The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-03-25
FINANCIAL.
Stocks md Bonds.

New York, March 23.-The bears were
rampant today and were in absolute con-
troll of the market. Everything on the
list was more or less depressed. and
several of the stocks, which were more
or less effective in sustaining the mar
ket in face of the several efforts made
last week by the bears to raid it, were
| foremost in yielding to the pressure on
the market today. The decisive factor
in effecting the decline was the decision
of the supreme court at Washington yes
terday, holding that the Transmissouri
| Freight association was illegal under the
Sherman antitrust law. There is doubt
whether under this decision any agree
ments for maintenance Of rates and di-
vision of traffic will be legal. The break
mate rate cutting and competition for
business The Anthracite Coal group is
an example, as the improvement had
| been based on an increased value of the
properties on the restriction of COMPETE
ton by agreement. The Ohio soft coal
roads have also been victims of unre-
strained competition to a degree that has
brought about a number of receiverships.
! Traffic agreements are, in fact, felt to
be very important element in the pros
perity of all railway properties. The In
dustrial stocks did not escape the effect
of yesterdays decision, for its affirma-
ton by inference of the validity of the
Sherman law is felt to confirm an exec
utive instrument against some of the
combinations of capital. AS a conse-
quence there was no support of the mar
ket. With a few exceptions, business
was all on the downward course of prices
and when prices steadied for an interval
while owners withheld their property for
az I,,us ,r,,,,1 Il so% oil srtp
| stagnation. The weak condition of the
market aggravated the effect of sharp
depressing causes such as the continued
slump in New Jersey Central. There
was enormous liquidation in this stock,
and there seemed to be an entire lack
of support in it. There was much long
stock thrown on the market and stop or
ders were caught on the decline. The
extreme fall of the stock was IA per
cent. with a subsequent recovery of l
per cent Coalers were not affected much
more than the general list Reading first
and second preferred each losing 1 per
cent and Delaware and Hudson l "a
per cent. The only favorable feature
| in the market was the increased strength
of foreign news. The international stocks
were in consequence less depressed by
the average decline. Chicago Gas seemed
an exception to the downward course
| for q time, but later declined 5-S per
cent. The Vanderbilt stocks, which have
shown exceptional strength for some time
past, showed the effect of extensive profit
taking, especially in New York Central
and Omaha. The declines in the group
were: Omaha, 2 IL per cent; New York
| Central, 2 3-S per cent; Canada Southern,
"a per cent; Cleveland, Cincinnati, Chi
cago and st. Louis, 1 3-4 per cent; Hi
| nois Central. 1 IL per cent and North
| western, 1 3-S per cent. Burlington led
| in the decline in the Changers, with a
fall of 2 IA per cent Rock Island lost
1 7-S per cent and st. Paul 1 IA per
| cent. Manhattan was unfavorably af-
fected by judicial decision upholding
the rapid transit law and fell 1 IL per
cent, recovering the fraction. Sugar
yielded to an unfavorable Interpretation
of the balance sheet for the last year and
fell 2 ~ per cent; Leather fell 2 per cent
and American Spirits 1 ~ per cent.
Western Union showed excellent resist
ance to the downward tendency of the
market and made full recovery of its
loss of point. Some supporting. orders
in the final tradings made the close IT.
regular, New Jersey Central and West
ern Union making their recovery at the
time. The undertone was, however, de-
cidcdly weak.
The bond market ruled lower in SYM
pathy with the depression in the stock
market, but the losses were mainly re-
strained to fractional limit. Sales,
81, 563 0O0