New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-26
EFFECT OF THE DECISION
WALL STREET AND THE JOINT TRAFFIC
CASE.
BELIEF THAT IT WILL NOT RE DISASTROUS TO
THE RAILROADS. SPECIALIZING AS TO
WHAT MAY TAKE ITS PLACE.


WHAT MAY TAKE ITS PLACE.
Wall Street apparently does not think that the
decision OF the United States Supreme Court
against the Joint Traffic Association will prove
disastrous to the railroads. for the stocks of the
various lines notably the Grangers which sold
off under the momentary shock Of tho actual an
nouncement Monday Of the Courts action on
the rallied yesterday to practically the pre-
vious level. The adverse opinion by the Supreme
Court had been generally expected. and now the
railroad men and the nnancers are specializing
upon the form OF agreement or understanding
which is 10 take the place Of the Joint Traffic As
socaton's agreement now void because held by
the court Of last resort TO be invalid. for the rail-
road companies must have some sort OF modus
vvendL The Joint Traffic Association could not
prevent its constituent lines from cutting rates,
yet II had its uses. for its roads worked in more
or less harmony Under the Supreme Courts de-
cislon t seems Inevitable that the association az
now constituted must be dissolved Yet the adop-
ton Of the practice Of every man for himself
II is felt would be a serious step Backward and
so tho proposition to modify It's present scope to
the extent OF having the companies composing the
association enter into an Informal agreement 10
meet and discuss topics affecting their interests ~
finding not n little favor. The Board OF Managers
Of the Trunk Line Association, at it's meeting
yesterdav-t holds sessions Tuesday. Wednes-
day. Thursday and Friday OF each week-dis-
cussed the question Of the associations future but
arrived at no conclusion. The matter Will he OK
haustivelv considered at the next meeting OF the
Board of Control which will probably he held
week from Friday. Meanwhile It is not expected
that the Board OF Managers will transact any
more OF It's usual business. Of which the fixing or
freight rates IS the most important part The
meeting Of the Board OF Control It is expected
will he attended also by the attorneys OF the lines
forming the association and by James e. carter
the associations counsel
Commissioner blanchard OF the Trunk Line AS
ISOLATION was unwilling to comment yesterday
upon the Supreme Courts opinion. he had not
vet seen the full Of IT, He said. however:
we have already asked Congress to pass a pool
ing law and that remedy has been denied us our
position has long been that uniformity 81 railroad
rates is essential to commercial prosperity. II. for
instance there were sixty different rates into New
York. the stability Of NETWORKS commerce would
be at an end. What desire from Congress IS au-
thority to contract among ourselves for maintain
ing uniformity OF rates. do not think there ls
any need OF providing by law penalty for disre-
gard OF uniform rates by railroad companies or
their agents"
Aldace r Walker chairman OF the Board OF Dr.
rectors OF the Atchison. Topeka and Santa Fe Rail
road Company and formerly Commissioner Of the
Joint Traffic Association. said yesterday: After
the decision I'm the Trans Missouri case the lines
west Of Chicago rearranged their agreements and
endcavored exclude the features held 10 be in
contravention Of tho Antitrust law. The Western
not especially affected by this last decision. II ia
mposshle for railroads to conduct traffic indepen-
IDENTIFY OF each other and in the West the situation
has been far from satisfactory of late. but prob
ably no immediate changes will be made in present
methods"
Tx Judge John +. Dillon. attorney for the Gould
roads who was leading counsel in the TRANSMITS
souri, case. IS quoted a. returning the following an
swcr to a request for his views to the practical
effer, OF the Joint Traffic Association decision:
" consider ii decides nothing the scope and
effect OF the Antitrust act that was not decided
two years ago IN the Trans Missouri case. and It's
eject will be just the same as and no greater so
far as can see. than the decision which was made
NJ undcrs,aui that since the decision in the
Trans Missouri case many rairoads nave con
standings they have had are agreements which
they DO no: consider to be prohibited either by tho
Auti-Trust at or by the supreme curt CON
struction % t.. | should suppos" that the existing
Wouln h"ne b" nv nrofcssedIv obevinr the decision
Of The supreme Court in the Trans Missouri Traffic
T%e eject OF the decision will be to do neither
the public nor shippers any good II will not So
cure love- rates Ii will open the community 10 all
fne e' do u, moi so, Why this decision viii hurt the
railways any more than the previous decision did.
accept the decision Of the Supreme Court loyalty.
and can only express my regret that Congress has
enacted law NOT founded on the sound principle
Of restraining unreasonable rates but FOUNDED on
the unjust and chimercal principle that II Is expe-
diem, 10 prohibit all agreements between railway
companies. even though they contemplate Just and
e. Il
oyolutior OF the railway problem which will finally
md a solution here nc is found in England and
other unrios-that the interests of the public are
I'm the maintenance Of just and fair rates. and not
I'm lie sanctifyiu bylaw Of destructive competition
which makes unreasonably low rates this month
ana rnreasouahy high rates the next
president Fowler. OF the New York. Ontario and
Wcetern hallway Company. commented AZ follows
on the Supreme Courts decision: The railroad rate
question Is one OF vast inheritance 10 the people
~ This country but the invioahlity 81 the United
States Supreme Court is Of much greater conse-
quencc Had the court reversed itself. the dis
satisfied md spurious portion Of the community
would I fear have Jumped at the conclusion that
corDorat ton pressure had in some manner done CT
fective work. since the decision was rendered by
the same court in the Trans Missouri case.
THE pooling question under the proper super
vision Of the Interstate Commerce Commission IL
now omen for Congressional action. a decision ia
orable the railroads In the Joint Traffic Asso
zion case. would have closed that door. | do
not believe that the recent decision or the Supreme
Court VIII lead 10 still greater Generalization IN
rntcs Having dropped n defective rudler the eight
mon i'm the boat may now pull n stronger oar and
steer a straigher course than they have been doing
for some time past Ihey should at least be ely
Iected To do so"