Evening star., 1897-03-26
Question of Maintaining Rates the
Topic Of Discussion.
APPEAL FOR REMEDIAL LEGISLATION
No Action by the Joint Traffic As
sociation.
GENERAL MARKET REPORTS
'pecial Dispatch TO The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK, March 26-Prices were
barely steady during the opening hour this
morning, and subsequently yielded to a
narrow volume of professional business
Iraffic organizations are in various stages
OF dissolution. and the future maintenance
of rates is a matter of grave concern in
| railway circles. In some instances rates
prevailing at the beginning of the month
have been readopted as the Individual act
CT roads formerly identified with traffic or
CARNATIONS.
Just now far this example will meet with
general approval is problema;cal. Any
significant departure from prevailing rates
would revive the disastrous rate-cutting
experiences of the past. Property interests
extending far into the millions have been
placed at the mercy of few corporations
which may be misled into the belief that
reduced rates are essential to Increased
traffic receipts.
Recognizing the possibilities of single
false step in the present sensitive conaitOn
OF business, strong appeal has been made
for remedial legislation. The pressure in
both houses of Congress is known to be
very strong and may a least he given rec
oenition. This action will be neither speedy
nor harmonious. The prospects of a sue
CeSSfuI issue extremely vague and cam
not be determined at this early date. Eu-
mors cf the introduction of a pooling b.ll
were circulated during the morning. but
had no material influence on prices.
The Joint Traffic Association as vet gives
no indication of receding from its original
Position The proposition to advance the
trial of this organization on appeal has
only encouraged the offices in waiting for
an actual verdict against the legality of its
object The general market is extremely
sensitive to the various actions taken un-
Ger Mondays decision. Until some more
definite plans for the future are agreed
upon, advances are not likely to be the re
sut OF confi1ent buying. The c!iief source
OF support, al present, continues to come
from the short interest
The announcement of the proposed build
ing OF an Independent sugar refinery on
Long island was used to depress the price
OF the American Companys shares The
selling was credited to prominent room
tfanef nut was accompanied by reported
Willingness. on the part OF inside interests
to see the declining tendency rmphasized
congressional action is certain to find i'm
mediate reflection in the price OF this stock
from now on. Rumors relative to COM
piications in the matter of city lighting were
circulated to the disadvantage OF Chicago
Gas, but were lacking in foundation
Some disappointment with the failure to
press the consolidation bill is expressed,
but this matter is said to he in experienced
handS and VIII be given the best atte6-
ton In consequence of such assurances
the demand at every decline is fairly good
in volume. American Tobacco was weak
throughout the day, under sales Of a mixed
character.
The coal shares rallied slightly under
coz erins purchases, the general list re-
spending in a limited degree New busi-
ness mas been checked by the weeks set
back. and Will not be immediat tely ayaila-
be. a more prominent traders market IS
likely. especially since the shcr; interest
mas been reduced ny the decline of the
last few days. The volume of business
tt al h.a and ic
not likely to increase in a direction ad-
gantageous to prices.