The Wichita daily eagle., 1897-03-25
STOCKS AND BONDS
TRAgs-MIss0URI DECISION Is THE
TALK OP THE STREET.

Bears Work It for at Least All LIS Worth.
the Action of Western Roads. Which Go
scurrying Ont of Their Tranic Associa-
tions Like Rats From . sinkin. ship
Declines Numerous and Deep, Tho. -h
With Some Recoveries-B Bonds Go With
siocks-London Holds on Grimiy.
New York, March 24-The decision OF the
supreme court affirming the :llegaiity OF
the Trans-Missou-i Freight association IN
der the Sherman antitrust law occupied
almost exclusively the attention OF the deal
ers in stocks and bonds today. That there
was good ground for the Apprehension ex-
pressed Of the effects upon the values OF
railroad properties OF the dec3s,oa was OBJ
vious from the character of some OF the
selling. but there was also an aggregation
OF fears OF the traders in view OF depress-
ing prices for the benefit of those shors OF
stocks, a contingent OF this element and
the interest IN il was shown BY the lively
movement 10 cover al The lower poin;,
which worked a rally at the close OF the
day resultinf in few cases in full recov-
cry OF the heavy declines. The same thing
occurred very soon after the opening, AZ
which the bears started in TO raid the mar
ket with great energy and determination.
Judging from the reports that were kept in
circula ton by the short interest one would
have supposed that a wholesale disruption
OF all agreements to maintain rates had
occurred without the parties even waiting
10 see the text of the supreme courts de-
cisioa and that all railroads were enter
ing forthwith upon q disastrous war OF
rate-cutt,ng The Joint Traffic associa-
ton, On the contrary, has determined 20
maintain lis existence, pending the decis-
ic1 OF the case in the supreme court. There
IS little confidence expressed that this de-
c:sion will be sustained by the supreme
court on appeal. The opinion seems TO be
general that neither the Joint Traffic asso-
ciat.on nor any other railroad agreement
10 maintain rates and divide the traffic
can stand the test of a lawsuit under this
decision. The action OF the Atchison and
the Burlington In giving notice OF with
drawal from the associations OF which they
are members foreshadowed the dissolution
of those associations and made the grang-
e-s and southWesterns especially weak. the
desire to sell all railroad stocks being very
manifest. There is no doubt that large
amount of long stock was thrown on the
market in the days trading and that own
ers of securities take the most serious view
OF the inhibition against the rate and traf-
fc agreements contained in the supreme
courts decision The grangers and South
westerns. as being Immediately affected,
showed, showed the Newest declines. as fol-
=. D.. N-lv-. y rr-
rs: st. Paul. .; Rock Island 29s; Louis
Vile and Nashville. 2ss: Kansas and Texas
preferred, IL; Atchison, 19s; preferred. IL:
Southern. 2la and Omaha, 29.. Other losses
were: Canada Southern. lls per cent; Den
YER and Rio Grande preferred. III: Illinois
Central. 1; Sugar rs; preferred. IA; Ch:ca-
60 Gas. r2; General Electric. IA; Pacific
Mail, rs; Spirits preferred. II. and Western
Union. l. The anthracite coal group dis
played a quiet surprising resistance. only
New Jersey Central and Reading Is pre-
ferred yielding over a fraction the former
l per cent, and the latter IL per cent. New
Jersey Central recovered 20 pr cent at the
clos on the strength of the incrase OF arm
ings shown in the February statement. The
activity became very marked IN the clos
ing dealings. and there was quite a scram-
BILE 10 cover. Burlington recovered ! per
cent; Northwest H. per cent; ST. Paul rs |
per cent; Rock Island 1as per cent: Louis |
vile and Nashville and Omaha IL per cent |
Atchisoa per cent. and Sugar IL per cent. |
Notable declines occurred IN Lake Shore OF |
per cent, with a recovery in LaClede Gas, |
The preferred selling at 701. per cent. as |
with the previous transaction a I /
IS per cent and the common losing is per |
cent and Minnesota Iron losing per cent |
and regain.ng 15s per cent. The excep- |
tional shares which showed a gain on the |
lay. though II was only fractional. were. |
Tobacco. Cleveland. Cincinnati. Chicago |
and s.. Louis, Consolidated Gas. Lacks |
wanna. Delaware and Hundos. Standard |
Rope, Missouri Pacific. Reading. Leather /
preferred and Wheeling and Lake Erie pre-
'erred. The dealings were heavier than !
1n any day since last fall, the total shared
sold numbering 336.0oo
The total sales OF stocks today were 337.-
Os shares. including: Burlington. 1870;
Gas trust receipts. 1880; Cleve-
and. Cincinnati, Chicago and 81. Louis. |
800; Manhattan. 500: Missouri aPcific. A.
20 800; Louisville and Nashville, 1000; Read
ng = 90; Northwest, $50; Omaha. IS. 400.
rennessee Coal and Iron, :. 800; New Jersey
Ranlway bonds were quite active and |
showed general concessions in sympathy /
With the unsettled character OF the stock
ipeculation. The fractional losses were
lu,te uniform in the speculative issues. and
I some Of the middie-grade issues in which
marked strength has been apparent OF late
tote worthy declines occurred. parctiplariy
4 ST. Paul general fours. which lost IL
Der cent. The sales were s.. .5J7.000
Governments traded lower on the first
ali. but later stiffened a fraction for the
lew fours on purchases Of 10000.
FOREIGN STOCK MARKETS.
New York. March 24-The Evening Posts
-ondon financial cablegrsm says:
Except for Americans there was a gen.
raj rally in all stocks here today, the rea-
on being shoTtness IN stocks and the ease
Z rnoncy at the settlement. There were
'ague feunors OF a compromise OF the Gre
an difficulties. and a sharp squirt in Eng
sh rails or good trafic. Possibly the i'm
Tovement may be only TRANSIENT and the
avorable political reports may prove 10 be
yerdone. but for the momenI the tone II
ecidedIy cheerful Consols were IIz1z.
ne settlement certainly shows that. n
2ite OF policits. bear holders are tenacious
= clingilg 20 the good stocks Americans
rere fat and closed a. the lowest- Coz
snEoes on Americans are about , p.- cent
he trust decision N the United States. ths
elton OF the senate towards the srh5tra-
on treaty and the LIQUIDATION of small
table bull accounts are the causes OF The
eprs<sion The market expects re-
uction e. TIE bank rate tomorrow o. the
1IIoxlnx week, although the weakness Of
se contiznetaI exchanges must be rerns-l-