New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-12

) 10 over per cent, and the closing was DuoyahI
Al the top figures of the week. iew sharP'
were somewhat laggard; and Reading was IS e.
cia!ly conspicuous by ;hc comparative weakness
Of both stock and bonds.
The most potent influence naturally was The
progress made al the meeting OF railway officers
toward harmonious maintenance OF rates ana dl-
vision of competitive traffic west OF the MIsslH-
Sippi and Missouri rivers The uuanimty Of
sentiment displayed at the meeting OF me AdIi'ory
Board promises the hdpplcSt results, ana the
agreement made after deliberations extending over
three days is undoubtedly one of the strongest
iraihc combinations tnat mas ever He'n n e",~ or
has not Yet been finished, il is hoped and en-
pectcd that the same sincerity of purpose and
mutual iortcar2nce Will he displayed 10 the end
OF the discussion. That the new association may
lie prolonged beyond the half year fixed as the
shortest period of lite Is the hope of all persons
interested in railway securities, if not of the
managers OF the railroads themselves. The dIVl-
Sions O.-terIitOry and traffic have not been fully
made. ana they are questions of vital Importance
to the success of the pan:,, Any Injustice that
might I've worked in them will disturb the associa-
tion and possibly bring il 70 an untlmey end
While the Advisory Board is large and any action
requires a tour-fifhs vote, the representatives of
one company have the right, under the plan 10
give ninety days notice of its practical withdraw
ing. II is another instance Of the chain being
no stronger than lis weakest part, for il any ore
company gave notice in accordance with the pro-
vision, the same fate would undoubtedly over
take the association that betel the gentcmen's'
agreement. IT, moreover. the power given to the
commissioners who are 10 be appointed cannot
hc enforced except by the consent of the MEM
bcrs the efficiency of the association may not hc
as great as at present expected. II is
necessary that the association should keep
within the limits of the Interstate Com
merce law, and that it should also avoid the
risk of hostile State legislation. If the formation
of the ASSOCIATION amounts 70 n pooling of busi-
ness il is contrary t. the Federal law aud if il
does not. only the assent of the association can
enforce its rules. The action of the Eastern lines
in regard to the abolition of commissions between
Chicago and the scaboard was still more sue
ccsSful but the importance of the action was
ovcrshadowed by the greater conference.
One of the features of the speculation in the
week was the rapid rise Of Sugar RcfinerieS stock.
which in the last two DAYS advanced about 10
per cent. The ending of the litigation which has
bcSct the trust and the TRANSMISSION into cor
pOratiOn were the causes of tn" movement The
Skllful manipulation of the stock ever since deal
ings in il were begun nj the Stock Exchange NAV
now possibly he ended. and people rash enough T.
invest in il may he able 10 do so nClliCcntlv.
How The litiganrS have hpon apppaspd or the oh
cctlonS # the law officers of the State overcome
has not been revealed. In some quarters the
opinion has prevailed that the litigation was
simply part of the speculative manocuvrcs and
the abrupt termination OF it, without cOmpenS1-
ton Of some kind may he regarded with jtstlfablc
suspicion
following is our usual table, giving the number
Of shares sold of all 81 cl:s. the highest. lowest
and final prices OF the week together with thc
final prices If week ago. prciXcd by the average
prices of January II, 1890: