Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-05-30
SPECULATIVE.
A Decline in the Entire Stock Market is
Caused by the Rumor of a Failure.
Railroad Shares Reflect q More Cheerful State
Of Affairs Since the Favorable Rumors
Of Rate settlement.

Special to the Gazette.
NEW YORK, May 29.-Between 1880
and l o o'clock this afternoon report was
spread abroad on the street that Keene,
the famous operator, had been caught
and was unable TO meet his contracts.
The renort was false, but it caused a de-
cline of hetween two and three points in
the entire stock market. The decline
was of course attended with con-
siderable excitement, but the
strength of the list under
the circumstances was extraordinary
Within half an hour after they reached
the lowest figures the whole list had
risen 2 per cent. Oregon Transconti-
mental was about the weakest of all dur
ing the decline, and fell about per
cent. The market was bound to open
strong to-day. The attacks on Chicago
gas and sugar were not strong enough to
overcome the good news concerning the
restoration of Western rates. 1t looks
as if the rates are really to be
restored, for the time at least, and
the market for railroad shares reflected
this cheerful state of affairs. The real
restoration of rates would go FAR towards
keeping up railroad earnings, which,
under such circumstances tn II nave ex-
listed, could hardly be expected to show
an increase much longer, especially
in view of the situation as was
explained in Yesterdays dispatches.
The impression prevails on the
street that the pressure was
brought 10 bear on the Northern
Pacific people by the bankers in matter
of Wisconsin Central, which held out
against the settlement of the passenger
rate war 1t is said that Wisconsin Gen.
trail gets no differentlals under the set
Element, and that differentIals have been
abolished entirely. 1t is expected that
Southwestern and Colorado rates will be
advanced soon, leaving rates everywhere
with prospects clear.
There was budget of favorable
railroad news in morning hours:
Directors of the Cleveland, Cincinnati,
Columbus and St. Louis road declared e
quarterly dividend of ~ per cent. on
preferred and O semi-annual of y per
cent. and an extra of per cent. on the
common. Both were bought this morn-S
ing, but common was the stronger and
more active of the two. Michigan Gen.
tral's strength was attributed to reports
that the stock will be made regular
per cent. dividend paper.
Union Pacific and Canadian Pacific
showed good increases in April earnings.
Mexican Central's net for March de-
creased Sl04, $50.
Trusts received bad blow yesterday.
Prices of sugar and Chicago gas have
been blown up 20 such enormous extent
of late that almost anything in the shape
of unfavorable news would have had the
same effect. 1t only needed something
to start them and down they
went, the collapse being commensurate
with previous expansions.
Chicago gas got up very weak after its
spree yesterday.
Certificates were very extensively
traded in, and the price jumped about,
but was generally several points belowS
yesterdays closing. The intention of
those who are behind the court move
ment against it seems to be that the
trust shall be wiped out and business
shall revert to four companies
working separately and in competitions
1t is said that an appeal will be taken
from Judge Collins decision. The ap-
pointment of q receiver has been post
poned for q week.