Evening star., 1897-03-27
Decline in Railway Shares Compared
With a Week Ago.
DISCUSSIONS OF RATE WARS
Awaiting Action of the Joint
Traffic Association.
GENERAL MARKET REPORTS
Special Dispatch 10 The EvnninS Star.

Special Dispatch TO The Evening Star.
NEW YORK. March 27.-As the result of
disappointing developments ten active rail-
road stocks close today at an average de-
cline of per cent. by comparison with
final figures week ago On transac-
tions aggregating 132.G0 shares the net
changes recorded during today's short ses
sion reflect concessions at every point of
activity. extending beyond one per cent
The exceptions are attributable 10 dull
ness. and not to superior endurance. Ii
uuidation of speculative holdings was ap-
parent throughout the entire session. the
closing being heavy around the lowest
prices of the day.
Professional sales Were conspicuous. bu.
are less significant than those made by
commission houses acting in the interest of
disappointed and confused holders.
The decline in the standard railway is
sues. it is claimed is directly attributable
to the destruction Of protective rate organ
iZations. The destruction of these safe
guards has been accomplished without pro-
vision for a satisfactory substitute.
The entire legal fraternity is at variance
as to the real significance of the decision
and organizations are being abandoned as
the simplest means of avoiding indictme mt.
In the event OF postponing rate war. hu-
CATION Of an expensive and disQuieting
character is likely to perpetuate the ner-
youSness of security holders. The action
OF the Joint Traffic Associa ton during the
coming week will be awaited with unusual
interest. More than thirty of the leading
railroad corporations OF the country Will
be concerned in the decision of the coming
meeting. Meantime Congress is being ap-
pealed to for relief, but the hardships OF
remedial legislation of this character are
fully recognized.
Prices cannot advance materially until
definite plan is devised for the exigencies
of the present emergency. The industria
shares have declined in Sympdthy with the
weakness of the general market. well
for special reasons magnified by the sur
rounding activity. Tariff advIceS have
been used against American Sugar, and
apparently with excellent reason.
Reduced dividend rumors nave assisted
the decline in Tobacco, and the manifest
LACK Of confidence in the Spirit pool invited
successful attacks from the room. The
Coal shares have been weak the result
of unsatisfactory earnings and adverse
trade conditions. These conditions might
have been less operative mad rot he con-
hdent optimistic sentiIaent prevailing one
week ago been dispelled. The most inn
portant change in the speculative situation
is reflected in the increasing agsressivencss
oil the larger room traders.
This Development insures a further posi-
pcnemept of general OUTSIDE par.tcipa tion.
The bank statement shows a gain Of only
S.5.H1 in lawful money. TIE smallest ret
gain IN rianv weeks. Loans have decreas-
ed nearly $2,r0.op, indicating absence of
commercial demand. gain in deposits is
reflected by small increase IN ,ie reserve,
brinaing the surplus hn!:ings of The asso-
c.at"l banks up 10 sis,s 80.
The accumulation OF idle funds at this
center is an undesirable reflection of gem
eral business conditions. In many in
stances the interest allowed Oh credit bal
anceS has been reduced. bat without dis
couragins the influx of idle funds. All
things considered. a new epoch OF con-
servatism seems likely to intervene be
tween radical Improvement.