The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-10-21

and which has led to the formal arrsign-
fnent Of the persons referred TO above.
IL ls u matter Of common report, and generally
| beloved that the schedule rates of the railroads
are enforced only as against small shippers.
| THIS IA one reason why the transportation in
| dustry Is Improbable, and It il also n potent
cause in lowering rates to figures that railway
| managers and investors complain Of MS being
too low. The first are responsible for this con-
diion Of affairs; hence It IL TO I've hoped that the
| vigorous prosecution Of n few notorious viola
tors Of the provisions Of the Interstate Com
merce law requiring uniformity in rates will re-
suit In a strict enforcement Of those provisions.
The subject is one Of vital Importance. not
only to railron1 managers, but TO holders NJ
railway securities. Shippers are MISC Interested
because discrimination by the railroads through
the payment Of rebates gives certain manurac-
turers and shippers an unfair advantage over
their competitors. This was shown today by the
promptness with which many OF the packers
and shippers OF meat products at Chicago conf
bned on account of the evidence submitted
10 the Federal Grand Jury that resulted In
the Indictment of one Of their number.
AZ already noted. railroad officials will
unquestionably assert that they aro in
nocent OF the charges that have been for
INFLATED against officials of the Atchison Com
phUy anu tnlDDcTb OVeT lJs llntS1 Oub u VIII
be remembered that the hrst-named denied
charges that rebates were being paid
when they were first made in THE
Sun four years ago. The record of rail-
road officials for veracity is unfortunately not
one to be proud Of though there are exceptions
TO the rule The fact Ia that the methods of
conducting and financing the transportation in
dustry have been such that mendacity has been
essential to their temporary success.
In view of the frightful losses that have been
incurred by investors In railway securities and
the recent exposures that have demonstrated
the deception that has been practiced upon the
public, this would seem to be good time to eff
eect radical reforms both in the operation and
financing OF railway enterprises II Is by no means
certain, however, that the opportunity will be
improved. for stockholders who from their re-
lations to those enterprises are certain to incur
the heaviest losses in case OF failure, are noto-
riously Indifferent to the conduct Of the
properties in which they are interested until
they are called upon 10 put up fresh money to
preserve their equities. This is particularly
true of the smaller stoc kholders. for the larger
ones as q rule. take an active part in the man
agement of the corporations In which they are
interested and on account Of their earlier knowl-
edge or foresight OF tho drift OF events are
frequently able to take advantage OF impending
disasters. 1t is not surprising. In view Of this
condition Of affairs, which Is gradually being
better understood by investors as n whole, that
dealings in securities upon the stock Exchange
have shrunk to the present small volume.
Comparatively modest manipulation of two
or three Industrial stocks and covering OF short
contracts in the Granger shares have been the
principal features Of the stock market this
week. Both have been Influenced by a
strong conviction in Wall street that
the approaching elections will result in wide
spread expression OF dissatisfaction with the
party now In power and as 1t has been the mis-
fortune OF that party to be in the ascendancy
while a worldwide reaction under way. Wall
street. in common with large percentage Of
the public. seems to hold that party respon-
sible for circumstances which no aggregation of
men could possibly have controlled. This fact.
however, does not change the belief that n
change is impending. and that 1t will contribute
TO a restoration OF confidence.
The possibility that exports of specie this week
would exceed the 81 900. 900 that has gone for
ward has held speculation in check, both here
and abroad. The foreign markets have been
further restricted by the approaching demise of
the Gar still another factor has been the fur
Their decline in the prices of cotton and wheat.
The ruling figures for those staples cut
down the value of our exports compared with
previous years, while the accumulation of
wealth in this country results in u steadily
increasing volume Of imports. The weekly
statement OF averages Of the Associated Banks
shows a further increase in their Accommodations
of idle money. This is phenomenal at this
season OF the year, and is explained in part by
the low prices for staple products and their
sluggish movement to the market, and also by
the stronger position Of the Western and South
ern banks. The first named appear to have suf-
hcien' funds on hand tn meet all requirements
for moving the crops.
A. has usually been the case OF late. to-day's
half-holiday market was practically no market
AT all. In consequence Of the duness the ma
jority of the stocks closed slightly lower UNI
changed, the only noteworthy net fluctuations
being declines of y cent. in sugar Re-
timing and Chicago Gas. The net changes
for the week simply reflect bold manipu-
lation in sugar Refining. having for its object
an advance in the price, and persistent selling Of
General Electric, much OF which appears to
have been Tor short account. There
indications that the influences governing Specu-
lation will be materially changed next week.
The elections will be "A factor and so will the
market for foreign exchange. which Is very
firm, and hence suggestive OF further exports OF
specie.
As compared with the final prices OF last Sat
urdsy the list Is irregular; The more important
Is: Chicago Gas /: Rock Island nd and Sorth.
west, y each; burlington and Quincy aud
clines are in Manhattan. ~ p cent; General |
Electric, 2ss; Pittsburgh, Cincinnati. Chicago |
and ST. Louis l: Tennessee Coal and Iron, ~;
Atchson and Ontario and Western, IS q cent. !
each.
Final sales compare with those of yesterday as
oct. q, Oct. 80. ~, - oct, 90,
Al A. Fas oti AZ sis SGFts pie pr" q liz.