New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-03
CLOSING PRICES OF SAN FRANCISCO STOCKS.
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For n majority Of the stocks dealt in on the
New-York stock Exchange to-day better prices
were recorded While II could not be said that
there were signs that an upward movement had
set in il was. nevertheless. plain that the bears
were not disposed TO extend their lines Of shorts.
In fact. a good many short contracts were coy
cred in the course Of the day. The Vanderbilt
shares displayed strength in a marked de-
gree There was information that the success OF
the Lake Shore refunding plan was assured. and
that j. Pierpont Morgan. who is in London. had
taken up the subject OF a similar operation foT
the New-York Central Railroad with The for
egn security holders OF the last-named property.
There was substantial gain I'm Northern Pa
cfc preferred on largely 'hcrt ased dealings.
L was reported that the German interests in the
road had concurred in a plan for close relations
between the Northern Pacific and the Great
Northern lines. which was laid before them by
James J. Hill. the president Of the Great North
ern and Jacob II. Schln. who took leading
part in financing the Northern Pacific. Ameri-
can Spirits advanced on the contamination or
Tho distillers' agreement. The depression in the
coal stocks appeared to have reached its limit
I, was said Standard OIL capitalists had pur
chased much Of the New-Jersey Central stock
that had been thrown on the market. Western
that he favored a reduction in the dividend un-
less the company's income should increase.
While the market does not at the moment re-
fleet it, there is abundant proof that the general
business situation Is steadily improving. For
1 he time being the United states Supreme Court
decision in the Trans Missouri Freight Associa-
ton case is eXertng stronger influence on
stock values than the prospect OF an early ter
nination OF the monthly deficit in the Govern
meuts finances and return Of industrial ana
mercantile activity. An advance In stocks was
in prOLress when the Supreme Court judgment
was handed down. but II was abruptly stopped
,v that decision The hearing on the appeal in
the Joint Traffic Association case this month
means that there will be a reargument on almost
id,ntically the same questions as were involved
in the Trans Missouri case. in the past the Su-
nrene Court has reversed it, =. and. as III"
IRA MS NJ issouri decision was rendered by a ma
iority Of only out Of the whole bench. iheFc
is some reason Tor expecting ihat there may ne
a different outcome In the Joint Traffic case. In
he lower courts there have been two decisions
affrming the legality Of the Joint Traffic agree
ment.
The Trans Missouri decision created havoc in
s,ock values more by the apprehension II ex-
wrought in other words, confidence which was
r,,uroinr before the decision was announced,
,.ae temporarily dispelled by II. Confidence is a
.htne M slow growth. 1t is likewise more easily
dtsoinatod than created Knowing this, the
,.are in the stock market were quick 10 seize
upon the opportunity presented ny the Irahs-
.!rono,,,.i decison They realized that the buy
~ y. etocks would cease at once and the mar
hn, hc left wholly without SUPPORT They sold
re- ,a ohcr, IN an extensive scale, and as prices
D,,d away long stocks held on margin were
,a ana aided in the demolition OF prices
trbore IS no room for doubt lnat III .oMpuia
,,ei' e,nrt time stocks purchased at present