New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-29
TUE FINANCIAL MARKETS
WEEK OF LOWER VALUES.
,,r,oS OF THE FEDERAL TREASURY
RAILROAD EARNINGS.
eunday. March 2S-p. m.

Sno6AV March 2S-p. m.
Such broad interpretation wac a. ,''', So"
so,,si,, ~ the Supreme Court IN inc trans
,.so,,r, case ,ha; many people iost 'heir senses
- r,,s,os ne,irnen into lioaldauhs 'he'r secu-
~ 1,s;,c< ewing heed 70 oatch OF loolish
rN - .~ssers regarding the POSSIBLE
80 involved in the decision TO the
W. - :, s,,lsrs Invested in corporate enter
''''''''' 40 ,,untiy Whatever the outcome of
I'.s' 80 oav. ~ a. affecting existing traffic
''''' ,,.,,s II sh5uii Re borne in mind that the
,..s,, Of every association now IN opera
=. ,sr,se .uinous rate wars or the
~. ,.,3on o. profits which are derived from
.s,,,soancc and holding Of rates. The con-
', - TIE large railroad companies OF this
-. ,s in the hands OF able and careful
s.a,ciers and the recent congratulations have
h,,,,rb; So many OF the companies into close re-
,,.io,ship that the chances Of rate wars are
,,,cl r,i-nized while the losses sustained in the
mas, over rate competition have been disastrous
o,orrh 10 bring sense and reason to many rail-
vo,J managers who in the past have forgotten
,,o interests Of the people whom they serve, and
vrbo have allowed their subordnates TO make
mes on any and all occasions. Directors and
stockholders az railroad companies take more
,nierest in the affairs Of their properties than
sor,,e-lv and the WeSdng-Out process among
rcen driven into bankruptcy has impressed pres
60 managers with the necessity OF operating
thelr systems with more regard TOR the interests
al ihe owners. The managers or rallroau COM
NAMES have the power TO initiate rate wars; Dut
will thes do Il? \ few managers whose COM
nonsense has been dulled by the Supreme Cour'
decision have made panicky predictions OF com.
ing rate decentralization. but they seem TO forget
ina: Il such condition Of affairs is started none
save themselves will he to blame. Inc supreme
Court certainly will not order railroad companies
. moi Will lYksr - ID
bonds Nor is il likely that the directors OF
rairaad companies viii allow the rate-maKlng
officials 10 enter into a rate war. even though
they show the most decided disposition to DO SO.
The fact that directors and banking interests
identified with railway corporations are now
taking more interest than ever in the af1alcs or
the companies. and are watching cIosely the
managers to whom arc intrusted the dlrect WORK
ines of he roads should dispei the current de-
fusion that the officers OF the roads VIII De al
lowed 70 throw their companies into disastrous
rate competition. The largest banking interests
in the country have too much at STAKE III the
various railroads 10 permit the lhlroduC''oI VI
methods which Will tend - destroy the Va!re
Al their securities and il is unreasonable TO sup
pose that prohibitve laws agar st franc as
soci1,.ors, as they noW exist, VIII cause
wholesale lowering 90 rates, Wholesale re-
duction in security values and wholesale
loss 10 the thousands Of lahorers VINO MAKE
their bread and butter out OF honest WORN lO'
railroad companies Capita controlling the I'M
p0rtant lines of the country is powerful enough
To prevent chaotic conditions even II tralnc as
sociations are wiped out Of existence by the SUI
f-.,ne Court and il appears that SuCh view II
now being reached 10y all those who were so
sOrey confused and disappointed by the an
OF the decision in the TransInlssourl
case last Monday. This decision was pro,
bounced surprise to the stock market as reflected
IN the rapid declines in Naues following, put the
acc3miar ine Equidatons was connned almost
entirely TO speculative holdings OF weakly mar
Cined operators and 10 few people VINO can
never see the many reasons for holding their
possessions when one unfavorable deVelopment
arises and bear traders urge them on with an
the 9erria sion So we'll calculated TO WorrE the
ti-1id into believing all the monstrous absurdltes
- bear inaginations The class Of people dis
posed to throw away good investments upon
temporary disquieting influences IS growing
smaller every week. as the reassurng evidence
Of business growth and expansion becomes more
pronounced The withdrawal of some Western
Ids iron, traffic associations has not been fol-
lowed bv the predicted frightfIl slaughter IN
no tes ard the determination OF the Joint Traftc
Association to continue il operation unill Some
G finite decision in their case has been mace ny
th. Supreme Court has served to pring ABOUT
c,l1cr ana less extravagant Interpretation OF the
recent Supreme Court ruling, while the more
fnorchtfui consideration OF the whole subject has
,ened 20 impress investors that the final solution
NJ tta question will not be inimical 10 their in
tcres:s.
Ths tendency of prices in the Stock Exchange
was downward the greater part OF the week. ana
,ha recent public support was Withdrawn, al
though II was believed that it would soon re-
nm, The favorable factors in the situation
outweigh the confusion caused DF III"
missouri case, and the fact that the decision as
val as the alarming reports from London re-
cardinc Eastern affairs and the serious noods
in The Mississippi Valley was followed py such
small losses in the security mar
kat should afford large grains Of comfort ana
TO all who are interested IN
security markets and in industrial revival. Inc
narkct was subjected TO a strong test and stood
!, with remarkable resstency. AT this time a
year sra thee would have been serious loss
in values, AID probably panic following sucn
decision b. the Supreme Court That prices
under heavy selling made only trivial losses al
fords splendid proof Of the strength or under-
living conditions, the actual Improvement IN DUST
moss now under way and the commence among
the majority OF people as 70 approaching Deter
times The money markets reflected no hote-
worthv movements in the week and the monetary
situation was unchanged in general ieatuleS.
Call money was a trifie easier ana IN dptHuo-'.
SUNNY AT the Stock Exchange, lending IN most
eases AT IN per cent Banks continued to quote
per cent but trust companies MADE the otoccN
Exchange rate. Tim money was geherdl-!
quoted at . per cent for sixty days. Zi2 PEE cent
for three months 3 per cent for four months, ana
3d3i. nar cent for six months. one loan or
81 900 900 for the city Of Boston. due IN NoVeih
Der was made at about per cent. Inc Duih ..
the business in commerc!al paper "aS ~ 81
4d4lS per cent The banks as rule had LUZ
lines Of paper and did not buy much III tile
European money conditions were not lnlluehCeu
by politjcal uncertainties. call money in LonCoh
ruling at 1l5Q2 per cent, with open H'arhG 1 IL
counts at ~ per cent at inc c5ose. III III! ia
the open market rate closed a. " pr Nei cts
in Paris at per cent. Conditions in the lorelsi,
exchange market were not materially chahSed
from the preceding week. although the dppea1
ance Of a good supply Of security piiIs az ny
close caused an easing in rates denlsiiu s'ei"e
closing al 1.SI04.SIA. .,o,,ts or |
the chief active stocks and bonds Ill the NeeM'