Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1904-11-15

the New York, Ontario and Western
by the New York New Haven and
Hartford railroad the latter probably
will expand into the New England sys-
tenn.
The mileage of the New Haven and
Hartford without the New York, On
tario and Western is 2,038 and its cap
italization $107,302,5 583. The Ontario
and Western which it has absorbed,
has a mileage of 4S1 and a capitaliza-
tion of $s7, ,503,S52.
The Vanderbilt interests have con-
siderable mileage in New England,
which is included in that of the Van
.derbilt system. The Grand Trunk and
Canadian Pacific railways, which are
independent roads, also own or con-
troll several important New England
lines.
The latter two roads will probably
be held in line by strong traffic agree
ments with the big American sys-
TENS.
Some independent, Lines.
OF course there are still number Of
American lines like the Chicago Great
Western, Minneapolis and st. Louis,
Iowa Central, Delaware, Lackawanna
and Western, Lehigh Valley, Denver
and Northwestern, and others that
still maintain an Independent position,
but it is only question of a short
time when they, too, will be swallowed
up by the large systems.
The San Pedro, Los Angeles, and
Salt Lake railroad, built during the
last four years by Senator w. A. Clark,
has practically become a Hartman
line. Senator Clark, who intended to
make his road competitor to Harri.
mans Oregon Short Line and to fur
nish an outlet for independent lines
from Salt Lake City to Los Angeles
and San Pedro harbor, has sold lately
a half interest in the property to the
Hartman interests, and portions of the
Oregon Short Line which it paralleled
have been merged with it.
GentIemen's Agreement.
The community Of interest plan
which, owing to the collapse of the
securities" scheme has received {
fresh impetus, dates back to 1888. Al
that time railroad competition was 81
strong that it was impossible to Sc
cure the maintenance of paying rates
Railroad wars were of frequent occur
dence and even the presidents of thu
various roads were powerless to pre-
vent it. The eastern capitalists in
terested in the roads become restles.
over the continued passing of divi
dends. They appealed to j. Pierpon
Morgan, then the most powerful fin
ancier in the country. to come to thei
rescue and the far famed meeting O
the heads of the big banking firms il
New York and the presidents of th
principal roads in the country OF
board Morgan's yacht in New Yorl
was held as the result.
The so-called "gentlemen's agree
ment" was adopted at that meeting
/ the financial interests pledging them
selves to furnish no more money to in
!. dependent parties for the CONSTRUCTION
of new roads and the railroad pres
4 dents agreed to discharge any officia
who dared to cut rate.
/ Morgan Long the Dictator.
4 From this time on until about tw
years ago j. Pierpont Morgan was th
absolute ruler of the railroads in th
4 United States. Under his leadershi
rate wars became less frequent an
when any did occur they were speed
lily settled through the intervention q
4 the big bankers and financial intel
ests in New York. Construction {
new lines by independent companie
absolutely prevented. and, while i
1888 there were far more railroads i
existence than were needed. there ar
today not nearly enough east of Ch
'l.cago and st. Louis to handle adj
quately the continually eSpandin
4 traffic.
4 The community of interest scheme
\ however, received terrific Jolt tw
Iyears ago when J. j. Hill and %. r
{. Hartman became involved ina ser
Gus fight over the control of the Nortl
ern Pacific. which resulted in corner
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