Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1892-11-25

New York, Nov. 10, 1892
During The past week tile course Of
affairs In Wall street has been somewhat
chrquered The comparative indifference
TO the result Of the election which was
appercnt last week has since been ma
terially modified. The mn of finance are
now disposed " take 4 more serious
view Of the arrangements IN business
that must nttehd the interval preceding
the enactment Of the new tnriu, II not
also for some time Afterwards; and, this
week. there has consequently been con
siderable selling of long stock, not only
of the industrial class. but also of the
railroads, with consequent declines IN
prices. This tendency would probably
have run TO greater lengths had II not
been thnt the owners pf 'industrials"
have rallied to the support Of their prop
critics. while London apparently favor
ably affected by the result 0f the cleo
ton, has been u comparatively liberal
buyer Of those Of our stocks IN which
that market Is especially interested
On Thursday an Important new factor
unexpectedly came to light In the form of
an agreement between ibn Eastern trunk
lines to once more try tiia policy of pool
ing their earnings. The foinpnct appears
to he almost Identical with that abau-
doned a few years ago; and Ia view Of
the unanimliy and even enthusiasm with
which II seems to have been agreed upon,
Il is inferred that the managers regard
1t ns promising n remedy for the constant
cutting and the very low rates now exist
ing This harmony Of purpose moreover
suggests some promise OF the compact
being preserved. 10 an such hopes, how
ever. there is the drawback thai the In
tei-statc commission has emphatically
declared against the legality Of the pool
ing principle. The managers are Of
course aware Of this. and i II to be pre-
sumcd they have reusons o. some weight
f0g adopting q course 10 Nat opposition
10 the declared purpose OF u Jaw OF con-
gress. What those reasons may be Is
best known to themselves. 1t may he
that they have cutiss 70 hope that the
supreme court would not support the
decision Of the interstate commissioners;
or that they suppose The pew adiuiuistra.
ti0n may prove less vigilnnt than tho
present one in enforcing Federal intur-
ferences with state corporations; Or that
out Of consideration for The dcmoraliEed
rendition Of railroad compeuion when
unchecked by some SOFT 1t regulation
lie commissioners may b. trusted to alb
stain from enforcing the laws gr II may
BE- that they have reason 70 hope that
congress can be- induced 20 mostly the
law Ia their favor, which, hope Il en-
couraged bv the fact that the inierstntn
commission arr now considering whether
they shall recommend congress 10 au-
th0rize pooling.
Perhaps. however, the most probable
and Immediate reason . that the roads
desire 10 uvert competition during the
period Of the Worlds far. and deem
this the best mems Of doing 30, leaving
the suhesequonl fate " The pool 10 be
determined according % circumstance.
Even ahould the Federal commissioners
interpose. absolute prohibition might DC
staved on br legal tactics sutil after
The close OF The fair. and in that way
The Immediate object might pc secured.
Probably. thereforr, ne new coiapact