The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-03-28

Trans Missouri Decision = Foreign tx
change strong Through the Greater
Part of the week-Money Easy, EspecI-
ally at the Last-New York Bank State
! ment, Showing Loans Decrease.
| New York March 27.-Except for brief
period after the opening, there was no dis
position on the part of the shorts TO cover
| today and all seemed content 10 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 on
small amount of covering. The movement
was most marked in the grangers. but did
not exceed a fraction al any point. The
| large preponderance of the 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 deal
J ings in Sugar, Tobacco and Leather pre-
| ferred were noticeably heavy and each in
| turn was attacked detemr:nediy, resulting
| in marked fall in prices. The railroads
| continued under the heavy weight OF the
| fear of a rate war. The iow-priced shaes
| seemed to be picked out for special attack
and bore the brunt of the selling IN the
| railway ISt ailSr the IrSt nOLf. ne IO4-
| lowing indicates the days decline where
| they exceeded a fraction: Sugar, rs per
| cent; Tobacco, IL; Chicago Gas IL; Lea
| Their preferred, ~; New Jersey Central ,;
| Burlington, II; Rock Island rs; Omahs,
4 10; Lake Shore, 2; Louisville and Nash
| vile, /: New York Central, IL; Baltimore
| and Ohio, IA; with a slight subsequent
\ rally Of per cent; Colorado Fuel, ~; Min>
| nesota Iron, IL; Kansas and Texas pre-
1 ferred, 10; Northern Pacific preferred ~.
| lf-7p ffrc+
| Tennessee Coal and Iron, l; American
| Spirits. l; American Spirits preferred 2is.
| The total sales Of stocks today were 12s,-
| 500 shares, including: American Tobacco, II,
| 900; Burlington, Is. 800; Chicago Gas trusI
receipts. 500; Louisville and Nashville, g.
| COO; Northern Pacific preferred, 500: Read
! :ng, 1920; St. Paul, 11.700; Tennessee Coal
and Iron, $500; New Jersey Central, 5000
THE WEEKS REVIEW.
| The decision of the supreme court on Mon
| cay that the old Trans-Missouri Freight
| association was Illegal under the Sherman
| antitrust law, has occupied the attention
| of Wall street all weak to the practical eX-
clusion Of everything else. The decision
was announced too late Monday TO have
| any apprcciable effect on that days trad
ing, but prices brooks all around on Tues
day, and the general tendency downward
was no. especially checked all through the
week. This was the more remarkable as
the market had already withstood some
|
| as the recent severe slump in Missouri Pa
| cific ard New Jersey Central, with nothing
more than momentary pause in the trad
ing. Bu: the fear in the minds of all own
| eTs of railroad shares that the Trans-Mis-
| souri, decision meant the dissolution of All
| existing rate and traffice associations anc
| an outbreak of destructive rate wars be-
tween railroads all over the country, broke
the market, which had held firm through
| other viciss:tudes. The Vanderbilt stocks,
which had been the sustaining force Of the
| market ever since the Lake Shore refund
ing plan was made known, succumbed quite
as readily as any of the others. The indus
| trials did not entirely escape the effect OF
| the judicial decision, the Sherman anti
| trust law having been somewhat discred:t-
| ed as an instrument of aggression against
| corpora tons before it was htus sweepingly
confirmed by the highest court. The fear,
! occasioned in Wall street have been dihgen,
| iy fed all week by the views expressed on
| the decision by practically all the railroad
| men who have talked upon it. The i'm
| mediate d;sintegration Of the associations
of which the grangerS and the sOuthWe s-
tern railroads members was accepted
| by stockholders in the same spirit as though
| il had resulted from a failure TO maintain
| the rates agreed upon and were prelimin-
airy of the Missouri Pacific coupled with
its notice OF withdrawal, that ii intended
| to strictly maintain the existing rate. al
| though no longer associated with the traf-
| fc associations. seemed TO quiet apprehen-
| SlOllS N Inc market more IMAM anything
| else. Little account was taken, however,
| that a war of rates could only be preci-
| plated by the VIOLA ton of one of the roads
| and current comment in the street uncov-
| cred the existence Of 2 rather cynical dis
| trust among railroad manager and ar op,n-
| ion, expressed with round candOr. that the
only means by which these authorities can
| be prevented from undertaking one anoth-
or and discriminating in rates is an au-
thority to inflict fines and penalties upon
l fIa-,, ca nv ofar-r Ia IN,
| over the perilous state of the rat agree
| ments tended to eXaggerate the nervous
| ness of traders over the evidences of lgis'
| ative hostility, as reflected in proposed ant
1 railroad legislation in some of the western
states the tone of debate IN congress over
the proposed antitrust amendments TO the
tariff bill. and the entire fudlity, accord
ing to reports from Washington, of any
hope that congress viii at present pass OF
| even consider measure to authorize rail-
road pooling. There were other depress-
ing inf.Aices at work in the market, not
iwthstandinG that the trading on Monday
| gave promise of a continuance Of the eN-
| tended investment movement which had
| radiated from the good buying in the Van
| derhilts. The anthracite coal group was 2
notable center Of depression. in view Of the
over-stock and poor prices Of coal and the
greatly reduced demand, New Jersey Cen.
| trail being q constant resource for the bears
on account of the reiterated reports OF poor
financial condition and possible reduction
| Of dividend. It was a noticeable fact that
| IN the midst of the alarm over the posi-
| bic disasters to result from disrupted traf-
| fic associations, the anthracite coalers en-
| loyei periods OF steadiness. The inCreast
| shown in the New Jersey Central earnings
| and the declaration Of the Lackawanna
| dividend VIII have 10 be credited with this
| in part, but Il was also pointed out that
the coalers would not need TO suffer from
the lack OF traffic associations. on account
of what is termed the harmonious financial
| control OF that group OF properties. The
| Improvement of business IN the south, in
dicated by an increase in railroad earning
| has been very marked and has proved a
| ste2dyiEg influence on the price Of stock,
The dissolution of the iron ore pool is re-
carried as a natural sequence Of the DIS
| rption of other combinations in the allied
| industries, and Is expected 10 result in a
| largely increased volume OF business. al
though at lower prices. A beneficial e.
feet is looked for OF general business.
Some of the weeks deCl:n a. the extreme
low point were as follows. the closing
, | prices for the week being also about 10
| lowest n most cases: Sugar, 81 per cent
| Tobacco, SIS; ChiIago Gas, Is; General
Electric. rs; Leather preferred. 5; Burlins'
ton. 5: s.. Paul. 2ls; Northwest, 81: Roce
| Island SO: Omaha. &: New Jersey Central
| s: Reading firs:S preferred. ~: Realm
%; New York Central ana s. LOUIS sec
onds preferred. %; Lake Shore4: Atchl'
| son preferred, -: Denver and Rio Grands
pre;sr~ed o.; Lake Erie and Western. ;
| Lake Erie and Western preferred. :; Louis
| vile and Nashville. 8: Kansas and Texa:
/ preferred, ): Northern Pacific preferred, -
Minnesota Iron. 6ie; Colorado Fuel, ~.
FOREIGNER exchange exhibited a decided
, | strength. which Waned somewhat IN The
! closing days, owing 20 the offerings OF So
| curifv drafts The advance in actual ratss
I'D 10 Thursday was sn average OF about
&c Prospective imports an anticipation o.
the new tariff bill are expected 10 influence
exchange before long. Nony was easy dur