Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-26
A DEPRESSED MARKET,
The Decision In the Granger Case Does
Not Make Stocks Active-A Sudden
Rally is Followed by

NEW YORK, March 25.-The de cision of the
Supreme Court in the Granger cases yester-
day. which gave the market such a lift in the
last few minutes, seemed to have lost all of its
influence this morning, and not sign was left
to show that anything favorable to the rail-
roads had transpired This indi ference to
good news. which has become SO marked in the
list of late, helped to keep alive the bearsh
feeling among the professional element, and
this morning. with the aid of some selling by
longs and lower figures from the center prices
were depressed to a limited extent, though all
of the animation of yesterday had disappeared.
The raising of the rates of sterling exchange
also contributed to the sagging of the general
market in the general indisposition to trade,
which was as pronounced as on any day during
the past week. The stubborn strength arising
from the scarcity of stocks in the street, how
ever. soon put an end to the dem ons stratiun
against the list only Rock Island and Sugar
showing any real weakness during the day.
Rumors of an adverse decision in San Fran
CISCO i'll the Sugar cases there led to the selling
of Sugar Reineries. and it lost "a per cent
after selling ex-dividend of 21S per cent and
although the story was denied the stock failed
to rally and closed at the lowest figure,
Rock Island was fed out to the market all
day long and steady decline took place
Union Pacific derived some help from the
favorable report of the earrings for February,
but even that did not prevent the stock from
sagging off with the rest of the list when the
pressure was renewed again in the last hour
Among the specialties Wheeling and Lake
Erie was prominent but the feature of the day
was the sudden and sharp rally in Louisville
New Albany and Chicago upon the discovery
that the floating supply on the street had dis
the days operations. After the first selling
movement was over, the most intense dulness
again settled down upon the market and al
though prices were held steady no feature
of any kind marked the deals, until toward the
close, when everything again gave way and the
lowest prices Of the day generally were
reached. The close was dull but heavy. The
final changes are generally fractional losses.
and Tennessee Coal and Sugar are each IL
lower and Rock Island u, while Louisville,
New Albany and Chicago is up per cent.
Railroad bonds were dull, only $3.50 200 chang
ing hands, and out of that amount Sl3l 900 were
Reading. The weakness in stocks was reflected
in the market, and most of the few important
final changes are losses. Ohio and Mississippi
seconds rose to l25.
Government bonds have been dull and
steady.
State bonds have been dull and steady.
The Post saws the decision of the Supreme
Court of the United States in the Granger
cases" Yesterday. which probably helped to
give the market an upward turn in the last hour
yesterday, is one of great Importance. In prac-
tlce it permits the railroads to ignore tie rates
fixed until they are declared by the courts to
be reasonable" and implies protracted ltiga-
tion instead of an immediate compulsory adop.
tioh of the rates fixed by commission
Even if the decision had no other
effect, it would make the State Railway Com
mlssloners less aggressive, because they could
not or would not involve their States in law
suits. If there was any speculative disposition
among those who usually deal IN stocks. this
decision would have caused much more of an
advance. But the present strength of the mar
ket is not of the speculative kind; it is steady
but very slow absorption of the dividend pay
ing stocks, which is not responsible for the
daily ups and downs caused by the varying
news of the day and the daily buying or selling
of the bulls and bears but it has caused a gem
eral advance of to points in all the most &C.
Il
that the market has scarcely been SO dull for
SO long in several years.
The Following table shows the prices OF active
stocks on the New York Stock Exchange yester-