The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-05-11
tIrtsr LoSpoS orot,rioSs
SATURDAY. May II

Sluer otner ueNeIopments DedTlnR upon the
value Of railway securities which have not re-
ceived the attention they deserve. Mono OF
those is OF more importance than the amend
ment to the Interstate Commerce law Intro.
duced In the Senate on Thursday at the In
stance OF Senator Cullom's committee. which
provides for the regulation Of the subsi-
died Canadian railroads In handling traffic
secured and delivered In the United
States. The report Of the Senate Com
mittee on Interstate Commerce OF Its
Investigation of the relations that Ameri-
can and Canadian railways bear to each
other ioreehadowed such an amendment as
has been offered. The fact that the amend
ment practically originated with Senator Gull
lom. and ie based upon his own Investigations,
virtually insures It's passage. The desira-
hility OF action by Congress that will. at least,
place the American roads upon an equal foot
ing with their Canadian competitors, Is in
creasing every day. for the reason that tho
competition referred to 10 constantly becom-
ing moro formidable. The question is not one
OF protecting American railways. but OF pl8o-
ing them upon an equality, 30 far as legls-
lation can do so, with the subsidized
political enterprises OF Canada. The last and
most audacious invasion OF the territory OF
the American roads Ia the contamination OF u
traflc agreement between the Canadian Pa
cifc and the " abash companies. by which the
first named will be able to compete for through
traffic at st. Louis and Chicago. To reach the
last-named point a short connecting link is
necessary, which will probably be completed
before July /. 1t is on account OF this alliance
that London has been q heavy buyer OF Wa
bash stock the last ten days or so. and 1t may
account for the recent hating market for Lake
Shore.
One Of the first effects OF the adoption OF tho
amendment referred to would be to restrict the
wildcat competition OF the 500 line. WHICH
+ s pons Se sfe at t6e
Canadian Pacific would employ the same tao
tics 10 secure traffic at Chicago; when its con
500" line has been using in the Northwest
with demoralizing effect; Under the Gircum-
in faTs Soud
urge upon his Representatives in Congress
sage OF the amendment proposed by Senator
Cullom's committee. And the wish might very
gross that tho Interstate Commerce law be
further amended BY strik ing out the absurd
business at wholesale rates. or vice versa In
the first instance the Law operates TO the dis
advantage Q! the railroads. whereas II the rail
roads base their through rates upon reasonable
ers. Ii the two changes that have been indi;
be better able to take care Of them
solves than c at any ,d time ros since .ss thS
nnd the 81
that prohibit pooling may not then appear as
urgent as at present. THE SUN notes with sat
istaction the progress that has been made to-
ward restricting the opera ions Of the Canadian
railways In the United States. since the move:
ment originated with it, and 1t has contended
consistently Tor equal rights for the American
roads against unreasonable foreign COMPETE
There are some people, both In Congress and
out of II. who maintain that Tariff bill upon
substantially The lines iald down by MI, NC
and they argue that In operation 1t Will have
direct bearing upon the money market first by
and secondly by decreasing the volume OF i'm:
ports. and hence lessening the amount OF
correct but experience. provided the bill re-
ferrei to is, passed: can alone determine
whether II VIII operate In ths directions ndi.
receipts and foreign remittances materially.
ro:qay's bank statement shows that the
sub-Treasury has absorbed good deal more
This is partly due to the heavy withdrawals OF
the prospect OF tariff legislation has a tendency
TO check imports Of many articles, thus reduc-
ing the stocks on hand that have been hold In
made in the tariff. The remittqnoes from. the
ars that they will continue heavy during
set S6 in earlier fEan usual 1t @ SsaF suss
many people. in view OF the enormous dealings
on the Stock EnchanGe this week that the In
crease in the average OF bank loans is not
larger. That is explained in part by the very
largo shipments Of securities to Europe.
against which round amounts of security bills
have been sold. 1t is a fair assumption. too.
that large percentage Of the securities that
have been bought t., recently have been paid for
The most noteworthy ;ea ure Of the present
speculation is the confidence that every one
seems to have in the market. Even inveterate
bears have bought stocks for long account.
Every, important interest that has cared to
has had no trouble whatever in doing 20, while
the promptne-s with which prices respond to
minor favorable Developments is positive eyi-
turned to Wall street. ,To-day's market
was active. but irregular in anticlpa-
unfavcrable. considering the unusual activity
eES dseSf Stocks held their own te better
II anything. than those hat have LED the mar
ket during The week , Texas p9cic t was sa In.
co Cent Which BIDS fair to become the iayorite
figures Among tho speclalties C., G., c. and
ST. Louis common sprang into prominence at
net Advance rro OF Monts cent "a IN w t4s
undoubtedly be made public In day or two.
be better illustrated than BY recalling that
when THE SUN announced in February that tho
sto Si liability By s5060ooO or So suggestions
q sinister motives were 60 made made but now that
an increase in the capital of$7.OJO,000. OF hich
s3.OuO.OOO Is 10 be Issued at once. tho market
for the stock gives evidence OF degree OF con-
fdence which 1t is to 10 hoped will not be
abused.
A. compared with the final prices Of last Sat-
urday the entire list 10 higher with the excep-
ton OF Pacific Mail. which is Il v cent. lower.
The more imnortant net advances were In Chi;
cage Gas. ~ cent Chicago. Burlington and
Quincy and Missouri Pacific 81 each Lacka-
wanna, 81. Atchison. ~; Oregon Tra9scon-
Erie common, 2,s earh; Wabash preferred. az;
Tovas Pacific. ana Wheeling and Lake Erie
preferred ~ eqch; Mpnhattan and Northern
Ne% iork and New England, :: Reading. ~;
lock. Island, T.; Toledo. Ann Arbor and North
Michigan, ! 4; Northwest / i: Canada southern,
Il; Delaware and Hudson, x; chesapeake and
each.
as follows:
Nays Nay 10 nay o nay 10.
4!G@ Sc e, & Nor E. com. e.. sssE
taMaasr rae ste 81 ~: c.n.Ts iS ZOE