Evening star., 1897-03-29
Renewed Liquidation in All Depart
ments This Morning.
GRANGER SHARES WERE FREELY SOLD
Apprehension of a Railway Rate
War.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. March 29.-lncreasing per-
plexities In the European political situa-
tion and the radical criticisms of the anti
trust law decision inspired renewed liquida-
lion in all departments this morning. Open
ing prices reflected declines varying from Il
to ia per cent and subsequent trading In
creased the discrepancy between Saturday :
fiEal figures to more than per cent in
some instances and more than l per cent in
almost every instance.
Extreme dullness in several parts of the
list prevented any significant reflection of
the dominant tendency. The Granger
shares were freely sold throughout the
early dealings, and were almost wholly
lacking in support Rock Island, North
western and Burlington were especially
weak. These properties are regarded as
being among the first likely to be forced
into rate difficulties now that all restraint
has been removed.
The possibility of rate war having been
created 1t is in popular opinion, a question
of a short time only before hope Of per-
sonal aggranGiZe nent forces some ambi-
tiouS management into taking the initiative
in this particular. X recognizing the evils of
protracted fears on this subject, many of
the larger houses in the street cautioned
clients and correspondents against an over
estimation of the real Significance Of This
decision.
Washington advices On this subject are
either emrhatically against this prospect,
or SO conservative in an opposite direction
that little real encouragement is to be had.
Whatever may be said of the absurdity Of
the present course Of prices, ii must be an
extraordinary deoOion that will operate
continuously against vested property rights
for one full week.
During the occasional rallies in the mar
ket the buying is almost exclusively con-
fined to interests previously noted amonr
the more active sellers. Many sure.ics have
been forced below Il legitimate level, and
Will, of course, recover SHARPLY once the
pressure is removed. The mere fact that
| securities are cheap fails to inspire buy
ers after the crippling results Of the last
two years.
Reasonably definite possibilities for the
future are absolutely essential to signifi-
cant Improvement in the present situa ation.
An attempt to pass a pooling bill will be
made shortly and on this prospect a rally
Is likely at any moment. tariff and a
pooling under discussion at one time would
insure activity without insurng a recovery
in the general list. Eventually. however,
the latter result would become probability
at least
Sugar Spirits and Tobacco attracted con-
siderable attention by their early weakness,
| but subsequently, rallied slightly under COW
ering. The entire market was better dur
| ing the afternoon for similar reasons.
TIE directors of the American Bell Tele-
phone Company voted to increase the pres
ent capital to $2600W,O0, to be allotted 10
shareholders as heretofore. This action was
generally regarded assured since the
original favorable acceptance of the propo-
sition. The trading element continued to
operate in the interest of rally during
the final hour. but no good buying was re-
ported. In the absence of pooling bill or
some legal device for avoiding the hard
ships of the transmissouri decision no
NOV ement exceeding the limits of a traders
rally seems likely.