New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-07
ury and Of the $1,000, 900 received on Friday
anu yesterday about 81 900 600 was deposited at

anu yesterday about $4,000,000 was deposited at
the sub Treasury and Assay Office Shipments Of
currency to the interior for crop movement pur-
loses ia We been heavy. but they have been offset
IN great part by the receipts from gold imports,
sne weekly statement OF the associated banks
"ins loss In surplus reserve of only S6oi.-
9V. despite the fact that the net loss from the
interior How OF currency above S4,OOO.OOO.
me actual cash holdings decreased 81. S23. 400.
asalhst loss in the preceding week Of over
S-'ooo,OO. much easier money market has
peen the result Of the heavy movement of gold
this way, and 1t can be said that the anxiety
over the monetary situation which existed the
greater part of the summer has entirely disap-
peared. 1t should be observed that the gold
import movement is the outcome Of legitimate
International trade conditions. and Is not an
artificial affair arranged by the exchange synd-
cate, as from time to time has been reported.
Exports of merchandise last week were 40
per cent larger than in the same week last
year while imports were 10 per cent smaller.
General trade conditions show the beginning of
better times, and especially is this so In the iron
industry, In which prices have. after a long
period Of depression. started up and heavy
speculative purchases reported Of pgron,
wool and other materials in anticipation of a re-
Vival or business activity.
Rate cutting in the South has again begun.
and a renewal Of the destructive war between
the Seaboard Air Line and the Southern
Freights Association has been about the only
depressing influence in the week. Soon after
the injunction restraining the Seaboard AIT
Line from cutting rates dismissed the COM
rany filed a notification with the Interstate Com
merce Commission of a reduction OF 33 10 per
cent IN freight rates, and a similar notice soon
followed from the Southern States Freigh. AS
ISOLATION. Such action renews the Southern rate
war; ana interesting developments are expected,
nasmuch as the whole matter will doubtless
become subject for court investigation. East
tound rates in the Southwest dropped still lower
last week. but in the West there was some i'm
rrovement. advance in commodity rates be-
tween Chicago and St. Paul indicating end
of the rate war in that territory. The decision
Of Judge Simontor in the Seaboard Air Line in
junction case while refusing 10 continue the in
junction restraining the company from cut
ting rates did not decide the case on its fun
damental principles, and the chances are that
the merits of the will be decided upon at
some future date. when all interested COM
ranes can be made parties to the action. 1t
was in this last particular that the Court
dismissed the action, it held. without
going into the merits OF the case. that all the
necessary parties whose presence would make
any order Il might make effective in securing
relief were not present. The case has attracted
considerable interest in railway and Wall Street
circles. it involved the right OF railway COM
pany TO engage in a destructive rate war. but on
this point no decision was rendered. the Court
evidently believing that new injunction would
he sought for in case Of renewal OF the re-
duced rates and that II would be taken 10 the
North Carolina and Virginia courts where he
managers of the Seaboard Air Line could be
brought into court guaranteeing decision or
the merits Of the case. Kate cutting mas
reached point where il would seem the courts
We're warranted in interfering, and from Judge
SimOnton's decision the courts ana not tne leg
control Of making an adjustment. Judge
SimOntOn says:
The great questions involved in rate wars are
of the utmost importance form one or the great
problems of the age. and must sooner or later be
heard and determined by the courts. But to
give effect to such hearing and determination,
the cause in which they are heard must have In
1t all parties necessary to make the determlna-
ton practical. Now, it appears that the Sea-
board Air Line is neither a corporation. a JOINT
stock company copartnershp OF the rail-
roads. 1t is only the designation OF a route con-
trolled by the Raleigh and CASTOR Company ana
the SeabOard and Roanoke Railroad Company.
The Georgia. Carolina and Northern Railroad
Company has leased its property to these Two
corporations The matter of making rates is de-
termined by the two corporations which mold the
lease They are not specifically named in the
bill and are not defendants. They are inhab-
tants of other States .han South Carolina, and
cannot therefore. he compelled to answer this
bill or to abide by the decree Of this court. The
claim that the presence Of the Georgia. Carolina
and Southern Company leased line Is sufi-
cicnt for the purposes Of this bill does not appear
to be adequately shown The court is. therefore
of opinion that the absence of the Raleigh ana
CASTOR and the Seaboard and Roanoke COM
panies interposes obstacle In the way or
de cree which is insuperabe. This conclusion has
been reached with great reluctance. The i'm
portance of the questions involved makes II de-
srable that the first step should be taken lead
ing to an elucidation of these questions by the
court of last resort"
The following tables give the movements OF
the chief active stocks and bonds in the week: !
STOCKS.