The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-25
STOCKS IN A PANIC
LONG LINES IN THE RAILWAY
GROUP DUMPED EARLY IN THE
DAY.
MARKET UNUSUALLY ACTIVE.
THE DEALINGS WERE HEAVIER
THAN ON ANY DAY SINCE LAST
FALL.
GENERAL RECOVERY AT CLOSE.
Bears Over Played Their Game in
Forcing the Market Down on
the Trans-MissOuri Case.
GENERAL RECOVERY AT CLOSE.

NEW YORK. March N.-The decision Of
the supreme court affirming the illegality
of the Trans Missouri Freight association
agreement, under the Sherman antitrust
law, occupied, almost exclusively, the at
tention Of the dealers Of the stocks and
bonds today. That there was good ground
for the apprehension expressed of the effects
upon values of railroad properties Of the de-
cision, obvious from the character of
some of the selling, but there was also a
palpable exaggeration of the fears of the
traders, with view of depressing prices for
the benefit Of those short of stocks, a con-
tlngent reputed to be quite large at this
time The extent of the activity of this ele-
ment and their interest was shown by the
hVely movement to cover at the low point
which worked a rally at the close of the
day, resulting in a few cases in a full re-
covery of the heavy declines. The same
thing occurred very soon after the opening
at which time the bears started in to raid
the market with great energy and determi-
nation. Judging from the reports that were
kept in circulation, by the short interest,
one would have supposed that wholesale
disruption of all agreements to maintain
rates had occurred, without the parties even
waiting to see the text of the supreme
courts decision, and that all railroads were
entering forthwith upon disastrous war Of
rate cutting
The Joint Traffic association, on the con-
trary has determined to maintain its ex-
istence, pending the appeal OF the case to
test its legality, which now stands in its
FAVOR by decision of a circuit court. There
is little confidence expressed, however, that
this decision will be sustained by the supreme
court ON appeal. The opinion seems to be
general that neither the Joint Traffic asso-
claton nor any other railroad agreement to
MAINTAIN rates and divide traffic can stand
the test Of suit under this decision. The
action of the Atchson and the Burlington in
giving notice of withdrawal from the asso-
cations Of which they members fore
Swallowed the dissolution of those associations
ana made the grangers and Southwesterns
especially weak, the desire to sell all rail-
road stocks being very manifest There is
no doubt that large amount of long stock
was thrown on the market in the DAVIS trad
lhg and that owners of securities take the
most serious view of the inhibition against
rate and traffic agreements contained in the
supreme courts decision. The grangers and
SoutnWesterns, as being Immediately affect
e. showed the heaviest declines, as follows:
Burlington, rs; Northwestern, 15s; st. Paul
z; Rock Island, 29s; Louisville & Nashville
rs; Kansas & Texas preferred. ~; Atchison
rs; Atchison preferred, ~, and Omaha
rs. Other losses were: Denever & Rio
Grande, Ia; Sugar, 13s Sugar preferred. ~:
Chlcago Gas, 112; General Electric IA Lead
l. Spirits preferred, IA Western Union, l.
Inc anthracite coal group DISPLAYED a
quite surprising resistance to the depression
IN the market, only New Jersey Central and
lead Readlng hrstS preferred yielding over frac-
tlon. New Jersey Central rallied 21b at the
c-ose on the strength of the increase of
earnings shown in the February statement
Inc activity became very marked in the
el1%Ing dealings and there was quite
nrIi nutop
northwestern, IL; st. Paul, rs; Rock ISL
ana, rs; Omaha ~; AtchisOn, l. and Sugar
d12. Notable declines occurred in Lake
Shore OF 2, with recovery; in Laclede Gas
the preferred selling at 79A as compared
win the previous transactions at 49, and the
common losing 1ts, and Minnesota Iron los
shares which showed gains on the dav thoupb
tney were only fractional, were Tobacco
T., Q, G. u st. L., Consolidated Gas, Lack.
a p"a' y. & H., Standard Rope, Missouri
racine, Reading and Leather preferred The
dealings were heavier than on any day since
last fall, the total shares sold numbering
1886, 600 ~ ing
Railway bonds were quite active and
showed general concessions in sympathy with
the unsettled character Of the stock sDecuIa-
e. me fractional losses were quite uni
90 III ~ tas speculative issues and in some
Vi lhe middle grade issues in which marked
sCrength mas been apparent of late note
worthy declines occurred, particularly in ST
T Thai general Tours which lost ~ per cent
me safes were $1,507, 900. Governments
Traced to lower on the first CALL but later stiff
Iened traction for the new tours on pur
chase of $50, 600 vi Pui-
zo1 The total sales of stocks today were ss7
So Us shares, including Tobacco, goo; Atcbison
4,SOo; sugar, AZ, 400; Burlington 81. 200: Chi
eago Gas, 1890; L. & N, 10000; n. p. 500.
y northwest ldd $500; Omaha, 164CO; Reading
l1,0VO; New Jersey Central. 145O0
me 1olIoWIng were the fluctuations Of the
leading railway and industrial shares f,Iro
nlshed by c. H.. Smith & Co. members New
fork stock exchange and Chicago board of