The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-03-25
MONEY And INVESTMENTS.
Doings Of a Day with Wall Street
Operators,
NEASlNESS FELT AMONG TRADERS.
supreme Court Decision AEninst
Traffic Associations Caused
strong Desire TO Sell.

| New York. March sI-The DECISION OF
| the supreme court affirming the illegality
of the Transnissouri Freight association
under the Sherman anr-trust law occu-
pied alirrost exclusively the attention OF
| the deS.,ers in stocks and bonds today,
| That there was gooi ground for the ap-
prehsulsion expressed Of the effect upon
values OF railway properties was obvious
| frcm the character OF sCsne OF the selling,
oui Ihere was also pllpable exaggera-
ton of the fears OF the traders with
view Of depressing prices for the bneiis
OF those short OF stock a contingent re-
puied 10 be quite large a this ume. Inc
extent Of their interest in it was shown
by the lively interest 10 cover a. the low
roint. which worked a rally a; the close
OF the day, resulting in few cases IN a
fuli recovery of the heavy declines. The
same thing occurred very soon after the
opviAng. aaler Wn-en .hc bears stared in
TO raid the market with great energy and
u-tv rniiAdtion. Judging irom Tho reports
ma; were kept N circulation by this short
interest. one would have supposed mat
a Wholesale disruption OF all agreements
10 Hnnta.n mates hsd occurred, without
tt- parAas even wait NJ 10 see the text
OF the supreme courts decision, and ;hat
NJ! railways were entering forthwith upon
q DISASTROUS war OF rate cutting. The
joint Tniiic association, IN tho contrary.
has Determined 10 maiifta n its existence
neiiding M appeal Of the case 10 test is
legality. which now stands in its favor by
the decision of circuit court. There is
little confidence expressed that tbs de-
els on VIII be sustained by the court on
appeal. The opinion seems TO be genera,
that neither the Joint Traffic ASSOCIATION
nor any other railway agreement to naln-
tan rates and divide the traffic can stand
the test Of Il lawsuit under this DECISION
The action of tho Atch;son ana the Bur
Ington in giving notice OF withdrawal
from the associations OF which they are
members foreshadcyei the dissolution OF
those assoc "a lions ma made the gransers
and Souihwesterns especially weak, the
desire 10 sell all railway stocks being very
manifest There is no donh; that large
market in today's trading and that own
ers of securities take the most serious
view. OF the Inhibition against rate and
traffic agrc em@n;s contained in the SUI
preme courts decision.
The grangers and Southwes;erns, as 10
ing Immediately affected. showed the |
~, Northwes err IS. St. Paul 2. Rock
Island =. Louisville and Nashville 2Ss, !
Kansas and TrSas preferred ~, Atchison |
u, Atch preferred ~, Southern pre-
We're: Canada Southern l per cent. Big !
-Four IA; Denver and RIO Grande prefer
cage Gas IA General E,ectr.c ~, Lead l. |!
Pas fic Mail iAs Tenucss . Coal and Iron |
~, SPIRITS preferred IL and Western |
Union /.
m, anthracite coarers displayed quite a !
surpr sing resistance to the depression in |
the marks. only New jersey Central ana |
Roliing first preferred yielding over |
fract IN. the former ! and the latter ~. |
New Jersey Central raj. - 2ia at the close
on the strength Of the Increase of earn
ings shown in the February statement. |
Tie activity became very markell in the
closing dealings and there was quite a !
..cf ,tnr,e IA cover. Burlington recovered (
Northwesern iH St PAU sb III ROCK IS,
Omaha 1ia, Atch,son /, L g Four is, Sugar
IL.
Notable declines occurred IN Lake Shore
OF 2 with n recovery in Laclede Gas. the |
preferred selling at IOh as compared with |
previous TRANSACTIONS at IS and the com |
mon losing l1s. The total shares sold |
i!u nh ated ,}G.v.1,
Railway bonds were quite active and
showed general concessions n sympathy |
" IA the unS titled condition of the stock
So -ouiqtion. The final losses were quite
uniform In the respective issues. and in |
scfne OF them. whore marked strength has
b. en- apparent OF late noteworthy de-
cliues occurred. particularly in st. PAU
general tours. VIII N lost ~ per cent. Tho
sales were sl,5GcD0.