Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-03-26
SPECULATIVE.
Effect of the Supreme Courts Granger
Railway Decision on the Market.
The Street Devoid of Activity-A Great Bull
Point for the NATURALIZATION
Trust Plan Abandoned.
Special to the Gazette.


New YORK, March 25.-The stock market was
dull again to-day, and sold off on moderate
taking of profits by yesterdays business in
grangers. There was moderate selling, with
slight declines. Chicago gas declined Is, Chi
cago, Burlington and Quincy, u; Louisville
and Nashville, y; Missouri Pacific, IS; Bead
ing, IL Rock Island, q; st. Paul, 4; Tennes-
see coal, Pa; Union Pacific, 20. On the other
hand, Atchison was strong and st. Paul well
supported. Louisville and New Albany
advanced 53t points on the news that
april interest on consoIs would be duly paiu.
Oregon Transcontinental showed great strength.
The selling in Changers was due, at least in
part. to the disappointment on the full news of
the United States supreme courts Gran ger rail-
way decision, which proved not to be SO sweep
ing as had first been proclaimed.
The early afternoon market was dull and fea-
tureless, with no important changes beyond
slight selling of Louisville and New Albany. The
later afternoon market was quite devoid of &C
tivity or interest, and prices did not change ex-
cept moderate shading off in a few stocks.
Languid interest was taken in the trunk line con-
ference in this city, and the general expectation
was that its result would be favorable to har-
mony and stability of rates. but it had no effect
upon the market.
The United States supreme court in deciding
the Minnesota granger cases in favor of the rail-
roads and against the state commissioners does
not deny the power of the raj lroad commission
ers to impose rates, but declares The imposition
and enforcement of lower rates illegal unless the
railroad company has had the opportunity to
carry into court on appeal the question as to the
reasonableness of the rates imposed. It had
been rumored that the decision invalidated the
rate-making power of the state commission ers,
but this was quite untrue, whence the disap-
pointment and selling of granger stock on the
market this morning. In reality the decision is
q great bull point for the railroads. as the power
of state extOrtion is check ed.
The commissioners report of the street is that
the Atchison voting trust plan has been practi-
caIly abandoned for want of support. This
is denied at Kidder, Peabody 6; Co.'s
Office, but many things look as though
There is reason for believing among other
things that Mr.. Magoun during his trip abroad
did not find the plan received with favor by the
foreign holders. Magoun is now in Chicago,
possibly in connection with the railroad assc-
citation. The current advances in AtchisOn are
attributed to Irving A. Vance of Boston and it is
thought that the price Is advanced chiefly for
the purpose of unloading stocks
4 me citing of the members of the cotton ex-
change will be held at noon tomorrow to con-
slider the advisability of closing the exchange on
April /. The question will then be submitted to
a ballot, the date of which will be set by the
president after the close of the meeting. The
members of the produce exchange have already
decided to close on that day. and d at the
to close on April 4, but the advisability of sus-
pending business from the evening of Thursday,
April 3, until the morning of April 7. will
doubtless be submitted to vote during the
week. A movement is on foot to suspend bust
ness on the Consolidated stock and petroleum
exchange on April 4.