Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1885-11-21
PLAYING HIGH JACK.
The Balls Keep the Upper Hand OF the
stock Market Another Das OF
Heavy Trading.
wall street IN - ouandaiy o. to il's Present
iioiations between the Trunk hino
omciais.


ifNHflA
Thc railway bond market was even
,tora active than al any time during the
present active spccullti0n The iotai
sales to-day aggregated s7,2l8 900. The
busiuess. however, was more WHOLLY dlt-
ttfbuted than has been the case frequently
of late. The list generally shows irac-
ilopal advances Bonds are lower
There was halt to-day in the upward
movement IN prices of stocks and at
times a little less activity. The total re-
ported sales, however, arc stu very
large, amounting TO 103i3J shares
against 800, 900 yesterday At the opening,
following, decided advance IN London,
quotations were generally TO per cent.
higher than last evening with exceptional
gnins for greater amounts. THIS display
Of Btrength however, was Of short durar
ton and was accompanied by great ac-
i.YIty. The whole list declined to some
thing below the FIRST figures with decided
weakness in few stocks. During the
remainder OF the day the movement was
alternately ~ aud down within moderate
range, but the declines marked o little
lower figure. The closing figures to-
night for most of the list are from I TO
per cent. lower thuu last evening with
exceptional declines Ol over ] per cent.
Missouri, Kae.ls & Texas continues tob
ono OF The most conspicuous features
OF the trading. After opening higher at
8il 10 failed to follow the general list 40
no cline selling below G5g, but remained
steady between that pr.ccaud 3Jb Later
I tho day there was rapid advance nc
cOmpnnied by sharp reaction TO b. The
stock closed | per cent lower with an adj
vance Of re per cent Pacific Mail was
also conspicuous IN the early dealings
opening with Il gain OF per cent. ut 20
aud breaking Oh heavy sales to GTg, but 1t
as quickly rallied above 6s aud remained
comparatively steady between that price
and 60I during the remainder Of the day
aud closed at G5i.
There was good deal Of talk carry in
the day about the action OF
the Baltimore & OHIO IN not
having signed the pool arrangement, but
at noon II was officially unuUunced that
the agreement had hccn signed with GER
tain conditions. The street Is good
deal inystiied ~ to the actual relations
that exist ut Lrcscnt between the Trunk
line officials II WAS reported today that
tho baltimore & Ohio had already secured
the control of tine Staten Island Rapid
Transit company property on Staten is
Anls which IL proposed to use in effect
ing o New York connection. The. Trunk
line securities were heavy most of the
day aud Lake Shore closed with
decline OF II, with sales OF 7i.GOO
shares New York Central on smaller
business ih down z per cent. The grang
Crs were moderately uCtlyc, and North
western developed further decided
strength closing with an advance OF /,
az NO time selling below last evenings
I.rsl figure. st. Paul Is down :. Reading
lost ( per cent, luckawuuna is down
:, Wabash common q, aud preferred II
pei cent. Northern pHciics show u irac-
tiouul decline. Oregon Navigation Is up
~ me market closed, after fractional
rally from the lowest figures, leycHsh and
irregular
PRODUCE EXCuANGf LAM.
The opinion just rendered by the comt
of appeals in the case Of Hurst against
the Nov York Produce exchange is "A
lhghly Important exposition of the law
governing the procedure In commercial
hodias. The Dy-laws of the Produce eN-
change provide that any member accused
ot any proceedings inconsistent with
Just and equitable principles OF trade
shall, on complaint, be summoned before
the complaint committee, when, II ne de-
Sire, he shall be heard in his de-
icnac. Should the committee be- unable
tu cuncillatc the disputAntS or induce
them ~ arhltratC, the complaint II to be
referred To the board of managers, when
uutl parties shall have an opportunity tu
hH heard again, II the charge against the
defendant be substautiatcd the board
may, by two-thirds vote of all the mem.
hcrs present, either Ccnsurc, suspend or
eNpCl HIN from the exchange. The dis
pulant- ia this case were sir. Hurst
agent OF the National Steamship COM
pnny, and Mr., Carhart agent OF the Erie
road. The dispute between them related
tu the payment OF damages and freight on
70 loo OF goods destroyed by fire Caihart
presented 60 the Produce exchange, of
which both were members, complaint
charging Hurst with "prorccdngs ncon-
Sistent with Just and equitable principles
ul trade" Hurst was summoned before
the committee lie appeared and pro
tested that the case was not within the
Jurisdiction OF the exchange, for the
reason that his liability was doubtful as a
matter OF law, and that the questions In.
VOWED were then the subject OF litigation
in the courts. Tho committee pronosod
arbitration, which Hurst declined The
matter WAS then referred tn the board of
managers, who summoned liur to ap-
pear before them. lie sent written
communication repeating HIS protest that
The case was not within their iurl4diction
Hurst now applied Tor and obtained q
temporary Injunction restraining The Prod.
Hcc exchange, its managers or commit.
tee from further proceeding against him
on the complaint made by Curharl.
The question which the court of ap.
peais had 10 decide was whether the Prod.
Ucr exchange had jurisdiction Of The
matter and whether IL had right 60 pro,
coed The decision is ia favor OF the OK.
change, though three OF the seyon Judges
dissent. The CONT holds that the bylaws
are 'lust, reasonable and fully author
iked by the charter and that the pro.
ccrdingS, so far rs they had gone, were
regular "Hursrs contention" SAYS the
court sis that the complaint against
lim was q mere money claim which
was TO be prosecuted IN the courts,