no doubt that the
decision of the Supreme Court was matter OF
serious moment. He added that he coud not talk
intelligently upon the situation as he had NOT YET
bean furnished with full text of the decision
From what he had heard superhcially, however,
he was inclined to the belief that the decision ana
not cover the Joint Traffic Association, or II II
did that it opened up a new cause OF acuoh, anu
that each individual association would nave 10
have A hearing. Mr. Depew then went on 10 eN-
plain that the articles Of organization OF tne
Ioint Traffic Association were drawn up care
fullv by the abest lawyers in the country, ana
that nothing was done hastily or careiesslV. ne
said il took months 10 frame these aTtcleS' ana
that they were passed upon by the foremost ran
road men in the country the shrewdest ana
brightest lawyers. and amended so that mere
was not a flaw left where they might connect
with the Government. Even the care OF q les'