Evening star., 1897-03-23
FINANCE AND TRADE
Unfavorable Effect on Prices Of Yes
terday's Supreme Court Decision.
JOINT TRAFFIC ASSOCIATIONS VIEW
Foreign War News Was Less En-
couraging.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evenin, Star.
NEW YORK, March 23.-Yesterdays de-
cision in the Trans-Mssouri Freight Asso-
citation case was construed adversely to
values in all departments of the railway
list this morning. The possibility of escap-
irg the penalties of the Sherman antitrust
law still exists, and officers of the Joint
Traffic Association believe that plan may
be devised whereby immunity may be had
from legal proceedings under the law in
question.
The passage of the pooling bill would
perhaps, be the most satisfactory solution
of the legal difficulties created by the de-
cision. Meantime the various organizations
interested in the maintenance of rates
must be separately indicted if the govern
ment Is to continue the fight. The time
required for further legal proceedings will
afford ample opportunity to the railroads
for devising means of accomplishing the
desired end under legal sanction.
The immediate inf1Ierce of the decision
mas. however, been unfavorable, the roads
in interes. being severely handicapped by
Its fsr-reachiEg provisions. The decline in
the market on this account would not, in
all proha bility. have extended beyond frac-
tional limits had not weakness due to
other causes been apparent
New Jersey Central was aggressively sold
for both accounts during the morning 4
per cent being conceded before support
was er rcountered
The buying which from time to time has
stayed the decline in these shares has
come almost exclusively from the short
interest. The dividend question has not
been officially considered, but the most
confident selling Is based on the prospects
of reduced rate.
The Vanderbilt shares which yesterday
displayed marked contrast to the weak
ness in neighboring groups. yielded to
selling of a mixed character.
The profit-taking in New York Central
invited sales from the room, and resulted in
decline of nearly per cent. A partial
recovery followed from an increased tic-
mand at the decline.
The Granger shares were weak, but less
so than the specfalties which have lately
come into prominence, because of indi-
vidual developments. American Sugar YIELD
ed to renewed selling for a loss of more
than l per cent. the antitrust ruling and
tariff forecasts combining to aid the de-
cline
Washington advices assert that the sugar
protection is only one-eighth of per cent,
and therefore unsatisfactory 10 the refiners.
This. at least, has been the contention of
the trainers of the BILL but the American
company's profits are not jecpardized to the
extent of All enforced reduction IL divi-
dends. The real difficulties are to be en-
countered in the Senate, and the usually
effective stock manipulation may be post
poned for the present. The entire indus
trial list reflected in some measure the
weakness In this active member of that
group
Foreign war news was less encouraging
and good judges of the market are forced
into inaction because of their inability to
interpret prevailing conditions.