New-York tribune., 1896-05-29
CLOSING PRICES OF BOSTON STOCKS.
Thursday. May 2S-p. m

Thursday May 2S-p m
The decision OF Judge Wheeler in the United
States Circuit Court in the case OF the Govern
ment against the Joint Traffic Association was
rendered to-day in favor of the association. and
In an ordinary market the effect OF such a highly
important victory for the railroads would have
had much effect upon the price of railway secu-
rites As IT. was a faint rally took place. but 1t
was soon followed by dulness and sagging prices.
The decision is of the utmost Importance to the
transportation industry in this country, and
though the case may be carried to the supreme
Court 1t is not thought probable that any other
conclusion will be reached than that given by
Judge Wheeler. 1t is held by the Court that the
association is legal organization. and that In en-
tering into a contract for the regulation ana
maintenance of rates, fares and charges the as
socation in no way violates the Interstate Com
merce act or the Sherman Antitrust law; also.
that the division of freiehts by the agreement
does not constitute pooling OF trafhc as ar
gued by the United States District-Attorney in
his application for injunction to restrain the
operations of the association. The Court holds
that provision for reasonable. although equal
or proportional. rates for each carrier. or for a
lust and proportional rate for each carrier for
a Just and proportional division of traffic among
carriers does not seem to be either a pooling of
their traffic freights. a division OF the net
proceeds OF their earnings In any sense" The
agreement has been In force since the first OF the
year and has proved itself the only measure yet
Instituted by railway companies which can pre-
vent the rate-cuttng so common among all the
great Eastern and Western trunk lines In recent
years.
There was considerably more activity in the
stock market to-day, total transactions reaching
1.J39 926 shares, against Ga, 900 yesterday, but
the increase in dealings was accomplished at the
expense Of values. Selling for the foreign ac-
count and reports Of Unexpectedly large gold ex-
ports on Saturday were the controlling factors
in speculation while the uncertainties incidental
! to the period preceding National political con-
vention and the serious storm in the Southwest
| helped to depress sentiment and prices. The net
| earnings Of the Burlington system for April.
| showing deficit of over 500 400 were received
with considerable disappointment. and the stock
| fell off over i per cent 1t was expected that
| the April statement would be unfavorable on
account OF the light movement Of corn TO market,
| but IL must be remembered that there Is large
| amount Of grain in storage and the railroads
| will benefit to a big extent from Its movement
| before long. Liquidation in Sugar Refining car
RED the price down over per cent, and Laclede
! Gas suffered from the same cause. also losing
over | per cent In the railway list. besides
| Burlington. noteworthy weak features were st.
| Paul Omaha Louisville and Nashville, Manhat-
| TAM Southern Railway preferred, Hooking Val
| lev Mobile and Ohio. Metropolitan Traction and
Jersey Central. To-days estimates Of gold ship
merits for Saturday reached S2WDWO and
| above. II l. probab BILE that an order will be re-
| oeived from Wash ING ton tomorrow reducing the
premium on gold bars 1-16 to II, and possibly
! more If the commission Is not reduced more
than 1-16 per cent. shippers may continue 20
take gold coin, inatead of the bars.
Closing prices to-day of a number OF active
stocks compare with yesterdays as follows