The herald., 1897-03-28
Local, Eastern and Foreign
Prices Current
WALL STREET SPECULATION
PRICES ARE Low AND BETTER
TRADING DONE
The Changers Still Suffering From
Effects of Trans-missouri Case
Decigion-Bonds Firm

NEW YORK, March 27.--Except for a
brief period after the opening there was
no disposition on the part of the shorts
TO cover today and all seemed content to
realize on a falling market. The course
Of prices was upward at the start only in
response to the high range of London
prices and OH small amount of covering.
The movement was most marked In the
grangers but did not exceed a fraction at
any point. The large preponderance of
dealings was in the industrials and the
specialties, and there were evidences of
manipulation In some Of these stocks. This
continued practically without interruption
to the close, which showed the lowest
prices of the day and about the lowest of
the week. The dealings In sugar. tobacco
and leather preferred were noticeably
heavy and each in turn was attacked de-
termnedly, resulting In marked fall in
prices The railroads continued under the
heavy weight of the fear of rate war.
The low priced shares seemed to be picked
out for special attack and bore the brunt
of the selling In the railway list after the
first hour. The decision of the supreme
court on Monday that the old Transmits
souri, Freight association was illegTl un-
der the Sherman antitrust law. hos oc-
cupied the attention OF Wall street all the
thing else. The fears occasioned in Wall
expressed on the decision by all the rail-
road mon who have talked upon it, The
immediate disintegration of the associa-
tions OF which the grangers and the south
western railroads are members, was ac-
cepted by stockholders in the same spirit
as though II had resulted from a failure
to maintain the rates agreed upon and
were preliminary to a fierce competition for
business. The announcement which the
Missouri Pacific, coupled with its notice
of withdrawal, that IL intended to strictly
maintain the existing rates. though no
longer acting with the traffic association,
served to quiet apprehensions in the ie mar
count was taken. however, that war Of
rates could only be precipitated by the
comment in the street uncovered the ex-
istence of a rather cynical distrust among
railroad managers and a nopinion, ex-
means by which these authorities can be
prevented from underbidding one another
and discriminating in rates is an author
for doing so. The anthracite coal group
was notable center of depression, in
view of the overstocks and poor prices of
coal and the greatly reduced demand. For
eign exchange exhibited decided strength
which waned somewhat in the closing
days. owing to the offerings or security
drafts. The advance In actual rates up to
Thursday was an average of about Zee.
Prospective imports In anticipation of the
new tariff bill are expected to influence ex-
change before long. Money was easv
during the week, especially in the later
DEALINGS Some operations in call loans
were registered at per cent. Toward the
close, however accommodations were Sc
cured at 1hm1% per cent. with the bulk
of dealings at minimum figures. Discount
rates hardened appreciably throughout
Quotations were at 3laM4 for prime and 4@5
per cent for good names The bond mar
ket reflected steady offerings for London
and continental account of the middle
grade and speculative issues were fairly
we'll taken by the local dealers. although
general concessions in values were forced
except In the git-edged bonds, which were
strengthened by investment purchases.
The sales were Sc, Sl5, ,000 Governments sag
ged in the early trading but later developed
strength and regained the declines on in
vestment purchases. The sales were $685.
900.